Tuesday 11 December 2018, 05:37 PM
Equity indices plunge on LTCG tax rate announcement
By IANS | Bharat Defence Kavach | Publish Date: 2/1/2018 1:26:43 PM
Equity indices plunge on LTCG tax rate announcement

Mumbai: Key Indian equity indices plunged after Finance Minister Arun Jaitley on Thursday announced in his Budget speech long-term capital gains (LTCG) tax rate at 10 per cent for gains exceeding Rs 1 lakh.Around 12.45 p.m., the wider Nifty50 of the National Stock Exchange (NSE) fell by 59.70 points or 0.54 per cent to trade at 10,968 points.

On the BSE, the barometer 30-scrip Sensitive Index (Sensex) shed 411.99 points or 1.15 per cent to 35,553.03 points.The BSE market breadth was bearish with 1,676 declines and 897 advances.

On Wednesday, the benchmark indices closed in the negative territory on the back of negative global cues and heavy selling pressure in healthcare, consumer durables and capital goods stocks.The Nifty50 fell by 21.95 points or 0.20 per cent to close at 11,027.70 points, while the Sensex closed lower by 68.71 points or 0.19 per cent at 35,965.02 points.

India to grow at 8% soon, focus on education, healthcare, agri: FM Jaitley

New Delhi: Fe In his last full Budget speech Finance Minister Arun Jaitley on Thursday said India is poised to become $5 trillion economy soon from $2.5 trillion now. His speech focused more on the education, healthcare and agriculture. "We are now a $ 2.5 trillion economy, and we are firmly on path to achieve 8 per cent plus growth soon," Jaitley said while delivering his Union Budget 2018-19 speech here.

"We hope to grow at 7.2 per cent to 7.5 per cent in the second half of 2017-18," he added." "Rural infra, livelihood expenditure to be Rs 14.34 lakh cr in 2018-"9," he added. "From ease of doing business, our govt has moved to ease of living for the poor and middle class," he said.Jaitley said the government will set up a Rs 2,000 crore Agri-Market Development Fund.

Planning to boost micro, small and medium entreprises (MSME), the government plans to augment lending capacity under it to Rs 3 lakh crore in 2018-19. He said two new planning and architecture schools to be set up in IITs. The government would use technology to improve education"from "blackboard to digital"'oard"'. It has allocated Rs 1.38 lakh crore in FY19 for government health and education programmes.
 

Jaitley hails armed forces' role in protecting border, internal security

New Delhi: Union Finance Minister Arun Jaitley on Thursday hailed the role of armed forces in handling challenges on the border as well as the internal security environment in Jammu and Kashmir and northeastern states. "Our armed forces have played a stellar role in meeting the challenges we have been facing on our borders as well as in managing the internal security environment both in Jammu and Kashmir and the North East," Jaitley said while delivering his Union Budget 2018-19 speech in Lok Sabha. Jaitley said "I would like to place on record our appreciation for the efforts and the sacrifices made by the three services in defending the interests of the Nation."

Tags:

Budget,economy,MSME,capacity,education,expenditure,BSE,Sensex

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