BUSINESS
Markets expected to be volatile today
The Sensex was up by 387 points at 46,673 points in morning trade as all eyes were on the crucial Budget to be presented by Finance Minister Nirmala Sitharaman. Indusind Bank, ICICI Bank were the top gainers in the 30 share index. IT and pharma stocks are in the red while all other sectors in the indices are trading in the green.
Digital Budget: 'Made in India' tablet replaces 'bahi-khata'
With the move aimed at a paperless Budget, now 'bahi khata' (a ledger wrapped in red cloth) has been completely removed from this year -- a move to reinforce Prime Minister Narendra Modi's ambitious 'Digital India' mission. In 1947, India's first Finance Minister R. K. Shanmukham Chetty carried a leather portfolio to present the first Budget.
Additional revenue measures unlikely: Axis Capital
Axis Capital said in a note that recently revised corporate tax structure would be retained to maintain policy consistency so as to not deviate from the objective of attracting new investments. It added that personal tax hikes would curb consumption momentum hence prove counter-productive. Personal tax cuts may not net higher taxes as it could be saved given still uncertain income outlook.
India's first Budget amid Covid pandemic
Accordingly, Finance Minister Nirmala Sitharaman will present her third and most significant Finance Bill to Parliament. This year's Budget assumes significance as the Centre has to play a balancing act between inducing fiscal expansion, giving demand stimulus and maintaining the deficit under control.
Finance Minister leaves for Parliament to present Budget 2021
Sitharaman will present the Budget at 11 a.m. in the Lok Sabha. The Budget is in a series of three-four mini Budgets presented during last year considering the pandemic. This would be Sitharaman's third Budget under the National Democratic Alliance (NDA) government led by Prime Minister Narendra Modi.
Global Chromebook market grows by over 4 times, HP leads
HP maintained top spot in the market with 3.5 million units shipped, up 235 per cent year-on-year. Lenovo placed second in the Chromebook market, having managed to greatly ramp up production to hit 2.8 million units for a massive 1,766 per cent growth," according to the report by market research firm Canalys.
GST fraud of Rs 940 cr busted, 340 bogus firms under lens
According to CyPAD, as many as 340 bogus companies suspected to be involved in fake business transactions are under the scanner. Police said that in order to generate the GST number, the fraudsters used fake or stolen PAN and Aadhaar cards. They have registered fake firms on GST portal and also procured multiple SIM cards on fake documents.
Union Budget 2021 highlights: Budget focuses on healthcare and Infrastructure, says Finance Minister Nirmala Sitharaman
The finance minister is likely to provide more funds for crucial areas like healthcare, job creation and Micro Small and Medium Enterprises (MSMEs). The current fiscal year is likely to witness a net GDP contraction by 7%. However, the GDP is expected to grow by 11% in FY22 making it the world's fastest-growing economy after coronavirus pandemic, according to the Economic Survey for 2020-21.
January GST collection at nearly Rs 1.2 lakh cr
Out of the total GST collection, CGST was Rs 21,923 crore, SGST was Rs 29,014 crore, IGST was Rs 60,288 crore (including Rs 27,424 crore collected on import of goods) and cess was Rs 8,622 crore (including Rs 883 crore collected on import of goods), a Finance Ministry statement said.
Rajya Sabha Budget Session's first phase curtailed by 2 days
The decision was taken in the Parliamentary Affairs Committee meeting chaired by the upper house's Chairman M. Venkaiah Naidu. Leaders of all political parties unanimously decided that the first part of the budget session would be conducted by February 13 so that the Parliamentary Committees attached to the Ministries and Departments can inquire into their demands for grants.
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