Tremors were felt in the Greek capital of Athens and as far away as the southern island of Crete
- ANI (@ANI) July 5, 2019
* Fiscal deficit for 2019/2020 seen at 3.3% of GDP
Borrowing
* Govt to borrow a gross 7.1 trillion rupees via bonds in 2019/20
* Govt to borrow a net 4.73 trillion rupees via bonds in 2019/20
* Short term borrowing seen at 250 billion rupees in 2019/20
* Govt to buy back 500 billion rupees of bonds in 2019/20
Revenues/receipts
* Dividends from state-owned firms seen at 574.87 billion rupees in 2019/20
* Gross tax revenue seen at 24.6 trillion rupees in 2019/20
* Net tax revenues seen at 16.49 trillion rupees in 2019/20
Taxation
* Proposes relief in securities transaction tax
* All companies with annual turnover of 4 billion rupees will now be under the 25% tax bracket
* Customs duty on steel raised to 7.5% from 5%
Expenditure
* Total government spending seen at 27.86 trillion rupees in 2019/20
* Govt to spend 1.74 trillion rupees on pensions in 2019/20
* Govt to spend 6.6 trillion rupees on interest payments in 2019/20
Economy
* India will become a $3 trillion economy in the current fiscal year, and a $5 trillion economy in the next few years
* India to invest heavily in infrastructure and job creation
* Government will raise part of its gross borrowing in external markets in foreign currencies
Investment
* India will ease foreign direct investment restrictions in single-brand retail
* Proposes further opening up of FDI in aviation, insurance, media and animation sectors
* Important to get retail investors to invest in treasury bills
* Will allow foreign investors to buy debt of listed real estate investment trusts
* Government aiming for $14.5 billion target for disinvestment proceeds in FY20
Banking
* State-owned banks proposed to be provided 700 billion rupees of additional capital
* Will strengthen central bank's authority over shadow banks
* There is a need to give tax parity to non-banking finance companies
Infrastructure
* The government will upgrade 125,000 kilometres of roads over the next five years at a cost of $11.6 billion
* Railway infrastructure will need an investment of $72 billion between 2018 and 2030
* Govt to encourage global companies to set up large manufacturing plants
* India will enter into aircraft financing and leasing activities
Although the market opened on a positive note, the downtrend began within half an hour of Sitharaman's speech as she presented her first budget and trade remained largely choppy throughout the two hours 15 minutes speech.
The Nifty50 on the National Stock Exchange traded at 11,849.40, lower by 97.35 points or 0.81 per cent from the previous close.
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