Page 1129 - Business Finance
Goyal reaches out to farmers with income support scheme
Addressing the distress in the agrarian sector, Finance Minister Piyush Goyal on Friday announced a scheme to provide direct income support of Rs 6,000 to farmers with a land holding up to two hectares, which would benefit about 12 crore people.
Not Vote on Account but Account for Votes: Chidambaram
Former Finance Minister and Congress veteran P. Chidambaram on Friday described the Interim Budget as an "Account for Votes" and not a Vote on Account and said the Modi government has further weakened fiscal stability.
BHEL bags first rail electrification order worth Rs 350 cr
State-run BHEL Friday said it has won its maiden order for rail electrification for Rs 350 crore from Central Organisation for Railway Electrification (CORE). "After entering several new areas in various infrastructure sectors, BHEL has now made a foray into the area of track electrification," a company statement said. According to the statement, BHEL has won an order worth Rs 350 crore from CORE for electrification of 440 track kilometers railway line on engineering, procurement and construction basis. The sections to be covered under the electrification project include will Birlanagar- Etawah; Bhandai-Udi and Farrukhabad - Shikohabad (including Mainpuri-Etawah) of North Central Railway.
Budget 2019: Expenditure up 13 per cent at Rs 27.84 lakh crore
The Interim Budget for 2019-20 puts total expenditure at Rs 27,84,200 crore, marking an increase of 13.3 per cent as compared to Rs 24,57,235 crore in 2018-19. The fiscal deficit for 2019-20 is estimated to be 3.4 per cent of the gross domestic product (GDP), Finance Minister Piyush Goyal said while presenting the budget proposals in the Lok Sabha on Friday.The difference between total revenue and total expenditure of the government is termed as fiscal deficit. It is an indication of the total borrowings needed by the government.After completion of the fiscal deficit consolidation programme, the Central government will now focus on debt consolidation. "We have maintained the glide path towards our target of 3 per cent of fiscal deficit to be achieved by 2020-21," said Finance Minister Goyal. India's debt to GDP ratio was 46.5 per cent in 2017-18. The Fiscal Responsibility and Budget Management (FRBM) Act prescribes the debt to GDP ratio should be brought down to 40 per cent by ...
Tax base increased by 1.06 Crore people filing ITR for 1st time mainly on account of demonetization: Finance Minister
While presenting the Interim Budget 2019-20 in Parliament today the Union Minister for Finance, Corporate Affairs, Railways & Coal, Shri Piyush Goyal said, Our Government is committed to eliminating the ills of black money from our country.
India moves from steady to strong and fastest economic growth : PHD Chamber
During the last five years, a broad based strength in the economic indicators have been observed as the growth rate of real GDP has increased from 6.4% in FY2014 to 7.2% in FY2019 which is expected to increase at 7.7% in 2019-20. The per capita income has increased from Rs.79,118 in FY2014 to Rs.1,25,397 in FY2019.
Aluminium futures slip 0.22% on muted demand
Aluminium prices softened 0.22 per cent to Rs 135.70 per kg in futures trading Friday as speculators cut bets amid subdued demand at the domestic spot market. The metal for delivery in February contracts was trading lower by 30 paise, or 0.22 per cent, at Rs 135.70 per kg in 4 lots. At the Multi Commodity Exchange, aluminium for delivery in March eased by 75 paise, or 0.5 per cent, to Rs 148.20 per kg in a business turnover of 59 lots. Analysts said off-loading of positions by participants on slackened demand from consuming industries in the physical market weighed on aluminium prices in futures trade.
Bangladesh sues Philippine bank over USD 81mn heist
Bangladesh's central bank has filed a lawsuit in the US against a Philippine bank to recoup losses it suffered when unidentified hackers stole USD 81 million from its account with the Federal Reserve Bank of New York in 2016. The Bangladesh Bank has sought to get back USD 81 million along with the damages and the legal cost. "We filed in Bangladesh time this morning a lawsuit with Southern Court in New York seeking to recover the entire amount heisted," Abu Hena Mohd Razee Hassan, Bangladesh Bank's Financial Intelligence Unit (BFIU) chief told reporters in Dhaka on Thursday. Hassan has accused Manila-based Rizal Commercial Banking Corp (RCBC) and dozen others including bank officials of involvement in the "massive" and "intricately planned" conspiracy to steal the money. The hacking took place on the night of February 4, 2016 using information stolen through malware, which sent a total of 35 transfer orders to the NY Federal Reserve Bank where the Bangladesh's central bank has an ...
Govt has taken several steps to boost MSME sector: Goyal
The government has undertaken many effective steps to strengthen the MSME sector, which provides employment to crores of people, Finance Minister Piyush Goyal said Friday. Presenting the Budget 2019-20, Goyal referred to some announcements made earlier for the benefit of the micro, small and medium enterprise (MSME) sector. "Recently, a scheme of sanctioning loans up to Rs 1 crore in 59 minutes has been launched. GST-registered SME units will get 2 per cent interest rebate on incremental loan of Rs 1 crore," Goyal said. He further said that soon, businesses with less than Rs 5 crore annual turnover comprising over 90 per cent of GST payers will be allowed to file quarterly return. "Those having turnover less than Rs 5 crore will have to file return only once in three months," Goyal said. Goyal said 25 per cent sourcing by all the government undertakings will now have to be from SMEs. Of this, the material to the extent of at least 3 per cent will be sourced from women-owned SMEs, he ..
GST, the biggest taxation reform, led to increase in tax base, higher collections and ease of trade
Seventeen different taxes levied by the Central and State/UT Governments with cascading effect of tax on tax, were consolidated into one GST. India became a common market. GST has resulted in increased tax base, higher collections and ease of doing business. This will reduce the interface between the tax payers and the Government for day-to-day operations and assessments. The Minister said that now returns are fully online and e-way bill system is in place. Inter-state movements have become faster, more efficient, and hassle free with no Entry Tax, check posts, and truck queues among others.
Tax collections increased from Rs 6.38 Lakh Crore in year 2013-14 to almost Rs 12 Lakh Crore this year
While presenting the Interim Budget 2019-20 in Parliament today the Union Minister for Finance, Corporate Affairs, Railways & Coal, Shri Piyush Goyal said, I thank the honest taxpayers of India for reposing faith in our Government. Let me assure them that we have used their contribution to serve the poor and create better infrastructure.
Market breadth turns negative
Key indices sharply pared gains in mid-afternoon trade as investors booked profits at higher levels. At 14:22 IST, the barometer index, the S&P BSE Sensex, was up 132.27 points or 0.36% at 36,388.96. The Nifty 50 index was up 38.65 points or 0.36% at 10,869.60. Intraday volatility was high.
Kanani Industries Ltd leads losers in 'B' group
Muthoot Capital Services Ltd, Manaksia Coated Metals & Industries Ltd, Darshan Orna Ltd and Madras Fertilizers Ltd are among the other losers in the BSE's 'B' group today, 01 February 2019.
Dredging Corp Q3 profit at Rs 10 cr
Dredging Corporation of India Friday reported a standalone net profit of Rs 9.80 crore for the quarter ended December 31, 2018. The company had posted a loss of Rs 22.2 crore in the year-ago period, Dredging Corporation said in a filing to BSE. Total income of the company during October-December quarter 2018 increased to Rs 169.34 crore from Rs 122.90 crore in the year-ago period. Shares of the company were trading at Rs 408.20 per scrip, up 0.09 per cent, on BSE.
SBI tumbles after Q3 results
State Bank of India fell 3.26% to Rs 283.80 at 14:36 IST on BSE after the bank announced its Q3 results during trading hours today, 1 February 2019.
Volumes jump at Sadbhav Infrastructure Projects Ltd counter
Sadbhav Infrastructure Projects Ltd witnessed volume of 52385 shares by 14:17 IST on NSE, a 10.68 times surge over two-week average daily volume of 4903 shares
Average rate of inflation down to 4.6%: Goyal
Finance Minister Piyush Goyal on Friday said the government has broken the "back of back-breaking inflation" as it was able to bring the average rate of inflation down to 4.6 per cent.
Defence shares gain up to 5 pc
Shares of companies related to defence sector rose up to 5 per cent Friday after an outlay of Rs 3.05 lakh crore was set aside for the sector for 2019-20. Shares of Walchandnagar Industries jumped 4.71 per cent, Bharat Electronics gained 2.98 per cent, BEML 2.79 per cent and Bharat Dynamics 1.76 per cent on BSE. An outlay of Rs 3.05 lakh crore was Friday set aside for the defence sector for 2019-20 which is more than Rs 20,000 crore allocated for the current fiscal. Presenting an interim budget for 2019-20 in Lok Sabha, Finance Minister Piyush Goyal said additional funds, if necessary, would be provided to secure the country's borders and maintain defence preparedness.
State Bank of India posts biggest quarterly profit in nearly 7 years
(Reuters) - State Bank of India beat expectations and posted its highest quarterly profit in nearly seven years on Friday, as the country's biggest lender by assets set aside lower provisions for bad loans and asset quality improved.
India is poised to become a five trillion dollar economy in the next five years: Finance Minister
The Minister further said, India is poised to become a five trillion dollar economy in the next five years and aspires to become 10 trillion dollar economy thereafter. The dimensions of Vision-2030 outlined by Shri Goyal are as follows-