Highlights of the Union Budget presented today.
Key factors to note are as follows:
· Fiscal deficit numbers (actual as well as projected) are quite heartening.
· There have been no major populist measures.
· There have not been any major reforms announced – GST date is still uncertain and DTC is scheduled for April 2012.
· Implicit in the lower projection of the subsidies is the hope that the prices of petroleum products and fertilizers may be partially decontrolled in the coming year.
There is no explicit assurance of the same though.
· Service tax maintained at 10% against the wide expectation of an increase. Excise duties not raised either.
· The implications for various sectors are summarized in the attached document.
Overall, the budget is quite incremental and not bold. Thankfully it is not populist either.
Hence on the balance the sentiment post budget amongst market participants has been mildly positive.
Our equity market outlook remains positive post the budget.
The Finance Minister presented the Union Budget on 1st February 2017. This is our analysis of the implications of the budget on the Indian Economy and the Markets. We have also shared the stocks that will be the Budget Winners & Losers. We hope you enjoy going through our analysis.
Exclusive report on budget 2015 16 by epic research private limitedEpic Research Limited
Epic Research Private Limited Budget Simplified Version of the Union Budget 2015-16. This report includes all the highlights and overview of the union budget as well as Railway Budget of India.
rajesh bhutra : newsletter for march 2015 ( union budget 2015 review) RAJESH KUMAR BHUTRA
The budget was presented in a better economic environment than recent years. It aimed to achieve housing, electricity, drinking water and sanitation for all Indians as well as creating jobs and reducing poverty. Key highlights included financial inclusion of over 125 million families, transparent coal auctions, and the Swachh Bharat mission. Infrastructure such as roads and railways saw major boosts, while reforms around GST and direct benefit transfers were also announced.
Key Highlights on 10 big themes of Union Budget FY17-18emkayglobal
Key highlights on 10 themes of Union Budget FY17-18 – Farmers, rural population, youth, poor and underprivileged, infrastructure, financial sector, digital economy, public service, prudent fiscal management, tax administration.
The Union Budget 2009-10 was presented by Finance Minister Pranab Mukherjee and aimed to lead the economy back to high GDP growth, promote inclusive development, and improve government delivery. Key measures included increased infrastructure spending, rural employment guarantees, and debt relief for farmers. The budget estimated revenues of Rs. 10.2 trillion and expenditures of Rs. 10.2 trillion, with a fiscal deficit of 6.8% of GDP.
This document provides an overview of the key points from the Union Budget of India for 2012. It discusses economic challenges faced and growth projections. It outlines sectoral allocations and policy changes for infrastructure, industry, housing, textiles, MSMEs, agriculture, health, and better governance. The implementation of fiscal responsibility laws and disinvestment targets are also mentioned. Direct and indirect tax proposals as well as amendments to fiscal deficit targets are summarized.
Market remained volatile during January 2020 and turned bearish in the second half of the month. The Indian benchmark indices closed negative with S&P BSE Sensex down by 1.29% and the Nifty 50 was down by 1.81%. India’s performance rank slipped among key EM trackers shows. India ranked fifth among the ten markets considered by the tracker in December, behind China, Brazil, Indonesia, and the Philippines. It was at the third position in November 2019, behind the Philippines and China.
The document provides a sector-wise analysis of the impact of proposals in the Indian Union Budget for 2010-2011 across various industries. Key proposals included an increase in excise duty on various goods and services from 8% to 10%, higher allocation for infrastructure development, and an increase in the minimum alternate tax rate from 15% to 18%. The analysis suggests that while some sectors like cement and banking may face cost pressures, sectors like capital goods and power would benefit from increased infrastructure spending. Overall the budget aims to boost rural income and development while partially increasing costs for consumers and companies.
The Finance Minister presented the Union Budget on 1st February 2017. This is our analysis of the implications of the budget on the Indian Economy and the Markets. We have also shared the stocks that will be the Budget Winners & Losers. We hope you enjoy going through our analysis.
Exclusive report on budget 2015 16 by epic research private limitedEpic Research Limited
Epic Research Private Limited Budget Simplified Version of the Union Budget 2015-16. This report includes all the highlights and overview of the union budget as well as Railway Budget of India.
rajesh bhutra : newsletter for march 2015 ( union budget 2015 review) RAJESH KUMAR BHUTRA
The budget was presented in a better economic environment than recent years. It aimed to achieve housing, electricity, drinking water and sanitation for all Indians as well as creating jobs and reducing poverty. Key highlights included financial inclusion of over 125 million families, transparent coal auctions, and the Swachh Bharat mission. Infrastructure such as roads and railways saw major boosts, while reforms around GST and direct benefit transfers were also announced.
Key Highlights on 10 big themes of Union Budget FY17-18emkayglobal
Key highlights on 10 themes of Union Budget FY17-18 – Farmers, rural population, youth, poor and underprivileged, infrastructure, financial sector, digital economy, public service, prudent fiscal management, tax administration.
The Union Budget 2009-10 was presented by Finance Minister Pranab Mukherjee and aimed to lead the economy back to high GDP growth, promote inclusive development, and improve government delivery. Key measures included increased infrastructure spending, rural employment guarantees, and debt relief for farmers. The budget estimated revenues of Rs. 10.2 trillion and expenditures of Rs. 10.2 trillion, with a fiscal deficit of 6.8% of GDP.
This document provides an overview of the key points from the Union Budget of India for 2012. It discusses economic challenges faced and growth projections. It outlines sectoral allocations and policy changes for infrastructure, industry, housing, textiles, MSMEs, agriculture, health, and better governance. The implementation of fiscal responsibility laws and disinvestment targets are also mentioned. Direct and indirect tax proposals as well as amendments to fiscal deficit targets are summarized.
Market remained volatile during January 2020 and turned bearish in the second half of the month. The Indian benchmark indices closed negative with S&P BSE Sensex down by 1.29% and the Nifty 50 was down by 1.81%. India’s performance rank slipped among key EM trackers shows. India ranked fifth among the ten markets considered by the tracker in December, behind China, Brazil, Indonesia, and the Philippines. It was at the third position in November 2019, behind the Philippines and China.
The document provides a sector-wise analysis of the impact of proposals in the Indian Union Budget for 2010-2011 across various industries. Key proposals included an increase in excise duty on various goods and services from 8% to 10%, higher allocation for infrastructure development, and an increase in the minimum alternate tax rate from 15% to 18%. The analysis suggests that while some sectors like cement and banking may face cost pressures, sectors like capital goods and power would benefit from increased infrastructure spending. Overall the budget aims to boost rural income and development while partially increasing costs for consumers and companies.
The Union Budget for 2012-13 proposed some changes to India's corporate and individual tax rates while also introducing measures to curb black money and increase investment. Key points include:
- Corporate and individual tax rates were largely kept the same, while the MAT rate and DDT rates were unchanged.
- Steps were taken to counter tax avoidance, including the introduction of GAAR and mandatory reporting of foreign assets.
- Investment in infrastructure, agriculture, healthcare and education saw increased allocations. Measures like interest subvention and an opportunity fund for MSMEs were introduced.
- Service tax and excise duty rates were increased to 12% to align with the proposed GST regime and make up for the fiscal
Netscribes Budget Analysis 2013 : Missing the woods for the treesNetscribes, Inc.
The budget analysis document provides a summary of key aspects of the 2013 Indian budget. It highlights that while the budget aimed to address certain sectors, it lacked a clear growth strategy and big reforms. It notes some positive steps like increased farm lending and fiscal deficit targets, but argues more could have been done to boost growth, investment and relieve inflation pressures. The summary critiques the budget for failing to meaningfully tax the rich or benefit the middle class.
The budget document provides details on key fiscal highlights including a GDP growth target of 9% and a fiscal deficit target of 4.6% of GDP. It outlines plans to lower the corporate tax surcharge and increase exemptions for individual taxpayers, as well as changes to indirect taxes that will make some consumer goods cheaper and some services more expensive. Key areas that are positively impacted include infrastructure, where allocation was increased 23%, and education, where allocation rose 24%. However, some questions remain about whether the targets can be achieved and if enough is being done to support farmers and alleviate rural issues.
The document provides an overview and analysis of the Union Budget of India for 2015-2016. Some key points:
- The budget continues the government's focus on gradual simplification of tax laws, withdrawing fiscal stimulus, and building rural infrastructure through an incremental approach rather than major reforms.
- There is a greater influence of market economists in the budget compared to the past, which should please financial markets.
- The budget lays out plans to work towards the government's Vision 2022 of comprehensive development across sectors like housing, power, water, education, and healthcare.
- There is a shift towards enabling citizens through skills training and access to services rather than just providing subsidies, as well as moves to accelerate global
A budget is a quantitative expression of a financial plan, we all know that but, not everyone understands the whole of Budget. For this reason alone, the budget views are presented in a PPT format for your reference.
A presentation by CA Manish Hingar
Review Note - Union Budget & Investment Strategy - Jul'14jignesh shah
The document provides a summary and analysis of the Union Budget of India for 2014. It discusses the major announcements including a focus on infrastructure growth, fiscal consolidation, and measures to contain inflation. It analyzes the implications for various sectors and provides investment strategies. Execution will be critical to the success of the budget's goals of turning around economic growth, according to the document.
The document discusses India's infrastructure sector and budget proposals for 2011-12. It notes that infrastructure investment through the 11th plan was lower than targets in some areas like power and roads. The budget for 2011-12 allocates Rs. 2,14,000 crore for infrastructure, a 23.3% increase. It introduces tax-free bonds and raises limits on FII investments to boost infrastructure financing. However, concerns remain around fully financing the estimated USD 1 trillion needed for infrastructure through the 12th plan.
The document summarizes key aspects of the Indian Union Budget for 2012-2013, including plans to achieve the Vision 2020 goals, changes to personal income tax rates and exemptions, support for infrastructure development, rural development, education, and skill building. It also provides an overview of the Indian economy and analysis of the budget's expected impacts on business, fiscal consolidation, economic changes, and consumers.
The document summarizes the key points from the Union Budget 2014-15 of India. Some of the major reforms and policy proposals included fiscal consolidation to reduce the fiscal deficit to 3.6% by 2015-16, overhauling subsidies, measures to boost investment and manufacturing, and tax reforms like increased income tax exemption limits and changes to the taxation of business trusts. Infrastructure development, increasing FDI limits in certain sectors, and using asset sales to raise capital for banks and PSUs were also highlighted.
The 2019 general budget did not include any major announcements to boost economic growth as expected. The government plans to reduce the fiscal deficit to 3% of GDP by 2021-2022 to strengthen the economy. The finance minister also proposed raising external sovereign debt denominated in foreign currencies to diversify debt and lower borrowing costs for companies. Infrastructure investment was emphasized to reach the $5 trillion GDP goal over the next five years. Overall the budget focused on fiscal prudence and continued existing economic measures rather than new initiatives.
The Union Budget for 2012-2013 aims to promote domestic demand-led growth, private investment, and infrastructure development while addressing issues like inflation, fiscal deficit, and corruption. Key highlights include increasing direct tax exemption limits, implementing the Goods and Services Tax, using Aadhaar for welfare schemes, allocating more funds for agriculture, education, and skill development, and introducing measures to curb black money and improve governance. However, lower GDP growth, high subsidy spending, and a widening fiscal deficit pose challenges to achieving fiscal consolidation targets.
For Salient Features of Union Budget 2017 created by Lunawat Team click at - http://lunawat.com/Uploaded_Files/Attachments/F_3558.pdf
Regards
CA Pramod Jain
Comparison of Union Budget 2014-15, 15-16, 16-17, 17-18Shubham Singh
The document provides an overview of the key points from the Union Budget of India for multiple years. It discusses aspects like revenue and capital budgets, tax changes, subsidies, infrastructure and development allocations, banking and financial sector reforms, and social initiatives. Some highlights include increased allocation for smart cities, rural development, education and healthcare programs, tax benefits for SMEs and individuals, and recapitalization of public sector banks.
This document summarizes key aspects of the Union Budget 2022 presented on February 1st, 2022. It discusses the economic performance of India and key budget financials for fiscal years 2020-21 to 2022-23. It then outlines some of the major policy announcements made in the budget, including initiatives around digitalization, telecom, solar power, electric vehicles, and capital expenditure. The document also provides an overview of the direct tax proposals involving changes to income tax slabs and rates, corporate taxation, virtual digital assets, and other deductions. Key changes to indirect taxes such as GST and customs duty are also briefly touched upon.
The document summarizes the key features of the Indian budget for 2011-2012. It identifies opportunities like strong economic growth and progress on institutional reforms. Challenges include inflation, implementation gaps in public programs, and corruption. The economy is estimated to have grown 8.6% in 2010-2011. Key areas discussed include sustaining growth through fiscal consolidation, tax and expenditure reforms, subsidies, investment in infrastructure, exports, curbing black money, and strengthening social inclusion through education, health, and skill development initiatives.
This document provides an overview and highlights of key aspects of the India Budget for 2015-16. It outlines sources of government revenue such as taxes, borrowings, and other receipts. It also shows how the budget is allocated across central government plans and expenditures. The highlights section summarizes new initiatives related to taxation, agriculture, infrastructure, education, defense, welfare schemes, renewable energy, tourism, gold, and other points. The budget aims to achieve Vision 2022 for India and support various sectors through new programs and policies.
The document was prepared as one of the assignments
It contains descriptions of different ministries where capital expenditure is more than the revenue expenditure in the budget 2020.
The document has analysis related to corporate and income tax changes
The document summarizes key aspects of the Indian Union Budget for 2015. It discusses fiscal policies, tax policies, investment schemes, growth projections, and highlights for specific sectors like infrastructure and cooperative federalism between the central and state governments. The budget aims to balance financial constraints with increased capital spending on infrastructure through measures like raising the fiscal deficit target. It also outlines the government's plans and proposals for areas like the goods and services tax, healthcare deductions, and individual and corporate tax rates.
This document comprehensively covers the provisions of the Union Budget 2020-21 and offers a detailed take on how these provisions can impact the key sectors and industries of the Indian economy. We’ve undertaken a holistic overview of these sector proposals from the perspective of monetary allocations, public policy, and proposed reforms for the future.
Union Budget 2012-13 aimed to boost growth while reducing the fiscal deficit. Key measures included increasing indirect tax rates to pave way for GST, introducing GAAR to curb tax avoidance, and relaxing ECB norms to support infrastructure and other sectors. However, the proposed retrospective amendment to tax indirect transfer of Indian assets could face legal challenges and impact investment. Overall the budget focused on fiscal consolidation and growth, but timely implementation will determine its effectiveness.
The budget document discusses key aspects of the Union Budget for 2012-13 presented by the Finance Minister. Some key points include:
- Corporate tax rates were kept the same for both domestic and foreign companies. MAT rates and DDT rates were also unchanged.
- The budget proposed expanding the scope of AMT to include all persons claiming profit linked deductions, not just companies.
- Tax rates and slabs for individual taxpayers were largely unchanged, with some new deductions and exemptions introduced.
- Measures were introduced to strengthen the investment environment, including increased allocations for agriculture, MSEs, and infrastructure.
- The budget also contained proposals aimed at curbing black money, such as compulsory
The Union Budget for 2012-13 proposed some changes to India's corporate and individual tax rates while also introducing measures to curb black money and increase investment. Key points include:
- Corporate and individual tax rates were largely kept the same, while the MAT rate and DDT rates were unchanged.
- Steps were taken to counter tax avoidance, including the introduction of GAAR and mandatory reporting of foreign assets.
- Investment in infrastructure, agriculture, healthcare and education saw increased allocations. Measures like interest subvention and an opportunity fund for MSMEs were introduced.
- Service tax and excise duty rates were increased to 12% to align with the proposed GST regime and make up for the fiscal
Netscribes Budget Analysis 2013 : Missing the woods for the treesNetscribes, Inc.
The budget analysis document provides a summary of key aspects of the 2013 Indian budget. It highlights that while the budget aimed to address certain sectors, it lacked a clear growth strategy and big reforms. It notes some positive steps like increased farm lending and fiscal deficit targets, but argues more could have been done to boost growth, investment and relieve inflation pressures. The summary critiques the budget for failing to meaningfully tax the rich or benefit the middle class.
The budget document provides details on key fiscal highlights including a GDP growth target of 9% and a fiscal deficit target of 4.6% of GDP. It outlines plans to lower the corporate tax surcharge and increase exemptions for individual taxpayers, as well as changes to indirect taxes that will make some consumer goods cheaper and some services more expensive. Key areas that are positively impacted include infrastructure, where allocation was increased 23%, and education, where allocation rose 24%. However, some questions remain about whether the targets can be achieved and if enough is being done to support farmers and alleviate rural issues.
The document provides an overview and analysis of the Union Budget of India for 2015-2016. Some key points:
- The budget continues the government's focus on gradual simplification of tax laws, withdrawing fiscal stimulus, and building rural infrastructure through an incremental approach rather than major reforms.
- There is a greater influence of market economists in the budget compared to the past, which should please financial markets.
- The budget lays out plans to work towards the government's Vision 2022 of comprehensive development across sectors like housing, power, water, education, and healthcare.
- There is a shift towards enabling citizens through skills training and access to services rather than just providing subsidies, as well as moves to accelerate global
A budget is a quantitative expression of a financial plan, we all know that but, not everyone understands the whole of Budget. For this reason alone, the budget views are presented in a PPT format for your reference.
A presentation by CA Manish Hingar
Review Note - Union Budget & Investment Strategy - Jul'14jignesh shah
The document provides a summary and analysis of the Union Budget of India for 2014. It discusses the major announcements including a focus on infrastructure growth, fiscal consolidation, and measures to contain inflation. It analyzes the implications for various sectors and provides investment strategies. Execution will be critical to the success of the budget's goals of turning around economic growth, according to the document.
The document discusses India's infrastructure sector and budget proposals for 2011-12. It notes that infrastructure investment through the 11th plan was lower than targets in some areas like power and roads. The budget for 2011-12 allocates Rs. 2,14,000 crore for infrastructure, a 23.3% increase. It introduces tax-free bonds and raises limits on FII investments to boost infrastructure financing. However, concerns remain around fully financing the estimated USD 1 trillion needed for infrastructure through the 12th plan.
The document summarizes key aspects of the Indian Union Budget for 2012-2013, including plans to achieve the Vision 2020 goals, changes to personal income tax rates and exemptions, support for infrastructure development, rural development, education, and skill building. It also provides an overview of the Indian economy and analysis of the budget's expected impacts on business, fiscal consolidation, economic changes, and consumers.
The document summarizes the key points from the Union Budget 2014-15 of India. Some of the major reforms and policy proposals included fiscal consolidation to reduce the fiscal deficit to 3.6% by 2015-16, overhauling subsidies, measures to boost investment and manufacturing, and tax reforms like increased income tax exemption limits and changes to the taxation of business trusts. Infrastructure development, increasing FDI limits in certain sectors, and using asset sales to raise capital for banks and PSUs were also highlighted.
The 2019 general budget did not include any major announcements to boost economic growth as expected. The government plans to reduce the fiscal deficit to 3% of GDP by 2021-2022 to strengthen the economy. The finance minister also proposed raising external sovereign debt denominated in foreign currencies to diversify debt and lower borrowing costs for companies. Infrastructure investment was emphasized to reach the $5 trillion GDP goal over the next five years. Overall the budget focused on fiscal prudence and continued existing economic measures rather than new initiatives.
The Union Budget for 2012-2013 aims to promote domestic demand-led growth, private investment, and infrastructure development while addressing issues like inflation, fiscal deficit, and corruption. Key highlights include increasing direct tax exemption limits, implementing the Goods and Services Tax, using Aadhaar for welfare schemes, allocating more funds for agriculture, education, and skill development, and introducing measures to curb black money and improve governance. However, lower GDP growth, high subsidy spending, and a widening fiscal deficit pose challenges to achieving fiscal consolidation targets.
For Salient Features of Union Budget 2017 created by Lunawat Team click at - http://lunawat.com/Uploaded_Files/Attachments/F_3558.pdf
Regards
CA Pramod Jain
Comparison of Union Budget 2014-15, 15-16, 16-17, 17-18Shubham Singh
The document provides an overview of the key points from the Union Budget of India for multiple years. It discusses aspects like revenue and capital budgets, tax changes, subsidies, infrastructure and development allocations, banking and financial sector reforms, and social initiatives. Some highlights include increased allocation for smart cities, rural development, education and healthcare programs, tax benefits for SMEs and individuals, and recapitalization of public sector banks.
This document summarizes key aspects of the Union Budget 2022 presented on February 1st, 2022. It discusses the economic performance of India and key budget financials for fiscal years 2020-21 to 2022-23. It then outlines some of the major policy announcements made in the budget, including initiatives around digitalization, telecom, solar power, electric vehicles, and capital expenditure. The document also provides an overview of the direct tax proposals involving changes to income tax slabs and rates, corporate taxation, virtual digital assets, and other deductions. Key changes to indirect taxes such as GST and customs duty are also briefly touched upon.
The document summarizes the key features of the Indian budget for 2011-2012. It identifies opportunities like strong economic growth and progress on institutional reforms. Challenges include inflation, implementation gaps in public programs, and corruption. The economy is estimated to have grown 8.6% in 2010-2011. Key areas discussed include sustaining growth through fiscal consolidation, tax and expenditure reforms, subsidies, investment in infrastructure, exports, curbing black money, and strengthening social inclusion through education, health, and skill development initiatives.
This document provides an overview and highlights of key aspects of the India Budget for 2015-16. It outlines sources of government revenue such as taxes, borrowings, and other receipts. It also shows how the budget is allocated across central government plans and expenditures. The highlights section summarizes new initiatives related to taxation, agriculture, infrastructure, education, defense, welfare schemes, renewable energy, tourism, gold, and other points. The budget aims to achieve Vision 2022 for India and support various sectors through new programs and policies.
The document was prepared as one of the assignments
It contains descriptions of different ministries where capital expenditure is more than the revenue expenditure in the budget 2020.
The document has analysis related to corporate and income tax changes
The document summarizes key aspects of the Indian Union Budget for 2015. It discusses fiscal policies, tax policies, investment schemes, growth projections, and highlights for specific sectors like infrastructure and cooperative federalism between the central and state governments. The budget aims to balance financial constraints with increased capital spending on infrastructure through measures like raising the fiscal deficit target. It also outlines the government's plans and proposals for areas like the goods and services tax, healthcare deductions, and individual and corporate tax rates.
This document comprehensively covers the provisions of the Union Budget 2020-21 and offers a detailed take on how these provisions can impact the key sectors and industries of the Indian economy. We’ve undertaken a holistic overview of these sector proposals from the perspective of monetary allocations, public policy, and proposed reforms for the future.
Union Budget 2012-13 aimed to boost growth while reducing the fiscal deficit. Key measures included increasing indirect tax rates to pave way for GST, introducing GAAR to curb tax avoidance, and relaxing ECB norms to support infrastructure and other sectors. However, the proposed retrospective amendment to tax indirect transfer of Indian assets could face legal challenges and impact investment. Overall the budget focused on fiscal consolidation and growth, but timely implementation will determine its effectiveness.
The budget document discusses key aspects of the Union Budget for 2012-13 presented by the Finance Minister. Some key points include:
- Corporate tax rates were kept the same for both domestic and foreign companies. MAT rates and DDT rates were also unchanged.
- The budget proposed expanding the scope of AMT to include all persons claiming profit linked deductions, not just companies.
- Tax rates and slabs for individual taxpayers were largely unchanged, with some new deductions and exemptions introduced.
- Measures were introduced to strengthen the investment environment, including increased allocations for agriculture, MSEs, and infrastructure.
- The budget also contained proposals aimed at curbing black money, such as compulsory
The Union Budget for 2011-12 had mixed impacts across various sectors:
- Infrastructure allocation increased substantially while real estate saw some positive measures for affordable housing.
- The IT industry was negatively impacted by an increased MAT rate and its application to SEZ units.
- Steel saw higher export duties as a boost while oil and gas faced no tax reliefs.
- Textiles, fertilizers, and banking received support but aviation and healthcare saw some cost increases.
We are a team of highly qualified and experienced analysts, who deliver their expertise in providing stock market calls for traders which include tips like Stock Tips, Commodity Tips, MCX Tips, Equity Tips and Intraday Tips. All services are provided through SMS and Instant Messenger. Get free trail of Equity Tips .
The India Budget 2012 document provides a summary of key tax changes and policy initiatives presented in the Indian budget. Some of the major tax changes include: increasing the income tax exemption limit and maximum tax rate slab; introducing a general anti-avoidance rule to curb tax avoidance; raising the service tax rate; and increasing excise duties on cars and jewellery. The budget also focuses on implementing a nationwide goods and services tax and allowing more foreign investment in certain sectors like retail and aviation.
The document discusses amendments to taxation of individuals and corporations announced in the Indian Union Budget 2012. Key points include:
1) Personal income tax rates were reduced for those earning between Rs. 8-10 lakhs from 30% to 20%.
2) Corporate tax rates remained unchanged at 30% but some deductions and exemptions were introduced or expanded for sectors like power.
3) The Minimum Alternate Tax (MAT) was amended and an Alternate Minimum Tax (AMT) of 18.5% was introduced for non-corporate taxpayers.
4) General Anti-Avoidance Rules (GAAR) were formulated to tackle aggressive tax planning, effective April 2013.
The key points of the budget are:
1) The fiscal deficit is projected to be 5.2% of GDP for the current year and 4.8% for next year as the government pledges further fiscal consolidation.
2) No change in personal income tax slabs but a tax credit of Rs. 2000 is provided for those with income up to Rs. 5 lakhs. Surcharge is increased for high income individuals and companies.
3) Service tax and customs duty rates remain unchanged while excise duty and import duty are increased on some items like cigarettes, SUVs, mobiles and set-top boxes.
4) Measures to boost investment in infrastructure like infrastructure
The budget is oriented towards economic growth and revival. Key points include an increase in the general excise duty and excise on non-smoking tobacco. The MAT rate has been increased to 18% from 15% previously. Deductions for R&D have been increased to 200% from 150%. Diesel and petrol prices are set to rise. The rollout of GST and the direct tax code is planned for April 1, 2011.
The document summarizes key points from the Indian budget for 2012-2013. It outlines several tax reforms including raising income tax exemption limits, reducing taxes on savings interest and investments. It also allocates increased funding for sectors like agriculture, rural development, education, health, defense and infrastructure development. Several initiatives are proposed to boost small businesses and encourage investment in priority sectors. The budget also implements goods and services tax from August 2012.
The budget provides a sector-wise analysis of the impact on capital markets. Key points include:
1) The budget aims to consolidate recent gains in development and address weaknesses in governance. It also provides capital to public sector banks and regional rural banks.
2) The stock market saw sharp gains since 2009 and gave a positive response to the budget. The lower fiscal deficit will mean lower government borrowing.
3) Sectors like automobiles, infrastructure, consumer goods, and rural development are expected to see positive impacts, while the telecom sector may face pressure from tax increases.
4) Overall the budget focuses on growth, rural development, and strengthening of the banking system, which are expected to benefit many
All the sectors including real estate had a number of expectations from the budget. The budget provides incentives for housing sector including ECB for low cost affordable housing projects, increase in provision for rural housing and extension of the interest subvention scheme of 1 percent on housing loan etc.
The document summarizes key aspects of the India Union Budget for 2013-2014. It highlights a strong push for rural markets and employment, deployment of resources towards training and education, and aid to border countries like Bhutan to counter Chinese influence. It also notes reduced focus on the urban salaried middle class. Key expenditure areas covered include agriculture, rural development, education, health, infrastructure, and defense. Revenue sources discussed include various taxes as well as schemes to encourage compliance and investment.
The document provides a review of the Union Budget 2012-13. It discusses the government's fiscal deficit target for fiscal year 2013 and key incentives in the budget, including benefits for individual taxpayers and capital market incentives. It also provides a detailed sectoral review, summarizing the impact of various budget announcements on sectors like automobile and banking & financial services.
The document summarizes the key points of the Union Budget 2010-11 presented by Jitendra Gupta. The budget focuses on agriculture growth and infrastructure development. It aims to increase GDP growth to 9% and targets Rs. 25,000 crore in disinvestment. Major allocations were made to the agriculture, banking, infrastructure, education, and health sectors. Tax slabs were changed and corporate tax surcharge was reduced to 7.5% to provide stimulus to the economy.
The document summarizes key aspects of the Union Budget presented in India. It discusses proposals related to fiscal consolidation targets, revenues from divestment and taxes, and risks to achieving the fiscal numbers. It also outlines impacts on consumers from changes in duties on items like set top boxes, restaurant meals, homes, and phones. Benefits for women, farmers, investors, and policy support for skill development and SME listings are also summarized. Feedback collected from a survey on perceptions of the budget is presented.
The document summarizes key aspects of the Union Budget presented in India. It discusses proposals related to fiscal consolidation targets, revenues from divestment and taxes, and risks to achieving the fiscal numbers. It also outlines various impacts of the budget on consumers and industries, including increases in taxes on air-conditioned restaurants, mobile phones, and luxury homes. Measures to support women, skill development, and small and medium enterprises are also summarized. Finally, the document presents results of a survey on public perceptions of the budget.
The document discusses key aspects of the Union Budget of India including its meaning and impact. It means higher spending on job guarantee, farm credit, and rural development. Taxes are reduced for individuals and corporations to increase disposable income and stimulate the economy. Sectors like automobiles, banking, and retail will benefit from tax cuts and incentives while rural sectors see increased funding. The conclusion is that manufacturing, demand, sales, and ultimately taxes and government income will increase due to the budget provisions.
The Union Budget of 2010-11 aimed to support India's Vision 2020 by pursuing double-digit economic growth, making development more inclusive, and strengthening government systems. Key aspects included increased allocations to agriculture, infrastructure, education, and health. Direct taxes were modestly reduced while indirect taxes like excise duties were partially increased. The budget aimed to achieve a net revenue gain of Rs. 20,500 crore through measures affecting direct and indirect taxes.
The document summarizes key aspects of the Indian budget for 2015. It highlights initiatives to promote clean energy and infrastructure development. Key points include allocating funds for 5 new ultra mega power projects (UMPPs) to address energy needs, increasing clean energy cess to fund renewable projects, reducing duties on components to boost solar and wind manufacturing, and measures to improve road, rail and port infrastructure through increased funding and private partnerships. The budget aims to boost sustainable growth through a focus on clean energy and infrastructure development.
Similar to Karvy Private Wealth - Budget Highlights (20)
The document provides a weekly summary of key economic indicators and financial market performance in India for the period of 1st-8th June 2018. Some of the key highlights included:
- The Indian equity market ended the week flat with the Sensex gaining 0.61% supported by expectations of a normal monsoon, rupee strengthening, and falling crude prices.
- Bond yields rose as RBI raised repo and reverse repo rates by 25 bps while maintaining a neutral liquidity stance, suggesting this may be the only rate hike this fiscal year.
- FII investments were positive at Rs. 1,164 crore while DII investments were higher at Rs. 2,470 crore for the week.
- The Indian equity market rose slightly over the week, aided by falling crude oil prices and recovery in the rupee. Volatility increased due to political issues in Italy and trade war fears. Telecom and oil & gas sectors saw gains while infrastructure, realty, and pharma declined.
- The 10-year Indian government bond yield increased sharply by 11 basis points to 7.84% due to higher than expected GDP growth and inflation numbers.
- Key economic indicators included 7.7% GDP growth in Q4, 4.58% CPI inflation in April, and 12.65% growth in credit in May. The RBI's monetary policy meeting on June 6th is expected to take a h
- The key Indian equity indices Sensex closed the week with marginal gains of 0.5% despite volatility in the market from events like US Fed rate hikes and the de-nuclearization of North Korea. Pharma stocks gained the most while metals and oil & gas dragged.
- Yields on the 10-year Indian government bond eased initially but rose later in the week due to higher inflation numbers. The RBI kept policy rates unchanged.
- Internationally, the US Federal Reserve raised interest rates as expected while China's industrial production growth slowed slightly. The Trump-Kim summit led to agreements on denuclearization.
The document provides an outlook on global debt markets in November 2016. It notes that global bond yields are rising rapidly as central banks move away from easy monetary policies. The US 10-year Treasury yield rose to a 5-month high near 1.87% on expectations of a December rate hike by the US Federal Reserve. German and UK bond yields also increased. Global bond markets experienced a significant selloff due to expectations of higher US rates and uncertainty around the ECB's bond purchase program.
The document provides an overview and outlook across various asset classes and sectors in India and globally. Some key points:
- Domestic equity markets have seen modest gains of around 8.5% year-to-date despite recent volatility due to political tensions. Bond yields have fallen in India on expectations of further rate cuts.
- Global central banks like the Fed and ECB appear less accommodative but the US economy remains resilient. Growth has slowed in Japan and parts of Europe.
- Automobiles, banks, FMCG and infrastructure sectors are expected to perform well in India, while cement may see a recovery. Select domestic sectors and stocks still appear attractive relative to other emerging markets.
- The document provides an economic and market summary for the week of November 14-18, 2016. It discusses developments in global markets, the Indian economy and stock market, and provides commentary on sectors and asset classes.
- Key points include the expectation of US Federal rate hikes in December, the impact of India's demonetization on various industries, and an outlook that Indian stock markets will see further declines in the short-term but provide buying opportunities. Debt markets are also seen as favorable due to expected interest rate cuts.
The document provides an analysis of recent events affecting global markets. It discusses two major events: 1) US presidential elections resulting in a victory for Donald Trump and 2) India's demonetization of Rs. 500 and Rs. 1000 currency notes. It summarizes the short-term negative impacts these events will have on certain sectors in India as well as longer-term positive impacts expected, especially in banking, infrastructure, and rate-sensitive sectors. Market indices are expected to remain cautious in the near-term but the analysis maintains a long-term bullish outlook for Indian markets.
The document summarizes recent news and developments in global markets and the Indian economy from October 31 - November 4, 2016. It discusses the impact of the FBI announcement regarding Hillary Clinton's emails on US and global markets. It also covers the upcoming US presidential election and its potential effects. Domestically, it discusses recent inflation data, bank earnings, and the progress of GST implementation in India. Globally, it mentions recent economic data and central bank decisions in the US, UK, Eurozone, and China.
The document provides an equity market outlook and analysis for the period of Diwali to Diwali (October 2016 to October 2017). It notes that large caps underperformed with returns of 5-6% last year while midcaps saw stronger returns of 19-20%. For the current year, it expects lower double digit returns for large caps and 15-20% returns for mid and small caps. It recommends focusing on sectors with good private demand like financials, automobiles, and consumer durables. Large caps are seen as providing stability but lower returns compared to midcaps where returns of 15% are expected over the next year for those with a higher risk appetite and 2-3 year investment horizon.
- Markets have shown a flattish trend for the past few weeks due to mixed global news and lack of interesting domestic news. Quarterly earnings will be a key focus.
- The US Fed minutes showed many members supported a rate hike while others wanted rates kept steady. Globally, some nations want softer rates while developed nations prefer harder rates.
- In India, quarterly earnings just began and will be important, with IT companies continuing to disappoint so far. Regional cement players may report better numbers than large caps with nationwide reach. Private banks are expected to report strong results.
- Last week, global equity markets declined sharply due to one bad trading day that rattled investors who had become complacent about continuously rising prices. However, market corrections of 6-8% are normal and investors should focus on investing in good quality stocks during declines rather than withdrawing.
- Concerns remain about instability in Europe's banking system, uncertainty around US interest rates after the election, and potential for Chinese currency devaluation. Wholesale inflation slowed in India while the government may increase public spending to spur growth.
- Key stock indices declined over the past week with the Sensex falling 1.46% while most sectors also ended lower with metals and power dropping the most.
- The monetary policy committee unanimously agreed to cut interest rates by 0.25 basis points, though some banks have passed on lower rates between 0.10-0.15%. Rate cuts are hoped to boost consumption.
- Early indicators show strong consumer durable and auto sales during the Ganpati and upcoming festivals, suggesting good consumption for the next few months.
- Earnings growth of 17-18% is expected this fiscal year, with most growth occurring in the third and fourth quarters.
- Upcoming global events like the US elections and potential interest rate hikes could increase volatility.
The document provides an overview of global and domestic markets and economic indicators for the week of September 5-9, 2016. Key points include:
- There was a global market correction on Friday due to falling bond prices, though this does not necessarily mean the dislocation in markets has been corrected.
- Indian consumer inflation is expected to have eased in August but may still be too high for an interest rate cut in September. Tax receipts rose robustly in August.
- Economic data from major economies like Germany, the US, and China suggests slowing growth, while long-term debt issuance in Europe may increase risks.
- Indian indices fell for the week while commodities like crude oil rose and the rupee
The document provides a weekly summary of domestic and global economic news from August 29th to September 2nd, 2016.
Domestically, Indian factory activity expanded at its fastest pace since mid-2015 in August. However, India's annual economic growth slowed to 7.1% in the second quarter, below expectations. Globally, British manufacturing rebounded in August after Brexit. US job growth slowed in August, likely putting off a Federal Reserve rate hike. China and the US committed to refrain from competitive currency devaluations. Major stock indices rose around 1-3% over the week.
This document provides an overview and outlook across various sectors in India and globally. It discusses domestic and global economic factors, equity and debt market performance, sector-specific views, and other relevant topics. Key points include a positive outlook for domestic consumption sectors due to the festive season, signs of recovery in the Indian manufacturing sector, and expectations that global central banks will continue accommodative monetary policies.
- The equity markets in India traded in a narrow range over the past week and are expected to remain range-bound in the coming weeks. Key economic data like GDP and core sector growth were in line with expectations.
- In the US, recent data points to continued moderate economic growth and makes the case for an interest rate hike in September. The impact of rate hikes is expected to be greater on developed markets than emerging markets like India.
- Macroeconomic indicators from China suggested efforts to reduce corporate financing costs and tax burdens to boost the economy, while the central bank took measures to inject liquidity into markets.
This document provides a weekly summary of economic, market, and other news from August 16-19, 2016. Some key points:
- India's CPI inflation rose above 6% in July, exceeding the central bank's tolerance limit and raising expectations of further rate hikes.
- Global government bond yields increased modestly, with the US 10-year yield rising to 1.6%, while oil prices fell on doubts that upcoming producer talks would reduce oversupply.
- Domestically, strong monsoon rains are expected to boost agricultural growth and the overall economy. Internationally, China's exports declined in 2016 and are projected to fall further due to economic pressures.
This document provides a weekly summary of global and domestic economic news and market performance for the week of August 8-12, 2016. Some key points:
- India's wholesale and consumer price inflation increased in July driven by higher food prices. Industrial production growth slowed in the Eurozone and China.
- US retail sales were flat in July and the budget deficit declined, while China's economic growth slowed with the weakest investment growth in over 15 years.
- The Indian stock market ended the week slightly lower, with the Sensex falling 0.11%. Most sectoral indices also declined over the week except for banking. Commodity prices were mixed with gold falling slightly while crude oil rose.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
South Dakota State University degree offer diploma Transcriptynfqplhm
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A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
New Visa Rules for Tourists and Students in Thailand | Amit Kakkar Easy VisaAmit Kakkar
Discover essential details about Thailand's recent visa policy changes, tailored for tourists and students. Amit Kakkar Easy Visa provides a comprehensive overview of new requirements, application processes, and tips to ensure a smooth transition for all travelers.
New Visa Rules for Tourists and Students in Thailand | Amit Kakkar Easy Visa
Karvy Private Wealth - Budget Highlights
1. UNION BUDGET- 2011-2012
Key highlights
Fiscal deficit for 2010-11 seen at 5.1% against 5.5% budgeted; deficit for 2011-12 projected at 4.6% of GDP
FY10-FY11 FY11-FY12 FY12-FY13 FY13-FY14
Fiscal Deficit 5.1% 4.6% 4.1% 3.5%
(Lower than the
budgeted 5.5%)
Tax to GDP ratio 9.8% 10.4% 10.8%
Public sector disinvestment target for 2011-12 is raised to Rs 40,000 cr
Gross market borrowing for 2011-12 seen at Rs 4.17 trillion. Total expenditure in 2011-12 seen at Rs12.58
trillion (1 trillion= 1 lakh cr)
Economy is expected to grow at 9% in 2012 (+/- 0.25%); Inflation seen at 5% in 2011-12
Subsidy
- Government to introduce direct cash payments for those entitled to subsidies in kerosene, cooking gas and
fertiliser by March, 2012.
- Government considering extension of nutrient-based subsidy for urea, the largest chunk of fertilisers used in
agriculture
(The amount of subsidy provided by the Govt. is Rs 1.44 trillion .The subsidy amount provided by the Govt.
appears to be less considering the rising crude prices etc. Lower estimate of subsidy, indicates that the
subsidies will be slowly more rationalized and likely to be more decontrolled.)
Indirect Tax
- Service tax levels and excise duty are maintained at 10%
- The service tax net was increased to over 320 services from 117 services currently through either the
addition of new services or the expansion of the scope of the existing services.
- Excise exemptions withdrawn on 130 items; to pay minimum excise of 1% from next year
- Peak rate of customs duty remains unchanged
Direct Tax Code will come into effect from 1st April 2012
The finance minister made no commitment regarding Goods & Service Tax
Corporate Taxation
- Corporate tax surcharge reduced from 7.5% to 5%. Hence the effective Corporate Tax rate is 32.25%.
- Minimum Alternate Tax has been increased from 18% to 18.5%.
Other Details
Infrastructure
- Government to allow issue of Rs 30,000 cr worth of tax-free bonds by infrastructure companies in 2011-12
- Tax deduction for investment in infrastructure bonds of Rs 20,000 extended for one more year
- Investment in fertiliser plants and machinery to be treated as infrastructure investment
2. FIIs
- Foreign institutional investor limit in 5-year corporate bonds for investment in infrastructure to be raised by
$20 billion. Hence the new limit is $ 40 bn.
- Foreign individual investors allowed to invest directly in mutual funds subject to KYC requirements
Impact on individuals
Individual Tax Slabs
Male Individual Tax Payer Female individual Taxpayer Senior Citizen Tax Payer
Slabs (Rs) Rate (%) Slabs (Rs) Rate (%) Slabs (Rs) Rate (%)
Upto 1,80,000 0 Upto 1,90,000 0 Upto Rs 2,50,000 0
(IT exemption for (Entitlement age reduced to 60
taxpayers raised from Rs from current 65. Citizens above
1.6 lakh to Rs 1.8 lakh. Tax 80 years to get higher IT
relief is about Rs 2,000 deduction limit of Rs 5 lakh from
across-the-board. ) this year)
1,80,000-5,00,000 10 1,90,000-500000 10 2,50,000-5,00,000 10
5,00,000-8,00,000 20 5,00,001-8,00,000 20 5,00,001-8,00,000 20
8,00,001 30 8,00,001 and above 30 8,00,001 and above 30
Priority sector home loans limit raised to Rs 25 lakh from Rs 20 lakh.
Interest subvention on home loans up to Rs 15 lakh. Mortgage risk guarantee corporation to insure loans to the
poor.
3. Through this budget the Finance Minister has tried to strike an appropriate balance between the requirement of growth
and the need for fiscal consolidation. Some of the key positives are:
- Reduction in fiscal deficit
- Subsidy targets are low and hence it is expected that there will be a rationalized decontrol of petroleum and
fertilizer subsidies
- Service tax and excise duties are maintained at 10%
- Surcharge is reduced, hence lower corporate tax
- Allowing foreign entities to invest in Indian MF & increasing the upper limit in corporate bond investments by
the FIIs
- Shifting the subsidy into the cash mode and not through the bond route
- Not a populist budget
There were still some issues unanswered by this budget:
- No commitment regarding the Goods & Service Tax
- No clear mention of FDI road map
This budget had a positive impact on Alpha & we continue to maintain a positive stance on Public sector banks, FMCG &
Infrastructure.
4. Sector summary
Sector Budget Impact Remarks Alpha Exposure
(%)
BFSI -To create Rs 100 cr equity fund for ~26%
Microfinance cos.
-Banks have been asked to increase lending -Positive for all Public sector banks
to farmers
-Recapitalization of Rs 6000 cr for PSBs
-To give 3% interest subsidy to farmers in
FY12
-To bring bill to enable RBI to grant more
banking licenses
- NRI's are allowed to invest in mutual funds
-1% Interest subvention on home loans up
to Rs 15 Lakh
IT -No mention of STPI and Sec 80IA and 80IB -Negative for IT Cos ~7%
-Increase in MAT -Affecting tier-I IT companies that
have set up their SEZs who will
now be affected with an increase
in the tax rates from FY12.
Oil & Gas - Direct Cash Subsidy to be provided instead -Positive ~8%
of bonds
-Rs 300 cr to be allocated for oil palm
production
Engineering -Propose to levy MAT on developers of SEZ`s -Negative for developers of SEZ’s ~ 10%
-Railway Budget: High demand for coach,
wagons can't be met immediately
-Railway Budget: Wagon procurement target
at 18,000 units in FY12
-Railway Budget: Working on 1000 MW
captive power plant in Bihar
-Railway Budget: To spend Rs 9,583 Cr for
new line in FY12
Auto -Maintained Excise Duty at 10% -Positive for Auto ~ 4%
-National mission for electric and hybrid
vehicles to be set up to create environment-
friendly automobiles
Cigarettes -No additional taxes on cigarettes -Positive for the Sector Nil
Transport -Propose to raise service tax on air travel -Positive for aviation cos Nil
-Ship owners allowed duty free spare part -Positive for shipping cos
imports
5. Power -No excise duty on equipment for UMPPs -Encourage faster addition of Nil
-On-going metro projects will be provided power plants in the country and
financial help for speedy execution help in addressing the problem of
-Railway Budget: Planning 1320 MW thermal power scarcity
power plant in Agra -Benefit all the power generation
-Tax holiday was announced for power companies which are currently
companies under section 80-IA (4) was expanding its capacities.
extended by one-year.
Cement -Cement excise duties will be shifted to Nil
valorem basis from specific duty now
-Import duty on gypsum and coal from 5% to
2.5% -Positive for cement companies
Metals & -Export duty on export of iron ore has been -This is negative for iron ore ~4%
Mining raised to ad valorem 20% on lumps as well importing companies
as fines. -No imposition of mining tax (26%
at PBT) is a positive for mining
companies as well as steel
companies with captive mines
Textiles 10% excise duty on branded garments -Negative for textile cos ~4%
Construction & -Upped priority home loan limit to Rs 25 -Positive for real estate companies ~10%
Real Estate Lakh Vs Rs 20 Lakh who have a major exposure to
-Raised Corpus of Rural Infra Development affordable housing
Fund to Rs 18000 cr vs Rs 16000 cr -Positive for civil & construction
-FII limit in corporate bonds in Infra is being companies
raised by additional USD 20 bn
-Railway Budget: To set up rail industrial
park in Nandigram, New Bongaigaon
-Railway Budget: To build 10,000 shelters
near suburban railways
Agriculture -Reduce customs duty on micro irrigation -Positive for the sector Nil
equipment
-Private investment in Agro Processing
Should Increase
-To focus on removing supply bottlenecks in
the food sector
-To raise credit flow target to agriculture
sector to Rs 4.75 trillion
-Give 3% interest subsidy to farmers in 2011-
12
Healthcare -FY12 health sector outlay at Rs 26,760cr, up -Positive for the sector ~8%
20%
Education -Education Sector Allocated Rs 52,057 Cr In -Positive for the sector Nil
FY12
6. Telecom -Increase in MAT -Negative for the sector ~4%
FMCG -Increased spending on critical ~8%
rural infrastructure and social
security to Rs 58,000 cr. This
scheme has been driving the
disposable incomes in rural areas
which in turn would help rural
consumption.
7. Swapnil Pawar Neha Arora
Disclaimer
The information and views presented here are prepared by Karvy Private Wealth or other Karvy Group companies. The information
contained herein is based on our analysis and upon sources that we consider reliable. We, however, do not vouch for the accuracy or
the completeness thereof. This material is for personal information and we are not responsible for any loss incurred based upon it.
The investments discussed or recommended here may not be suitable for all investors. Investors must make their own investment
decisions based on their specific investment objectives and financial position and using such independent advice, as they believe
necessary. While acting upon any information or analysis mentioned here, investors may please note that neither Karvy nor any
person connected with any associated companies of Karvy accepts any liability arising from the use of this information and views
mentioned here.
The author, directors and other employees of Karvy and its affiliates may hold long or short positions in the above-mentioned
companies from time to time. Every employee of Karvy and its associated companies are required to disclose their individual stock
holdings and details of trades, if any, that they undertake. The team rendering corporate analysis and investment recommendations
are restricted in purchasing/selling of shares or other securities till such a time this recommendation has either been displayed or has
been forwarded to clients of Karvy. All employees are further restricted to place orders only through Karvy Stock Broking Ltd.
The information given in this document on tax are for guidance only, and should not be construed as tax advice. Investors are advised
to consult their respective tax advisers to understand the specific tax incidence applicable to them. We also expect significant
changes in the tax laws once the new Direct Tax Code is in force – this could change the applicability and incidence of tax on
investments
Karvy Private Wealth (A division of Karvy Stock Broking Limited): Operates from within India and is subject to Indian regulations.
Mumbai office Address: 702, Hallmark Business plaza, Sant Dnyaneshwar Marg, Bandra (East), off Bandra Kurla Complex, Mumbai
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