With rise in personal disposable income post 7th Pay Commission, the income tax exemption limit needs to be raised by Rs 50,000 to Rs 3 lakh, an SBI report said today.

The move will benefit around 75 lakh people, it said.

The SBI&#39;s Ecowrap report further said that if the exemption limit of interest payments under housing loan is increased to Rs 2.5 lakhs for existing home loan buyers, from Rs 2 lakhs now, it will benefit 75 lakh home loan buyers and cost the government just about Rs 7,500 crore.

Finance Minister Arun Jaitley is set to present the fifth and final full budget of the current government on February 1.

The government has periodically increased the income tax slabs from Rs 22,000 in 1990-91 to Rs 2.5 lakh in 2014-15.

&quot;Due to 7th pay commission, the personal disposable income has been increased, so we believe there is a need to raise the exemption limit to Rs 3 lakh. Due to such increase in limit, around 75 lakh tax payers will be exempted from income tax,&quot; said the report -- &#39;Union Budget: If wishes were horses!&#39;.

It has also pitched for incentivising savings through bank deposits. In an effort to incentivise savings, it said, the government can exempt interest of savings bank deposits.

The exemption limit on TDS on interest on term deposits with banks may be raised from the present limit of Rs 10,000 per annum, it said.

Also, the lock-in period for tax savings term deposits needs to be reduced to 3 years from the present 5 years and these deposits should be brought under EEE (exempt, exempt, exempt) tax regime.

The SBI report said that SBI&#39;s expectations regarding the forthcoming budget are based upon principle of inclusive growth and meeting the medium and long term objectives set by the government.

&quot;As per our reading of the things, budget should give priority to agriculture, MSME, infrastructure and affordable housing,&quot; it said.

Agriculture reforms should aim at re-examination of legally created structures whose provisions are restrictive and create barriers to free trade, it said.

Centre in conjunction with states should emulate the price support schemes like in Madhya Pradesh and Haryana say &#39;Bhavantar Krishi Yojana&#39; for major crops (including vegetables).

&quot;This scheme will help farmers in situations (when wholesale price of the crop is less than the MSP) and the cost of which is only 10 per cent of farm loan waiver programme as per our estimates. Provision of A2 milk in Mid-day meals for children will create adequate additional income for 16 million farmer per year,&quot; the report said.

Regarding investment revival, the report said capital subsidy in case of delayed projects equal to cost overrun may be provided. Cost overrun may be funded at concessional interest rate by the government in such cases.

Also, there is a &quot;dire need&quot; to publish monthly payroll report in India for formal sector as job creation is &quot;grossly underreported&quot;.

Other measures like providing support infrastructure and skilling and certifying workers need to be adopted, it added.

The SBI's Ecowrap report further said that if the exemption limit of interest payments under housing loan is increased to Rs 2.5 lakhs for existing home loan buyers, it will benefit 75 lakh home loan buyers and cost the government just about Rs 7,500 crore

With rise in personal disposable income post 7th Pay Commission, the income tax exemption limit needs to be raised by Rs 50,000 to Rs 3 lakh, an SBI report said today. The move will benefit around 75 lakh people, it said. The SBI's Ecowrap report further said that if the exemption limit of interest payments under housing loan is increased to Rs 2.5 lakhs for existing home loan buyers, from Rs 2 lakhs now, it will benefit 75 lakh home loan buyers and cost the government just about Rs 7,500 crore. Finance Minister Arun Jaitley is set to present the fifth and final full budget of the current government on February 1. The government has periodically increased the income tax slabs from Rs 22,000 in 1990-91 to Rs 2.5 lakh in 2014-15. "Due to 7th pay commission, the personal disposable income has been increased, so we believe there is a need to raise the exemption limit to Rs 3 lakh. Due to such increase in limit, around 75 lakh tax payers will be exempted from income tax," said the report -- 'Union Budget: If wishes were horses!'. It has also pitched for incentivising savings through bank deposits. In an effort to incentivise savings, it said, the government can exempt interest of savings bank deposits. The exemption limit on TDS on interest on term deposits with banks may be raised from the present limit of Rs 10,000 per annum, it said. Also, the lock-in period for tax savings term deposits needs to be reduced to 3 years from the present 5 years and these deposits should be brought under EEE (exempt, exempt, exempt) tax regime. The SBI report said that SBI's expectations regarding the forthcoming budget are based upon principle of inclusive growth and meeting the medium and long term objectives set by the government. "As per our reading of the things, budget should give priority to agriculture, MSME, infrastructure and affordable housing," it said. Agriculture reforms should aim at re-examination of legally created structures whose provisions are restrictive and create barriers to free trade, it said. Centre in conjunction with states should emulate the price support schemes like in Madhya Pradesh and Haryana say 'Bhavantar Krishi Yojana' for major crops (including vegetables). "This scheme will help farmers in situations (when wholesale price of the crop is less than the MSP) and the cost of which is only 10 per cent of farm loan waiver programme as per our estimates. Provision of A2 milk in Mid-day meals for children will create adequate additional income for 16 million farmer per year," the report said. Regarding investment revival, the report said capital subsidy in case of delayed projects equal to cost overrun may be provided. Cost overrun may be funded at concessional interest rate by the government in such cases. Also, there is a "dire need" to publish monthly payroll report in India for formal sector as job creation is "grossly underreported". Other measures like providing support infrastructure and skilling and certifying workers need to be adopted, it added.

Budget 2018: Increase tax exemption limit to Rs 3 lakh, says SBI report

PM Modi slipped into a short session with the CEOs and business leaders ahead of his keynote address at the World Economic Forum event at Davos yesterday.&nbsp;

The Prime Minister was supposed to begin his address at 11.15 am (around 3.30 pm IST) at Davos. He got in for a quick chat with business leaders slightly ahead of his opening plenary session.&nbsp;

During his meeting, PM Modi hinted at the possibility of a tougher budget this time saying that, &quot;Why are all of you not smiling? You seem to be pleased with me now but just wait for the budget.&quot;

Prime Minister Narendra Modi also held a roundtable meet with CEOs on Monday evening mentioning that &#39;India means business&#39;.

PM Modi then rushed for his keynote address at the Davos event which lasted for almost an hour where he highlighted the key achievements of his administration.&nbsp;

&quot;India is removing the red tape and laying out the red carpet,&quot; said Mr Modi.

&quot;Almost all areas of our economy have been opened to foreign direct investment,&quot; he added.&nbsp;

He later met with his Canadian counterpart to address bilateral ties.&nbsp;

Prime Minister Narendra Modi reached India early morning today after a &quot;historic and successful participation&quot; at the World Economic Forum (WEF) annual summit.

PM Modi became the first Indian prime minister to attend the summit in two decades.

The prime minister is expected to meet his cabinet today.

He will also interact with the Vietnamese Prime Minister, the President of Philippines and State Counsellor of Myanmar Daw, Aung San Suu Kyi later in the day.&nbsp;

PM Modi slipped into a short session with the CEOs and business leaders ahead of his keynote address at Davos.

PM Modi slipped into a short session with the CEOs and business leaders ahead of his keynote address at the World Economic Forum event at Davos yesterday. The Prime Minister was supposed to begin his address at 11.15 am (around 3.30 pm IST) at Davos. He got in for a quick chat with business leaders slightly ahead of his opening plenary session. During his meeting, PM Modi hinted at the possibility of a tougher budget this time saying that, "Why are all of you not smiling? You seem to be pleased with me now but just wait for the budget." Prime Minister Narendra Modi also held a roundtable meet with CEOs on Monday evening mentioning that 'India means business'. PM Modi then rushed for his keynote address at the Davos event which lasted for almost an hour where he highlighted the key achievements of his administration. "India is removing the red tape and laying out the red carpet," said Mr Modi. "Almost all areas of our economy have been opened to foreign direct investment," he added. He later met with his Canadian counterpart to address bilateral ties. Prime Minister Narendra Modi reached India early morning today after a "historic and successful participation" at the World Economic Forum (WEF) annual summit. PM Modi became the first Indian prime minister to attend the summit in two decades. The prime minister is expected to meet his cabinet today. He will also interact with the Vietnamese Prime Minister, the President of Philippines and State Counsellor of Myanmar Daw, Aung San Suu Kyi later in the day.

You seem pleased with me now but just wait for the Budget: PM Modi to CEOs

The government may marginally raise the corpus for Sugar Development Fund (SDF) to Rs 500 crore in the upcoming Budget for 2018-19.

SDF, managed by the food ministry, is used for lending money to mills at lower interest rates. Till last fiscal, the cess - collected from sugar mills - was deposited in it.

When GST kicked in, the sugar cess was scrapped and hence a separate budgetary provision of Rs 496 crore was made for SDF for 2017-18.

&quot;Most of the fund allocated for this fiscal under SDF has been utilised. There is a possibility that the budgetary allocation for SDF increase marginally to Rs 500 crore for the next fiscal,&quot; sources said.

It is a revolving fund. If sugar mills clear the loan, the same fund will be used for further lending else the availability of funds will be less, the sources said.

SDF was set up in 1982 to provide financial help for development of sugar industry. Since inception, about Rs 7,500 crore has been disbursed to sugar factories.

In recent years, SDF has been used to finance various interventions of the government to deal with the crisis in sugar industry.

Industry body ISMA has revised its sugar production estimate for the 2017-18 season (October-September) to around 261 lakh tonne, against the first advance estimate of 251 lakh tonne.&nbsp;

When GST kicked in, the sugar cess was scrapped and hence a separate budgetary provision of Rs 496 crore was made for SDF for 2017-18

The government may marginally raise the corpus for Sugar Development Fund (SDF) to Rs 500 crore in the upcoming Budget for 2018-19. SDF, managed by the food ministry, is used for lending money to mills at lower interest rates. Till last fiscal, the cess - collected from sugar mills - was deposited in it. When GST kicked in, the sugar cess was scrapped and hence a separate budgetary provision of Rs 496 crore was made for SDF for 2017-18. "Most of the fund allocated for this fiscal under SDF has been utilised. There is a possibility that the budgetary allocation for SDF increase marginally to Rs 500 crore for the next fiscal," sources said. It is a revolving fund. If sugar mills clear the loan, the same fund will be used for further lending else the availability of funds will be less, the sources said. SDF was set up in 1982 to provide financial help for development of sugar industry. Since inception, about Rs 7,500 crore has been disbursed to sugar factories. In recent years, SDF has been used to finance various interventions of the government to deal with the crisis in sugar industry. Industry body ISMA has revised its sugar production estimate for the 2017-18 season (October-September) to around 261 lakh tonne, against the first advance estimate of 251 lakh tonne.

Budget 2018: Govt may allot Rs 500cr for sugar development fund

As the<a href="http://www.wionews.com/india-news/after-wall-street-bloodbath-sensex-plunges-over-1000-points-31936"> downward spiral of the Sensex</a> continued, finance secretary Hasmukh Adhia today said that the Sensex tumble the day after the budget and on February 5 was mainly because of the global shake-up and not a fall-out of the budget announcement on February 1.

The finance secretary said that had the budget been responsible for the fall in the 30-share barometer, the Sensex and Nifty would have nosedived on the budget day itself. He also said that the &quot;global meltdown came at a very wrong time for us.&quot;

&quot;What happened on February 2 and February 5 was mainly because of a global shakeup. We aren&#39;t living in an island so there will be ripple effect of what is happening in world on Indian stock markets. Otherwise the sensex and the NSE (National Stock Exchange) would have come down on the first day itself.&quot;

&quot;We couldn&#39;t have shifted budget&#39;s date, global meltdown in stock exchange came at very wrong time for us. Following budget on 1st February, even after declaring there is long-term capital gain tax, the market was okay at end of day. There was only minimal disruption on day 1,&quot; he added.

On February 1, on the day of the budget, the Sensex had fallen over 460 points in afternoon trade after the announcement of long-term capital gains tax on stock market gains exceeding Rs 1 lakh.&nbsp;

<a href="http://www.wionews.com/business-economy/day-after-budget-sensex-nifty-nosedive-31587">On February 2</a>, a day after the Budget, the Sensex had crashed 839.91 points to end at 35,066.75 and the Nifty sank 256.30 points to 10,760.60.

On February 5, the Sensex <a href="http://www.wionews.com/india-news/sensex-plunges-over-400-points-in-opening-trade-31804">plunged 545 points</a> to trade below the 35,000 mark on global cues.

&nbsp;

Hasmukh Adhia said that the Sensex tumble the day after the budget and on February 5 was mainly because of the global shake-up and not a fall-out of the budget announcement on February 1

As the downward spiral of the Sensex continued, finance secretary Hasmukh Adhia today said that the Sensex tumble the day after the budget and on February 5 was mainly because of the global shake-up and not a fall-out of the budget announcement on February 1. The finance secretary said that had the budget been responsible for the fall in the 30-share barometer, the Sensex and Nifty would have nosedived on the budget day itself. He also said that the "global meltdown came at a very wrong time for us." "What happened on February 2 and February 5 was mainly because of a global shakeup. We aren't living in an island so there will be ripple effect of what is happening in world on Indian stock markets. Otherwise the sensex and the NSE (National Stock Exchange) would have come down on the first day itself." "We couldn't have shifted budget's date, global meltdown in stock exchange came at very wrong time for us. Following budget on 1st February, even after declaring there is long-term capital gain tax, the market was okay at end of day. There was only minimal disruption on day 1," he added. On February 1, on the day of the budget, the Sensex had fallen over 460 points in afternoon trade after the announcement of long-term capital gains tax on stock market gains exceeding Rs 1 lakh. On February 2, a day after the Budget, the Sensex had crashed 839.91 points to end at 35,066.75 and the Nifty sank 256.30 points to 10,760.60. On February 5, the Sensex plunged 545 points to trade below the 35,000 mark on global cues.

Global meltdown came at wrong time: Finance secretary on Sensex tumble after budget

NDA&#39;s alliance partner <a href="http://www.wionews.com/india-news/crucial-tdp-meet-underway-to-review-alliance-with-bjp-31730">the Telugu Desam Party(TDP) </a>sent a notice to the Rajya Sabha today over Budget allocation to&nbsp;Andhra Pradesh.

TDP leaders are set to meet <a href="http://www.wionews.com/india-news/alliance-with-bjp-on-says-tdp-on-reports-of-rift-with-bjp-over-raw-deal-in-union-budget-31770">Parliamentary affairs minister Ananth</a> Kumar to register their concern on the Budget.

There is widespread speculation that the NDA partner is disgruntled with BJP over the &quot;raw deal&quot; that the state has received in the Union Budget announced last week.

Reports said TDP leaders may also register their protest against the Budget on the floor of the House from today.

The Chandrababu Naidu-led Telugu Desam Party (TDP) had met in Amravati on Sunday to review the party&#39;s alliance with the BJP at the centre. The Budget was also discussed during the meeting.

TDP leader and Union minister Y Satyanarayana Chowdary had said after the Budget that &quot;people are dissatisfied&quot; because there is no specific mention of state issues in the Union Budget.

The party had convened a meeting of its MPs and senior leaders last week to discuss steps to ensure Budget sops before the bill is passed by Parliament. Chowdary had added that the TDP would raise the state&#39;s demands, if required, in Parliament.

The party is largely demanding the implementation of a special financial package for the state including setting up of railway zone, deficit finance and schemes related to the development of Amaravati as the state capital.

TDP leader and Union minister Y Satyanarayana Chowdary had said after the Budget that "people are dissatisfied"

NDA's alliance partner the Telugu Desam Party(TDP) sent a notice to the Rajya Sabha today over Budget allocation to Andhra Pradesh. TDP leaders are set to meet Parliamentary affairs minister Ananth Kumar to register their concern on the Budget. There is widespread speculation that the NDA partner is disgruntled with BJP over the "raw deal" that the state has received in the Union Budget announced last week. Reports said TDP leaders may also register their protest against the Budget on the floor of the House from today. The Chandrababu Naidu-led Telugu Desam Party (TDP) had met in Amravati on Sunday to review the party's alliance with the BJP at the centre. The Budget was also discussed during the meeting. TDP leader and Union minister Y Satyanarayana Chowdary had said after the Budget that "people are dissatisfied" because there is no specific mention of state issues in the Union Budget. The party had convened a meeting of its MPs and senior leaders last week to discuss steps to ensure Budget sops before the bill is passed by Parliament. Chowdary had added that the TDP would raise the state's demands, if required, in Parliament. The party is largely demanding the implementation of a special financial package for the state including setting up of railway zone, deficit finance and schemes related to the development of Amaravati as the state capital.

Budget concern: TDP sends notice to Rajya Sabha, set to meet Parliamentary affairs minister Ananth Kumar

Budget cuts are universal but the cut in the budget of United Nations has led to altering of tactical strategy by security forces deployed under the United Nations charter in Congo.

The Indian military is in charge of 15 odd&nbsp;bases in Congo&nbsp;down from 21 because of the budget cut made by the UN. For this reason, a battalion had to be sent back last year which reduced the number of Indian troops around&nbsp;3000&nbsp;to&nbsp;3700.&nbsp;Every penny is paid by the UN, while countries make contribution&nbsp;to the UN Peace Keeping Mission depending upon availability of the troops.

When WION spoke to officers in Goma, it discovered that the concept of Rapid Deployable Battalion and Protection by Projection concepts were born out of necessity and not changed circumstances. As bases get closed, it becomes imperative for the near-by existing bases to provide assistance to the civil society.

When WION contacted Brigadier Vivek Tyagi, Commander of Central Sector of Indian Forces in Congo, he said,&quot; With cuts, force optimisation was a necessity and it needs to be understood. The new concept of operation involving more lean and agile forces adopted by the UK became a functional imperative where challenges for military commander increases several fold.&quot;

This led to junking of the earlier concept of protection by presence. To achieve the aim of stabilisation, it became imperative for the security force to demonstrate its firepower and mobility to send the message that despite&nbsp;its absence it can act quickly to teach lesson to the law breakers. Indian Army covers an area which roughly equals the size of Chattisgarh and Madhya Pradesh in Congo. It statistically boils down to one person per 200 sq km.

This is happening at a time when elections are due in Congo by year end. Even Bangladesh, Ghana, Nepal, Egypt and Ukraine had to prune down their forces. Congo also reflects larger international reality of an insular America which&nbsp;feels burdened by world which it tries to lead in hesitatingly today. Sources say that more reduction is expected next year around as civilian administration also wants the presence of foreign forces to be reduced in Congo. 
&nbsp;

&nbsp;

The Indian military is in charge of 15 odd bases in Congo which down from 21 because of the budget cut made by the UN

Budget cuts are universal but the cut in the budget of United Nations has led to altering of tactical strategy by security forces deployed under the United Nations charter in Congo. The Indian military is in charge of 15 odd bases in Congo down from 21 because of the budget cut made by the UN. For this reason, a battalion had to be sent back last year which reduced the number of Indian troops around 3000 to 3700. Every penny is paid by the UN, while countries make contribution to the UN Peace Keeping Mission depending upon availability of the troops. When WION spoke to officers in Goma, it discovered that the concept of Rapid Deployable Battalion and Protection by Projection concepts were born out of necessity and not changed circumstances. As bases get closed, it becomes imperative for the near-by existing bases to provide assistance to the civil society. When WION contacted Brigadier Vivek Tyagi, Commander of Central Sector of Indian Forces in Congo, he said," With cuts, force optimisation was a necessity and it needs to be understood. The new concept of operation involving more lean and agile forces adopted by the UK became a functional imperative where challenges for military commander increases several fold." This led to junking of the earlier concept of protection by presence. To achieve the aim of stabilisation, it became imperative for the security force to demonstrate its firepower and mobility to send the message that despite its absence it can act quickly to teach lesson to the law breakers. Indian Army covers an area which roughly equals the size of Chattisgarh and Madhya Pradesh in Congo. It statistically boils down to one person per 200 sq km. This is happening at a time when elections are due in Congo by year end. Even Bangladesh, Ghana, Nepal, Egypt and Ukraine had to prune down their forces. Congo also reflects larger international reality of an insular America which feels burdened by world which it tries to lead in hesitatingly today. Sources say that more reduction is expected next year around as civilian administration also wants the presence of foreign forces to be reduced in Congo.

WION in Congo: UN budget cuts lead to altering of strategy by Indian forces

Finance Minister Arun Jaitley presented the<a href="http://www.wionews.com/business-economy/key-highlights-from-union-budget-2018-31455"> Union Budget 2018</a> on Thursday. The budget 2018-19 focussed primarily on the rural and agricultural economy and promised a brighter future for the healthcare sector.&nbsp;

Jaitley announced that the customs duty on <a href="http://www.wionews.com/business-economy/union-budget-2018-electronic-items-like-television-sets-mobile-phone-to-get-expensive-31469">mobile phones</a> will be increased to 20% from the previous 15% with a view to encourage &quot;Make in India&quot; and increase job vacancy.&nbsp;

Jaitley also said that customs duty for certain TV parts will also be increased to 15% which were previously in the 7.5%-10% tax slabs.&nbsp;

Commenting on the decision, Indian Cellular Association (ICA) National President Pankaj Mohindroo told PTI that this will be the &quot;last nail in the coffin&quot; of imports.&nbsp;

&quot;We are reaching a situation where imports would be nearly impossible,&quot; Mohindroo added. He said since bulk of mobile phones are manufactured domestically, there will be no impact on their prices. The exception will be a few brands, that are still making phones overseas.&quot;

&quot;There will be no increase in mobile phone prices since 81%&nbsp;of the volume and 84.5%&nbsp;of value is manufactured in India and we will cross 90% in both terms in 2018,&quot; he said.

Also read:&nbsp;<a href="http://www.wionews.com/business-economy/budget-2018-finance-minister-arun-jaitley-announces-no-change-in-personal-income-tax-slabs-31449">Budget 2018: Finance Minister Arun Jaitley announces &#39;no change&#39; in personal income tax slabs</a>

Toys, sports goods, Video game consoles will also attract a customs duty of 20%, up from 10%.&nbsp;

Ishmeet Singh, Country Manager - India, Mattel Inc. said, &ldquo;As per the Budget 2018, there has been a substantial increase in customs duty to 20% for the category of Toys and Sports Goods. This combined with the other policy changes that have been implemented over the last 6 months, viz. higher rates of taxes under GST rates and stricter import regulations, will result in an overall increase in the price of toys by more than 20%. While the government of India has recognized the importance of promoting the critical role of play in the overall development of a child, these policy changes might prove to be detrimental to this vision.&rdquo;

Further, customs duty on crude edible vegetable oils like groundnut oil, safflower seed oil hiked from 12.5% to 30%; on refined edible vegetable oil from 20% to 35%.&nbsp;

Customs duty on imitation jewellery hiked from 15% to 20%; doubled on all watches to 20%.&nbsp;

There will also be an increase in customs duty on sunglasses, cigarette lighter, bus and truck tyres, select furniture. However, import of solar tempered glass for the manufacture of solar cells has been exempted from customs duty.&nbsp;

Also read:<a href="http://www.wionews.com/business-economy/as-expected-budget-2018-friendly-to-farmers-big-on-health-stocks-fall-31454">&nbsp;As expected, Budget 2018 friendly to farmers, big on health; stocks fall</a>

Here&#39;s what Twitterati had to say:&nbsp;

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet" data-lang="en">
*Custom Duty on Smartphones increases* 
 
Leaves all the work, start searching for the 3 best smartphones currently available and order. 
 
The worst announcement ever ???????????????? <a href="https://twitter.com/hashtag/Budget2018?src=hash&amp;ref_src=twsrc%5Etfw">#Budget2018</a>
&mdash; arpita gupta (@sweet15arpita) <a href="https://twitter.com/sweet15arpita/status/958963417544577024?ref_src=twsrc%5Etfw">February 1, 2018</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">&times;</a></div>

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet" data-lang="en">
<a href="https://twitter.com/hashtag/TVs?src=hash&amp;ref_src=twsrc%5Etfw">#TVs</a> and <a href="https://twitter.com/hashtag/smartphones?src=hash&amp;ref_src=twsrc%5Etfw">#smartphones</a> to get expensive. Customs duty to rise from 15 - 20 percent. That <a href="https://twitter.com/Apple?ref_src=twsrc%5Etfw">@Apple</a> <a href="https://twitter.com/hashtag/iPhoneXPlus?src=hash&amp;ref_src=twsrc%5Etfw">#iPhoneXPlus</a> will cost you another kidney this year end. <a href="https://twitter.com/hashtag/MakeInIndia?src=hash&amp;ref_src=twsrc%5Etfw">#MakeInIndia</a> <a href="https://twitter.com/hashtag/Budget2018?src=hash&amp;ref_src=twsrc%5Etfw">#Budget2018</a>
&mdash; Tech2 (@tech2eets) <a href="https://twitter.com/tech2eets/status/958963992902488064?ref_src=twsrc%5Etfw">February 1, 2018</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">&times;</a></div>

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet" data-conversation="none" data-lang="en">
Prices of imported mobile phones to rise on custom duty hike to 20%; boost to Make in India. 
 
You can do that without bringing your bullshit political rhetoric named &quot;make in india&quot;.<a href="https://twitter.com/hashtag/Budget2018?src=hash&amp;ref_src=twsrc%5Etfw">#Budget2018</a>
&mdash; H. (@Miister_H) <a href="https://twitter.com/Miister_H/status/959032444975423489?ref_src=twsrc%5Etfw">February 1, 2018</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">&times;</a></div>

&nbsp;

<a href="http://www.wionews.com/budget2018">Full Coverage of Budget 2018</a>

Finance Minister Arun Jaitley presented the Union Budget 2018 on Thursday. The budget 2018-19 focussed primarily on the rural and agricultural economy and promised a brighter future for the healthcare sector.

Finance Minister Arun Jaitley presented the Union Budget 2018 on Thursday. The budget 2018-19 focussed primarily on the rural and agricultural economy and promised a brighter future for the healthcare sector. Jaitley announced that the customs duty on mobile phones will be increased to 20% from the previous 15% with a view to encourage "Make in India" and increase job vacancy. Jaitley also said that customs duty for certain TV parts will also be increased to 15% which were previously in the 7.5%-10% tax slabs. Commenting on the decision, Indian Cellular Association (ICA) National President Pankaj Mohindroo told PTI that this will be the "last nail in the coffin" of imports. "We are reaching a situation where imports would be nearly impossible," Mohindroo added. He said since bulk of mobile phones are manufactured domestically, there will be no impact on their prices. The exception will be a few brands, that are still making phones overseas." "There will be no increase in mobile phone prices since 81% of the volume and 84.5% of value is manufactured in India and we will cross 90% in both terms in 2018," he said. Also read: Budget 2018: Finance Minister Arun Jaitley announces 'no change' in personal income tax slabs Toys, sports goods, Video game consoles will also attract a customs duty of 20%, up from 10%. Ishmeet Singh, Country Manager - India, Mattel Inc. said, “As per the Budget 2018, there has been a substantial increase in customs duty to 20% for the category of Toys and Sports Goods. This combined with the other policy changes that have been implemented over the last 6 months, viz. higher rates of taxes under GST rates and stricter import regulations, will result in an overall increase in the price of toys by more than 20%. While the government of India has recognized the importance of promoting the critical role of play in the overall development of a child, these policy changes might prove to be detrimental to this vision.” Further, customs duty on crude edible vegetable oils like groundnut oil, safflower seed oil hiked from 12.5% to 30%; on refined edible vegetable oil from 20% to 35%. Customs duty on imitation jewellery hiked from 15% to 20%; doubled on all watches to 20%. There will also be an increase in customs duty on sunglasses, cigarette lighter, bus and truck tyres, select furniture. However, import of solar tempered glass for the manufacture of solar cells has been exempted from customs duty. Also read: As expected, Budget 2018 friendly to farmers, big on health; stocks fall Here's what Twitterati had to say: *Custom Duty on Smartphones increases* Leaves all the work, start searching for the 3 best smartphones currently available and order. The worst announcement ever ???????????????? #Budget2018 — arpita gupta (@sweet15arpita) February 1, 2018 × #TVs and #smartphones to get expensive. Customs duty to rise from 15 - 20 percent. That @Apple #iPhoneXPlus will cost you another kidney this year end. #MakeInIndia #Budget2018 — Tech2 (@tech2eets) February 1, 2018 × Prices of imported mobile phones to rise on custom duty hike to 20%; boost to Make in India. You can do that without bringing your bullshit political rhetoric named "make in india".#Budget2018 — H. (@Miister_H) February 1, 2018 × Full Coverage of Budget 2018

Budget 2018: Increase in customs duty 'last nail in the coffin', says ICA president Mohindroo

A day after the Budget, the <a href="http://www.wionews.com/india-news/sensex-nosedives-over-600-points-post-jaitleys-10-tax-on-sale-of-shares-31579">BSE Sensex dived 839 points </a>today barely holding on to the 35K mark. The Nifty too nosedived plunging over 250 points.

Sensex crashed 839.91 points to end at 35,066.75 and the Nifty&nbsp;sank 256.30 points to 10,760.60 today.

This is the fifth steepest fall in ten years. The Bank Nifty was down around 3 per cent with the Nifty Midcap and BSE small cap also at a low, down 4-5 per cent.

The markets had given&nbsp;a <a href="http://www.wionews.com/business-economy/no-budget-cheer-markets-close-down-in-2017-markets-ended-over-400-points-up-31480">lukewarm response to the government&#39;s </a>Budget on Thursday with the Sensex closing 58 points down at 35,906.66 while the Nifty slipped 10.80 points to end at 11,016.90 on Budget day.

Sunil Shah, Stock market expert told Reuters: &quot;As far as capital markets are concerned, the budget turned out to be a non event. So there was nothing much in the budget.&quot;&nbsp;

The 30-share index had plunged over 460 points on Budget day in afternoon trade after finance minister Arun Jaitley had announced long-term capital gains tax of 10 per cent on stock market gains exceeding Rs 1 lakh.

Today&#39;s poor run was fuelled by investors worried over government&#39;s move to raise the minimum support price(MSP) for crops this year which could lead to higher retail price with inflation hitting a 17-month high.

Today's poor run was fuelled by investors worried over government's move to raise the minimum support price for crops

A day after the Budget, the BSE Sensex dived 839 points today barely holding on to the 35K mark. The Nifty too nosedived plunging over 250 points. Sensex crashed 839.91 points to end at 35,066.75 and the Nifty sank 256.30 points to 10,760.60 today. This is the fifth steepest fall in ten years. The Bank Nifty was down around 3 per cent with the Nifty Midcap and BSE small cap also at a low, down 4-5 per cent. The markets had given a lukewarm response to the government's Budget on Thursday with the Sensex closing 58 points down at 35,906.66 while the Nifty slipped 10.80 points to end at 11,016.90 on Budget day. Sunil Shah, Stock market expert told Reuters: "As far as capital markets are concerned, the budget turned out to be a non event. So there was nothing much in the budget." The 30-share index had plunged over 460 points on Budget day in afternoon trade after finance minister Arun Jaitley had announced long-term capital gains tax of 10 per cent on stock market gains exceeding Rs 1 lakh. Today's poor run was fuelled by investors worried over government's move to raise the minimum support price(MSP) for crops this year which could lead to higher retail price with inflation hitting a 17-month high.

Sensex ends 800 points down day after Budget, LTCG tax hurts market sentiments

The post-Budget sell-off dragged the Sensex down by a whopping 800 points while the broader Nifty cracked the 10,800-mark on all-round selling

The weak sentiment came a day after the government unveiled its budget for the year starting in April that raised spending for rural sectors and healthcare, widening the fiscal deficit target to 3.3 percent of gross domestic product from the previous 3.0 percent.

In the Budget speech, Finance Minister Arun Jaitley proposed to tax long-term capital gains on equities exceeding Rs 1 lakh at 10 per cent.

The investors also worried that the government&#39;s move to raise minimum support prices (MSP) for crops could lead to higher retail prices.

The decision was proposed at a time when consumer price inflation has already hit a 17-month high of 5.21 percent, well above the Reserve Bank of India&#39;s target of 4 per cent.&nbsp;

&quot;Long-term capital gains tax on equities is not welcomed by the markets and fiscal slippage is another reason that`s driving the markets down,&quot; said Neeraj Dewan, director, Quantum Securities.

On Thursday, the benchmark indices had closed trade on a lower note.

The Nifty 50 too slipped 210 points to touch a low of 10,806.50 points.

The post-Budget sell-off dragged the Sensex down by a whopping 800 points while the broader Nifty cracked the 10,800-mark on all-round selling The weak sentiment came a day after the government unveiled its budget for the year starting in April that raised spending for rural sectors and healthcare, widening the fiscal deficit target to 3.3 percent of gross domestic product from the previous 3.0 percent. In the Budget speech, Finance Minister Arun Jaitley proposed to tax long-term capital gains on equities exceeding Rs 1 lakh at 10 per cent. The investors also worried that the government's move to raise minimum support prices (MSP) for crops could lead to higher retail prices. The decision was proposed at a time when consumer price inflation has already hit a 17-month high of 5.21 percent, well above the Reserve Bank of India's target of 4 per cent. "Long-term capital gains tax on equities is not welcomed by the markets and fiscal slippage is another reason that`s driving the markets down," said Neeraj Dewan, director, Quantum Securities. On Thursday, the benchmark indices had closed trade on a lower note.

Sensex nosedives 800 points post Jaitley's 10% tax on sale of shares

Telugu Desam Party (TDP) of Chandrababu Naidu, the BJP&#39;s biggest ally down South, is miffed with the Budget and has called an &quot;emergency meeting&quot; with party leaders on Sunday.

&quot;We are going to declare war. We have three options - one is to try and continue, two is our MPs resign and the third is to end the alliance. We will decide in the meeting with the chief minister on Sunday,&quot; said TDP parliamentarian TG Venkatesh in Delhi.

&#39;&#39;We are disappointed with the Union Budget presented today. Many pressing state issues like Railway Zone, Polavaram project funding, Funding for capital Amaravati and other pending issues of Andhra Pradesh are not addressed in the budget,&#39;&#39; news agency ANI quoted YS Chowdary, MoS Science &amp; Technology, TDP as saying. &nbsp;

Since Naidu took charge as chief minister four years ago, the ties between the BJP and TDP have ruptured.&nbsp;

&nbsp;

"The people and the party are disappointed with the Union Budget. Many state issues like the Polavaram project funding and funds for capital Amaravati were not addressed in the budget," said Chowdhary

Telugu Desam Party (TDP) of Chandrababu Naidu, the BJP's biggest ally down South, is miffed with the Budget and has called an "emergency meeting" with party leaders on Sunday. "We are going to declare war. We have three options - one is to try and continue, two is our MPs resign and the third is to end the alliance. We will decide in the meeting with the chief minister on Sunday," said TDP parliamentarian TG Venkatesh in Delhi. ''We are disappointed with the Union Budget presented today. Many pressing state issues like Railway Zone, Polavaram project funding, Funding for capital Amaravati and other pending issues of Andhra Pradesh are not addressed in the budget,'' news agency ANI quoted YS Chowdary, MoS Science & Technology, TDP as saying. Since Naidu took charge as chief minister four years ago, the ties between the BJP and TDP have ruptured.

Miffed with 'raw deal' in Budget, TDP declares 'war' on ally BJP

Finance Minister Arun Jaitley met with industry heavyweights Friday morning <a href="http://www.wionews.com/business-economy/as-expected-budget-2018-friendly-to-farmers-big-on-health-stocks-fall-31454" target="_blank">a day after releasing his Budget</a>.&nbsp;

There are sections of the economy which need government aid, Jaitley told the CEOs, taking off from where he had left off in his Budget. Jaitley&#39;s last full year Budget before the general elections in 2019 has been called pro-poor, populist, and aimed at the elections next year.&nbsp;

The stress in the farm sector is real, Jaitley said Friday. (Critics of his government have been saying the same thing for some time now.)

On Thursday, Jaitley had announced in his Budget that farmers would be paid 1.5 times the cost of production of their kharif crops.&nbsp;

The MSP has to be reasonable, Jaitley said Friday. And that the agriculture ministry, state governments, and NITI Aayog would work out the details.&nbsp;

Jaitley added Friday that the government was concentrating on targeting the welfare of individual rural homes, providing interest subventions, and aid for irrigation to rural areas.&nbsp;

Jaitley&#39;s biggest announcement on Thursday however had been the creation of the world&#39;s largest health insurance programme. The programme, Jaitley said, would cover 500 million people -- close to half of the country&#39;s population -- with 50 million families insured for up to Rs 5 lakh a year.&nbsp;

The &quot;health scheme is a major target for the government&quot;, Jaitley said Friday.&nbsp;

Jaitley said the health insurance programme too was first envisaged by the NITI Aayog. He added that the programme could be built on a trust or insurance model, and that the scheme would kick off on April 1, 2018.&nbsp;

Jaitley said Friday the MSP and healthcareprogrammes were &quot;ambitious&quot;&nbsp;and that the real success would lie in implementing it.

&ldquo;We were concerned this year on account of various global and domestic factors that this had to be a &lsquo;spend-more&rsquo; and not a &lsquo;save-more&rsquo; budget,&quot; Jaitley added.&nbsp;

Jaitley&#39;s Buget had offered a number of other sops to the poor, especially the rural poor -- including the distribution of eight million free gas connections, and four million free electricity connections.&nbsp;

The sops however mean the governnment will breach its fiscal deficit target. Jaitley said Thursday that the target this year was&nbsp;3.3%, up from the earlier 3%.&nbsp;

The stock markets did not respond well to the announcement. They dove further after Jaitley announced long-term capital gains on the sale of shares above Rs 1 lakh would be taxed at 10%. Jaitley said Friday that that had been a &quot;tough call&quot;.&nbsp;

Also read: <a href="http://www.wionews.com/india-news/day-after-union-budget-sensex-drops-324-points-nifty-below-11000-on-ltcg-jitters-31550" target="_blank">Sensex drops 324 points, Nifty below 11,000 on LTCG jitters</a>

He added Friday that the &quot;manufacturing sector has picked up in the last few months&quot;. But that India has a serious challenge ahead of it when it comes to tax compliance and increasing the tax base. He added that tax rates in India are low. That no other country has a five per cent tax slab and that you cannot get slabs any lower than the ones we already have.&nbsp;

The finance minister met Friday with industry heavyweights

Finance Minister Arun Jaitley met with industry heavyweights Friday morning a day after releasing his Budget. There are sections of the economy which need government aid, Jaitley told the CEOs, taking off from where he had left off in his Budget. Jaitley's last full year Budget before the general elections in 2019 has been called pro-poor, populist, and aimed at the elections next year. The stress in the farm sector is real, Jaitley said Friday. (Critics of his government have been saying the same thing for some time now.) On Thursday, Jaitley had announced in his Budget that farmers would be paid 1.5 times the cost of production of their kharif crops. The MSP has to be reasonable, Jaitley said Friday. And that the agriculture ministry, state governments, and NITI Aayog would work out the details. Jaitley added Friday that the government was concentrating on targeting the welfare of individual rural homes, providing interest subventions, and aid for irrigation to rural areas. Jaitley's biggest announcement on Thursday however had been the creation of the world's largest health insurance programme. The programme, Jaitley said, would cover 500 million people -- close to half of the country's population -- with 50 million families insured for up to Rs 5 lakh a year. The "health scheme is a major target for the government", Jaitley said Friday. Jaitley said the health insurance programme too was first envisaged by the NITI Aayog. He added that the programme could be built on a trust or insurance model, and that the scheme would kick off on April 1, 2018. Jaitley said Friday the MSP and healthcareprogrammes were "ambitious" and that the real success would lie in implementing it. “We were concerned this year on account of various global and domestic factors that this had to be a ‘spend-more’ and not a ‘save-more’ budget," Jaitley added. Jaitley's Buget had offered a number of other sops to the poor, especially the rural poor -- including the distribution of eight million free gas connections, and four million free electricity connections. The sops however mean the governnment will breach its fiscal deficit target. Jaitley said Thursday that the target this year was 3.3%, up from the earlier 3%. The stock markets did not respond well to the announcement. They dove further after Jaitley announced long-term capital gains on the sale of shares above Rs 1 lakh would be taxed at 10%. Jaitley said Friday that that had been a "tough call". Also read: Sensex drops 324 points, Nifty below 11,000 on LTCG jitters He added Friday that the "manufacturing sector has picked up in the last few months". But that India has a serious challenge ahead of it when it comes to tax compliance and increasing the tax base. He added that tax rates in India are low. That no other country has a five per cent tax slab and that you cannot get slabs any lower than the ones we already have.

Stress in farm sector is real, Jaitley says day after Budget

The equity indices on Thursday opened higher ahead of the Union Budget 2018-19 presentation by Finance Minister Arun Jaitley in the Parliament.

The BSE index opened with a gain of 84 points on 36,048.99 while the broader 50-share NSE Nifty started trading on 11,044.55, with a modest 17 points jump. Both the indices extended gains and were up by 0.40 per cent in initial trading.

The 30-scrip Sensitive Index (Sensex), was trading 157.21 points or 0.44 per cent higher soon after opening.

The wider 50-scrip Nifty of the National Stock Exchange (NSE) was also trading 46.25 points or 0.42 per cent higher at 11,073.95 points.

(With inputs from Agencies)

In early trade, led by bank stocks, the benchmark indices regained steam. The metal and pharma sector sub-indices were dragging

The equity indices on Thursday opened higher ahead of the Union Budget 2018-19 presentation by Finance Minister Arun Jaitley in the Parliament. The BSE index opened with a gain of 84 points on 36,048.99 while the broader 50-share NSE Nifty started trading on 11,044.55, with a modest 17 points jump. Both the indices extended gains and were up by 0.40 per cent in initial trading. The 30-scrip Sensitive Index (Sensex), was trading 157.21 points or 0.44 per cent higher soon after opening. The wider 50-scrip Nifty of the National Stock Exchange (NSE) was also trading 46.25 points or 0.42 per cent higher at 11,073.95 points. (With inputs from Agencies)

Sensex rises 150 points ahead of Budget 2018, Nifty above 11,050

India&#39;s government will unveil its budget for the 2018-19 fiscal year on Thursday, with investors expecting increased investment in key areas such as agriculture, and a slew of incentives for businesses.

After the roll out of the Goods and Services Tax (GST) last year, India&#39;s economy is expected to post growth of 6.75 per cent in the 2017-18 fiscal year ending in March, which would be the slowest in three years.

The government is widely expected to increase spending to ensure growth recaptures momentum, but most investors expect it to be prudent as loosening fiscal deficit targets by too much would likely spark a sell-off in the bond market.

However, speculation is rife in different sectors for tax sops. Everyone is putting forward its wishlist for Finance Minister Arun Jaitley as he geats ready to present Modi government&#39;s last full Budget.

Leading health insurance company Aviva wants the government to increase the income tax slabs exemption &quot;leaving more money in people&#39;s hands&quot;.

&quot;The insurance industry has always played a significant role in the economic development of nations and society. Predominantly, what we should look forward following the upcoming budget would be increase in the number of people having adequate insurance cover. To attain the same, there should be an increase in the income tax slabs exemption leaving more money in people&#39;s hands to channelise the funds well,&quot; said Karni S Arha, Chief Financial Officer, Aviva India.

We should expect to promote a separate dedicated insurance premium exemption limit as the current composite limit u/s 80c (Rs 1.5lac) is already overcrowded and exhausted, he added.

As per the IRDA, the insurance penetration (percentage of insurance premium to the GDP) in India is currently at 3.42 per cent, significantly lower than the global average of 6.2 per cent. The industry believes this is one of the aspects which needs to be looked into on priority.

The growing recognition of India&#39;s healthcare crisis has led to urgency for increased public funding of healthcare, which, the industry believes, can be taken up in the Union Budget.

After the roll out of the Goods and Services Tax (GST) last year, India's economy is expected to post growth of 6.75 per cent in the 2017-18 fiscal year ending in March, which would be the slowest in three years.

India's government will unveil its budget for the 2018-19 fiscal year on Thursday, with investors expecting increased investment in key areas such as agriculture, and a slew of incentives for businesses. After the roll out of the Goods and Services Tax (GST) last year, India's economy is expected to post growth of 6.75 per cent in the 2017-18 fiscal year ending in March, which would be the slowest in three years. The government is widely expected to increase spending to ensure growth recaptures momentum, but most investors expect it to be prudent as loosening fiscal deficit targets by too much would likely spark a sell-off in the bond market. However, speculation is rife in different sectors for tax sops. Everyone is putting forward its wishlist for Finance Minister Arun Jaitley as he geats ready to present Modi government's last full Budget. Leading health insurance company Aviva wants the government to increase the income tax slabs exemption "leaving more money in people's hands". "The insurance industry has always played a significant role in the economic development of nations and society. Predominantly, what we should look forward following the upcoming budget would be increase in the number of people having adequate insurance cover. To attain the same, there should be an increase in the income tax slabs exemption leaving more money in people's hands to channelise the funds well," said Karni S Arha, Chief Financial Officer, Aviva India. We should expect to promote a separate dedicated insurance premium exemption limit as the current composite limit u/s 80c (Rs 1.5lac) is already overcrowded and exhausted, he added. As per the IRDA, the insurance penetration (percentage of insurance premium to the GDP) in India is currently at 3.42 per cent, significantly lower than the global average of 6.2 per cent. The industry believes this is one of the aspects which needs to be looked into on priority. The growing recognition of India's healthcare crisis has led to urgency for increased public funding of healthcare, which, the industry believes, can be taken up in the Union Budget.

Budget 2018: What the insurance sector wants

Climate change could adversely affect farmers income by up to 20-25 per cent in the medium term, the Economic Survey warned and suggested the need for &quot;dramatic&quot; improvement in irrigation, use of new technologies and better targeting of power and fertiliser subsidies.

The government has also been recommended to take &quot;radical follow-up action&quot; to achieve its objective of addressing agricultural stress and doubling farmers&nbsp;income.

Since agriculture is a state subject and an open political economy question, the Survey strongly advocated a mechanism similar to the GST Council to bring more reforms in the agriculture sector and boost farmers income.

&quot;Climate change&nbsp;whose imprint on Indian agriculture is already visible&nbsp;might reduce farm incomes by up to 20-25 per cent in the medium term,&quot; the Survey for 2017-18 said.

Climate change could reduce annual farm incomes in the range of 15-18 per cent on average, and up to 20-25 per cent for unirrigated areas, it said.

At current levels of farm income, that translates into more than Rs 3,600 per year for the median farm household, the survey estimated.

&quot;Minimising susceptibility to climate change requires drastically extending irrigation via efficient drip and sprinkler technologies, and replacing untargeted subsidies in power and fertiliser by direct income support,&quot; the Survey said, while calling for review of cereal-centric farm policy.

India needs to spread irrigation and do so against a backdrop of rising water scarcity and depleting groundwater resources, it said.

At present, about 45 per cent of farm land is under irrigation. The Indo-Gangetic plain, and parts of Gujarat and Madhya Pradesh are well irrigated.

But parts of Karnataka, Maharashtra, Madhya Pradesh, Rajasthan, Chattisgarh and Jharkhand are still extremely vulnerable to climate change on account of not being well irrigated.

The Survey further said that fully irrigating Indian agriculture, that too against the backdrop of water scarcity and limited efficiency in existing irrigation schemes, will be a defining challenge for the future.

Technologies of drip irrigation, sprinklers, and water management captured in the more crop for every drop campaign?may well hold the key to future Indian agriculture and hence should be accorded greater priority in resource allocation, it said.

And, of course, the power subsidy needs to be replaced by direct benefit transfers so that power use can be fully cost and water conservation furthered, it added.

Stating that the climate change will increase farmer uncertainty, the Survey called for an effective crop insurance and embrace farm science and technology with renewed ardour.

&quot;Building on the current crop insurance program Pradhan Mantri Fasal Bima Yojana, weather-based models and technologies like drones need to be used to determine losses and compensate farmers within weeks,&quot; it said.

Stating that the agri-sector is experiencing structural changes leading to new challenges and opportunities, the Survey said that the farm sector will remain an engine of broad based growth even as its share in gross value addition (GVA) is on the decline.

The central priority of the government will be to provide opportunities for farmers to diversify their income generating opportunities to reduce the various risks by facilitating the development of agriculture sub-sectors like livestock and fisheries, it observed.

The government has also been recommended to take 'radical follow-up action' to achieve its objective of addressing agricultural stress and doubling farmers income

Climate change could adversely affect farmers income by up to 20-25 per cent in the medium term, the Economic Survey warned and suggested the need for "dramatic" improvement in irrigation, use of new technologies and better targeting of power and fertiliser subsidies. The government has also been recommended to take "radical follow-up action" to achieve its objective of addressing agricultural stress and doubling farmers income. Since agriculture is a state subject and an open political economy question, the Survey strongly advocated a mechanism similar to the GST Council to bring more reforms in the agriculture sector and boost farmers income. "Climate change whose imprint on Indian agriculture is already visible might reduce farm incomes by up to 20-25 per cent in the medium term," the Survey for 2017-18 said. Climate change could reduce annual farm incomes in the range of 15-18 per cent on average, and up to 20-25 per cent for unirrigated areas, it said. At current levels of farm income, that translates into more than Rs 3,600 per year for the median farm household, the survey estimated. "Minimising susceptibility to climate change requires drastically extending irrigation via efficient drip and sprinkler technologies, and replacing untargeted subsidies in power and fertiliser by direct income support," the Survey said, while calling for review of cereal-centric farm policy. India needs to spread irrigation and do so against a backdrop of rising water scarcity and depleting groundwater resources, it said. At present, about 45 per cent of farm land is under irrigation. The Indo-Gangetic plain, and parts of Gujarat and Madhya Pradesh are well irrigated. But parts of Karnataka, Maharashtra, Madhya Pradesh, Rajasthan, Chattisgarh and Jharkhand are still extremely vulnerable to climate change on account of not being well irrigated. The Survey further said that fully irrigating Indian agriculture, that too against the backdrop of water scarcity and limited efficiency in existing irrigation schemes, will be a defining challenge for the future. Technologies of drip irrigation, sprinklers, and water management captured in the more crop for every drop campaign?may well hold the key to future Indian agriculture and hence should be accorded greater priority in resource allocation, it said. And, of course, the power subsidy needs to be replaced by direct benefit transfers so that power use can be fully cost and water conservation furthered, it added. Stating that the climate change will increase farmer uncertainty, the Survey called for an effective crop insurance and embrace farm science and technology with renewed ardour. "Building on the current crop insurance program Pradhan Mantri Fasal Bima Yojana, weather-based models and technologies like drones need to be used to determine losses and compensate farmers within weeks," it said. Stating that the agri-sector is experiencing structural changes leading to new challenges and opportunities, the Survey said that the farm sector will remain an engine of broad based growth even as its share in gross value addition (GVA) is on the decline. The central priority of the government will be to provide opportunities for farmers to diversify their income generating opportunities to reduce the various risks by facilitating the development of agriculture sub-sectors like livestock and fisheries, it observed.

Climate change may cut farm income by 20-25%: Survey

President Ram Nath Kovind on Monday said that a sustained debate is required on the subject of simultaneous elections in his inaugural speech at the Budget Session of Parliament which began today.

&quot;A sustained debate is required on the subject of simultaneous elections and all political parties need to arrive at a consensus on this issue,&quot; President Kovind said in his opening address to the joint session of Parliament on Monday.

Earlier this month, in an interview to WION, Prime Minister Narendra Modi had said that Vidhan Sabha and Lok Sabha elections should be held together and that he has discussed this idea with various policymakers. &quot;If the elections happen together, then the country can save a lot,&quot; <a href="http://www.wionews.com/india-news/upa-government-was-unable-to-solve-gst-issues-pm-modi-to-wion-30214" target="_blank">PM Modi had said in the interview</a>.

Today, while addressing the joint session of Parliament, President Kovind reiterated his government&#39;s commitment in passing the triple talaq bill.

&quot;My government has presented a bill to end the practice of triple talaq. I hope the Triple Talaq Bill will be passed soon so that Muslim women can live a life of dignity and without fear,&quot; President Kovind said.

Committed to &#39;empowerment and not appeasement&#39;, my government is making intensive efforts for the economic, social and educational empowerment of the minorities, <a href="http://www.wionews.com/india-news/budget-session-live-31051" target="_blank">President Kovind said in his maiden address to Parliament</a>.&nbsp;

While the Muslim Women (Protection of Rights on Marriage) Bill, 2017, sailed through the Lok Sabha, the Triple Talaq Bill is pending in the Rajya Sabha as several opposition parties demanded that it be referred to a select committee.

Highlighting the achievements of Modi government, President Kovind said, &quot;My government has introduced insurance schemes for poor at a premium of Rs 1 per month and 90 paise per day. Over 18 crore poor have been covered under the &#39;PM Suraksha Bima Yojana&#39; and &#39;PM Jeevan Jyoti Bima Yojana&#39; and about Rs 2 thousand crore has been paid out as claims.&quot;

The government is committed to double the income of farmers by the year 2022, he said.

Prime Minister Narendra Modi also spoke before the commencement of Parliament&rsquo;s Budget Session, where he appealed to the opposition to pass the Triple Talaq Bill,&nbsp; saying it would be a <a href="http://www.wionews.com/india-news/budget-session-2018-we-have-to-pass-triple-talaq-bill-and-protet-muslim-women-says-pm-modi-31049" target="_blank">New Year gift for Muslim women</a>.

Speaking to reporters outside Parliament House, Modi said despite his government&#39;s efforts and people&#39;s expectations the triple talaq bill could not be passed in the last session.

The Budget Session of Parliament began on Monday. The first leg of the session will be between January 29 and February 9 during which the government will present the economic survey on January 29, followed by the Union Budget on February 1.

Following a recess after February 9, Parliament will meet again from March 5 to April 6.

PM Modi had first mooted the idea of simultaneous elections to the states and Parliament. He has repeatedly asked all parties to rise above politics and consider it

President Ram Nath Kovind on Monday said that a sustained debate is required on the subject of simultaneous elections in his inaugural speech at the Budget Session of Parliament which began today. "A sustained debate is required on the subject of simultaneous elections and all political parties need to arrive at a consensus on this issue," President Kovind said in his opening address to the joint session of Parliament on Monday. Earlier this month, in an interview to WION, Prime Minister Narendra Modi had said that Vidhan Sabha and Lok Sabha elections should be held together and that he has discussed this idea with various policymakers. "If the elections happen together, then the country can save a lot," PM Modi had said in the interview. Today, while addressing the joint session of Parliament, President Kovind reiterated his government's commitment in passing the triple talaq bill. "My government has presented a bill to end the practice of triple talaq. I hope the Triple Talaq Bill will be passed soon so that Muslim women can live a life of dignity and without fear," President Kovind said. Committed to 'empowerment and not appeasement', my government is making intensive efforts for the economic, social and educational empowerment of the minorities, President Kovind said in his maiden address to Parliament. While the Muslim Women (Protection of Rights on Marriage) Bill, 2017, sailed through the Lok Sabha, the Triple Talaq Bill is pending in the Rajya Sabha as several opposition parties demanded that it be referred to a select committee. Highlighting the achievements of Modi government, President Kovind said, "My government has introduced insurance schemes for poor at a premium of Rs 1 per month and 90 paise per day. Over 18 crore poor have been covered under the 'PM Suraksha Bima Yojana' and 'PM Jeevan Jyoti Bima Yojana' and about Rs 2 thousand crore has been paid out as claims." The government is committed to double the income of farmers by the year 2022, he said. Prime Minister Narendra Modi also spoke before the commencement of Parliament’s Budget Session, where he appealed to the opposition to pass the Triple Talaq Bill, saying it would be a New Year gift for Muslim women. Speaking to reporters outside Parliament House, Modi said despite his government's efforts and people's expectations the triple talaq bill could not be passed in the last session. The Budget Session of Parliament began on Monday. The first leg of the session will be between January 29 and February 9 during which the government will present the economic survey on January 29, followed by the Union Budget on February 1. Following a recess after February 9, Parliament will meet again from March 5 to April 6.

Budget session 2018: President Ram Nath Kovind pushes for discussion on simultaneous polls

The Budget session of Parliament begins on Monday as the National Democratic Alliance (NDA) readies to present its last full budget on 1 February before its five-year term ends.

President Ram Nath Kovind&#39;s address to a joint sitting of the Lok Sabha and Rajya Sabha&nbsp;marked the beginning of the Budget Session 2018. The Economic Survey of India will be tabled later in the day.

The upcoming budget is significant because the ruling NDA will go into the poll mode in 14 months as general elections are scheduled for early next year.&nbsp;

Also, the parliamentary party executive of Bharatiya Janata Party (BJP) will hold a meeting on Monday, followed by another meeting of NDA allies to discuss the strategy for the session.

Here are the highlights President Kovind&#39;s speech:

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<h5>It&rsquo;s a matter of pride for us that Unesco recognised Kumbh Mela as intangible cultural heritage of humanity: President Kovind</h5>
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The government is committed to double the income of farmers by the year 2022: President Ram Nath Kovind <a href="https://twitter.com/hashtag/BudgetSession?src=hash&amp;ref_src=twsrc%5Etfw">#BudgetSession</a> <a href="https://t.co/1Ydo4cw5Ph">pic.twitter.com/1Ydo4cw5Ph</a>
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<h5>Work has started to increase broadband connectivity in villages. 2.5 lakh Panchayats have already been connected: President Kovind</h5>
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<h5>President Kovind says that to provide food to everyone, the government under National Food Security Act is providing supplies at minimal rates to the poor.</h5>
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<h5>2.70 Lakh Common Service Centers have been set up across the nation. These Centers provide digital service at low rates for various services even in the far off remote areas: President Ram Nath Kovind</h5>
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<h5>The highest priority of my Govt is to remove various difficulties faced by farmers &amp; to raise their standard of living. The schemes of my Govt are not only removing their hardships but also reducing the expenditure incurred by them on farming, says the President.</h5>
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<h5>Parliament approved a bill granting working woman paid maternity leave of 26 weeks.The government is committed to double the income of farmers by the year 2022: President Ram Nath Kovind</h5>
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<h5>We will realise the dream of &#39;New India&#39; in 2018, says the President during his address in the Parliament.</h5>
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<h5>My government has presented a bill in relation to Triple Talaq. I hope Parliament will soon make it legal, so that Muslim sisters and daughters will be able to live a fearless life with self respect: President Ram Nath Kovind</h5>
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<h5>It is our duty that when we celebrate Mahatma Gandhi&#39;s 150th birth anniversary in 2019 we pay tribute to him by making our country completely clean: President Ram Nath Kovind</h5>
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<h5>Baba Saheb Ambedkar used to say that without economic and social democracy, political democracy is unstable: President Kovind</h5>
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<a href="http://www.wionews.com/india-news/budget-session-2018-we-have-to-pass-triple-talaq-bill-and-protet-muslim-women-says-pm-modi-31049" target="_blank">READ:&nbsp;We have to pass Triple Talaq bill and protect Muslim women, says PM Modi</a> 
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The upcoming budget is significant because the ruling NDA will go into poll mode in 14 months as general elections are scheduled for early next year.

The Budget session of Parliament begins on Monday as the National Democratic Alliance (NDA) readies to present its last full budget on 1 February before its five-year term ends. President Ram Nath Kovind's address to a joint sitting of the Lok Sabha and Rajya Sabha marked the beginning of the Budget Session 2018. The Economic Survey of India will be tabled later in the day. The upcoming budget is significant because the ruling NDA will go into the poll mode in 14 months as general elections are scheduled for early next year. Also, the parliamentary party executive of Bharatiya Janata Party (BJP) will hold a meeting on Monday, followed by another meeting of NDA allies to discuss the strategy for the session. Here are the highlights President Kovind's speech: A sustained debate is required on the subject of simultaneous elections and all political parties need to arrive at a consensus on this issue: President Kovind × It’s a matter of pride for us that Unesco recognised Kumbh Mela as intangible cultural heritage of humanity: President Kovind × The government is committed to double the income of farmers by the year 2022: President Ram Nath Kovind #BudgetSession pic.twitter.com/1Ydo4cw5Ph — ANI (@ANI) January 29, 2018 × Work has started to increase broadband connectivity in villages. 2.5 lakh Panchayats have already been connected: President Kovind × President Kovind says that to provide food to everyone, the government under National Food Security Act is providing supplies at minimal rates to the poor. × 2.70 Lakh Common Service Centers have been set up across the nation. These Centers provide digital service at low rates for various services even in the far off remote areas: President Ram Nath Kovind × The highest priority of my Govt is to remove various difficulties faced by farmers & to raise their standard of living. The schemes of my Govt are not only removing their hardships but also reducing the expenditure incurred by them on farming, says the President. × Parliament approved a bill granting working woman paid maternity leave of 26 weeks.The government is committed to double the income of farmers by the year 2022: President Ram Nath Kovind × We will realise the dream of 'New India' in 2018, says the President during his address in the Parliament. × My government has presented a bill in relation to Triple Talaq. I hope Parliament will soon make it legal, so that Muslim sisters and daughters will be able to live a fearless life with self respect: President Ram Nath Kovind × It is our duty that when we celebrate Mahatma Gandhi's 150th birth anniversary in 2019 we pay tribute to him by making our country completely clean: President Ram Nath Kovind × Baba Saheb Ambedkar used to say that without economic and social democracy, political democracy is unstable: President Kovind × READ: We have to pass Triple Talaq bill and protect Muslim women, says PM Modi

Budget Session: Govt working towards strengthening social justice, economic democracy says President

In a short speech before the commencement of Parliament&rsquo;s Budget Session, PM Narendra Modi appealed to the opposition to pass the Triple Talaq Bill, which criminalises instant divorce.&nbsp;

PM Modi also said the budget will add new vigour to India&#39;s development and will fulfil aspirations of people.&nbsp;

&quot;We should rise above politics and make most use of our healthy system of parliamentary committees and have proactive discussions,&quot; he said.&nbsp;

The session started a short while ago with President Ram Nath Kovind&nbsp;addressing a joint sitting of the two houses.

The much-awaited economic survey will also be presented on the day 1 of the budget session.&nbsp;

The&nbsp;economic survey document is critical in the process of the Union Budget. It is not only an appraisal of the economy and government spending over the financial year that is coming to a close but also a roadmap that provides the rationale for Union Budget 2018, which will be tabled by Finance Minister Arun Jaitley on February 1.

The phase 1 of the session starts today and will go on till&nbsp;February 9. The second phase will take place from March 5 to April 6.

The budget will be tabled by finance minister Arun Jaitley on February 1, making it a first budget to be presented after Goods and Services Tax implementation.

The most important bills of this session would be the commission for backward classes and Triple Talaq bill, which was passed in Lok Sabha but was stalled in the Rajya Sabha.

The phase 1 of the session begins today and will wrap up on February 9. The second phase will take place from March 5 to April 6.

In a short speech before the commencement of Parliament’s Budget Session, PM Narendra Modi appealed to the opposition to pass the Triple Talaq Bill, which criminalises instant divorce. PM Modi also said the budget will add new vigour to India's development and will fulfil aspirations of people. "We should rise above politics and make most use of our healthy system of parliamentary committees and have proactive discussions," he said. The session started a short while ago with President Ram Nath Kovind addressing a joint sitting of the two houses. The much-awaited economic survey will also be presented on the day 1 of the budget session. The economic survey document is critical in the process of the Union Budget. It is not only an appraisal of the economy and government spending over the financial year that is coming to a close but also a roadmap that provides the rationale for Union Budget 2018, which will be tabled by Finance Minister Arun Jaitley on February 1. The phase 1 of the session starts today and will go on till February 9. The second phase will take place from March 5 to April 6. The budget will be tabled by finance minister Arun Jaitley on February 1, making it a first budget to be presented after Goods and Services Tax implementation. The most important bills of this session would be the commission for backward classes and Triple Talaq bill, which was passed in Lok Sabha but was stalled in the Rajya Sabha.

Budget session 2018: PM Modi bats for Triple Talaq Bill to 'protect Muslim women'

India is poised to raise its public health spending by 11 percent in the annual budget next month, after rejecting Health Minister J.P. Nadda&#39;s demand for a much bigger increase to ramp up disease control, according to government sources and documents.

Nadda sought a &quot;bare minimum&quot; budget of nearly $10 billion for 2018-19 - 33 percent higher than last year - in a letter to the finance minister on November 26, which Reuters has reviewed.

Nadda argued the funds were needed for expanding vaccination coverage and free drugs distribution and also to ward off a growing threat of non-communicable diseases, such as cancer and diabetes, which killed 6 million people in India in 2016.

His request was not approved: the health budget is expected to rise by 11 percent to $8.2 billion, three government officials told Reuters. They declined to be named or be identified further as the discussions were confidential.

Prime Minister Narendra Modi&#39;s government last year set a target of raising annual health spending to 2.5 percent of India&#39;s GDP by 2025, from 1.15 percent now - one of the lowest proportions in the world.

The health budget this year will put that pledge at risk.

&quot;What&#39;s the point of having a (2025) GDP target? With this funding, it still looks like a herculean task,&quot; said one of the officials interviewed.

The finance ministry declined to comment, while the health ministry did not respond to requests seeking comment. The budget for the financial year ending March 2019 will be presented on February 1.

Shamika Ravi, a member of Modi&#39;s economic advisory council, said she wasn&#39;t privy to the final budget numbers, but described an $8.2 billion annual health budget as &quot;not sufficient&quot;.

&quot;If we underspend on health, it will impact India&#39;s overall GDP by lowering productivity in the long term,&quot; said Ravi, who is also a research director at Brookings India.

Ravi, however, said she would continue to advise the government to allocate more funds for healthcare to achieve its 2025 GDP target.

Economy versus health

Last year, the government intensified efforts to overhaul the public healthcare system. It capped prices of several medical devices to help the poor, ramped up screening of non-communicable diseases and, on top of that, also raised the federal health budget by more than a quarter.

But the health budget increase for 2018-19 will be lower as the government&#39;s finances are stretched by slowing economic growth and tax collections that have lagged under a new sales tax regime, the officials said.

It was difficult to get the 11 percent hike approved, according to one of the officials, who said that it took many rounds of discussions between the health ministry and the finance ministry. Initially, the finance ministry had earmarked only a five percent increase in the budget, but that was increased after fresh representations by the health ministry, the official said.

Collections under the new national goods and services tax system stood at $12.6 billion in November, the lowest since its launch in July, which finance officials say have upset the government&#39;s overall revenues and their budget calculations.

In recent months, the finance ministry has said it wants to boost spending on sectors such as infrastructure, including ports and roads, to boost economic growth. That, along with the need to stick to fiscal targets, means that the budget for other sectors will be squeezed.

In his letter, Nadda made a case for a significant increase in his ministry&#39;s allocation, saying investments in public health would eventually result in a &quot;tenfold return for the economy&quot;.

Low public health spending leads to &quot;catastrophic&quot; medical expenses for people, he wrote.

India&#39;s overburdened health system remains plagued with an acute shortage of government hospitals in rural areas. In 2016, more than 1 million children died before turning five, the highest number for any nation in the world, a United Nations report said last year.

Health minister Nadda sought a 'bare minimum' budget of nearly $10 billion for 2018-19 - 33 percent higher than last year

India is poised to raise its public health spending by 11 percent in the annual budget next month, after rejecting Health Minister J.P. Nadda's demand for a much bigger increase to ramp up disease control, according to government sources and documents. Nadda sought a "bare minimum" budget of nearly $10 billion for 2018-19 - 33 percent higher than last year - in a letter to the finance minister on November 26, which Reuters has reviewed. Nadda argued the funds were needed for expanding vaccination coverage and free drugs distribution and also to ward off a growing threat of non-communicable diseases, such as cancer and diabetes, which killed 6 million people in India in 2016. His request was not approved: the health budget is expected to rise by 11 percent to $8.2 billion, three government officials told Reuters. They declined to be named or be identified further as the discussions were confidential. Prime Minister Narendra Modi's government last year set a target of raising annual health spending to 2.5 percent of India's GDP by 2025, from 1.15 percent now - one of the lowest proportions in the world. The health budget this year will put that pledge at risk. "What's the point of having a (2025) GDP target? With this funding, it still looks like a herculean task," said one of the officials interviewed. The finance ministry declined to comment, while the health ministry did not respond to requests seeking comment. The budget for the financial year ending March 2019 will be presented on February 1. Shamika Ravi, a member of Modi's economic advisory council, said she wasn't privy to the final budget numbers, but described an $8.2 billion annual health budget as "not sufficient". "If we underspend on health, it will impact India's overall GDP by lowering productivity in the long term," said Ravi, who is also a research director at Brookings India. Ravi, however, said she would continue to advise the government to allocate more funds for healthcare to achieve its 2025 GDP target. Economy versus health Last year, the government intensified efforts to overhaul the public healthcare system. It capped prices of several medical devices to help the poor, ramped up screening of non-communicable diseases and, on top of that, also raised the federal health budget by more than a quarter. But the health budget increase for 2018-19 will be lower as the government's finances are stretched by slowing economic growth and tax collections that have lagged under a new sales tax regime, the officials said. It was difficult to get the 11 percent hike approved, according to one of the officials, who said that it took many rounds of discussions between the health ministry and the finance ministry. Initially, the finance ministry had earmarked only a five percent increase in the budget, but that was increased after fresh representations by the health ministry, the official said. Collections under the new national goods and services tax system stood at $12.6 billion in November, the lowest since its launch in July, which finance officials say have upset the government's overall revenues and their budget calculations. In recent months, the finance ministry has said it wants to boost spending on sectors such as infrastructure, including ports and roads, to boost economic growth. That, along with the need to stick to fiscal targets, means that the budget for other sectors will be squeezed. In his letter, Nadda made a case for a significant increase in his ministry's allocation, saying investments in public health would eventually result in a "tenfold return for the economy". Low public health spending leads to "catastrophic" medical expenses for people, he wrote. India's overburdened health system remains plagued with an acute shortage of government hospitals in rural areas. In 2016, more than 1 million children died before turning five, the highest number for any nation in the world, a United Nations report said last year.

India plans to raise health spending by 11% in budget; less than requested by Nadda

The government is likely to increase the budget allocation for the &#39;Pradhan Mantri Fasal Bima Yojana&#39;&nbsp;(PMFBY) to Rs 13,000 crore for 2018-19 from Rs 10,701 crore for the current financial year, sources said.

The Union Budget for 2018-19 will be presented on February 1.

Under the upgraded crop insurance scheme PMFBY, launched early 2016, farmers pay a very nominal premium and get a full claim for the crop damage.

According to sources, the budget allocation for the PMFBY could go up to Rs 13,000 crore for the next fiscal taking into account about 10 per cent likely increase in the sum insured.

While the Agriculture Ministry has demanded Rs 11,000 crore budget for the next fiscal for the flagship scheme, but the ministry is hopeful of getting more funds from the Finance Ministry considering the importance of the scheme.

For the current fiscal, the government had initially given a budget of Rs 9,000.75 crore for the PMFBY. However, the additional requirement of Rs 1,701 crore was made through supplementary demands, taking the total allocation to

Rs 10,701 crore for the scheme, sources added.

Total crop insurance claim for 2016-17 crop year (July- June) is estimated to be Rs 15,500 crore. Already claims to the tune of Rs 13,661 crore have been reported, of which Rs 12,313 crore have been settled, according to official data.

As many as 5.70 crore farmers purchased the crop insurance policy PMFBY during the 2016-17 crop year.

Under the PMFBY, farmers&#39; premium has been kept lower between 1.5-2 per cent for foodgrains and oilseed crops, and up to 5 per cent for horticultural and cotton crops.

There is no cap on the premium and 25 per cent of the likely claim will be settled directly in farmers&#39; accounts.&nbsp;

The government is likely to increase the budget allocation for the Pradhan Mantri Fasal Bima Yojana (PMFBY) to Rs 13,000 crore for 2018-19

The government is likely to increase the budget allocation for the 'Pradhan Mantri Fasal Bima Yojana' (PMFBY) to Rs 13,000 crore for 2018-19 from Rs 10,701 crore for the current financial year, sources said. The Union Budget for 2018-19 will be presented on February 1. Under the upgraded crop insurance scheme PMFBY, launched early 2016, farmers pay a very nominal premium and get a full claim for the crop damage. According to sources, the budget allocation for the PMFBY could go up to Rs 13,000 crore for the next fiscal taking into account about 10 per cent likely increase in the sum insured. While the Agriculture Ministry has demanded Rs 11,000 crore budget for the next fiscal for the flagship scheme, but the ministry is hopeful of getting more funds from the Finance Ministry considering the importance of the scheme. For the current fiscal, the government had initially given a budget of Rs 9,000.75 crore for the PMFBY. However, the additional requirement of Rs 1,701 crore was made through supplementary demands, taking the total allocation to Rs 10,701 crore for the scheme, sources added. Total crop insurance claim for 2016-17 crop year (July- June) is estimated to be Rs 15,500 crore. Already claims to the tune of Rs 13,661 crore have been reported, of which Rs 12,313 crore have been settled, according to official data. As many as 5.70 crore farmers purchased the crop insurance policy PMFBY during the 2016-17 crop year. Under the PMFBY, farmers' premium has been kept lower between 1.5-2 per cent for foodgrains and oilseed crops, and up to 5 per cent for horticultural and cotton crops. There is no cap on the premium and 25 per cent of the likely claim will be settled directly in farmers' accounts.

Crop insurance scheme likely to get Rs 13,000 crore in FY19 budget

Ahead of the budget <a href="http://www.wionews.com/india-news/budget-exclusive-tourism-ministry-expects-rs-3000-crore-allocation-28661">presentation on February 1, Prime Minister Modi </a>will be meeting top economists to seek their views on the macroeconomic situation in the country at a closed-door meeting held by the Niti Aayog.

During the day-long brainstorming session, the economists are expected to outline areas holding back India&#39;s growth prospect and sectors in the Indian economy which need immediate government intervention.

The meeting is set to be attended by finance minister Jaitley including Niti Aayog officials. The economists who will be at the meeting include Niti Aayog member Bibek Debroy including economists Rathim Roy and Ashima Goyal.

The pre-budget exercise involves meetings with the select group of economists who will advise the prime minister on manufacturing, government&#39;s &quot;Make in India&quot;&nbsp;initiative, exports, doubling agricultural income and job creation which is the government&#39;s key objective.

The economists are also likely to give their views on taxation, tariff, education, digital technology, housing, tourism, banking and data-driven policies.

The government is also seeking ideas on PM&#39;s policy vision on &quot;New India 2022&quot; with short-term and long-term measures which may find special mention in the budget in February.

During the day-long brainstorming session, the economists are expected to outline areas holding back India's growth prospect

Ahead of the budget presentation on February 1, Prime Minister Modi will be meeting top economists to seek their views on the macroeconomic situation in the country at a closed-door meeting held by the Niti Aayog. During the day-long brainstorming session, the economists are expected to outline areas holding back India's growth prospect and sectors in the Indian economy which need immediate government intervention. The meeting is set to be attended by finance minister Jaitley including Niti Aayog officials. The economists who will be at the meeting include Niti Aayog member Bibek Debroy including economists Rathim Roy and Ashima Goyal. The pre-budget exercise involves meetings with the select group of economists who will advise the prime minister on manufacturing, government's "Make in India" initiative, exports, doubling agricultural income and job creation which is the government's key objective. The economists are also likely to give their views on taxation, tariff, education, digital technology, housing, tourism, banking and data-driven policies. The government is also seeking ideas on PM's policy vision on "New India 2022" with short-term and long-term measures which may find special mention in the budget in February.

Pre-Budget: Modi to meet economists in closed-door meeting

The Union Budget <a href="http://www.wionews.com/india-news/union-budget-to-be-presented-on-february-1-28623">set to be announced on February 1</a> is set to include special measures to strengthen women&#39;s safety.

The Railway Ministry is likely to announce 2018 as &quot;Railway Women&#39;s Safety Year&quot;.

The Railways intends to strengthen women&#39;s safety during train journey with a number of steps, sources said.

The budget is likely to have a detailed plan on women&#39;s safety, steps include installation of CCTV cameras in ladies coach especially in suburban rail service.

The budget is also likely to announce increasing the number of washrooms to at least two at each platform for women.

Finance minister Jaitley may also announce deployment of RPF women constables in ladies coach and in long routes

The budget is also likely to allocate&nbsp;of funds for women safety in Railways from Nirbhaya Women Safety Fund which is of Rs 1,000 crore.

The Budget Session of Parliament will commence from January 29th.&nbsp;President Ramnath Kovind will address the joint sitting of the two Houses on January 29 and the Economic Survey will be tabled on the same day.

The first phase of the session will be from January 29 to February 9.&nbsp;

The budget is likely to have a detailed plan on women's safety, steps include installation of CCTV cameras in ladies coach especially in suburban rail service.

The Union Budget set to be announced on February 1 is set to include special measures to strengthen women's safety. The Railway Ministry is likely to announce 2018 as "Railway Women's Safety Year". The Railways intends to strengthen women's safety during train journey with a number of steps, sources said. The budget is likely to have a detailed plan on women's safety, steps include installation of CCTV cameras in ladies coach especially in suburban rail service. The budget is also likely to announce increasing the number of washrooms to at least two at each platform for women. Finance minister Jaitley may also announce deployment of RPF women constables in ladies coach and in long routes The budget is also likely to allocate of funds for women safety in Railways from Nirbhaya Women Safety Fund which is of Rs 1,000 crore. The Budget Session of Parliament will commence from January 29th. President Ramnath Kovind will address the joint sitting of the two Houses on January 29 and the Economic Survey will be tabled on the same day. The first phase of the session will be from January 29 to February 9.

Budget likely to announce several features to strengthen women's safety in Railways

The tourism industry has appealed t<a href="http://www.wionews.com/business-economy/budget-likely-to-announce-several-features-to-strengthen-womens-safety-in-railways-28627">o the Indian government to ensure</a> safety and corruption-free environment including improvement in facilities.

Sources say that at a recent meet with the tourism minister Alphons and other government officials, the tourism industry has demanded improvement and addition of basic amenities like proper washroom at popular tourist destinations.

The tourism industry has also demanded&nbsp;better guidance in help desk and information counters including multiple language guides.

According to the World Travel and Tourism Council(WTTC), India&#39;s travel and tourism sector ranks seventh in the world in terms of contribution to the country&#39;s GDP.

Government sources said the tourism ministry has demanded the budgetary allocation be doubled. The ministry expects finance minister Jaitley to increase budgetary allocation to Rs 3,000 crore.

Interestingly, this time tourism Industry is keen for domestic tourism and specifically railway-connected tourism.

Tour operators have presented few ideas like opening gates for domestic tourists by providing reasonable fares for popular luxury tourist trains like Maharaja and Palace on Wheels.

In 2016, the tourism industry created over 40 million jobs in India accounting for 9.3 per cent of country&#39;s total jobs.

In its report, the WTTC said India&#39;s figures were predominantly generated by domestic travel, which accounts for 88% of the sector&#39;s contribution to GDP in 2016.

The tourism industry has also demanded?better guidance in help desk and information counters including multiple language guides.

The tourism industry has appealed to the Indian government to ensure safety and corruption-free environment including improvement in facilities. Sources say that at a recent meet with the tourism minister Alphons and other government officials, the tourism industry has demanded improvement and addition of basic amenities like proper washroom at popular tourist destinations. The tourism industry has also demanded better guidance in help desk and information counters including multiple language guides. According to the World Travel and Tourism Council(WTTC), India's travel and tourism sector ranks seventh in the world in terms of contribution to the country's GDP. Government sources said the tourism ministry has demanded the budgetary allocation be doubled. The ministry expects finance minister Jaitley to increase budgetary allocation to Rs 3,000 crore. Interestingly, this time tourism Industry is keen for domestic tourism and specifically railway-connected tourism. Tour operators have presented few ideas like opening gates for domestic tourists by providing reasonable fares for popular luxury tourist trains like Maharaja and Palace on Wheels. In 2016, the tourism industry created over 40 million jobs in India accounting for 9.3 per cent of country's total jobs. In its report, the WTTC said India's figures were predominantly generated by domestic travel, which accounts for 88% of the sector's contribution to GDP in 2016.

Budget exclusive: Tourism ministry expects Rs 3,000 crore allocation

<a href="http://www.wionews.com/business-economy/indias-gdp-growth-to-slow-to-four-year-low-of-65-in-2017-18-28649" target="_blank">India&#39;s GDP growth to slow to four-year low of 6.5% in 2017-18</a>

The economic growth is expected to slow to a four-year low of 6.5 per cent in 2017-18, the lowest under the Modi-led government, mainly due to poor performance of agriculture and manufacturing sectors.

<a href="http://www.wionews.com/india-news/all-you-need-to-know-about-new-rs-10-note-introduced-by-rbi-28641" target="_blank">All you need to know about new Rs 10 note introduced by RBI</a>

The Reserve Bank of India on Friday introduced a new Rs 10 banknote in a new series and chocolate brown colour.

<a href="http://www.wionews.com/world/entertainment-hbo-confirms-for-first-time-game-of-thrones-to-return-in-2019-28632" target="_blank">HBO confirms for first time, &#39;Game of Thrones&#39; to return in 2019</a>

Putting speculations to rest, HBO now confirms that fan rumours were true -- the final season of &quot;Game of Thrones&quot;&nbsp;won&#39;t be back until 2019.&nbsp;

<a href="http://www.wionews.com/business-economy/disinvestment-on-cards-tata-group-and-singapore-airlines-ready-to-bid-for-air-india-28637" target="_blank">Disinvestment on cards, Tata group and Singapore Airlines ready to bid for Air India</a>

Just days after aviation minister Raju said the government does not want Air India to &quot;go the Kingfisher way&quot;, Vistara&#39;s CEO Leslie Thng said today that Tata Group and Singapore Airlines are &quot;open to bid&quot; for Air India.

<a href="http://www.wionews.com/business-economy/budget-likely-to-announce-several-features-to-strengthen-womens-safety-in-railways-28627" target="_blank">Budget likely to announce several features to strengthen women&#39;s safety in Railways</a>

The Union Budget&nbsp;<a href="http://www.wionews.com/india-news/union-budget-to-be-presented-on-february-1-28623">set to be announced on February 1</a>&nbsp;is set to include special measures to strengthen women&#39;s safety. The Railway Ministry is likely to announce 2018 as &quot;Railway Women&#39;s Safety Year&quot;.

&nbsp;

&nbsp;

&nbsp;

&nbsp;

&nbsp;

India's GDP growth to slow to four-year low of 6.5% in 2017-18 The economic growth is expected to slow to a four-year low of 6.5 per cent in 2017-18, the lowest under the Modi-led government, mainly due to poor performance of agriculture and manufacturing sectors. All you need to know about new Rs 10 note introduced by RBI The Reserve Bank of India on Friday introduced a new Rs 10 banknote in a new series and chocolate brown colour. HBO confirms for first time, 'Game of Thrones' to return in 2019 Putting speculations to rest, HBO now confirms that fan rumours were true -- the final season of "Game of Thrones" won't be back until 2019. Disinvestment on cards, Tata group and Singapore Airlines ready to bid for Air India Just days after aviation minister Raju said the government does not want Air India to "go the Kingfisher way", Vistara's CEO Leslie Thng said today that Tata Group and Singapore Airlines are "open to bid" for Air India. Budget likely to announce several features to strengthen women's safety in Railways The Union Budget set to be announced on February 1 is set to include special measures to strengthen women's safety. The Railway Ministry is likely to announce 2018 as "Railway Women's Safety Year".

WION Evening News brief, 5 January 2018

In a move aimed at electoral reforms, finance&nbsp;minister Arun Jaitley today announced guidelines for electoral bonds for funding of political parties.

The finance minister said the electoral bonds would be available in multiples of Rs 1,000, Rs 10,000, Rs 1 lakh, Rs 10 lakh and Rs 1 crore.

&quot;Interest-free bonds for donation to political parties can&nbsp;be purchased from SBI for 10 days in the months of January, April, July and October,&quot; Jaitley said.

The finance minister in his budget last year had announced the introduction of &quot;electoral bonds&quot; aimed at improving transparency in funding of political parties.

The bonds can only be issued by a notified bank and can be bought using cheques or digital payment, negating the prevalence of hawala money.

All political parties are required to inform the Election Commission about the bonds and from where it would be accessed.

The finance minister in his budget last year had announced the introduction of "electoral bonds" aimed at improving transparency in funding of political parties.

In a move aimed at electoral reforms, finance minister Arun Jaitley today announced guidelines for electoral bonds for funding of political parties. The finance minister said the electoral bonds would be available in multiples of Rs 1,000, Rs 10,000, Rs 1 lakh, Rs 10 lakh and Rs 1 crore. "Interest-free bonds for donation to political parties can be purchased from SBI for 10 days in the months of January, April, July and October," Jaitley said. The finance minister in his budget last year had announced the introduction of "electoral bonds" aimed at improving transparency in funding of political parties. The bonds can only be issued by a notified bank and can be bought using cheques or digital payment, negating the prevalence of hawala money. All political parties are required to inform the Election Commission about the bonds and from where it would be accessed.

Finance minister Jaitley announces guidelines for electoral bonds

Lower taxes and higher public expenditure could widen budget deficit in 2017-18, but steps taken by the government to broaden the tax base and improve spending efficiency would help in narrowing it going forward, US-based rating agency Moody&#39;s said.

In an interview to PTI, Moody&#39;s Investors Service V-P (Sovereign Risk Group) William Foster said the agency believes that the government&#39;s commitment to fiscal consolidation remains and sustained growth would help it reduce the debt burden.

Moody&#39;s had last week raised India&#39;s sovereign rating for the first time in over 13 years, saying growth prospects have improved with continued progress on economic and institutional reforms. The rating was upgraded to Baa2 from Baa3 and rating outlook was changed to stable from positive.

Foster said the upgrade reflects the expectation that continued progress on economic and institutional reforms will enhance India&#39;s high growth potential and its large and stable financing base for government debt and will likely contribute to a gradual decline in the general government debt burden over the medium term.

India&#39;s debt-to-GDP ratio stood at 68.6 per cent and a government-appointed panel has recommended lowering it to 60 per cent by 2023.

&quot;We forecast the general government budget deficit at 6.5 per cent of GDP this fiscal year, similar to the last two fiscal years. Lower government revenues than planned in the Budget and somewhat higher government spending could lead to a deficit somewhat wider than targeted.

&quot;However, over time, measures aimed at broadening the tax base and improving the efficiency of government spending will contribute to a gradual narrowing of the deficit. Together with robust and sustained nominal GDP growth, this would be conducive to a gradual decline in the government debt burden,&quot; Foster said.

Foster, however, added that a material deterioration in fiscal metrics and the outlook for general government fiscal consolidation would put negative pressure on the rating.

General budget deficit includes expenditure incurred and revenue earned by both the Centre and states. &quot;The rating could also face downward pressure if the health of the banking system deteriorated significantly or external vulnerability increased sharply,&quot; he added.

The central government, in Budget 2017-18, had set a target of 3.2 per cent for fiscal deficit, which is the difference between the Centre&#39;s revenue and expenditure, for this fiscal. It would be brought down to 3 per cent next fiscal.

The finance ministry is scheduled to review the deficit target for the current financial year next month as it reassesses revenue mop-up from the recently launched Goods and Services Tax (GST) and PSU disinvestment programme.

The deficit has already touched 91.3 per cent of the target in the first half of the fiscal.

Projecting GDP growth to moderate to 6.7 per cent in the current fiscal, from 7.1 per cent last year, Moody&#39;s said while GST and demonetisation have undermined growth over the near term, growth will rise to 7.5 per cent in 2018-19 as the disruption fades.

According to Foster, the stable outlook denotes that Moody&#39;s does not expect a rating change in the foreseeable future. &quot;There are both positive and negative risks to the economy and India&#39;s credit profile,&quot; Foster added.

His assessment is a material strengthening in fiscal metrics, combined with a strong and durable recovery of the investment cycle, probably supported by significant economic and institutional reforms would be credit positive.

&quot;In particular, greater expectation of a sizeable and sustained reduction in the general government debt burden, through increased government revenues combined with a reduction in expenditures, would put positive pressure on the rating. Implementation of key pending reforms, including land and labour reforms, could put additional upward pressure on the rating,&quot; Foster said.&nbsp;

Moody's had last week raised India's sovereign rating for the first time in over 13 years, saying growth prospects have improved with continued progress on economic and institutional reforms

Lower taxes and higher public expenditure could widen budget deficit in 2017-18, but steps taken by the government to broaden the tax base and improve spending efficiency would help in narrowing it going forward, US-based rating agency Moody's said. In an interview to PTI, Moody's Investors Service V-P (Sovereign Risk Group) William Foster said the agency believes that the government's commitment to fiscal consolidation remains and sustained growth would help it reduce the debt burden. Moody's had last week raised India's sovereign rating for the first time in over 13 years, saying growth prospects have improved with continued progress on economic and institutional reforms. The rating was upgraded to Baa2 from Baa3 and rating outlook was changed to stable from positive. Foster said the upgrade reflects the expectation that continued progress on economic and institutional reforms will enhance India's high growth potential and its large and stable financing base for government debt and will likely contribute to a gradual decline in the general government debt burden over the medium term. India's debt-to-GDP ratio stood at 68.6 per cent and a government-appointed panel has recommended lowering it to 60 per cent by 2023. "We forecast the general government budget deficit at 6.5 per cent of GDP this fiscal year, similar to the last two fiscal years. Lower government revenues than planned in the Budget and somewhat higher government spending could lead to a deficit somewhat wider than targeted. "However, over time, measures aimed at broadening the tax base and improving the efficiency of government spending will contribute to a gradual narrowing of the deficit. Together with robust and sustained nominal GDP growth, this would be conducive to a gradual decline in the government debt burden," Foster said. Foster, however, added that a material deterioration in fiscal metrics and the outlook for general government fiscal consolidation would put negative pressure on the rating. General budget deficit includes expenditure incurred and revenue earned by both the Centre and states. "The rating could also face downward pressure if the health of the banking system deteriorated significantly or external vulnerability increased sharply," he added. The central government, in Budget 2017-18, had set a target of 3.2 per cent for fiscal deficit, which is the difference between the Centre's revenue and expenditure, for this fiscal. It would be brought down to 3 per cent next fiscal. The finance ministry is scheduled to review the deficit target for the current financial year next month as it reassesses revenue mop-up from the recently launched Goods and Services Tax (GST) and PSU disinvestment programme. The deficit has already touched 91.3 per cent of the target in the first half of the fiscal. Projecting GDP growth to moderate to 6.7 per cent in the current fiscal, from 7.1 per cent last year, Moody's said while GST and demonetisation have undermined growth over the near term, growth will rise to 7.5 per cent in 2018-19 as the disruption fades. According to Foster, the stable outlook denotes that Moody's does not expect a rating change in the foreseeable future. "There are both positive and negative risks to the economy and India's credit profile," Foster added. His assessment is a material strengthening in fiscal metrics, combined with a strong and durable recovery of the investment cycle, probably supported by significant economic and institutional reforms would be credit positive. "In particular, greater expectation of a sizeable and sustained reduction in the general government debt burden, through increased government revenues combined with a reduction in expenditures, would put positive pressure on the rating. Implementation of key pending reforms, including land and labour reforms, could put additional upward pressure on the rating," Foster said.

India's budget deficit may rise in FY18, but will improve in years ahead: Moody's

Canadian federal budgets will focus more on women in a bid to lift their job prospects, improve their quality of life and narrow the country&#39;s wide wage gap between the sexes, the government said on Wednesday, a move that underscores the feminist credentials of Liberal Prime Minister Justin Trudeau.

The latest budget, unveiled on Wednesday, included for the first time a separate gender statement detailing the main challenges facing women.

Finance Minister Bill Morneau told Parliament that fewer women joined the workforce than men, and noted they found it harder to reach senior roles in Canadian companies.

&quot;That means as a country we aren&#39;t taking full advantage of the talents, insights and experience of more than half of our population. It seems unfathomable, but it&#39;s true,&quot; he said.

&quot;It&#39;s why we need to do better.&quot;

Trudeau, who took power in November 2015, has stressed the importance of gender equality and made a point of appointing a cabinet with the same number of men and women.

While women account for 47 per cent of the workforce compared with 38 per cent in 1976, Canada has one of the highest gender wage gaps - 19.3 per cent - in the 35-nation Organisation for Economic Cooperation and Development.

The budget contained two measures spread over 11-years that the Liberals said should help address the issue - a program to boost early learning and child care and one to build more affordable housing.

The budget statement said women were disproportionately represented in lower-paying occupations and noted that mothers were less likely to work full-time thanks to challenges such as child care.

It also noted that women and girls were more likely to experience poverty, violence and harassment and have trouble finding affordable housing.

Morneau said the statement &quot;ensures all budget measures - not just those aimed specifically at women - help us advance the goals of fairness, workforce participation and gender equality&quot;.

The 2016 budget increased child benefits, included measures to make post-secondary education more affordable and committed more money to affordable housing. Ottawa is also looking at flexible working arrangements for federally regulated employees.

(Reuters)

The latest budget, unveiled on Wednesday, included for the first time a separate gender statement detailing the main challenges facing women

Canadian federal budgets will focus more on women in a bid to lift their job prospects, improve their quality of life and narrow the country's wide wage gap between the sexes, the government said on Wednesday, a move that underscores the feminist credentials of Liberal Prime Minister Justin Trudeau. The latest budget, unveiled on Wednesday, included for the first time a separate gender statement detailing the main challenges facing women. Finance Minister Bill Morneau told Parliament that fewer women joined the workforce than men, and noted they found it harder to reach senior roles in Canadian companies. "That means as a country we aren't taking full advantage of the talents, insights and experience of more than half of our population. It seems unfathomable, but it's true," he said. "It's why we need to do better." Trudeau, who took power in November 2015, has stressed the importance of gender equality and made a point of appointing a cabinet with the same number of men and women. While women account for 47 per cent of the workforce compared with 38 per cent in 1976, Canada has one of the highest gender wage gaps - 19.3 per cent - in the 35-nation Organisation for Economic Cooperation and Development. The budget contained two measures spread over 11-years that the Liberals said should help address the issue - a program to boost early learning and child care and one to build more affordable housing. The budget statement said women were disproportionately represented in lower-paying occupations and noted that mothers were less likely to work full-time thanks to challenges such as child care. It also noted that women and girls were more likely to experience poverty, violence and harassment and have trouble finding affordable housing. Morneau said the statement "ensures all budget measures - not just those aimed specifically at women - help us advance the goals of fairness, workforce participation and gender equality". The 2016 budget increased child benefits, included measures to make post-secondary education more affordable and committed more money to affordable housing. Ottawa is also looking at flexible working arrangements for federally regulated employees. (Reuters)

Women's issues hold centre stage in Canada's new budget

WION&#39;s chief domestic correspondent Kartikeya Sharma spoke with the usually taciturn Congress leader Ahmed Patel after the budget. Patel gave his review of the budget, and also spoke of the controversy around the death of former union minister and Indian Union Muslim League national president E Ahamed -- his family alleged they were not allowed to see him at the government-run RML Hospital -- the Congress&#39; alliance with the Samajwadi Party in UP, and Priyanka Gandhi. &nbsp;

&nbsp;

Question: Sir, how do you rate this budget? Will it help the people?

Answer: No I&rsquo;m not impressed with this budget. People expected lot from this budget. Poor people and businessmen had hope that this budget will do something for them but it didn&rsquo;t. This budget is nothing but an exercise to cover the blunder of demonetisation. People expected big reforms in the income tax slabs but the benefits will not be more than 10 to 12,000 rupees. Farmers didn&rsquo;t get anything. Famers were hoping that the government would write of their debt but it didn&rsquo;t happen. It is a budget of promises and less on concrete action. 
&nbsp; 
&nbsp;Q: The budget also focuses on political funding. It could be looked at as an attempt to do away with black money from the political arena? 
A: Well an attempt has been made and we welcome it. The slab of 20,000 has been reduced to 2,000. We also want elections to become transparent. I don&rsquo;t think much will come out of it. 
&nbsp; 
&nbsp;Q: The BJP says the budget is for the poor, and they will benefit the most from it? 
&nbsp;A: There is nothing for the poor. There is nothing for the workers. Yes, there are some benefits but government has already made its money through excise and petrol and diesel prices. This benefit too should reach people. These are small benefits. 
&nbsp; 
Q: Then how would you rate this budget? How would you define this budget? 
&nbsp;A: I will give this budget 3 out of 10. It is a routine budget and doesn&rsquo;t help common man. This budget doesn&rsquo;t give that message. People are still suffering from demonetisation. A dream was sold that money from rich people will flow down to the poor. The government sold a dream. 
&nbsp; 
Q: Mr Patel, what exactly happened on Tuesday night at RML Hospital. Congress President Sonia Gandhi had to rush there and only then was the body (of E Ahamed) released... 
&nbsp;A: I don&rsquo;t know why hospital authority did this. We were informed after 10 pm by the family members of E Ahmad. We rushed to the hospital. The kids came from far away. They doctors behaved in a strange way. We went but were turned away. We wanted to know about the treatment. We were denied the information. The doctors should have consulted the family members. Real situation should have been informed to the family. There should be an enquiry and health ministry should find out what happen. Imagine what must be happening to common people. Both Sonia Gandhi and Rahul Gandhi had to be there. Imagine the plight of those who don&rsquo;t have political muscle. 
&nbsp; 
Q: You have forged an alliance in UP. What makes you believe this alliance will succeed in UP now? 
&nbsp;A: The decision was taken to forge the alliance to stop communal forces. We wanted to stop forces who want to divide the nation. We don&rsquo;t want them to succeed in Uttar Pradesh. This alliance is not about the Congress but about UP. Uttar Pradesh will benefit from it. 
&nbsp; 
Q: There was a tweet of yours on the party (and Priyanka). Lot was made out of it. What do you have to say on it? 
&nbsp;A: I said what I had to say and the matter ends there.

(WION)

The Congress leader says it was a budget of promises, not of concrete action

WION's chief domestic correspondent Kartikeya Sharma spoke with the usually taciturn Congress leader Ahmed Patel after the budget. Patel gave his review of the budget, and also spoke of the controversy around the death of former union minister and Indian Union Muslim League national president E Ahamed -- his family alleged they were not allowed to see him at the government-run RML Hospital -- the Congress' alliance with the Samajwadi Party in UP, and Priyanka Gandhi. Question: Sir, how do you rate this budget? Will it help the people? Answer: No I’m not impressed with this budget. People expected lot from this budget. Poor people and businessmen had hope that this budget will do something for them but it didn’t. This budget is nothing but an exercise to cover the blunder of demonetisation. People expected big reforms in the income tax slabs but the benefits will not be more than 10 to 12,000 rupees. Farmers didn’t get anything. Famers were hoping that the government would write of their debt but it didn’t happen. It is a budget of promises and less on concrete action. Q: The budget also focuses on political funding. It could be looked at as an attempt to do away with black money from the political arena? A: Well an attempt has been made and we welcome it. The slab of 20,000 has been reduced to 2,000. We also want elections to become transparent. I don’t think much will come out of it. Q: The BJP says the budget is for the poor, and they will benefit the most from it? A: There is nothing for the poor. There is nothing for the workers. Yes, there are some benefits but government has already made its money through excise and petrol and diesel prices. This benefit too should reach people. These are small benefits. Q: Then how would you rate this budget? How would you define this budget? A: I will give this budget 3 out of 10. It is a routine budget and doesn’t help common man. This budget doesn’t give that message. People are still suffering from demonetisation. A dream was sold that money from rich people will flow down to the poor. The government sold a dream. Q: Mr Patel, what exactly happened on Tuesday night at RML Hospital. Congress President Sonia Gandhi had to rush there and only then was the body (of E Ahamed) released... A: I don’t know why hospital authority did this. We were informed after 10 pm by the family members of E Ahmad. We rushed to the hospital. The kids came from far away. They doctors behaved in a strange way. We went but were turned away. We wanted to know about the treatment. We were denied the information. The doctors should have consulted the family members. Real situation should have been informed to the family. There should be an enquiry and health ministry should find out what happen. Imagine what must be happening to common people. Both Sonia Gandhi and Rahul Gandhi had to be there. Imagine the plight of those who don’t have political muscle. Q: You have forged an alliance in UP. What makes you believe this alliance will succeed in UP now? A: The decision was taken to forge the alliance to stop communal forces. We wanted to stop forces who want to divide the nation. We don’t want them to succeed in Uttar Pradesh. This alliance is not about the Congress but about UP. Uttar Pradesh will benefit from it. Q: There was a tweet of yours on the party (and Priyanka). Lot was made out of it. What do you have to say on it? A: I said what I had to say and the matter ends there. (WION)

Budget nothing but an exercise to cover blunder of demonetisation: Ahmed Patel

Sweeping aside objections raised by opposition parties, the government will present the Union Budget 2017-18 on February 1 but will refrain from making any announcements pertaining to poll-bound states.

The government has before the Election Commission vehemently defended its move to advance budget presentation by a month saying it had made clear its intention on this way back in September 2016 so as to help begin the investment cycle right from the first day of the new fiscal, April 1. &quot;Budget presentation on February 1 is a done deal, we will not make any specific announcement for poll-bound states,&quot; a top source said.

Opposition parties including Congress and TMC had approached the Election Commission against presentation of the budget just hours before the first of the five states goes to poll on February 4.

But the government stoutly defended the move. The source said that in view of the model code of conduct, the budget will not make any announces related to poll-bound states of Punjab, Uttar Pradesh, Uttarakhand, Goa and Manipur.

According to the scheme drawn, the first part of the budget session of Parliament will start on January 31 with President Pranab Mukherjee&#39;s address and tabling of the economic survey, which sets the scene for finance minister Arun Jaitley&#39;s fourth annual budget. The budget will be presented the next day. The cabinet had in September last year decided to scrap nearly century-long practice of having a separate railway budget and instead merged it with the general budget.

It had also decided to scrap a distinction between plan and non-plan expenditures.

(PTI)

Opposition parties had approached the Election Commission against presentation of the budget just hours before state elections on February 4

Sweeping aside objections raised by opposition parties, the government will present the Union Budget 2017-18 on February 1 but will refrain from making any announcements pertaining to poll-bound states. The government has before the Election Commission vehemently defended its move to advance budget presentation by a month saying it had made clear its intention on this way back in September 2016 so as to help begin the investment cycle right from the first day of the new fiscal, April 1. "Budget presentation on February 1 is a done deal, we will not make any specific announcement for poll-bound states," a top source said. Opposition parties including Congress and TMC had approached the Election Commission against presentation of the budget just hours before the first of the five states goes to poll on February 4. But the government stoutly defended the move. The source said that in view of the model code of conduct, the budget will not make any announces related to poll-bound states of Punjab, Uttar Pradesh, Uttarakhand, Goa and Manipur. According to the scheme drawn, the first part of the budget session of Parliament will start on January 31 with President Pranab Mukherjee's address and tabling of the economic survey, which sets the scene for finance minister Arun Jaitley's fourth annual budget. The budget will be presented the next day. The cabinet had in September last year decided to scrap nearly century-long practice of having a separate railway budget and instead merged it with the general budget. It had also decided to scrap a distinction between plan and non-plan expenditures. (PTI)

India: Government to present budget on February 1

The Speaker of Lok Sabha,&nbsp;Sumitra Mahajan started the proceedings with an obituary reference to former union minister and MP E. Ahamed who passed away today.

Finance minister Arun Jaitley has begun his budget speech:

Inflation in double-digit has been controlled

We have started a war on black money

According to the IMF, India will be one of the fastest growing economies in 2017-18

Pressure&nbsp;on protectionism is going up: Impact on exports

We have moved from a discretionary administration to a policy-based administration

Fiscal deficit has declined

Demonetisation&nbsp;has been a bold move, it will have long-term benefits. The pace of remonetisation has picked up

Growth will pick up in 2017.

There is early evidence of bank loans at lower rates

Current account deficit has declined, the govt will spend more on poor

Transform, energise and clean India

Government&#39;s&nbsp;Agenda:

Will double farmers&#39; income in 5 years

Focus will be on more jobs for the youth

Target for agriculture credit set for 2017-18 set at 10 lakh crore

Government has done away with planned and non-planned expenditure for states

Demonetisation&nbsp;will not spill over to next year

Government promises to bring 1 crore households out of poverty

Dairy processing&nbsp;infrastructure fund to be created.

Rural road targets to be increased, 138 km roads to be built per day

48,000 crore allocated to MNREGA, &quot;this is the biggest ever allocation for MNREGA&quot;

EDUCATION

Emphasis on science and local innovation

Reform of UGC

Leverage IT technology to help students

350 online courses with top faculty

Quality education will energise the youth

Single authority for exam entrance

100 skill centres across India

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<iframe allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/dVnCar_uwA4" width="560"></iframe>

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Women &amp; Children

Mahila shakti Kendra to be set up

Higher investment in affordable housing

National Housing Bank will refinance loans

Government&nbsp;initiatives

Reform of Labour laws&nbsp;

Will reduce cost of life-saving drugs

5 special tourism zones to be set-up

Railways

1 lakh thirty-one thousand crore&nbsp;expenditure in 2017-18

Passenger safety, cleanliness, finance and accounting to be the key

Rail Sanraksha fund to be set up

Redevelopment of stations

Shares of IRCTC to be listed

&nbsp;

<iframe allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/MtGIwDtliw0" width="560"></iframe>

&nbsp;

Transformative steps:

Service charge on e-tickets withdrawn

7,000 stations to get solar power

Other Policies

New Metro rail policy to be announced which will open up job opportunity.

Airports in tier-2 cities to be revamped

Bio-toilets to be set up.

FDI

Abolition of FIPB&nbsp;(Foreign Investment Promotion Board)

New FDI policy under consideration

Disinvestment policy to continue

Promotion of Digital Economy

&#39;India at the cusp of digital economy&#39;

Bheem app launched will help in transforming the digital economy

Cash back scheme and referral scheme to be launched to push digital economy

Aadhar to push digital transformation. Aadhar enabled payment scheme to be launched.

&quot;Govt considering new law to confiscate assets of economic offenders&quot;

Increase in capital&nbsp;expenditure by 25.4 per cent

Fiscal Deficit pegged at 3.2 per cent of GDP

Tax Proposals

India tax to GDP ratio is very low

Only 24 lakh showed income over 10 lakhs

&#39;Burden of taxes falls on just a few&#39;

Committed to making&nbsp;tax rates reasonable.

Only 1.74 crore people filing taxes in India

Bring transparency in poll funding.

34.8 per cent increase in income tax declaration

&quot;We are a non-tax compliant society&quot;

Changes in capital gains on sale of property

Relaxation of tax norms on unoccupied property

Income tax exception to startups increased

Tax exception for land pooling

Income tax for small&nbsp;companies reduced, MSME sector to get a boost

Holding period for realty sales now to be&nbsp;2 years

No cash&nbsp;transaction over 3 lakhs

Tax on income upto 5 lakhs cut by 5 per cent

Surcharge on those earning more than 1 crore to continue

No tax upto 3 lakh rupees

10% surcharge on income between 50 lakhs to 1 crore.

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Poll funding

Political funding reduced to Rs 2,000 per head

Political parties can get payment through cheques or digital payments

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Exclusive:

Political Reactions:

Union Budget: Congress leader Rahul Gandhi speaks on Budget 2017

 
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Union Budget 2017: Exclusive conversation with senior Congress leader Ahmed Patel&nbsp;

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Union Budget 2017: Exclusive conversation with Vijay Shekhar Sharma, Founder PayTM

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Union Budget 2017: Exclusive conversation with Dr. Naushad Forbes, President CII

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Jaitley has presented the budget in India's lower house of Parliament

The Speaker of Lok Sabha, Sumitra Mahajan started the proceedings with an obituary reference to former union minister and MP E. Ahamed who passed away today. Finance minister Arun Jaitley has begun his budget speech: Inflation in double-digit has been controlled We have started a war on black money According to the IMF, India will be one of the fastest growing economies in 2017-18 Pressure on protectionism is going up: Impact on exports We have moved from a discretionary administration to a policy-based administration Fiscal deficit has declined Demonetisation has been a bold move, it will have long-term benefits. The pace of remonetisation has picked up Growth will pick up in 2017. There is early evidence of bank loans at lower rates Current account deficit has declined, the govt will spend more on poor Transform, energise and clean India Government's Agenda: Will double farmers' income in 5 years Focus will be on more jobs for the youth Target for agriculture credit set for 2017-18 set at 10 lakh crore Government has done away with planned and non-planned expenditure for states Demonetisation will not spill over to next year Government promises to bring 1 crore households out of poverty Dairy processing infrastructure fund to be created. Rural road targets to be increased, 138 km roads to be built per day 48,000 crore allocated to MNREGA, "this is the biggest ever allocation for MNREGA" EDUCATION Emphasis on science and local innovation Reform of UGC Leverage IT technology to help students 350 online courses with top faculty Quality education will energise the youth Single authority for exam entrance 100 skill centres across India Women & Children Mahila shakti Kendra to be set up Higher investment in affordable housing National Housing Bank will refinance loans Government initiatives Reform of Labour laws Will reduce cost of life-saving drugs 5 special tourism zones to be set-up Railways 1 lakh thirty-one thousand crore expenditure in 2017-18 Passenger safety, cleanliness, finance and accounting to be the key Rail Sanraksha fund to be set up Redevelopment of stations Shares of IRCTC to be listed Transformative steps: Service charge on e-tickets withdrawn 7,000 stations to get solar power Other Policies New Metro rail policy to be announced which will open up job opportunity. Airports in tier-2 cities to be revamped Bio-toilets to be set up. FDI Abolition of FIPB (Foreign Investment Promotion Board) New FDI policy under consideration Disinvestment policy to continue Promotion of Digital Economy 'India at the cusp of digital economy' Bheem app launched will help in transforming the digital economy Cash back scheme and referral scheme to be launched to push digital economy Aadhar to push digital transformation. Aadhar enabled payment scheme to be launched. "Govt considering new law to confiscate assets of economic offenders" Increase in capital expenditure by 25.4 per cent Fiscal Deficit pegged at 3.2 per cent of GDP Tax Proposals India tax to GDP ratio is very low Only 24 lakh showed income over 10 lakhs 'Burden of taxes falls on just a few' Committed to making tax rates reasonable. Only 1.74 crore people filing taxes in India Bring transparency in poll funding. 34.8 per cent increase in income tax declaration "We are a non-tax compliant society" Changes in capital gains on sale of property Relaxation of tax norms on unoccupied property Income tax exception to startups increased Tax exception for land pooling Income tax for small companies reduced, MSME sector to get a boost Holding period for realty sales now to be 2 years No cash transaction over 3 lakhs Tax on income upto 5 lakhs cut by 5 per cent Surcharge on those earning more than 1 crore to continue No tax upto 3 lakh rupees 10% surcharge on income between 50 lakhs to 1 crore. Poll funding Political funding reduced to Rs 2,000 per head Political parties can get payment through cheques or digital payments Exclusive: Political Reactions: Union Budget: Congress leader Rahul Gandhi speaks on Budget 2017 Union Budget 2017: Exclusive conversation with senior Congress leader Ahmed Patel Exclusive Corporate Reactions Union Budget 2017: Exclusive conversation with Vijay Shekhar Sharma, Founder PayTM Union Budget 2017: Exclusive conversation with Dr. Naushad Forbes, President CII

India Budget 2017: No cash?transaction over 3 lakhs, govt considering new law to confiscate assets of economic offenders

India&#39;s finance minister Arun Jaitley will likely boost spending and ease back on cutting the deficit when he presents his fourth budget today, as he seeks to lift growth hit by the government&#39;s drive to purge the economy of &quot;black money&quot;.

Prime Minister Narendra Modi&#39;s surprise decision last November to scrap high-value bank notes worth 86 per cent of India&#39;s cash in circulation has hit consumer demand, disrupted supply chains and hurt capital investments.

Jaitley will present the 2017/18 budget at 11 am (0530 GMT) in&nbsp;the lower house of Parliament.

&nbsp;

<div class="ui-state-default" contenteditable="false">
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<blockquote class="twitter-tweet" data-lang="en">
Watch me live presenting the Union Budget 2017 at 11 am, February 1, 2017 <a href="https://t.co/BtQAlBf8Zz">https://t.co/BtQAlBf8Zz</a>
&mdash; Arun Jaitley (@arunjaitley) <a href="https://twitter.com/arunjaitley/status/826653574511759362">February 1, 2017</a></blockquote>
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&nbsp;

The finance ministry forecasts that growth could dip to as low as 6.5 per cent in the current fiscal year to March, before picking up in the coming fiscal year to between 6.75 and 7.5 per cent. Corporate India wants a cut in corporate tax to boost growth. The government may cut tax rate with tax concessions on ESOPs and unlisted shares. The budget is also likely to address the problem of bad loans in banking.

While opinions vary on how long the disruptions caused by Modi&#39;s crackdown on untaxed and illicit wealth will last, there is near unanimity among economists that Asia&#39;s third-largest economy needs a helping hand.

Arvind Subramanian, Jaitley&#39;s chief economic adviser, on Tuesday advocated slashing personal income tax and accelerating cuts in corporate tax rates. He cautioned, however, against pursuing debt-fuelled fiscal expansion.

Still, economists are pencilling in a federal fiscal deficit of 3.3 per cent of GDP for 2017/18. That would be higher than the 3 per cent pledged earlier but lower than 3.5 per cent that the government has budgeted for the year soon to end.

&nbsp;

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<div class="media-description">
Sitting Lok Sabha MP from Kerala, E Ahamed, died early on Wednesday leading to a confusion on whether the budget would take place today. Sources have just told WION that the obituary will take place before or after the presentation of the budget (WION)
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The rollout of a nationwide Goods and Services tax (GST), expected in July after years of delays, could also weigh on economic growth. Countries that have introduced GST in the past have often faced a relative economic slowdown before the benefits of a unified tax regime feed through.

The Economic Survey for 2016-17, tabled in the Parliament by finance minister Arun Jaitley underlined the need for more reforms. The survey listed some of the challenges that might impede India&#39;s progress. These include ambivalence about property rights and the private sector, deficiencies in state capacity, especially in delivering essential services and inefficient redistribution. The survey highlighted difficulties in privatising public enterprises, even for firms where economists have made strong arguments that they should be in the private sector.&nbsp;

It noted that over the past two years, the government has made considerable progress towards reducing subsidies, especially related to petroleum products. Technology has been the main instrument for addressing the leakage problem and the pilots for direct benefit transfer in fertiliser represent a very important new direction in this regard, it said.

Meanwhile, doubts were being raised over the presentation of the budget, after the death of former union minister and sitting Member of Parliament E Ahamed. &nbsp;However, a spokesman for the Prime Minister&#39;s Office told Reuters, that the budget is on schedule despite the death of a sitting member of Parliament.

&nbsp;

(WION with agency inputs)

Finance minister Arun Jaitley will likely boost spending and ease back on cutting the deficit when he presents his fourth budget today

India's finance minister Arun Jaitley will likely boost spending and ease back on cutting the deficit when he presents his fourth budget today, as he seeks to lift growth hit by the government's drive to purge the economy of "black money". Prime Minister Narendra Modi's surprise decision last November to scrap high-value bank notes worth 86 per cent of India's cash in circulation has hit consumer demand, disrupted supply chains and hurt capital investments. Jaitley will present the 2017/18 budget at 11 am (0530 GMT) in the lower house of Parliament. Watch me live presenting the Union Budget 2017 at 11 am, February 1, 2017 https://t.co/BtQAlBf8Zz — Arun Jaitley (@arunjaitley) February 1, 2017 × The finance ministry forecasts that growth could dip to as low as 6.5 per cent in the current fiscal year to March, before picking up in the coming fiscal year to between 6.75 and 7.5 per cent. Corporate India wants a cut in corporate tax to boost growth. The government may cut tax rate with tax concessions on ESOPs and unlisted shares. The budget is also likely to address the problem of bad loans in banking. While opinions vary on how long the disruptions caused by Modi's crackdown on untaxed and illicit wealth will last, there is near unanimity among economists that Asia's third-largest economy needs a helping hand. Arvind Subramanian, Jaitley's chief economic adviser, on Tuesday advocated slashing personal income tax and accelerating cuts in corporate tax rates. He cautioned, however, against pursuing debt-fuelled fiscal expansion. Still, economists are pencilling in a federal fiscal deficit of 3.3 per cent of GDP for 2017/18. That would be higher than the 3 per cent pledged earlier but lower than 3.5 per cent that the government has budgeted for the year soon to end. Sitting Lok Sabha MP from Kerala, E Ahamed, died early on Wednesday leading to a confusion on whether the budget would take place today. Sources have just told WION that the obituary will take place before or after the presentation of the budget (WION) × The rollout of a nationwide Goods and Services tax (GST), expected in July after years of delays, could also weigh on economic growth. Countries that have introduced GST in the past have often faced a relative economic slowdown before the benefits of a unified tax regime feed through. The Economic Survey for 2016-17, tabled in the Parliament by finance minister Arun Jaitley underlined the need for more reforms. The survey listed some of the challenges that might impede India's progress. These include ambivalence about property rights and the private sector, deficiencies in state capacity, especially in delivering essential services and inefficient redistribution. The survey highlighted difficulties in privatising public enterprises, even for firms where economists have made strong arguments that they should be in the private sector. It noted that over the past two years, the government has made considerable progress towards reducing subsidies, especially related to petroleum products. Technology has been the main instrument for addressing the leakage problem and the pilots for direct benefit transfer in fertiliser represent a very important new direction in this regard, it said. Meanwhile, doubts were being raised over the presentation of the budget, after the death of former union minister and sitting Member of Parliament E Ahamed. However, a spokesman for the Prime Minister's Office told Reuters, that the budget is on schedule despite the death of a sitting member of Parliament. (WION with agency inputs)

Jaitley's budget agenda: Boost growth and job creation

There were signs of anxiety in the market as the Sensex today slumped 194 points ahead of the budget - to be presented on Wednesday - to a one-week low of 27,656 and the Nifty slipped below 8,600 after the Economic Survey projected a lower growth of 6.5 per cent for 2016-17.

The recently introduced immigration restrictions by US President Donald trump and the new legislation that aims to rework the H-1-B visa programme dealt a blow to IT stocks, which saw a big fall.

TCS, Wipro and Infosys dropped by upto 4.47 per cent, dragging down the BSE IT index by 2.96 per cent, followed by technology that tanked 2.49 per cent.

The Economic Survey for 2016-17, tabled in Parliament by Finance Minister Arun Jaitley today, underscored the need for more reforms. Its GDP growth forecast for this fiscal is lower than the 7.1 per cent put out by the Central Statistics Office earlier this month.

The Sensex closed down 193.60 points, or 0.70 per cent, at 27,655.96, it&#39;s lowest closing since January 24 when the figure was 27,375.58. It had lost 33 points in the previous session.

The broad-based NSE Nifty, which hit a low of 8,552.40 intra-day, managed to cut down losses and ended lower 71.45 points, or 0.83 per cent, at 8,561.30.

The risk-averse behaviour was on display as participants took cues from global stocks that remained on the backfoot following Trump&#39;s controversial crackdown on immigration.

&quot;The Economic Survey failed to impress investors who opted for keeping their commitments at a low ebb and wait for the the budget,&quot; said Manoj Choraria, a Delhi-based stock broker.

GAIL, Adani Ports, Sun Pharma, Tata Motors, Coal India, Lupin, Axis Bank and NTPC were among those that weighed.&nbsp;Sectoral indices such as oil and gas (1.64 per cent), PSU (1.39 per cent), healthcare (1.38 per cent), infrastructure (1.31) per cent and metal (1.01 per cent) all turned weak.

Selling activity also extended to the broader markets, with the BSE mid-cap falling 1.10 per cent and the small-cap 1.03 per cent.&nbsp;According to provisional figures, foreign investors bought shares worth Rs 607.36 crore yesterday.

There were a few that went up cushioning the fall, which include ITC, PowerGrid, Bajaj Auto, ONGC and HDFC Bank.&nbsp;In Asia, most markets were closed today for a public holiday. Japan&#39;s Nikkei ended lower by 1.69 per cent. 
European markets, however, were trading higher as major indices in France, Germany and the UK moved up.

(PTI)

TCS, Wipro and Infosys dropped by upto 4.47 per cent, dragging down the BSE IT index by 2.96 per cent

There were signs of anxiety in the market as the Sensex today slumped 194 points ahead of the budget - to be presented on Wednesday - to a one-week low of 27,656 and the Nifty slipped below 8,600 after the Economic Survey projected a lower growth of 6.5 per cent for 2016-17. The recently introduced immigration restrictions by US President Donald trump and the new legislation that aims to rework the H-1-B visa programme dealt a blow to IT stocks, which saw a big fall. TCS, Wipro and Infosys dropped by upto 4.47 per cent, dragging down the BSE IT index by 2.96 per cent, followed by technology that tanked 2.49 per cent. The Economic Survey for 2016-17, tabled in Parliament by Finance Minister Arun Jaitley today, underscored the need for more reforms. Its GDP growth forecast for this fiscal is lower than the 7.1 per cent put out by the Central Statistics Office earlier this month. The Sensex closed down 193.60 points, or 0.70 per cent, at 27,655.96, it's lowest closing since January 24 when the figure was 27,375.58. It had lost 33 points in the previous session. The broad-based NSE Nifty, which hit a low of 8,552.40 intra-day, managed to cut down losses and ended lower 71.45 points, or 0.83 per cent, at 8,561.30. The risk-averse behaviour was on display as participants took cues from global stocks that remained on the backfoot following Trump's controversial crackdown on immigration. "The Economic Survey failed to impress investors who opted for keeping their commitments at a low ebb and wait for the the budget," said Manoj Choraria, a Delhi-based stock broker. GAIL, Adani Ports, Sun Pharma, Tata Motors, Coal India, Lupin, Axis Bank and NTPC were among those that weighed. Sectoral indices such as oil and gas (1.64 per cent), PSU (1.39 per cent), healthcare (1.38 per cent), infrastructure (1.31) per cent and metal (1.01 per cent) all turned weak. Selling activity also extended to the broader markets, with the BSE mid-cap falling 1.10 per cent and the small-cap 1.03 per cent. According to provisional figures, foreign investors bought shares worth Rs 607.36 crore yesterday. There were a few that went up cushioning the fall, which include ITC, PowerGrid, Bajaj Auto, ONGC and HDFC Bank. In Asia, most markets were closed today for a public holiday. Japan's Nikkei ended lower by 1.69 per cent. European markets, however, were trading higher as major indices in France, Germany and the UK moved up. (PTI)

TCS, Infosys drag down Sensex at close

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