Softening the demonetisation blow, the Budget for 2017-18 on Wednesday halved the tax to 5 per cent on incomes up to Rs 500,000 but proposed a new surcharge of 10 per cent on incomes between Rs 50 lakh and Rs 1 crore and raised duties on cigarettes and pan masala while stepping up allocations for infrastructure, rural, agriculture and social sectors.
In the past, the absence of commercially viable gas prices had not only discouraged high-risk new exploration activity but also hindered the development of some of the existing discoveries, such as the satellite fields in the Reliance Industries' eastern offshore KG-D6 block.
The Trump regime has informed the Congress that it 'strongly supports' transfers of F-18 and F-16 fighter proposals put forth by Boeing and Lockheed Martin respectively.
Big ticket defence deals including purchase of missile systems, frigates and joint production of helicopters were sealed on Saturday.
Import duty on PVC, at 7.5%, is far lower than that prevailing in comparable economies.
While the government had in June approved a new formula for pricing of all domestically produced natural gas, the Cabinet yesterday allowed the same principles to also be applied to Reliance Industries' currently producing fields in KG-D6 block subject to certain conditions.
This is the lowest investment grade rating.
Industry demands the basic customs duty on all steel imports to be raised to 25%
'There is no change in the overall story of economic recovery.'
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