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 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
Newsletter on daily professional updates- 1st January 2020CA PRADEEP GOYAL
"Knowledge is the eye of desire and
can become the pilot of the soul"
Here is your Daily dose of professional updates 01.01.2020
Wish you and your family a very health & happy new year.
This presentation aims to break down the Nigeria Budget as presented by the President into bits & pieces in order to foster deeper analysis and monitoring, and hopefully to help recruit more budget analysts.
The current Bangladesh Economic Update reveals that fall in growth in collection of revenue, rising per capita debt burden and shrinking public sector investment may contract expansion of gross domestic product (GDP).
Newsletter on daily professional updates- 1st January 2020CA PRADEEP GOYAL
"Knowledge is the eye of desire and
can become the pilot of the soul"
Here is your Daily dose of professional updates 01.01.2020
Wish you and your family a very health & happy new year.
This presentation aims to break down the Nigeria Budget as presented by the President into bits & pieces in order to foster deeper analysis and monitoring, and hopefully to help recruit more budget analysts.
The current Bangladesh Economic Update reveals that fall in growth in collection of revenue, rising per capita debt burden and shrinking public sector investment may contract expansion of gross domestic product (GDP).
Recent budgeting developments - Mohammed Reezal Amad, MalaysiaOECD Governance
This presentation was made by Mohammed Reezal Amad, Malaysia, at the 14th OECD-Asian Senior Budget Officials Meeting held in Bangkok, Thailand, on 13-14 December 2018
This Memorandum summarizes an overview of economy for the year 2015-2016 and the important changes proposed through the Finance Bill 2016. It contains comments on the budget and on the Finance Bill 2016, including highlights of the changes brought through the Income Tax Ordinance, 2001, the Sales Tax Act, 1990, the Federal Excise Act, 2005, the Customs Act, 1969, the Islamabad Capital Territory (Tax on Services) Ordinance, 2001 and Fiscal Responsibility and Debt Limitation Act, 2005. The amendments proposed through the Income Tax Ordinance, 2001 and through other laws are intended to be effective once the parliament has accorded its assent and thereafter, would be effective from July 01, 2016 i.e. tax year 2017 unless otherwise indicated.
This Memorandum is intended to provide general guidance to the readers on the important changes brought through the Bill and should not be considered as a substitute for specific advice relating to a particular enactment. For considering the precise effect of a proposed change, reference should be made to the appropriate wordings in the relevant statutes and the notifications issued where relevant.
Budget Preview 2015-16: 'Acche din' for capital market?IndiaNotes.com
FY16 Union Budget would be presented in the backdrop of easing inflation and interest rates but continued growth challenges which the government needs to address.
This document has been prepared by the Finance Team of SED for information purpose only of its members residing both in Bangladesh and abroad, on the basis of the publicly available information in the market and own research. This document is not directed to, or intended for distribution to or use by, any person or entity that is citizen or resident of or located in any locality, state, country, or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation . The information and data presented herein are the exclusive property of SED and any unauthorized reproduction or redistribution of the same is strictly prohibited . No part of this report should be copied or used in any other report or publication or anything of that sort without proper credit given or prior written permission taken from the authorized publisher of this report . This disclaimer applies to the report irrespective of being used in whole or in part .
It gives me a pleasure to present the summary and analysis of Union Budget 2015.
While you may have the snapshot, here is a document which will not only give you crisp highlights, but would also decode the impact of Budget 2015 on You, Your company and Your sector.
Hope you find this analysis useful in taking business decisions and align your company's strategy with over all economic climate for the upcoming financial year.
Would love to hear your feedback on the usefulness of the same.
Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
Latino Buying Power - May 2024 Presentation for Latino CaucusDanay Escanaverino
Unlock the potential of Latino Buying Power with this in-depth SlideShare presentation. Explore how the Latino consumer market is transforming the American economy, driven by their significant buying power, entrepreneurial contributions, and growing influence across various sectors.
**Key Sections Covered:**
1. **Economic Impact:** Understand the profound economic impact of Latino consumers on the U.S. economy. Discover how their increasing purchasing power is fueling growth in key industries and contributing to national economic prosperity.
2. **Buying Power:** Dive into detailed analyses of Latino buying power, including its growth trends, key drivers, and projections for the future. Learn how this influential group’s spending habits are shaping market dynamics and creating opportunities for businesses.
3. **Entrepreneurial Contributions:** Explore the entrepreneurial spirit within the Latino community. Examine how Latino-owned businesses are thriving and contributing to job creation, innovation, and economic diversification.
4. **Workforce Statistics:** Gain insights into the role of Latino workers in the American labor market. Review statistics on employment rates, occupational distribution, and the economic contributions of Latino professionals across various industries.
5. **Media Consumption:** Understand the media consumption habits of Latino audiences. Discover their preferences for digital platforms, television, radio, and social media. Learn how these consumption patterns are influencing advertising strategies and media content.
6. **Education:** Examine the educational achievements and challenges within the Latino community. Review statistics on enrollment, graduation rates, and fields of study. Understand the implications of education on economic mobility and workforce readiness.
7. **Home Ownership:** Explore trends in Latino home ownership. Understand the factors driving home buying decisions, the challenges faced by Latino homeowners, and the impact of home ownership on community stability and economic growth.
This SlideShare provides valuable insights for marketers, business owners, policymakers, and anyone interested in the economic influence of the Latino community. By understanding the various facets of Latino buying power, you can effectively engage with this dynamic and growing market segment.
Equip yourself with the knowledge to leverage Latino buying power, tap into their entrepreneurial spirit, and connect with their unique cultural and consumer preferences. Drive your business success by embracing the economic potential of Latino consumers.
**Keywords:** Latino buying power, economic impact, entrepreneurial contributions, workforce statistics, media consumption, education, home ownership, Latino market, Hispanic buying power, Latino purchasing power.
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
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.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
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what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
NO1 Uk Black Magic Specialist Expert In Sahiwal, Okara, Hafizabad, Mandi Bah...Amil Baba Dawood bangali
Contact with Dawood Bhai Just call on +92322-6382012 and we'll help you. We'll solve all your problems within 12 to 24 hours and with 101% guarantee and with astrology systematic. If you want to take any personal or professional advice then also you can call us on +92322-6382012 , ONLINE LOVE PROBLEM & Other all types of Daily Life Problem's.Then CALL or WHATSAPP us on +92322-6382012 and Get all these problems solutions here by Amil Baba DAWOOD BANGALI
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how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
2. Union budget of India
The Union Budget of India, referred to as the
Annual Financial Statement in Article 112 of
the Constitution of India, is the annual budget
of the Republic of India, presented each year
on the last working day of February by
the Finance Minister of India in Parliament.
The budget, which is presented by means of
the Financial Bill and the Appropriation bill has
to be passed by the House before it can come
into effect on April 1, the start of India's
financial year.
3. Definition of 'Budget'
An estimation of the revenue and expenses
over a specified future period of time. A budget
can be made for a person, family, group of
people, business, government, country,
multinational organization or just about
anything else that makes and spends money.
A budget is a microeconomic concept that
shows the tradeoff made when one good is
exchanged for another.
4. About 2014-15 Budget
The incumbent Government presented the Union
Budget for FY14-15 on 10th JULY, 2014.
Indian Government having attained a full majority after
30 years.
The Priorities before the Government in the FY14-15 is
more challenging as the country is caught between low
growth, high inflation particularly food inflation,
deteriorating employment conditions, diminishing
energy security, slowdown in manufacturing activities,
vulnerability of currency fluctuations and not to mention
the fiscal and current account imbalances. Social issues
like women safety and lack of sanitation and corruption
calls for immediate attention.
5. The main themes for the FY15
budget:
Invoke measures to revive GDP growth.
Striking a balance between fiscal consolidation &
public spending while maintaining sustainable
inclusive growth.
In particular take stance on subsidies and hence
indicate policy relating to fuel pricing. The ultimate
targeted number will be indicative of the policy that
will be followed during the year on calibrating
prices of diesel, LPG and kerosene to the market.
Focusing on increasing infrastructure investment
which can provide a big push to the economy.
6. Cont…
Moving towards implementation of GST and
DTC.
Measures to revive financial savings which have
been declining in the last couple of years and
also getting reflected in pressure on CAD.
Improving investor confidence by addressing
issues that have caused apprehension in the
past.
7.
8. Budget at Glance
2012-13
Actual
2013-14 BE 2013-14RE 2014-15BE
Revenue
Receipts
879232 1056331 1029252 1189763
Tax Revenue 741877 884078 836026 977258
Non-Tax
Revenue
137355 172252 193226 212505
Capital
Receipts
531140 608967 561182 605129
Recoveries of
Loans
15060 10654 10802 10527
Other Receipts 25890 55814 25841 63425
Borrowings,
other liabilities
490190 542499 524539 531177
9. Cont…
2012-13
Actual
2013-14 BE 2013-14RE 2014-15BE
Non-Plan
Expenditure
996747 1109975 1114902 1219892
On Revenue
Account
914306 992908 1027689 1114609
Interest Payments 313170 370684 380066 427011
On Capital Account 82441 117067 87214 105283
Plan Expenditure 413625 555322 475532 575000
On Revenue
Account
329208 443260 371851 453503
On Capital Account 84417 112062 103681 121497
Total Expenditure 1410372 1665297 1590434 1794892
Revenue
Expenditure
1243514 1436169 1399540 1568111
11. REVENUE RECEIPTS(TAX) (Rs.
In Crore)
Corporation Tax 451005 33.05%
Taxes on Income 284266 20.83%
Wealth Tax 950 0.07%
Customs 201819 14.79%
Union Excise Duties 207110 15.18%
Service Tax 215973 15.83%
Taxes of Union Territories 3401 0.25%
Total 1364524 100%
12. REVENUE RECEIPTS(Non-TAX)
(Rs. In Crore)
Interest receipts 19751 9.29%
Dividend and Profits 90229 42.46%
External Grants 2405 1.13%
Other Non Tax
Revenue
99009 46.59%
Receipts of Union
Territories
1111 0.53%
Total 212505 100%
13. Total Expenditure (Rs. In Crore)
Total Non-plan
Expenditure
1219892 (67.96%)
Total Plan Expenditure 575000 (32.04%)
Total 1794892 (100%)
19. Ratio of taxes to GDP
9.9
11
11.9
10.8
9.6
10.2
9.9
10.2 10.2
10.6
10.9
11.2
9
10
11
12
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015* 2016* 2017*
Column1
20. Analysis of Tax and non-tax
Revenue receipts
0
200000
400000
600000
800000
1000000
1200000
In Rs. Crore
TAX Revenue
Non-Tax Revenue
21. TAX REVENUE EXPECTED TO
GROW MOST SINCE 2010-11
28.86
25.27
2.05 3.18
26.99
12.12
16.54
11.84
17.74
(Y-o-Y in %)
22. SPURT IN SERVICE TAX
COLLECTION TO FUEL
GROWTH
63.08
36.45
18.79
-4.13
21.56
37.31 35.99
24.38
30.95
Y-o-Y in %
23. OPTIMISM ON DIRECT TAX
GROWTH AS WELL…
38.36
34.68
8.08
14.92
19.24
11.31
13.45 13.93 15.78
Y-o-Y in %
24. …BUT MOST OPTIMISTIC
OUTLOOK IS FOR INDIRECT
TAXES
21.64
17.13
-3.94
-9.95
38.03
13.11
20.29
9.45
20.08
Y-o-Y in %
25.
26. Budget in Detail
Non-plan Expenditure of Rs.12,19,892cr.
with additional provision for fertilizer subsidy
and Capital expenditure for Armed forces.
Rs.5,75,000cr. Plan expenditure – increase
of 26.9 per cent over actual of 2013-14.
Total expenditure of Rs.17,94,892cr.
estimated.
Gross Tax receipts of Rs.13,64,524cr.
estimated.
Net to centre of Rs.9,77,258cr. estimated.
27. Cont…
Current Year Fiscal Deficit is 4.1% and Road
map for fiscal consolidation outlines fiscal
deficit of 3.6 % for 2015-16 and 3 % for
2016-17.
Revenue Deficit is Rs.378348cr. And Primary
deficit is Rs.104166cr.
31. Automobile
Positive
Announcement Impact
Increase in exemption limit for direct
tax by Rs.50,000 to Rs.2,50,000 for
individuals and to Rs.3,00,000 for
senior citizens. Exemption under
section 80C raised by Rs.50,000 to
Rs.1,50,000 for individuals.
Agricultural growth maintained at
4%; allocation of Rs.8lakh cr for
agricultural credit in FY2015 and
Rs.25,000cr for increasing
warehousing capacity.
Positive for the sector as it will
increase the disposable income of
individuals, thereby boosting demand
in personal mobility segments like
two-wheelers and hatchbacks.
Agricultural reforms will drive
demand for tractors. Demand for two-
wheelers in non urban areas will likely
get a boost. Thus, a positive for
companies like Mahindra & Mahindra,
Hero MotoCorp, VST Tillers, and
Kirloskar Oil Engines.
32. Banking
Positive
Announcement Impact
The composite cap in the insurance
sector is to be increased to 49% from
26% earlier with full Indian
management and control through the
FIPB route.
Allocation for National Housing
Bank increased to Rs.8,000cr to
support rural housing and Rs.4,000cr
for urban housing.
Tax on long term capital gains
increased from 10% to 20% for Debt
Mutual Funds and eligibility for LTCG
indexation benefit increased to 3 year
tenure.
Interest on loan in respect of self
occupied house property raised from
Rs.1.5 lakh to Rs.2 lakh.
Increase in cap to 49% will enable
insurance firms to get capital from
overseas players and this will lead to
value unlocking.
Positive for housing finance
compnies like Repco Home Finance
and Can Fin Homes.
This will reduce tax arbitrage as
compared to bank FDs thereby
affecting mutual fund industry
including companies like Reliance
Capital.
Positive for all the banks.
33. Capital Goods
Positive
Announcement Impact
The government has increased the
composite cap of foreign investment
in the defense sector from 26% to
49%. This would be applicable for
companies with full Indian
management and control.
Allocation of Rs.1,000cr for
development of rail connectivity in the
North East region.
Positive for the sector as it will
accelerate investments in the defense
sector. Defense equipment
manufacturing companies like Bharat
Forge, Astra Microwave Products,
Pipavav Defence etc. will be
beneficiaries.
Positive for companies involved in
manufacturing signals, locomotives
and also contractors. KEC
international, BHEL, ABB etc would
stand to benefit.
34. Consumer Goods
Mixed
Announcement Impact
An increase in the specific excise
duty on cigarettes has been proposed,
which will be in the range of 11% to
72%.
Reduction in excise duty on
footwear from 12% earlier to 6%.
Custom duty on fatty acids, crude
palm stearin, RBD and other palm
stearin, and specified industrial grade
crude oils reduced from 7.5% earlier
to Nil.
It is a negative for cigarette
manufacturing companies like ITC,
Godfrey Phillips and VST Industries.
It is a positive for footwear
manufacturing companies like Bata
India and Relaxo Footwear.
Positive for soap and Oleo
manufacturers. This is Could benefit
Adi-Finechem, HUL, GCPL.
35. Infrastructure Positive
Announcement Impact
Rs.14,389cr has been provided
for the Pradhan Mantri Gram
Sadak Yojna(PMGSY).
An investment of Rs.37,880cr in
national highways and state roads
has been proposed which
includes an allocation of Rs.3
000cr for the North East. A target
of national highway construction
of 8,500km has been announced
(vs 4,000km in the 2013-14
budget)
National Building Construction
Corporation would be a
beneficiary since it draws
construction orders from the
government.
Positive for companies which
are into
engineering procurement and
construction (EPC) of roads IRB
Infrastructure Developers, IL&FS
Transportation Networks &
Ashoka
Buildcon would be beneficiaries.
36.
37. TAX PROPOSALS
Direct Taxes
Personal Income-tax exemption limit raised by
Rs.50,000/- that is, from Rs.2lakh to Rs.2.5lakh in the
case of individual taxpayers, below the age of 60 years.
Exemption limit raised from Rs.2.5lakh to Rs.3lakh in the
case of senior citizens.
No change in the rate of surcharge either for the
corporats or the individuals, HUFs, firms etc.
The education cess to continue at 3 percent.
Investment limit under section 80C of the Income-tax Act
raised from Rs.1lakh to Rs.1.5lakh.
38. Cont…
Deduction limit on account of interest on loan in
respect of self occupied house property raised from
Rs.1.5lakh to Rs.2lakh.
Income arising to foreign portfolio investors from
transaction in securities to be treated as capital
gains.
Concessional rate of 15 percent on foreign
dividends without any sunset date to be continued.
Government to review the DTC in its present shape
and take a view in the whole matter.
39. Cont…
To remove tax arbitrage, rate of tax on long term
capital gains increased from 10 percent to 20
percent on transfer of units of Mutual Funds, other
than equity oriented funds.
Income and dividend distribution tax to be levied
on gross amount instead of amount paid net of
taxes.
Net Effect of the direct tax proposals to result in
revenue loss of Rs.22,200 crore.
40. THE CURRENT ECONOMIC
SITUATION AND THE
CHALLENGES
Decisive vote for change represents the desire of the
people to grow, free themselves from the curse of
poverty and use the opportunity provided by the society.
Country in no mood to suffer unemployment, inadequate
basic amenities, lack of infrastructure and apathetic
governance.
Challenging situation due to Sub five per cent growth
and double digit inflation.
Continued slow-down in many emerging economies a
threat to sustained global recovery.
First budget of this NDA government to lay down a
broad policy indicator of the direction in which we wish
to take this country.
41. Cont…
Recovery seen with the growth rate of world economy
projected at 3.6 per cent in 2014 vis-à-vis in 2013.
Steps announced are only the beginning of the journey
towards a sustained growth of 7-8 per cent or above
within the next 3-4 years along with macro-economic
stabilization.
Growing aspirations of people will be reflected in the
development strategy of the Government led by the
Prime minister Shri Narendra Modi and its mandate of
“Sab ka Saath Sab ka Vikas”.
Need to revive growth in manufacturing and
infrastructure sectors.
Tax to GDP ratio must be improved and Non-tax
revenues increased.
42. FLUCUATION OF MARKET ON
DAY OF BUDGET
DATES BUDGET DAY 1 WEEK LATER YEAR END
2/28/2005 2.12 2.46 39.98
2/28/2006 0.86 3.43 32.95
2/28/2007 -4.01 -2.77 56.8
2/29/2008 -1.38 -9.12 -45.12
2/16/2009 -3.42 -5.19 87.68
7/6/2009 -5.83 -4.58 24.36
2/26/2010 1.08 3.44 24.83
2/28/2011 0.69 2.24 -13.29
3/16/2012 -1.19 -0.6 11.22
2/28/2013 -1.52 2.93 12.24
7/10/2014 -0.28