The rupee weakened by 10 paise to 61.85 against the US dollar in early trade today at the Interbank Foreign Exchange due to rise in the Greenback's value against other currencies overseas.
The benchmark BSE Sensex recovered over 180 points in early trade on Friday on emergence of buying by funds and retail investors ahead of the release of Economic Survey later in the day.
Suresh Prabhu shunned the populism of the past to deliver a reform-oriented railway budget on Thursday that focused on modernising an ageing network and improving amenities for the 23 million Indians who ride its trains daily.
When rail minister Suresh Prabhu announced Rs 8.5 lakh crore in investment over the next five years in his first full-term budget, he offered passengers perks such as stable fares, better toilets and cleaner stations — but no new trains on the world’s fourth largest rail network, a first.
The Indian railways took a step towards becoming green on Thursday, with rail minister announcing a slew of environmentally friendly measures — from the generation of 1,000 MW of solar power to running more trains on cleaner fuels like CNG.
In a first step towards a complete turnaround in finances of railways in India, The government on Thursday set an ambitious target of capping the operating ratio of the investment-starved Indian Railways at a 9-year low of 88.5% for 2015-16.
The Union Budget 2015-16 is driving most of the action on television, with news channels selling their commercial time at highest-ever rates.
Finance minister Arun Jaitley, in his maiden full budget speech on Saturday, is expected to list out the roadmap for rolling out a country-wide goods and services tax (GST), the most ambitious reforms initiative in India.
Network congestion was identified as the biggest constraint of the Indian Railways in a White Paper released by railways minister Suresh Prabhu on Thursday.
Railway minister Suresh Prabhu had a lot on his plate, delivering his maiden budget in Parliament on Thursday. But that did not stop him from sprinkling his speech with puns and banter.
The 2015 railway budget presented by minister Suresh Prabhu unveiled some new steps to improve safety, among them a "five-year corporate safety plan" by June 2015. Prabhu said the plan would have yearly "quantifiable targets".
The BSE benchmark Sensex on Thursday plunged by over 261 points, logging its worst fall in two weeks, to close below the key 29,000-level after the rail budget disappointed market participants.
The Congress and other opposition parties picked holes in rail budget 2015 but railway minister Suresh Prabhu should take heart that the BJP gave him a thumbs-up for putting the nation’s public transport monolith on the reforms track.
Terming the Rail Budget as "pragmatic", India Inc on Thursday welcomed the larger role envisaged for the private sector and said various measures proposed would bring in higher efficiency and improve ease of doing business.
Standard & Poor's sharply raised India's growth forecasts for the next several years to reflect a recent change in how gross domestic product is calculated by the government, and said the economy should be a "bright spot" in Asia.