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Indian defence manufacturers can now bid to build fighter aircraft, helicopters, submarines, armoured vehicles and battle tanks
PTI Indian defence manufacturers can now bid to build fighter aircraft, helicopters, submarines, armoured vehicles and battle tanks

Indian defence manufacturers cautiously optimistic on defence partnership policy

Amrita Nair-Ghaswalla

Apprehensions over scale of orders, payments timely »

Baba Kalyani welcomes new partnership policy

Baba Kalyani, Chairman and Managing Director, Bharat Forge

Amrita Nair-Ghaswalla

The build-up of India's defence capacity has begun, said Baba Kalyani, Chairman and Managing Dire... »

Anti-dumping duty likely on ‘O Acid’ imported from China

PTI

India may impose anti-dumping duty of up to $8.79 per kg on imports of a chemical, mainly used in t... »

WHO report confirms India's first Zika virus case in Ahmedabad

A model of a mosquito exhibited at the Health Ministry in the Peruvian capital Lima as part of a campaign to raise awareness on the deadly Zika virus that is stalking much of South America. The Health Ministry is working overtime to prevent the spread of the Zika virus and other mosquito-borne diseases. REUTERS (file photo)

Our Bureau

Three cases were tested between November-February »

'China willing to work with India to counter terrorism'

MA Zhanwu, Consul General of the Peoples Republic of China - Debasish Bhaduri

Our Bureau

The Chinese government is willing to work with its counterpart in India to counter terrorism, MA Zhanwu Consul General of the People’s Republic of China in Kolkata said. According to him, while t... »

Monsoon to dictate cane area coverage

Suresh P Iyengar

The increase in the fair and remunerative price (FRP) for sugarcane may not necessarily lead to higher acreage as the onset of the South-West monsoon and its progress would dictate the cane output in... »

Trade in cattle for slaughter axed

Aesha Datta

Just over a month since Rashtriya Swayamsevak Sangh chief Mohan Bhagwat sought an all-India law banning cow slaughter, the government appears to have devised a back-door method to achieve this aim. »

Tree-felling for Mumbai Metro gets green light

Press Trust of India

The Bombay High Court today refused to restrain the Mumbai Metro Rail Corporation Ltd (MMRCL) from cutting trees across south Mumbai for setting up Metro line III. A vacation bench of Justices PD ... »

EPFO may okay plan to cut mandatory contribution

PTI

Trade unions have opposed the proposal saying this will dilute these social security schemes »

Govt tweaks startup definition, benefits to now flow for 7 years

PTI

The government has introduced minor changes to the startup definition, saying a business not older than seven years will now qualify for benefits under the Startup India Action Plan. So far, only c... »

Hatsun Agro products meet highest quality standards: CMD

RG Chandramogan, CMD, Hatsun Agro

Our Bureau

The ₹4,000-crore Hatsun Agro Product Ltd, India’s largest private sector dairy company, has clarified that its products including Arokya, branded liquid milk, meet the highest quality standards.At a p... »

When Tagore’s grandpa offered to raise funds for rail lines

Press Trust of India

Rabindranath Tagore’s industrialist grandfather wanted rail connectivity to the collieries and if the lines were to be laid from Calcutta to the Raniganj coalfields, he even offered to raise one-thir... »

Protest against Major Ports Bill

CH RS Sarma

The port staff belonging to CITU-affiliated Water Transport Workers’ Federation of India sat on a day-long dharna in front of Visakhapatnam port administration building in protest against the Major P... »

Railways to seek Cabinet nod for ₹35,000-crore development fund

Is the Centre serious about agriculture?

Govt plans 100 yoga parks

'Low' forms in Bay of Bengal in the run-up to monsoon onset

IIL bio-solution for soil health

Chorus against GM mustard gets caustic as decision looms

India to fund river dredging in Bangladesh to ease cargo movement to North-East

Conclave on GST and impact on SMEs in Chennai tomorrow

Asia-Africa Growth Corridor: Vision document focusses on inclusivity

GST : Hotels in South India to observe bandh on May 30

Ch.R.S Sarma

The GST rates announced by the Union Government will cripple the hotel industry and place an unbearble burden on the common man and therefore the hotels in South India have decided to observe a day... »

Too good to be true: Why those ₹12 air fares are only a flight of fantasy

Tanya Thomas

Given carriers’ opacity over fuel surcharge, actual fares soar sky-high »

Modi govt schemes push agri-growth to 4.1%: Amit Shah

PTI

India’s agriculture sector grew at the highest rate in three years of 4.1 per cent in 2016-17 as the Modi government launched several schemes to boost production and ensure better returns to farmers,... »

No ‘hookah’ in smoking zones as govt tweaks rules

Press Trust of India

Hookahs will no longer be permitted in smoking zones at hotels, restaurants and airports, as the government has made an amendment to the rules pertaining to smoking in public. Also, hotels, restauran... »

Monsoon may enter Kerala, North-East by May 30-31, says Met

VINSON KURIAN

The India Meteorological Department (IMD) has assessed that conditions are favourable for the South-West monsoon to enter South Kerala and the North-Eastern States on May 30-31. It has also foreca... »

Paradip Port gets Shipping Ministry award

Our Bureau

The Paradip Port Trust has been awarded by the Union Shipping Ministry for witnessing the second highest growth in traffic for FY17. In FY17, the port has handled 88.95 MMT of cargo; a 16.5 per cen... »

Auto cos hit a bump as car carriers get resized

TE Raja Simhan

Face shortage of transport trucks, which need to be refabricated to conform to new motor vehicle rules »

Coastal law being watered down at risk to ecology

Aesha Datta

‘No development zone’ in ‘undisturbed areas’ to be limited to 50m from high-tide line »

Efforts on to cull population of nematode in soil

Our Bureau

Measures to reduce the nematode population in soil is being taken up on a war-footing by the Department of Nematology, Tamil Nadu Agricultural University here. The soil nematode population can be red... »

China still ahead of India in population count: experts

Our Bureau

Indian demographers on Thursday refuted the contention that India has already dislodged China as the most populous country in the world.Yi Fuxian, a China born scientist at the University of Wisconsin... »

‘Export target of $900 billion by 2020 not feasible’

Coonoor tea auction turnover up 11 per cent

PM calls for indigenous manufacture of medical equipment

Railways to appoint consultant to study GST impact

Centre to convert Jal Marg Vikas Project into an economic corridor

Artisan’s block: How textile printing is helping Rajasthan

ICC calls for caution on stressed steel asset sale

‘Green energy can create 58,000 jobs in India by 2022’

Budget 2017-18 highlights

  • Following are the highlights of Union Budget 2017—18, presented by Finance Minister Arun Jaitley in Parliament today:
  • Tax rates halved to 5% for income of Rs 2.5-5 lakh, tax slabs unchanged
  • 10% surcharge on people earning between Rs 50 lakh-1 cr
  • 15% surcharge on annual income above Rs 1 cr to continue
  • Cash transactions above Rs 3 lakh banned
  • Corporate tax for SMEs with turnover up to Rs 50 cr cut to 25%; 96% companies to benefit
  • Customs duty of LNG halved to 2.5%
  • Fiscal deficit pegged at 3.2% next year, 3% in FY’19
  • Political parties barred from accepting cash donation beyond Rs 2,000 per individual. They can receive donations via cheques, electronic mode; electoral bonds to be issued by RBI
  • Aadhaar—based health cards for senior citizens; a scheme for them to ensure 8 per cent guaranteed returns
  • FIPB to be abolished; further FDI policy liberalisation
  • Government to have time-bound procedure for CPSE listing
  • Railway PSUs —— IRCTC, IRFC, IRCON to be listed
  • Payment Regulatory Board to be set up within RBI to regulate digital payments
  • Negotiable instruments Act to be amended to deal with cheque bounce cases
  • Legislative changes to confiscate of assets of economic offenders who flee country
  • Demonetisation bold, decisive measure; to help GDP growth, taxes mop up to rise
  • Effect of demonetisation not to spill over to next year
  • GST, demonetisation ‘tectonic changes’ for economy
  • Service charges on e—tickets booked via IRCTC waived
  • Capital expenditure of Railway fixed at Rs 1.31 lakh cr
  • Rail safety fund of Rs 1 lakh cr over 5 years, unmanned level crossing to be eliminated by 2020
  • Budget based on 3 agenda —— Transform, Energise, Clean India (TECIndia).
  • 3 year period for long—term capital gains tax on immovable property reduced to 2 years; base year indexation shifted from April 1, 1981 to April 1, 2001
  • Disinvestment target at Rs 72,500 cr, up from 56,500 crore
  • Gross market borrowing pegged at Rs 6.05 lakh crore
  • Duty exempted on POS machines and Iris readers for encouraging digital payments
  • Tax benefits for Start ups to be for 3 out of 7 years
  • FPI to be exempt from indirect transfer provision
  • Integrated public sector oil major to be created to match global giants
  • Direct Tax collection growth 15.8%, indirect tax 8.3%
  • Total expenditure pegged at Rs 21.47 lakh crore
  • Capital expenditure up 24%; to have multiplier effect
  • Allocation to states hiked to Rs 4.11 cr
  • FRBM Committee suggests Debt—GDP ratio of 60% by 2020
  • Retail inflation to remain within 2—6 pc
  • 2 new AIIMS to come up in Jharkhand, Gujarat
  • Highest ever allocation of Rs 48,000 cr to MNREGA
  • Farm sector to grow at 4.1% this fiscal, to double farm income in five years
  • Farm credit target for next fiscal at Rs 10 lakh crore
  • Fasal Bima yojana increased to 40% of crop area; raised to Rs 1.41 lakh crore in Kharif 2017 season
  • Infrastructure investment pegged at Rs 3.96 lakh cr
  • To double irrigation fund corpus to Rs 40,000 cr
  • Infrastructure status accorded affordable housing
  • Dairy processing fund with Rs 2000cr corpus to be set up
  • Rs 1.84 lakh cr allocated for women, child initiatives
  • Rs 1.87 lakh cr allocated to rural, agri, allied sectors
  • 1 crore houses by 2019 for homeless
  • PM Awas Yojana allocation up from Rs 15,000 cr to Rs 23,000 cr
  • 100% village electrification to be achieved by May 2018
  • Rs 31,920 cr allocated for Scheduled Tribes, Rs 4,195 cr minority affairs, outcome based budgeting to start
  • Road sector allocation hiked to Rs 64,000 cr
  • Innovation Fund to be created for Secondary Education
  • Allocation of Rs 2.41 lakh crore rail, road, shipping to create jobs, spur economic activity
  • New metro rail policy to be announced
  • New crude oil reserves proposed at Odisha and Rajasthan; to take strategic reserve capacity to 15.33 mmt
  • India on cusp of digital revolution
  • FDI increased 35% to Rs 1.45 lakh crore in H1 FY’17
  • 2 new schemes —— Referral Bonus for individuals, Cash Back for merchants —— under BHIM app soon
  • Aadhaar enabled payment system for merchants shortly
  • Bill on curtailing menace of illicit deposit schemes in offing
  • Fiscal deficit for this fiscal at 3.2%, down from budget estimate of 3.5%
  • FRBM Committee recommends 3% fiscal deficit for 3 years
  • Rs 10,000 cr to be provided to banks for recapitalisation
  • Trade Infrastructure for Export Scheme (TIES) to be launched next fiscal
  • Simple 1 page form to be filled by individuals having taxable income of Rs 5 lakh
  • Excise duty on cigars, cheroots hiked to 12.5% or Rs 4,006 per thousand
  • Excise duty on pan masala hiked to 9% from 6%; on raw tobacco raised to 8.3% from 4%
  • Parts used for manufacture of LED lights to attract basic customs duty of 5% and CVD of 6%
  • Solar tempered glass used for manufacture of solar cells/panels exempted from customs duty
  • Customs duty on printed circuit board for manufacture of mobile phones hiked to 2% from nil
  • Threshold for audit of businesses opting for presumptive income doubled to Rs 2 cr
  • Under presumptive taxation for professionals up to Rs 50 lakh advance tax can be paid in one instalment
  • Scope of domestic transfer pricing restricted to entities availing profit linked deduction
  • Presumptive tax would be 6% for SMEs with Rs 2 crore turnover opting for digital payment, 8% for others
  • MAT credit will be allowed to be carried forward for 15 years, as against 10 years at present
  • Lending target under Mudra Yojana set at Rs 2.44 lakh cr
  • Computer Emergency Response Team for Financial Sector to be established
  • Extensive reach out programme for GST to be launched on April 1.
  • India a bright spot in world economic landscape, to be engine of global growth.

  • DATA BANK

    Exchange Rate

    Dollar Spot Forward Rate

    Open-Ended Mutual Funds

    NSE Currency Futures

    Comments to: web.businessline@thehindu.co.in. Copyright © 2017, The Hindu Business Line.

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