India Inc on Friday said the sharp rise in industrial output in May is a sign the economy is on the road to recovery and expects the rebound to sustain on the back of policy measures unveiled in the maiden budget of the Modi government.
India’s factory output grew by the 4.7% in May, the fastest in 19 months, rekindling hopes of an industrial rebound buoyed by a robust manufacturing sector, latest data released on Friday showed.
India's second largest software exporter Infosys has beaten estimates to report a 13.3% rise in net revenue at Rs. 12,770 crore and 21.6% rise in net profit at Rs. 2,886 crore for the first quarter of 2014-15 on year-on-year basis.
The benchmark Sensex on Friday plunged 348 points, or 1.4% to end at 25,024.35, its biggest weekly loss since December 2011, due to continued profit-booking in stocks that had rallied prior to the Budget on expectations of big-bang announcements and debt concerns in Portugal.
The rupee on Friday bounced back by 26 paise to end at 59.93 versus dollar as exporters and some banks sold the greenback, but steep losses in previous sessions forced the local currency to log its first weekly drop in three.
Boeing and Emirates Airline have finalised an order for 150 777Xs airplanes for $56 billion at list prices.
The finance minister had a tough task ahead of him, to balance growth revival with controlling prices, while handling a flighty fiscal deficit and giving something for the common man by way of tax reliefs. He seems to have managed the tightrope walk well.
The finance minister raised the exemption limit in personal income tax from Rs.
2 lakh to Rs.
2.5 lakh. He also raised the tax exemption limit for investments to Rs.
1.5 lakh from the current Rs.
1 lakh under Section 80C of the Income Tax Act. Full text of speech
The minimum monthly pension of Rs.
1,000 under EPS-95 scheme run by retirement fund body EPFO has become a reality and will immediately benefit 28 lakh pensioners who get less than this amount at present.
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.
Shares of public sector banks declined by as much as 4.3 per cent after Finance Minister Arun Jaitley on Thursday said the lenders would require Rs.
2.40 lakh crore capital by 2018 to meet global Basel III norms.
India's most-traded August gold contract extended its gains to as much as 2.2 percent on Thursday after the federal government kept gold import duty unchanged at a record 10% in the budget.
The government has extended by another year the 10-year tax holiday for the power sector, Finance Minister Arun Jaitley announced on Thursday.