Budget 2014 News

Referring to budget proposals, Finance Minister Arun Jaitley said the government has made efforts to help the middle class save and spend.

The Finance bill, whose passage signals the end of the budgetary exercise, is coming up for discussion in the Lok Sabha on July 24 and 25, Minister of State for Parliamentary Affairs Prakash Javadekar told reporters.

The Budget proposals for the power sector are directionally correct but lack specifics to support a meaningful improvement in the short-term, rating agency Fitch said on Wednesday.

Racing against time, the budgetary exercise this time will be fast-tracked so as to ensure that the Finance Bill 2014-15 is passed before July 31.

Concerned that some budget proposals may hit the mutual funds hard, industry body AMFI is taking up this matter with SEBI, requesting intervention of the capital markets regulator in this issue.

Rating agency Moody's Monday said the budget 2014-15 has outlined steps to support faster economic growth, but absence of detailed implementation plan makes it modestly credit positive for India.

S&P is the only of the three major credit agencies to have a "negative" outlook on India.

Mr Jaitley, who presented his maiden Budget on July 10, is being criticised, especially by rating agencies, for not repealing the retrospective tax amendment and not providing enough sops for the industry.

Government on Saturday said the Budget 2014-15 has brought about clarity in tax policies and it will walk the difficult path to bring growth impulses back into the economy amidst fiscal constraints.

The NSE 50-share Nifty also climbed to an all-time high of 7,808.85 before finishing the week at 7,459.60, showing a dip of 292.00 points or 3.77 percent.

India Inc Friday said the sharp rise in industrial output in May is a sign the economy is on the road to recovery and expects the rebound to sustain on the back of policy measures unveiled in the maiden budget of the Narendra Modi-led government.

Massive unwinding in front-line stocks dragged down the benchmark Nifty below the important 7,500 mark Friday, a day after Narendra Modi government unveiled its first budget.

Public sector SBI and PNB could be among the first banks to tap capital market this financial year to raise funds to meet global risk norms Basel III, a top finance ministry official said here Friday.

Analysts at foreign brokerages have lauded Finance Minster Arun Jaitley's maiden Budget saying the measures announced will boost growth as it has ushered in the much-needed reforms and has created a conducive investment climate.

The City of London Corporation has welcomed the maiden budget of the new Indian government, saying that it sends a positive message for international stakeholders for investment in India.

Leading NRI entrepreneurs have hailed India's budget as "progressive, pragmatic and sensible" while suggesting that overseas Indians be treated on equal terms with resident Indians for investments.

There was no 'big bang' in the Budget but the overall positive tone should keep the country's feel-good factor going, global financial services major HSBC said in a report.

Government has sanctioned a budget of Rs 8.93 crore for the infrastructure and logistical requirements of the Special Investigation Team (SIT) set up to combat the menace of black money in the country.

Government has sanctioned an amount of Rs 13.11 crore for the expenditure of ten Income Tax Overseas Units (ITOUs), created to curb offshore tax evasion and promote foreign investment, in countries like Germany, USA and France.

Goa's beleaguered mining industry on Thursday said certain proposals in the Union Budget are expected to help the resumption of iron ore extraction, which had been stalled in the State since the last two years.