Around the Globe

Around the Globe

Budget to have positive impact on job market: Experts

The budget is expected to bring positive impact on job market as the focus on infrastructure and ease of doing business is aligned with the government's vision of job creation, experts say.

The government's focus on digitatisation, transparency in governance & politics, upliftment of women & youth, quality of education, rural India is evident in this budget and this is expected to boost job creation in the economy.

Pol parties can now receive cash donations of only Rs 2000

Henceforth, political parties can receive only up to Rs 2000 in cash donations per source as part of a major move proposed in the Budget to cleanse the electoral system of black money.

Announcing this, Finance Minister Arun Jaitley said political parties will be entitled to receive donations by cheque or digital mode from their donors.

Govt waives basic custom duty on nickel

The government has waived basic custom duty on nickel -- a key steel making raw material -- in a major relief to the steel industry which is facing tough times.

The basic custom duty on nickel has come down to nil from 2.5 per cent earlier, according to the Budget document.

Ajani K Agarwal, partner and national leader (Metal and Mining sector) EY said that bringing down the basic customs duty (BCD) on nickel to zero from 2.5 per cent comes as a great relief for the stainless steel industry which has been facing challenging times.

Mahindra says Budget signals new mindset of govt

Industrialist Anand Mahindra today welcomed the Budget proposals on cleaning-up political funding and abolition of the FIPB as "big signals" of the government's mindset illustrating its determination to shed legacy and step firmly into the future.

"These steps are big signals about the government mindset. (They) show its determination to shed the skin of legacy and step firmly into the future," the Mahindra group chairman wrote on micro-blogging site Twitter.

Govt to phase out tax sops on Rajiv Gandhi Equity Scheme

Government today proposed to phase out tax benefits up to Rs 25,000 on stock market investments under Rajiv Gandhi Equity Savings Scheme (RGESS), which was introduced with much fanfare by the previous UPA regime.

Noting that "limited number of individuals availed this deduction", the Union Budget 2017-18 today proposed to rationalise this tax benefit introduced in Finance Act, 2012 and phase it out from assessment year 2018-19.

Only 76 lakh Indians showed income of over Rs 5 lakh

Finance Minister Arun Jaitley today placed before Parliament some revealing data indicating that India's direct tax collection is not commensurate with the income and consumption pattern of the economy.

Among the 3.7 crore individuals who filed tax returns in 2015-16, 99 lakh showed income below the exemption limit of Rs 2.5 lakh per annum; 1.95 crore showed income between Rs 2.5 lakh and Rs 5 lakh; 52 lakh showed income between Rs 5 lakh and Rs 10 lakh, and only 24 lakh people declared income above Rs 10 lakh.

Fiscal deficit to be contained at 3.2% in FY18: Jaitley

Adhering to fiscal consolidation roadmap, Finance Minister Arun Jaitley today said the government will target to bring down the fiscal deficit to 3.2 per cent of the GDP in the fiscal 2017-18.

"...I have pegged the fiscal deficit at 3.2 per cent in 2017-18 and remain committed to achieve 3 per cent in the following year. With this gradual approach, I have ensured adherence to fiscal consolidation without compromising requirements of public expenditure," he said in his Budget speech for 2017-18.

Digi-pay to weed out corruption, new schemes on anvil: FM

Promotion of digital economy will clean up the system, weed out corruption and black money, and the government will soon launch an Aadhaar-based payment system to promote digital transactions for people living in hinterlands, Finance Minister Arun Jaitley said today.

"A merchant enabled Aadhaar payment system will be launched shortly. This will specially be beneficial to those who do not have debit cards, mobile wallets or mobile phones," Jaitley said while reading out the Budget in Parliament.

Infra stocks surge on record Rs 3.96 lakh cr allocation

Infrastructure stocks rose up to 5.4 per cent today following allocation of a record Rs 3.96 lakh crore to the sector in Budget 2017-18.

Shares of Ashoka Buildcon surged 5.42 per cent, MEP Infrastructure Developers gained 3.44 per cent and KEC International climbed 3.1 per cent on BSE.

IRB Infrastructure gained 3 per cent, Sadbhav Engineering rose by 2.32 per cent and Larsen & Toubro gained 1.6 per cent.

Voda-Idea merger:New co to get 350 bps margin boost,says Fitch

The proposed merger between Vodafone and Idea can fetch the combined entity upto 350 bps in cost savings, even though the move is unlikely to lead to better pricing power for operators in the short-term, says a report.

International rating agency Fitch today therefore retained its negative outlook on the sector, citing that fierce competition and rising capex will put pressure on most operators in 2017.