- Feb 28, 2015 11:48 IST
Finance minister Arun Jaitley on Saturday abolished the wealth tax on super-rich with an income of Rs 1 crore or more per year and replaced it with a surcharge of 2%. He also proposed to cut corporate tax from 30 % to 25% over next the next four years. The BSE Sensex and Nifty rose nearly 1%, recovering from earlier falls after Jaitley proposed to cut the corporate tax rate over the next four years and delayed the implementation of planned GAAR by two years. Poll: How do you rate Jaitley's budget? | Full Coverage: Budget 2015
- Feb 28, 2015 11:16 IST
Finance Minister Arun Jaitley is presenting the general budget for 2015-16 in parliament today. This is the first full-fledged budget of the Modi government. Following are the highlights of the budget:
- Feb 28, 2015 07:24 IST
The stage is set for finance minister Arun Jaitley to present his first full-budget on Saturday amid heightened expectations that he would raise people's spending power by offering tax breaks and would announce measures to make India an investment-friendly nation.
- Feb 28, 2015 09:58 IST
Prime Minister Narendra Modi's government is set to unveil its first full budget shortly, a day after announcing the time was ripe for long-awaited reforms to kickstart the economy. Ahead of the budget presentation, scheduled at 11am in the Lok Sabha, finance minister Arun Jaitley met President Pranab Mukherjee, who was himself a finance minister, and was also present at the customary meeting of the cabinet, presided over by Prime Minister Narendra Modi inside Parliament House.
- Feb 28, 2015 09:05 IST
Investors, global and domestic, want Finance minister Arun Jaitley's first full-budget for 2015-16 to be a high-speed affair and set into motion the much-awaited push for a non-adversarial and a healthy business environment, aid investment and goad companies to add capacities.
- Feb 28, 2015 09:42 IST
The BSE Sensex and Nifty rose nearly 1% on Saturday, recovering from earlier falls after finance minister Arun Jaitley proposed to cut the corporate tax rate over the next four years and delayed the implementation of planned General Anti-Avoidance Rules (GAAR) by two years.
- Feb 27, 2015 23:52 IST
India has hit a “sweet spot” and is poised to become the world’s fastest growing major economy, the government signalled Friday as its annual report card said GDP growth in 2015-16 would be between 8.1% and 8.5% — a strong uptick from the 7.4% estimated for this year.
- Feb 27, 2015 22:48 IST
Calling the implementation of country-wide goods and services tax (GST) as a “priority” step for generating revenues, the Economic Survey 2014-15 said “a well-designed GST and other tax reforms would also play a crucial role in this regard.”
- Feb 27, 2015 22:56 IST
Unfavourable market conditions and delayed investments in the last few years have resulted in an “alarmingly high rate” of increase in stalled projects, which stood at a staggering Rs 8.8 lakh crore as on December end, the Economic Survey 2014-15 said.
- Feb 27, 2015 23:59 IST
India’s largest automaker Tata Motors on Friday announced a voluntary retirement scheme for an estimated 16,000 workers across its factories that produce both passenger and commercial vehicles, in a bid to trim its workforce and increase efficiency in operations.
- Feb 27, 2015 23:03 IST
The Indian banking industry, which is going through tough times, must follow the “4D model” — deregulation, differentiation, diversification and disinterring, the Economy Survey 2014-15 said.
- Feb 27, 2015 21:02 IST
Rating agency S&P has more faith in India’s polity than most others; it has forecast India’s GDP to grow by 7.9% in 2016-17. The Economic Survey puts it higher, at 8.5%. For this happy forecast the opposition parties need to adopt singer Pharrell William’s attitude in the song ‘Happy’ and be constructively, instead of obstructively, critical of Government policy.
- Feb 27, 2015 23:14 IST
Pitching for direct transfer of subsidies, the Economic Survey 2014-15 has said the outgo on food, fuel, power, fertilisers and railways amount to a staggering Rs 3.77 lakh crore in 2014-15, but reach only a few of the targeted poor.
- Feb 27, 2015 23:22 IST
India must adhere to medium-term fiscal deficit target of 3% of GDP to provide the additional fiscal space required to ensure macro stability and provide cushion against future downturns, the Economic Survey 2014-15 said.
- Feb 27, 2015 23:29 IST
Highlighting the need for an upturn in private sector investments, the Economic Survey 2014-15 stressed the need for sustained reforms in the medium term to arrest the alarming rate of stalled projects and spur a revival in the manufacturing sector.