Excise exemptions may be whittled in Budget to offset higher govt salaries, pensions
In several areas, the Indian government has put out a model law.
The government on Friday lowered its economic growth forecast.
The industry's reactions to the Budget have been mixed.
Meanwhile, an independent MLA in Gujarat has declared his support to the BJP.
Till such time that a new governance framework comes into being, the progress of reforms in health, education, land, labour, electricity and agriculture could remain fraught with problems, agitations and delays, observes A K Bhattacharya.
Finance Minister Arun Jaitley accused Congress of setting a wrong precedence for future opposition parties by continuously disrupting Parliament.
He said RSS men were planted in each ministry.
'The estimates of tax forgone on this item run into hundreds of billions.' 'And there is neither fairness nor rationality to support continuing with this tax holiday for just one class of investors, those who put their money in shares,' says T N Ninan.
As the Narendra Modi government nears completing a year in office, the Congress on Wednesday stepped up its offensive against the prime minister accusing him of weakening democracy by running a "one-man show" while scoring maximum on "arrogance" and minimum on governance.
'If the government spends Rs 10 lakh crore this year then you would be looking at a GDP growth of minus 5 per cent.' 'If you do not do this, you will be looking at GDP growth between minus nine and minus 10 per cent.'
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The ball is now in the Reserve Bank of India's court to lift up demand, says Ajay S Shriram.
India is the second largest buyer of Iranian crude, after China.
S&P BSE Midcap index and S&P BSE Smallcap were down 2% and 1.3% respectively
The technical report of the NSSO has generated controversy following its observation that as much as 36 per cent units forming part of MCA-21 database, used in computing GDP, could not be either identifiable or traceable in the field.
The S&P BSE Sensex slipped 305 points to end at 25,400 and the Nifty50 dropped 87 points at 7,783.
Relax fiscal consolidation, boost public capex and reduce cost of finance, industry tells Centre
The Rajya Sabha approved 15 legislations during the session while the Lok Sabha passed 23 bills, including the GST bills.
'It is not simply demonetisation or GST, it is this government's failure to manage the financial sector crisis.'
Measures may include tax slab and rate revisions for individuals, companies.
'The Budget has maintained fiscal prudence while announcing a number of steps to boost growth, particularly in infrastructure and rural sectors.'
'Gloom is nowhere in sight, with healthy foreign exchange reserves, a strong rupee, healthy tax collections, corruption and crony capitalism under check,' argues Gopal Krishna Agrawal.
Experts have started giving comments on provisions that the govt must make in Budget 2016-17.
'Even before the outbreak of the flu, it had become clear that the tax revenue numbers for 2019-2020 were overestimated,' observes A K Bhattacharya.
This Budget plans for an increase to 10.3% of GDP from 9.9%.
'We are very watchful about inflation and growth. But the main challenge is economic revival and growth.'
'Our prime minister has set a scorching pace. He's logged more airline miles than professional airline pilots... On his regular visits to Delhi, he has also signed files galore.' 'How much of this activity has translated into useful action on the ground,' asks Devangshu Datta.
'The rupee falling from 69 to 72 was not normal or justified by the fundamentals.' 'And therefore I treat this as temporary.'
The Singapore Minister applauded Prime Minister Modi's effort to make India the manufacturing hub of the world.
Experts hail Budget 2015 as a progressive, growth oriented one.
'Day by day, the queues will shorten.'
Even in this darkest hour of a crumbling economy and raging disease, there is hardly a murmur of protest against the government, observes Sumit Bhattacharya.
'Our government has created 10 million jobs when the Indian unemployment rate is at a 45-year high.'
While the formation of a holding company will not outright privatise State-owned banks, officials believe it will help the Centre deflect criticism arising out of the latest banking scams.
ADB pegs India's GDP growth at 7.8 per cent in FY 2015-16
The previous high in quarterly GDP growth was recorded in the January-March quarter of 2015-16 at 9.3 per cent.
'That Modi and the BJP can continue to treat the rising and expanding middle class this way shows that they have gamed its mind quite perfectly,' argues Shekhar Gupta.
This is part of the government's move to improve infrastructure.
