Opposition parties, including the Bharatiya Janata Party and the Communist Party of India, on Wednesday slammed the Rail Budget terming it a mockery while the Congress said the budget is futuristic and reflects the concerns of the 'aam admi'.
The 30-share Sensex ended down 261 points at 28,747 and the 50-share Nifty ended down 83 points at 8,684.
Against a turbulent and uncertain background, Budget 2017-18 hewed a steady, forward-looking course, says Shankar Acharya, former chief economic adviser to the government.
The government's top leadership was happy with Prabhu's Budget.
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The railway minister said that one-third studies have already been done.
If we can adhere to those standards, most passengers will be happy.
Modi said 'Vision 2020' will make the Railways free from constraints.
The push to develop Ayodhya as a tourism centre, accompanied by large-scale infrastructure projects, comes on the back of years of limited income growth and tourist inflows.
The BSE Midcap and Smallcap indices have performed better than the front-liners
Industry body CII has pitched for a reduction in personal income tax rates, decriminalisation of the goods and services tax and a relook at the capital gains tax rates as part of its agenda presented to the government for the forthcoming Budget. Arguing that the GST law already contains adequate penal provisions for deterrence against evasion of taxes, CII has suggested decriminalisation of GST law. Also, the applicability of prosecution provisions should not be based on the absolute amount of tax evasion but should be based on real intent to evade the taxes and a certain percentage of the tax payable, it stated.
Prime Minister Narendra Modi's landslide election in 2014 raised hopes he would draw a line under India's socialist past, cut welfare and reduce the government's role in business.
President Droupadi Murmu on Wednesday emphasised the need to strengthen affirmative action as a tool for inclusion while urging the rejection of divisive tendencies rooted in perceived social hierarchies.
'Retail investors, who had not seen such a massive correction in the SMID universe since COVID-19, are witnessing something like this for the first time. Panic profit booking may continue.'
The Centre is likely to cut budgetary support to the railways by around Rs 5,000-10,000 crore for 2018-19, out of the total budgeted GBS of Rs 53,060 crore. Due to this cut in GBS, the railways is likely to depend more on borrowings, asset monetisation, and internal generation to meet the capex target of Rs 1.465 trillion for the current year.
The Rail Budget we have prepared is in the interest of the nation and railways.
Chhatrapati Shivaji Terminus in Mumbai also finds a mention among these architectural marvels.
The Railway Budget will be presented on February 25 while the Union Budget will be presented on February 29.
The railways heritage lines that are part of the UNESCO-accorded sites list include Darjeeling Himalayan Railway, Nilgiri Mountain Railway, and Kalka Shimla Railway.
The lifeline of the nation, the Indian Railways started its service 161 years ago on 16 April 1853.
Out of 120 trains announced in last Budget, only three remain to be flagged off because of lack of broad-gauge lines, Banerjee said.
'The finance minister and the government have met the immediate challenge. The wine this time is new and also in a new bottle, which, though not full, is less than half empty.'
Finance Minister Nirmala Sitharaman on Monday presented the Budget for 2021-22 in the Lok Sabha that is expected to provide relief to the pandemic-hit common man as well as focus more on driving economic recovery through higher spending on healthcare, infrastructure and defence amid rising tensions with neighbours, As India emerges from the COVID-19 crisis, the ninth Budget under the Modi government, including an interim one, is widely expected to focus on boosting spending on job creation and rural development, generous allocations for development schemes, putting more money in the hands of the average taxpayer and easing rules to attract foreign investments.
A team of Trinamool Congress Members of Parliament met Railway Minister and party colleague Dinesh Trivedi soon after he presented the Railway Budget in which he proposed to hike fares across all classes.
The Union Cabinet will soon take a call on setting up Railway Development Authority of India, an independent regulator, which will decide on passenger and freight rates
Reeling under a series of derailments, the Budget is likely to announce creation of a separate safety fund of about Rs 1 lakh crore over the next five years.
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.
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.
'Our thrust would be on basic facilities first like sanitation'.
In his last Budget, Suresh Prabhu, set an ambitious target for capital expenditure.
A K Bhattacharya lists three reasons why Finance Minister Arun Jaitley will most likely present a full Budget on February 1, 2019.
The Lok Sabha on Monday approved the Rail budget for 2011-12 after Railway Minister Mamata Banerjee assured the House of effecting measures to ensure availability of adequate coaches and wagons in the coming years.
They may be on the same side of political power, but that did not stop Railway Minister Mamata Banerjee and her predecessor Lalu Prasad from taking pot-shots at each other during the presentation of Railway Budget in the Lok Sabha.
Railway Minister joked, broke into poetry and even lost her cool during her 90-minute budget speech.
IRCTC used to charge Rs 40 per ticket for bookings in AC classes, Rs 20 per ticket in sleeper class
The Bhartiya Railway Mal Godam Shramik Sangh said they will resort to disrupting railway services across the country if the government does not heed to their demands.
The project will eventually be rolled out to cover 400 railway stations across India
Railway minister Sadanand Gowda in his Railway Budget speech on Tuesday announced introduction of bullet trains starting off with the Mumbai-Ahmedabad sector.
Indian companies are expecting generous tax incentives from the Union Budget that will help them invest more in building capacities in the coming years. While the productivity-linked incentives (PLIs) are a good start to spur local manufacturing, the government should also take steps to boost consumer demand, which is not showing encouraging signs, say chief executive officers (CEOs) of India Inc. Statistics released by the Reserve Bank of India (RBI) shows that Indian banks had sanctioned loans worth Rs 75,558 crore in 220 new projects - a record low - in the pandemic-hit financial year ending March 2021. This is not showing any signs of a significant pick up in the last nine months of the ongoing financial year.
The next Rail Budget to be presented early next year could contain a proposal for raising fares to pass on the burden of rising power cost to passengers.
The interim Budget proposals that will be presented on February 1 in the backdrop of the general elections scheduled in April/May 2024 are likely to have a hint of populism, believe analysts, but are unlikely to derail the government from its path of fiscal prudence.
