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HindustanTimes Thu,10 Jul 2014

Business

Analysis: FM Jaitley pegs fiscal deficit target at 4.5%

Finance Minister Arun Jaitley said the country will stick to the fiscal deficit target of 4.1% of gross domestic product (GDP) set by the previous government for the year ending March 2015. Jaitley added the fiscal deficit would narrow to 3.6% of GDP by fiscal 2015/16 and to 3 % by 2016/17.

Live: Finance minister Arun Jaitley presents Modi govt's first budget

Arun Jaitley, Nirmala Sitharaman
Prime Minister Narendra Modi's government presents its first budget shortly amid apprehensions about a dose of 'bitter medicine', which could be administered to revive an ailing economy that has clocked sub-5% growth in two consecutive years. Poll: What do you want from FM Arun Jaitley's maiden budget?

Budget 2014 highlights: FM Arun Jaitley gives tax relief, promises higher growth

Arun Jaitley
India raised the FDI limit to 49% in insurance and defence as finance minister Arun Jaitley presented his maiden budget aimed at boosting growth to create millions of new jobs. Jaitley also promised a stable tax regime and the formation of a high-level committee to deal with retrospective taxation, but refused to change rules in such cases. Poll: On a scale of 0 to 5, how would you rate Arun Jaitley's budget?

Sensex ends lower in volatile trade after budget

Bombay Stock Exchange
Indian shares ended lower in a volatile session as finance minister Arun Jaitley's pledge to narrow the fiscal deficit and open up sectors such as insurance and defence were offset by disappointment over the lack of major reforms.

Rupee ends largely steady a day ahead of budget

Currency

The rupee ended largely steady on Wednesday as strong dollar sales on hopes of a fiscally prudent budget were offset as shares retreated from record highs to fall for a second consecutive session.

Fiscal consolidation holds key for growth: Economic survey

Arun Jaitley

India, which is currently grappling with several challenges including high inflation, low investments and a slowdown in economic growth, must have a sharp focus on fiscal correction by bringing in tax and subsidy reforms among other things, the Economic Survey 2013-14 said.

Policy design flaws, clearance delays stymie infrastructure investments

glass bangle factory
Calling for an immediate intervention, the Economic Survey for 2013-14 has noted that the core sector investment in India has been hit due to design flaws in policies and delays in 110 central infrastructure projects, which has caused cost overruns in excess of rs 1.57 lakh crore.

HT Special
Before budget, FM calls on Manmohan Singh

Manmohan Singh
While finance ministry sources called the meeting at Singh’s 3, Motilal Nehru Place residence a 'mere courtesy call with no discussion on either the Indian economy or the budget', this is the second recent occasion when Jaitley spent time with the ex-PM.

Rupee trims initial gains against dollar

Currency
The rupee trimmed its initial gains against the American currency but was still trading up by 2 paise to 59.73 on late Thursday morning deals on bouts of dollar selling from exporters.

Defence cos shares slide amid FDI hike

A400M First Delivery Ceremony
Shares of defence equipment makers fell sharply by as much as 10% on Thursday amid finance minister Arun Jaitley raising foreign direct investment in the sector to 49%.

Onion crisis after the best-ever harvest

Onion market
India has produced a record harvest, but many farmers in the onion bowl of Maharashtra have lost a large share of their crop damaged in storage, adding to inflation woes. A doubling in retail prices across major cities is especially troubling for staples such as onions.

Sensex, Nifty close at over 1-week lows ahead of general budget

Bombay Stock Exchange
A day ahead of general budget, the BSE Sensex on Wednesday closed lower by 137 points to over one-week low of 25,444.81 as investors turned cautious on fiscal numbers projected by the Economic Survey 2013-14.

Retail inflation to have a low 7% handle in FY15: Barclays

Farming
Notwithstanding that the monsoon rains has remained below normal and concerns are building over a failed season, retail inflation is likely to have a low 7% handle in the current financial year, says a Barclays report.

Fast-track reforms, quick policy decisions key for services growth

Construction work
The report pointed out that the country’s services sector that include IT-ITeS, shipping, ports, railways, tourism, hotels and restaurants among others had been growing at a steady rate of over 10% since 2005-06, but has shown 'subdued performance' in the last three years.

US Fed to end bond buying in October

stock broker
The United States Federal Reserve on Wednesday announced it will end its bond buying programme by October saying the domestic economy looked on course to recovery.

Sensex crashes 518 pts on rail budget, profit-booking

Sensex, BSE
The railway budget appeared to give the jitters to a stock market in the midst of a heady rally.  The benchmark Sensex plunged 2%, attributed to a blow-expectation rail budget on the one hand profit-booking after a new life-time high reached a day earlier.
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