Page 1131 - Business Finance
Inflation hidden, unfair tax on poor, middle class; govt broke the back of high prices: Goyal
Asserting that inflation is a hidden and unfair tax on the poor and middle class, Finance Minister Piyush Goyal on Friday said the government has restrained the "back-breaking" inflation and brought it down to an average of 4.6 per cent. The average rate of inflation during 2009-2014 was a back-breaking 10.1 per cent, Goyal said while presenting the Budget for 2019-20 in the Lok Sabha. The then Prime Minister (Manmohan Singh) admitted as much when he had said, "We have also not been as successful in controlling persistent inflation as we would have wished. This is primarily because food inflation has increased," Goyal said. "In contrast, our government broke the back of back-breaking inflation. We brought down average inflation to 4.6 per cent which is lower than the inflation during the tenure of any other government. In fact inflation in December 2018 was down to 2.19 per cent only," the finance minister said. He added that if his government had not controlled the inflation, Indian
Expert views: Government steps up rural funding in last budget before election
(Reuters) - The Bharatiya Janata Party-led government poured extra money into support for farmers and a rural jobs programme, delivering on Friday its last budget before a general election due by May with the clear aim of winning over votes.
Mitsubishi Motors posts 38 percent jump in third quarter operating profit, beats view
TOKYO (Reuters) - Mitsubishi Motors Corp reported on Friday a 38 percent jump in third-quarter operating profit as the automaker's global vehicle sales rose, particularly in southeast Asia, its main market.
Customs authorities taking steps to improve export logistics: FM
Customs authorities are introducing comprehensive digitalisation of export and import transactions, and leveraging electronic tagging technology to improve export logistics, Finance Minister Piyush Goyal said Friday. He also said that the flagship programme 'Sagarmala' along the coastal areas of the country will develop ports for faster handling of import and export cargo. The government, under the Sagarmala project, has set ambitious targets of port modernisation, port connectivity enhancement, port-linked industrialisation and coastal community development for phase-wise implementation until 2035. "Indian customs is introducing full and comprehensive digitalisation of export/import transactions and leveraging RFID (radio-frequency identification) technology to improve export logistics," Goyal said while presenting the Budget for 2019-20. Improvement in logistics helps seamless movement of goods and reduce transactions cost for traders, leading to enhanced competitiveness of domestic
Yes Bank Ltd drops for fifth straight session
Yes Bank Ltd is quoting at Rs 192.85, down 0.64% on the day as on 13:19 IST on the NSE. The stock tumbled 44.75% in last one year as compared to a 1.86% rally in NIFTY and a 3.8% spurt in the Nifty Bank index.
Oil prices buoyed by trade talk hopes, but pressured by weak China data
SINGAPORE (Reuters) - Oil prices edged up on Friday amid hopes the United States and China could soon settle their trade disputes, although data from China stoked concerns over an economic slowdown that could dent demand for fuel.
Jaitley compliments Goyal for 'excellent pro-farmer, pro-poor budget'
Union Minister Arun Jaitley Friday complimented Piyush Goyal for delivering an excellent pro-farmer, pro-poor budget which will also strengthen the purchasing power of middle class. Goyal, who was given the charge of the finance ministry temporarily recently, presented the Budget 2019-20 in absence of Jaitley, who is away in New York for medical treatment. "The Budget is unquestionably Pro-Growth, Fiscally prudent, Pro-Farmer, Pro-Poor and strengthens the purchasing power of the Indian Middle Class," Jaitley said in a series of tweets. "Between 2014-19, every Budget has given significant relief to the Middle Class," he added. Jaitley said the Budget expands spending while pragmatically sticking to fiscal prudence. He also noted that interim Budgets are also an opportunity for the government of the day to introspect their performance of the past five years and place its facts before the people.
Silver futures fall 0.46 pc to Rs 40,255 per kg
Silver prices fell steeply by Rs 184, or 0.46 per cent, to Rs 40,255 per kg in futures trade Friday as participants cut down bets, in tandem with a muted trend overseas. At the Multi Commodity Exchange, silver for delivery in March fell by Rs 184, or 0.46 per cent, to Rs 40,255 per kg in a business turnover of 15,053 lots. Similarly, the white metal for delivery in far-month May, too, edged down by Rs 70, or 0.17 per cent, to Rs 40,976 per kg in 3,025 lots. Analysts said off-loading of positions by participants at current levels led to fall in silver prices at futures trade here. A tepid trend in the precious metal overseas aided the losses. Globally, silver prices slumped 0.61 per cent to USD 15.92 an ounce in Singapore.
Govt misses fiscal deficit target; pegs at 3.4% for current fiscal
Deviating from the target, Finance Minister Piyush Goyal Friday said fiscal deficit for the current fiscal is expected to be slightly higher at 3.4 per cent for the current fiscal. For 2019-20, the government too retains the fiscal deficit at 3.4 per cent of the GDP. "We would have maintained fiscal deficit at 3.3 per cent for year 2018-19 and taken further steps to consolidate fiscal deficit in year 2019-20. However, considering the need for income support to farmers we have provided Rs 20,000 crore in 2018-19 RE (Revised Estimate) and Rs 75,000 crore in 2019-20 BE (Budget Estimate). "If we exclude this, the fiscal deficit would have been less than 3.3 per cent for 2018-19 and less than 3.1 per cent for year 2019-20," Goyal said while presenting the Interim Budget for 2019-20. From the high of almost 6 per cent seven years ago, he said, the fiscal deficit has been brought down to 3.4 per cent in 2018-19 RE.
DHFL shares fall for fifth straight day; tank 12 pc
Shares of Dewan Housing Finance Corporation Ltd (DHFL) continued to face heavy selling pressure for the fifth straight session Friday, and fell further by nearly 12 per cent, amid a string of negative news surrounding the firm. DHFL shares tanked 11.70 per cent to Rs 119.95 -- its 52-week low -- on the BSE. At the NSE, shares tumbled 11.69 per cent to a one year low of Rs 120. In five trading sessions, the shares have fallen sharply by 42.66 per cent on the BSE. Mortgage firm DHFL Thursday appointed a Chartered Accountant firm to examine allegations made by portal Cobrapost that the NBFC through shell companies has siphoned out Rs 31,000 crore. The corporate affairs ministry has started inquiring into allegations of DHFL diverting Rs 31,000-crore loans and would seek more information from the housing finance firm, a senior official said. Meanwhile, DHFL has termed the report as mischievous with a mala fide intention. Housing finance company DHFL on January 25, reported a 36.7 per cent
Indian Factories Record Quickest Increase In Order Books For 13 Months
Indian factories started 2019 on solid footing, boosting production in line with the quickest increase in order books for 13 months. At the same time, additional inputs were purchased in January as companies sought to rebuild their inventories. Meanwhile, further jobs were created, while inflationary pressures were negligible in the context of historical data.
Highlights: India unveils Budget 2019 aimed at wooing countryside, middle class before election
NEW DELHI (Reuters) - India on Friday unveiled an interim budget with giveaways for rural citizens and tax benefits for the middle class, in what is being seen as a critical test for Prime Minister Narendra Modi, who is facing anger over depressed farm incomes and unemployment with a general election just months away.
Budget 2019: Sensex rallies over 500 pts; Nifty nears 11,000 mark
The BSE benchmark Sensex rallied over 500 points in afternoon trade Friday, driven by consumption and auto stocks as investors welcomed individual tax exemptions and sops in the farm sector announced in the interim Budget. Overall, market sentiment was bullish even as the government overshot the fiscal deficit target for the current financial year and announced some populist measures, which experts believe will increase fiscal burden on the exchequer. The 30-share Sensex was trading 506.21 points, or 1.40 per cent, higher at 36,762.90; and the 50-share Nifty inched near the 11,000 mark rallying 143.30 points, or 1.32 per cent, to 10,974.25. In a major relief to the middle-class, Finance Minister Piyush Goyal Friday proposed to double the threshold tax exemption limit to Rs 5 lakh and increased the standard deduction to Rs 50,000 from Rs 40,000. The proposal will benefit 3 crore middle-class tax payers, Goyal said while unveiling the Budget proposals for 2019-20. As widely expected, ...
AIIB likely to invest USD 1.4 bn for development projects in Pakistan
Cash-strapped Pakistan is likely to receive investments for development projects, including roads and sewerage plants, worth USD 1.4 billion by the China-led Asian Infrastructure Investment Bank (AIIB), according to a media report. The Beijing-based AIIB is considering investment in the Karachi Bus Rapid Transit (BRT) project, Rawalpindi's Ring Road project, Lahore Waste Water Management project and Karachi Water and Sewerage Service project among others, the Express Tribune reported on Friday. "Work on projects amounting to USD 4 million is in progress while projects worth USD 1 billion are awaiting approval, Laurel Ostfield, AIIB head of communications, said on Thursday. Last month, Pakistan said that the Saudi Arabia headquartered Islamic Development Bank was providing it a three-year USD 4.5 billion oil financing facility, which will ease pressure on its balance-of-payments. Pakistan is also negotiating a USD 8 billion bailout package from the International Monetary Fund (IMF) to .
India emerging new target for patent filing in AI: WIPO
India is emerging as a new target for patent filings in the field of Artificial Intelligence and is among the top countries for publications in specific categories such as computer vision and natural language processing, according to a UN report. According to the World Intellectual Property Organisation (WIPO) Technology Trends report, 50 per cent of all patents for AI the replication of human intelligence by machines for use in industries such as transport and healthcare, for instance have been published since 2013, adding up to more than 170,000 different patented ideas. Australia, Canada, Germany, India and the UK hold prominent positions in publications in specific categories such as computer vision, natural language processing, speech processing, distributed AI and predictive analytics. The report said that while major patent offices receiving patent filings in the AI field are France, Germany, the Republic of Korea and the UK, India is emerging as a new target for patent ...
Ashok Leyland sales up 9 pc in January
Hinduja flagship firm Ashok Leyland Friday reported 9 per cent increase in total commercial vehicle sales to 19,471 units in January. The company had posted sales of 18,100 units in the year-ago month, Ashok Leyland said in a regulatory filing. The medium and heavy commercial vehicle sales were at 14,694 units last month, against 13,642 units in January 2018, up 8 per cent. Light commercial vehicle sales stood at 5,047 units, compared with 4,458 units in January last year, an increase of 13 per cent, it said.
Higher tax exemption limit lifts Sensex 390 points (Third Lead)
The Interim Budget's proposal to give full rebate to tax payers having annual income up to Rs 5 lakh on Friday boosted the Indian equity market during the post-noon trade session on Friday.
Apollo Tyres Ltd stays in demand
Apollo Tyres Ltd is quoting at Rs 207.1, up 1.35% on the day as on 12:49 IST on the NSE. The stock is down 16.99% in last one year as compared to a 1.28% gain in NIFTY and a 24.95% gain in the Nifty Auto index.
Mahindra & Mahindra Ltd soars 3.52%, Gains for third straight session
Mahindra & Mahindra Ltd is quoting at Rs 704, up 3.52% on the day as on 12:49 IST on the NSE. The stock is down 8.6% in last one year as compared to a 1.28% gain in NIFTY and a 24.95% gain in the Nifty Auto index.