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.
Tata Sons has received formal communication from Japan's NTT DoCoMo Inc about exercising its sale option in Tata Teleservices Ltd, a company spokeswoman said.
Shares of insurance companies saw mixed trends at the BSE after Finance Minister Arun Jaitley on Thursday proposed raising the Foreign Direct Investment (FDI) cap from 26 per cent to 49 per cent.
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?
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%.
The benchmark Sensex and Nifty swung wildly on Thursday, but ended lower for the third straight day. Investors took time to understand finance minister Arun Jaitley's maiden Union budget, which promised greener pastures, but held back on big-bang reforms.
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.
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.
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.
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.
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.