China on Wednesday announced a 12.2 per cent increase in its defence budget taking the military spending for this year to $132 billion, far above India's $36 billion.
The interim finance minister said the Insolvency and Bankruptcy Code was helping in recovery of non-performing loans.
While MSI's price cuts range between Rs 8,502 and Rs 30,984 across its models, Hyundai has slashed prices by between Rs 10,000 and Rs 135,300.
Terming infrastructure as the "backbone" of any nation's development, Goyal while presenting the interim Budget for 2019-20 in the Lok Sabha said India aspires to be a USD 10 trillion economy in the next eight years, and on the anvil is next generation infrastructure of roads, railways, seaports, airports, urban transport, gas and electric transmission and inland waterways.
'For experienced and risk-taking investors, now may be the time to go all in.' 'By 'experienced and risk-taking', I refer to those who remained net buyers in equities during the early stages of the 2020 pandemic.' 'On the other hand, those who exited the markets during the pandemic may go the SIP way.'
Hussain said the new government had inherited an "empty treasury" while the prices of oil were shooting up.
Nirmala Sitharaman on Wednesday assumed charge as the Finance and Corporate Affairs Minister for the second consecutive term and is slated to soon present the final Budget for FY '25 that is going to set the tone for the Modi 3.0 government's priorities and direction for Viksit Bharat. Upon her reaching the North Block office, Sitharaman was greeted by Finance Secretary T V Somanathan and other top officials. Minister of State for Finance Pankaj Chaudhary was also present. Chaudhary assumed charge on Tuesday evening.
Excise duty on small cars, motorcycles and SUVs was reduced.
President Murmu reached the new Parliament building in a six-horse buggy accompanied by the Presidential Bodyguards riding horses.
Data showed the country's wholesale price-based inflation eased to an eight-month low in January as food prices moderated, offering some relief to policymakers who have long battled to get a handle on surging prices.
In the current year, India's economy will grow to become $ 3 trillion economy, sixth largest in world.
'The first duty of the government is to learn lessons from a bad experience and course correct. It's a pity that the government is making policy without looking at evidence and differentiating between immediate and urgent.'
The 54-page document tabled in Parliament detailed how the Modi-government pull the economy from being counted among the most fragile-five in the world to being the fasted growing and the most attractive investment destination.
The battle on creating jobs is virtually lost. If the battle for achieving higher growth too is lost, then its political consequences could become difficult to manage, says A K Bhattacharya.
Taxpayers with old, outstanding taxes will benefit from the CBDT's new scheme.
Goyal said India has been recognised as the brightest spot in the world in the past 5 years.
Confident of securing a massive majority in the upcoming Lok Sabha elections, Prime Minister Narendra Modi on Wednesday outlined his vision for his next five-year term saying the Modi 3.0 government will put all its might to strengthen the foundation of 'Viksit Bharat' or a developed nation.
Under the Budget being presented by Finance Minister Pranab Mukherjee, the Plan expenditure for both the Centre and the states will go up by Rs 61,000 crore (Rs 610 billion) over the Interim Budget.
The Rajya Sabha is slated for a 12-hour discussion on the Motion of Thanks to the President's address to the joint session of the two Houses of Parliament, which also includes the reply by the prime minister, which is likely next Tuesday.
The draft will be examined, studied and discussed before it is tabled in the assembly on February 6, he said.
The Indian Railways has closed 2013-14 with a 15 per cent increase in revenue, rising to Rs 1,40,485 crore, compared to Rs 1,21,831 crore last year.
This amount will include Rs 13,100 crore that Economic Affairs Secretary Subhash Garg has been publicly seeking from the central bank's contingency reserve fund since 2017-18 (FY18).
The Budget proposed abolishing the under-performing, authority of advance ruling, to replace it with a two-member board of advance ruling.
The Enforcement Directorate on Tuesday questioned former Indian cricket team captain and Congress leader Mohammed Azharuddin for over nine hours in a money laundering case linked to alleged financial irregularities in the Hyderabad Cricket Association, official sources said.
Finance Minister P Chidambaram on Monday sought to lighten the burden on the middle class by lowering excise duty on cars, SUVs and two-wheelers and proposed no increase in taxes on other products.
The tax collections are down by Rs 60,000 crore (Rs 600 billion) over budget estimates for 2008-09, Pranab Mukherjee said.
Stocks might hit new highs even before B-Day.
The government is planning to introduce legislative changes to the Foreign Exchange Management Act (Fema) regulations, with a focus on easing the pathway for inflows from a foreign portfolio investor to transition seamlessly into foreign direct investments (FDI) once the FPI surpasses the 10 per cent ownership threshold in a company. This move stems from multiple requests by foreign investors seeking to streamline the reporting requirements that arise when their stakes in Indian firms cross the 10 per cent mark.
The meeting of the Congress Parliamentary strategy group was held at the residence of party President Sonia Gandhi.
Survey likely to be tabled in July by the new government.
The economy may grow by around 7 per cent this financial year as estimated by the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI), say economists with various organisations. The first advance estimates for 2023-24 will be released on Friday by the National Statistical Organisation (NSO), an exercise done for calculating ratios such as the fiscal deficit. The interim Budget will be presented on February 1.
The government will have to allocate more resources for banks in the Budget.
Tax expert Anil Rego answers readers' questions about how Finance Minister Piyush Goyal's Budget affects you.
The budget constraints notwithstanding, the All India Football Federation is looking for a technical director whose profile is bigger than former national coach Bob Houghton, according to AIFF officials.
The government on Monday said the fiscal deficit for the current financial year will be contained at 4.6 per cent of GDP.
CBDT feels 30% growth in income-tax not feasible.
What stood out in his 15-year journey as a member of the political executive at the Centre was his glowing record as India's most successful and effective finance minister. Both as prime minister and finance minister, he understood the importance of gradualism, except when the economy or the polity was in a crisis.
However, the revised target, 16.7 per cent higher than stated in the interim Budget in February, looks unrealistic.
The government cut its disinvestment target by more than half for the current financial year and pegged the proceeds at Rs 36,925 crore for 2014-15.
The RBI had opened special swaps windows to attract deposits from non-resident Indians and allow oil-marketing companies to source dollars.
