Business, Economy, 5th Jul 2019, News & Stories from India

Friday, Apr 19, 2024 | Last Update : 06:20 PM IST

Business Economy 05 Jul 2019

Business, Economy, 05 Jul 2019

Jyothi Laboratories' Ullas Kamath opined that the fixing the slowdown could be done by increasing the consumption for which salaries should have gone up. (Photo: Representational)

Budget 2019: Little done to address economic slowdown, says FICCI Karnataka

FICCI felt there was little done to address the economic slowdown while health and education did not get the required filip.

05 Jul 2019 8:01 PM

The reserves nearing USD 428 billion can take care of imports for almost 10 months, according to market experts. (Representational Image)

Forex reserves hit new high of USD 427.67 billion

In the previous reporting week, the reserves had surged by USD 4.215 billion to USD 426.42 billion.

05 Jul 2019 7:45 PM

Liquidity has been a major concern for the real estate sector, which the government has tried to address to a certain extent in this Budget, said NAREDCO President Niranjan Hiranandani. (Representational image)

Budget 2019: Tax deduction on home loan interest to boost housing demand: realtors

Many, however, rued that real estate sector was not given 'industry' status and no stress fund got created for stalled projects.

05 Jul 2019 7:17 PM

Terming the connectivity as the lifeblood of the economy, Nirmala Sitharaman announced a slew of steps to scale up India's infrastructure programmes including augmenting 1,25,000 km of rural roads under the Pradhan Mantri Gram Sadak Yojana at a cost of Rs 80,250 crore and creating a national highways grid.

Budget 2019 stresses on massive infra investments to grow into USD 5 trillion economy

Infrastructure financing needs have been estimated at around Rs 20 lakh crore a year, said Nirmala Sitharaman.

05 Jul 2019 5:48 PM

It was proposed to increase duty on other alloy steel and wire of other alloy steel (other than INVAR) to 7.5 per cent from 5 per cent at present. (Photo: Representational)

Budget 2019: Govt hikes customs duty on stainless steel items, alloy steel

The current customs duty on stainless steel products is 5 per cent.

05 Jul 2019 5:32 PM

Diesel is priced at Rs 64.33 a litre in Delhi and Rs 67.40 per litre in Mumbai. (Photo: Bunny smith)

Budget 2019: Petrol price to rise by Rs 2.5, diesel by Rs 2.3 after FM raises tax

A litre of petrol costs Rs 70.51 in Delhi and Rs 76.15 in Mumbai.

05 Jul 2019 5:08 PM

Besides PM-KISAN, the government has proposed to increase the allocation for the Pradhan Mantri Fasal Bima Yojana (PMFBY) to Rs 14,000 crore for the current fiscal against the revised estimate of Rs 12,975.70 crore for the 2018-19. (Representional Image)

Budget 2019: Govt raises budget allocation to agri ministry by 78 pc in FY'20

PM-KISAN aims to give Rs 6,000 annually in three equal installments to 12.6 crore small and marginal farmers.

05 Jul 2019 4:58 PM

The NPS is a voluntary, defined contribution retirement savings scheme for government employees as well as for those working in the private sector.

Budget 2019: Govt proposes to separate NPS Trust from PFRDA

The proposal to separate the two job roles was under consideration for last few years.

05 Jul 2019 4:49 PM

The expenditure budget of Rs 1,159.05 crore in the 2019-20, includes Rs 1,097 crore on central sector schemes/projects and Rs 23.15 crore on Coal Mines Pension Scheme. (Representational Image)

Budget 2019: Coal Ministry sees 48 pc jump in allocation to Rs 1,160 cr for 2019-20

The bulk of increase in the Budget allocation for 2019-20 is towards central sector schemes.

05 Jul 2019 4:46 PM

Chief Economic Adviser K V Subramanian had also on Thursday said that cost of capital internationally is low while liquidity is very high there.

Govt to start raising part of its gross borrowings from external markets: FM

The government would start raising a part of its gross borrowing programme in external markets, said Nirmala Sitharaman.

05 Jul 2019 3:49 PM

The collection from the sector in the last fiscal fell short of Rs 9,416.42 crore at Rs 39,245 crore from the budgeted provision of Rs 48,661.42 crore.

Budget 2019: Govt enhances revenue collection from telecom sector to Rs 50,519 cr

Receipts from the telecom sector mainly relate to the licence fees from operators and spectrum usage charges.

05 Jul 2019 3:43 PM

According to the Budget documents, the proposed scheme covers past disputes of taxes which have got subsumed in GST.

Budget 2019: Amnesty scheme for excise, service tax cases to unlock Rs 3.75 lakh crore

The relief proposed under scheme varies from 40 pc to 70 pc of the tax dues for cases other than voluntary disclosure cases.

05 Jul 2019 3:26 PM

Govt will provide a one-time partial credit guarantee to PSBs to buy high-rated pooled assets of financially sound NBFCs.

Budget 2019: Govt to provide credit guarantee to PSBs to buy NBFC assets

The NBFC sector is currently undergoing a liquidity hurdle with a spate of defaults of companies.

05 Jul 2019 3:06 PM

Direct tax revenue has significantly increased by over 78 per cent from Rs 6.38 lakh crore in the financial year 2013-14 to around Rs 11.37 lakh crore in the financial year 2018-19.

Budget 2019: High-end income group people need to pay 3 pc to 7 pc more annually

Budget 2019 proposes to make return filing compulsory for persons, who have deposited more than Rs 1 cr in a current account in a year.

05 Jul 2019 2:57 PM

According to the Budget for 2019-20 presented in Parliament by Finance Minister Nirmala Sitharaman, Goods and Services Tax collections will contribute 19 paise in every rupee revenue.

Budget 2019: For every rupee in govt kitty, 68 paise come from taxes

Corporation tax is the single largest source of income, contributing 21 paise to each rupee earned.

05 Jul 2019 2:57 PM

Sitharaman said surcharges on individuals having taxable income of Rs 2 crore to Rs 5 crore; and Rs 5 crore and more have been raised.

Budget 2019: Cess on petrol, diesel hiked by Re 1 per litre

Finance minister also announced TDS of 2 per cent on cash withdrawal of more than Rs 1 crore from a bank account.

05 Jul 2019 2:26 PM

Prime Minister Narendra Modi on March 7 had unveiled new series of coins of one rupee, two rupees, five rupees, ten rupees and twenty rupees, easily identifiable to the visually impaired. (Photo: Representational | PTI)

Budget 2019: Govt to soon put in circulation new series coins of up to Rs 20

These new coins will be made available for public use shortly, said Finance Minister Nirmala Sitharaman.

05 Jul 2019 2:20 PM

While presenting interim Budget 2019-20 in February, the government had pegged fiscal deficit target at 3.4 per cent.

Budget 2019: Govt lower fiscal deficit target to 3.3 per cent for FY20

The fiscal deficit this year is 3.3 per cent brought down from 3.4 per cent.

05 Jul 2019 2:12 PM

Union Minister also said that faceless and anonymous assessment system for income tax will be rolled out in phases this year.

Budget 2019-20: Those without PAN can now file returns using Aadhaar

On Thursday, the Lok Sabha passed by voice vote the Aadhaar and Other Laws (Amendment) Bill, 2019.

05 Jul 2019 2:02 PM

The government is proposing additional tax deduction of Rs 1.50 lakh on interest paid on home loans taken up to March 2020, said Finance Minister Nirmala Sitharaman. (Representational image)

Additional tax deduction of Rs 1.50 lakh on interest on home loans proposed

Government will also provide income tax deduction of Rs 1.5 lakh on interest paid on loans for purchase of electric vehicles.

05 Jul 2019 1:38 PM

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Mohan Guruswamy