India Budget 2016: Unsponsored ADRs, GDRs likely to get tax relief

The Union Budget 2016-17 is likely to exempt unsponsored American depository receipts (ADRs) and global depository receipts (GDRs) based on underlying Indian securities from capital gains tax. The move could be aimed at encouraging such listings.

Besides, such exemptions might also come for ADRs and GDRs based on Indian unlisted stocks and securities other than equities.

At present, India Budget 2016 the law exempts ADRs and GDRs from capital gains tax if they are backed by listed Indian shares; there is no such clarity if these depository receipts are issued against unlisted shares or securities other than shares.

Also, the relief is currently given only to sponsored ADRs and GDRs, not the unsponsored ones.

Read Full Article Over Here : Business Standard News

Budget session of UP Assembly to begin with Governor's address

The Budget News session of the Uttar Pradesh Assembly would begin today with the address of Governor Ram Naik to the joint session of both Houses.

Chief Minister Akhilesh Yadav would be presenting the Budget for the year 2016-17, which would be his fourth.

This would also be the last India Budget News of the present Samajwadi Party government as the state goes to polls early next year.

Officials told IANS that for now the session had been planned for 43 days but, would be sitting for a month as the tenure of the Budget session included public holidays and Sundays.

Read Full Article Over Here : Business Standard News

UN Report Says India to be Fastest-Growing Economy in 2016

Budget 2016 - India will be the world’s fastest growing large economy at 7.3 per cent in 2016, improving further to 7.5 per cent in the following year, a United Nations world economy report said on Friday.

“India’s economy, which accounts for over 70 per cent of South Asia’s GDP, is projected to grow by 7.3 per cent in 2016 and 7.5 per cent in 2017, slightly up from an estimated 7.2 per cent in 2015.”

Union Budget 2016-17 - India will be the fastest-growing large economy in the world, said World Economic Situation and Prospects 2016, which was released by the UN here.

The report said South Asia is expected to be the world’s fastest-growing region in 2016 and 2017.

Read Full Article Over Here : Business Standard News

Budget 2016: Budget May Offer TDS Relief To Taxpayers

The government is considering rationalising tax deducted at source, according to recommendations made by the R V Easwar Committee.

Officials said the changes in tax deducted at source (TDS) rates and thresholds would not have a significant revenue impact. Revision of the tiny annual limits, which were long overdue, would, however, benefit small depositors and pensioners, they added. "For the Budget 2016, we will be looking at recommendations that do not have large revenue implications. For the rest, we will have to do the math on the tax revenue foregone," said a government official.

The panel has suggested reducing the short-term capital gains tax on annual earning of less than Rs 5 lakh from trading of shares and not treating it as business income. This will have a significant revenue implication when the government is trying to lower the fiscal deficit to 3.5 per cent of the gross domestic product (GDP) in Budget 2016-17 from the projected 3.9 per cent in 2015-16.

Union Budget 2016: Govt To Drastically Lower FY17 Disinvestment Target

The government is likely to drastically scale down the disinvestment target for Union Budget 2016-17 from the one set for the current fiscal as markets are expected to stay subdued, industry chamber Assocham said today.

The government had budgeted to collect Rs 69,500 crore through PSU disinvestment in current fiscal. But volatile market conditions have forced it to delay stake sale plans.

Read our full coverage on Budget 2016

With only two months left for the fiscal to end, government has so far been able to mop up just Rs 12,700 crore through stake sale in four PSU.

The markets are expected to stay in subdued mood even in the next fiscal and the government is likely to drastically scale down targets for realisation of resources from PSU stake sale in the Budget for 2016-17, Assocham said.

"Hopefully, the Finance Ministry will desist from setting an un-realistic disinvestment yet again for Union Budget 2016-17," it said its Budget expectations.

Budget 2016: Capital Spending By States Could Slow In FY16

Growth in capital spending by states might slow in 2015-16 as compared to 2014-15, according to a study by ICRA of nine state Budget News.

For 2015-16, capital spending was budgeted to grow at a slower 15 per cent as compared to roughly 26 per cent in 2014-15 (revised estimates). Given the large variance between revised estimates and audited state accounts, the gap might be lower.

Read our full coverage on Budget 2016

The fiscal space for boosting capital spending in India Budget News 2016-17 at the state level might be further constrained in the coming year because of two reasons: The expected pay revisions of state employees in line with the Seventh Pay Commission's award and states taking over the accumulated debt of power distribution companies (discoms) under the central government's UDAY scheme, which would lower the funds available for capital expenditure.

Rajan To Wait For Budget Roadmap Before Next Rate Cut: HSBC

Even though the fall in oil prices has created some space to ease rates, HSBC today said it expects RBI Governor Raghuram Rajan to maintain status quo in the forthcoming policy review and wait for the fiscal roadmap presented in the Budget 2016.

"We do not think RBI will cut rates on February 2," it said in a note.

The foreign brokerage said even though oil has "opened some space", the exact quantum of the benefit will only be determined once the markets stabilise, and also by the stance of the Central government, which has till now let pass only half of the benefit by raising duties on oil products.

"The Budget 2016-17 on February 29 should show how this extra space will be shared between monetary and fiscal policies," the report noted.

The RBI will also be closely watching the Budget fine print, it said, adding its effect on inflation and financial stability will be closely watched.

Budget 2016: One-time receipts have kept revenue growth steady for years

The government has in the past 10 years managed to keep the momentum of revenue growth steady, thanks to one-time gifts each year, shows a piece of data that Finance Minister Arun Jaitley is unlikely to find from his Budget 2016 officers.

These gifts have hidden the rise in public debt as a percentage of the government’s core revenue. Over the past 10 years, each year, there has been average annual growth of more than 40 per cent in debt measured against tax and what one can call long-term non-tax revenue.

Since there is little scope for fresh gifts in Budget News 2016-17, the minister can face a very difficult fiscal maths this time.

The tendency to use one-off receipts or gifts to cover up low rise in taxes has been a long-standing one with the central government. But it seems to have run its course. So, in 2016-17, unless Jaitley can create something afresh, those gifts will not arrive. At the same time, he faces a much larger demand for higher expenditure.

Real Estate: Key expectations from Union Budget 2016

The Union Budget is an eagerly-awaited annual event which Indians follow closely, as the decisions and allocations announced by the Finance Ministry have great pertinence to both individuals and industries. The real estate sector is sensitive to many of policies that are announced both for various industries and individuals. The realty sector is just emerging from a prolonged and painful slowdown, and is looking for all and any signs of light at the end of the tunnel. This fact makes Union Budget 2016 all the more critical, and the real estate industry has many expectations from it.     

·Offer financial protection from project delays to home buyers

The Union Budget 2016-17 should pay specific heed to this pressing need. On purchase into an under-construction property, buyers can only claim tax benefits of Rs. 2 lakh after possession if construction is completed within three years. The benefits reduce to Rs. 30,000 if the builder delays construction beyond this - and they pay higher interest. First-time home buyers purchasing properties for self-use additionally pay rent.

Budget 2016: Enhanced capital spending likely

The coming Union Budget 2016-17 will likely come good on Finance Minister Arun Jaitley’s promise to continue the government’s public spending push, with capital expenditure (capex) for the next year expected to come close to Rs 3 lakh crore for the first time.

At a time when private sector balance sheets are stretched and banks burdened with non-performing assets, Jaitley had stated the Centre’s commitment to boost spending in infrastructure as an impetus for growth. For 2015-16, the finance minister had budgeted Rs 2.41 lakh crore in total capex (including loan disbursements), about Rs 49,053 crore, or 25.5 per cent, higher than the 2014-15 revised estimates of about Rs 1.92 lakh crore.

Read More News: Budget 2016             Union Budget 2016-17

Next year too, a similar push is expected as the India Budget 2016-17 budgeted capex could be around 20-25 per cent higher than this year. Compared to the budgeted figures available, that comes to around Rs 2.90-3.02 lakh crore.

Budget 2016: Enhanced capital spending in offing

Upcoming Union Budget 2016-17 will likely come good on Finance Minister Arun Jaitley's promise to continue the central government's public spending push, with capital expenditure for the next year expected to come close to Rs 3 lakh crore for the first time ever.

At a time when private sector balance sheets are stretched and banks burdened with non-performing assets, Jaitley had stated the centre's commitment to boost public spending in infrastructure as an impetus for growth. For 2015-16, the Finance Minister had budgeted Rs 2.41 lakh crore in total capital expenditure (including loan disbursements), about Rs 49,053 crore or 25.5% higher than the 2014-15 revised estimates of about Rs 1.92 lakh crore.

Next year too, a similar push is expected as the India Budget 2016-17 budgeted capital expenditure could be around 20-25% higher than this year, Business Standard has learnt. Compared to the budgeted figures available, that comes to around 2.90-3.02 lakh crore.

Union Budget 2016: Insurers seek tax sops for term, home insurance in Union Budget

Insurance companies are seeking additional tax benefits for those investing in life insurance products for a longer tenure, apart from making special provisions for home insurance in the upcoming Union Budget 2016.

Rajesh Sud, MD & CEO of Max Life Insurance said that life insurance products that are long term with tenure of 10 years and above should be given tax exemption over and above the current limits of Rs 1.5 lakh. He added that financial savings should be encouraged by giving more money in the hands of people.

Low penetration of insurance has been a concern in the country. With tax incentives, insurers believe more number of individuals will be motivated to buy an insurance policy.

Read our full coverage on Union Budget 2016

With the insurance regulator also pushing for more protection or pure term products, insurers have also sought a separate exemption limit for term insurance.

Budget 2016: Budget May Ease Rules For Offshore Fund Managers Moving To India

In a move to woo offshore fund managers to locate in India, the Union Budget 2016-17 is likely to relax conditions for them to avail of tax exemptions.

Budget 2015 had announced some exemptions by amending the permanent establishment (PE) norms. The rules were changed to the extent that mere presence of a fund manager in India does not constitute PE of the offshore fund. This implies these fund managers are exempt from corporate taxation in India.

"The present taxation structure has an in-built incentive for fund managers to operate from offshore locations. To encourage such offshore fund managers to relocate to India, I propose to modify the PE norms to the effect that mere presence of a fund manager in India will not constitute PE of the offshore funds resulting in adverse tax consequences," Finance Minister Arun Jaitley had said in his Budget 2016-17 speech last year.

However, these efforts have so far not been able to impress offshore fund managers like Citi, Morgan Stanley, JPMorgan and others, as conditions for availing of the tax exemptions are rather stiff.

Cabinet Reshuffle Likely To Push Jaitley Out Of Finance

Prime Minister Narendra Modi may look to press the reset button on his leadership this spring to reinvigorate stalled economic reforms and appease critics, eyeing a mix of tried and tested allies and fresh blood, senior government sources said.

The Budget 2016 government has overseen rapid economic growth, but failed on tax and land reforms, and the euphoria that met Modi's 2014 election triumph has given way to investor disillusionment; stocks have erased all of their gains since he won power.

The ruling Bharatiya Janata Party (BJP) faces a crucial election test in the most populous state of Uttar Pradesh in 2017 that it probably needs to win if it wants to hold on to power nationally in 2019.

“Modi needs to identify new talent and bring changes in his government. It will be too late if he fails to do it now,” said veteran newspaper editor and commentator Shekhar Gupta.

With an eye on Uttar Pradesh, Modi looks set to keep Amit Shah on as BJP president, sources said, extending his closest aide and election campaign manager's tenure by three years when it expires at the weekend.

However, Finance Minister Arun Jaitley, responsible for delivering the Modi message to international investors, may move to defence after he delivers his annual Budget in late February, sources said.

Union Budget 2016: FinMin May Stick To 3.5% Fiscal Deficit For FY17

With less than 40 days left for Finance Minister Arun Jaitley to present Union Budget 2016-17, its makers are said to be veering towards More sticking to the current medium-term fiscal consolidation schedule and set a fiscal deficit target for the next year at 3.5 per cent of gross domestic product (GDP).

Prime Minister Narendra Modi is likely to meet ministry officials in the first week of February. The government faces a substantial spending burden in 2016-17, primarily due to implementation of recommendations of the 7th Pay Commission, the One Rank, One Pension (OROP) issue and maintaining capital spending levels.

Read our full coverage on Union Budget 2016

For these reasons and a less than expected GDP growth, Chief Economic Advisor Arvind Subramanian called for a re-assessment of the medium-term fiscal road map in December, in the mid-year economic review. He’d lowered the official GDP growth forecast for the current financial year to 7-7.5 per cent from the earlier 8.1-8.5 per cent. Subramanian also warned that if the government stuck to the current path for fiscal consolidation, demand would be hit. He had said real GDP growth in Union Budget 2016-17, based on an analysis of likely demand, was not likely to be significantly greater than in this year.

Budget 2016: FinMin Veering In Favour Of Retaining Fisc Road Map; PM May Decide

With just over forty days left for Finance Minister Arun Jaitley to present the Union Budget 2016-17, budget makers are said to be veering towards sticking to the current medium-term fiscal consolidation roadmap and Read More set a fiscal deficit target for the next year at 3.5% of gross domestic product.

However, in case there remain multiple views on the matter late into the budget preparations, Prime Minister Narendra Modi may take the final decision on whether to re-assess the roadmap or stick to the current one, Business Standard has learnt.

The Modi government faces a substantial spending burden in fiscal year India Budget 2016-17, primarily due to implementation of recommendations of the Seventh Pay Commission, One Rank One Pension, maintaining capital spending levels as well as providing boost to revive a slowing rural economy.

Budget 2016: Realtors Seek Loan Restructuring, Tax Sops

Faced with acute slowdown in demand and delay in delivery of projects, realtors’ apex body Naredco today demanded tax sops for affordable homes and restructuring of bank loans.

 As part of its pre-budget Click Here recommendation to the government for revival of the sector, National Real Estate Development Council (Naredco) has sought infrastructure status for the housing sector, industry status of the entire real estate sector, which would help the developers to get bank loans at less interest.

 "We have submitted our pre-budget 2016-17 memorandum to the finance ministry and Housing and Urban Poverty Alleviation. We have demanded infrastructure status for housing and single- window approval for realty projects,“ Naredco President Parveen Jain told reporters here.

Budget 2016: Import duty on medical devices raised

The customs department has raised import duty on medical devices used for surgical, dental and veterinary use from the current five percent to 7.5 per cent (increase of 2.5 percentage points) to help companies manufacture these products in India itself. The move would help Make in India programme in these items.

The step came over a month ahead of the Business Standard Budget 2016-17, expected to be tabled in Parliament on February 29.

Besides, the government imposed special additional duty on these items of four per cent by withdrawing exemptions, a statement by the finance ministry said on Tuesday.

Also, basic customs duty will be reduced to 2.5 per cent on raw materials, parts and accessories of these items.

The steps would help companies such as Siemens which are into production of medical devices, besides smaller doemstic companies.

Union Budget 2016: Job stimulus a shot in the arm for MSMEs this Budget

With recognition of micro, small and medium enterprises (MSMEs) as major employment providers, Finance Minister Arun Jaitley is said to be considering a number of proposals to provide boost to MSME businesses in his upcoming See More Union Budget 2016-17.

These proposals include providing monetary incentives under Skill India to small-scale entrepreneurs to help them impart specific

training to unskilled labour and a flush of capital into the Technology Acquisition and Development Fund (TADF), meant to help business

to acquire the requisite machinery and technology to expand their operations.

Any such step would be in addition to the big-ticket initiatives already announced by the Narendra Modi government, including Startup

India, Mudra, and Standup India for women and scheduled caste/scheduled tribe (SC/ST) entrepreneurs.

At the launch of Startup India on January 16, Jaitley had already pledged to ease regulations to encourage start-up businesses and to lower long-term capital gains tax for new ventures in the upcoming Budget. Revenue Secretary Hasmukh Adhia had said the Union Budget 2016-17 will address the anomaly of venture capital funds in unlisted companies, attracting a long-term capital gains of 20 per cent compared with nil for investment in listed equities. Besides, a three-year tax holiday for entrepreneurs is also expected in the upcoming Budget.

Share pledges at 7-year high

Promoters of 517 companies have pledged nearly 46.35 per cent of their shares, the highest since the 2008 global financial crisis.

According to a report by Prime Database, promoter share pledges increased 14 per cent in the last quarter of 2015. The value of such shares rose to Rs 2.03 lakh crore in December from Rs 1.78 lakh crore in the previous quarter. Read More

Buying property online

Buoyed by the success of its previous sale during the festival season two months back where over 9,500 buyers registered on the website, Snapdeal has launched another online real estate shopping festival that showcases over 100 properties from all over India.

Most discounts are straightforward discounts on the selling price. A buyer can get a discount of up to Rs 2 lakh on Sunteck's City Avenue 1 project in Goregaon West in Mumbai that selling at Rs 16,500 a square foot.

Ruparel Realty's Primero at Tilak Nagar in Mumbai offers discount up to Rs 2.3 lakh that's selling for Rs 12,600 a sq ft and starting at Rs 85 lakh.

Flipkart invests in parenting social network Tinystep

Tinystep, a parenting social network, today said it has raised an undisclosed amount in seed funding from Flipkart.

The Bengaluru-based startup plans to use the funds to develop the product, enhance user experience and strengthen its team, Tinystep

said in a statement.

The funding will also be utilised to further accelerate the company's growth and user engagement, it added.

Tinystep is a mobile app that helps parents connect with each other to communicate, guide and collaborate with each other on parenting

with features like Q&A Forum, individual and group chats.

Dalit student suicide: FTII students sit on hunger strike

Expressing "solidarity" with students protesting over alleged suicide by a dalit scholar in Hyderabad, the students of Film and

Television Institute of India (FTII) on Tuesday sat on a day-long hunger strike outside the institute's gate here.

"We are in solidarity with students protesting the death of Rohit Vemula, and as many as eight students sat on hunger strike for a

day," FTII Students' Association president Harishankar Nachimuthu said.

The hunger strike started with eight students and slowly other students too are joining the protest, he said.

Mumbai power arrangement should suffice for a decade

Mumbaikars should continue to get power without interruption for at least a decade more, with the installation of additional transmission lines by the two bulk suppliers, Tata Power and Reliance Infrastructure.

Of the present daily demand of 3,300 Mw (growing at three to four per cent yearly), 2,200 Mw is met by these two private companies; the rest is brought from outside the city. The peak demand was 3,600 Mw during 2014-15. Rhere are 600,000 consumers with Tata and another three million with R-Infra. Another 900,000 get it through the BrihanMumbai Municipal Corporation.

Ambani brothers sign trading, spectrum-sharing pacts

Ahead of the commercial launch of Reliance Jio (RJio) services in April, the Ambani brothers on Monday inked the spectrum trading and sharing agreements for 800-850 MHz spectrum, which will give RJio an edge over the competition.

The deal assumes importance as it will give RJio a pan-India 4G network on 800-850 MHz frequency along with 2,300 MHz it already owns. The lower frequency offers better indoor coverage and provides seamless voice services through Voice over LTE (VoLTE). RJio has already soft-launched its 4G services.

Axis Bank Buys 200,000 Sq Ft Of Office Space In Mumbai

          
 In one of the largest office property deals in this city, Axis Bank recently bought 200,000 sq ft of space at The Ruby office complex in the Dadar West area for Rs 320 crore, said an executive.

          The deal was in the previous quarter and at Rs 16,000 a sq ft, said the executive. The Ruby Mills developed the property, a one million sq ft commercial project, in partnership with Rohan Lifescapes.

          "It could be a structured deal, where Axis Bank could have lent money to the owners of the property in the past," said the executive, adding no broker was involved.

           An e-mail to Axis Bank did not get a response. Senior executives at The Ruby Mills did not return calls or reply to messages on the subject.

Budget 2016: Implementation Of Pay Panel Award Likely To Be Deferred

With a massive financial resource crunch estimated for Budget 2016, the government is planning to defer the implementation of the 7th Pay Commission award.

Last week, the Union Cabinet approved the formation of an empowered committee of secretaries to work out ways for staggering the award through more than one financial year, instead of letting the Rs 1,02,100-crore bill from the implementation of the award come up at one go.

A top-ranked official said one of the options for the empowered committee was to defer the increase in allowances for central government employees, while letting the rise in pay for all scales to go through. According to finance ministry figures, the ratio of allowances to pay for these 4.7 million employees is 1:1.4. For instance, the Budget estimates in 2015-16 pegged the salary bill for all central government employees at Rs 60,731 crore, whereas the tab for allowances is Rs 84,437.4 crore.

The step would allow Finance Minister Arun Jaitley to keep the Budget numbers for this financial year and the next close to the targeted 3.9 per cent and 3.5 per cent of gross domestic product (GDP) that he has committed himself to. For instance, even if the annual expenditure for Budget 2016-17 were kept at about Rs 18 lakh crore (almost unchanged from Rs 17,77,477 crore in 2015-16), the Pay Commission recommendations would add another 5.5 per cent to it.

Economic-Survey Budget 2016: India Sees Firming Economic Growth

India is witnessing firming economic growth while most of the developed economies are seeing mixed trends, according to Paris-based think tank OECD.

The Organisation for Economic-Survey Budget Cooperation and Development (OECD) said there is diverging patterns among the major emerging economies with tentative signs of stabilisation in China and Brazil.

The assessment is based on Composite Leading Indicators (CLIs) that are designed to anticipate turning points in economic activity relative to trend.

India’s CLI inched up to 100.4 in November from 100.2 in October.

“Amongst the major emerging economies, the CLIs for China and Brazil confirm the tentative signs of stabilisation flagged in last month’s assessment.

"In Russia, the CLI anticipates growth losing momentum while the CLI for India signals firming growth,” OECD said in a statement today.

The think tank noted that CLIs continue to point to stable growth momentum in the OECD area as a whole but to diverging patterns across major emerging economies.

India had surpassed China as the world’s fastest growing Economic-Survey Budget 2016-17.

Earlier this month, India’s Chief Economic Adviser Arvind Subramanian said India has emerged as the world’s fastest growing economy notwithstanding global demand slowdown and four droughts.

In its mid-year economic analysis released last month, Finance Ministry had lowered the GDP growth forecast to 7-7.5% for the current fiscal ending March 2016, from 8.1-8.5% projected in the Economic Survey released in February 2015.

Meanwhile, OECD said the outlook is for stable growth momentum in the euro area as a whole, particularly in Germany and Italy, as well as in Canada and Japan. In France, the CLI signals growth firming.

“In the United Kingdom and the United States, the CLIs point to easing growth, albeit from relative high levels,” it added.

Railway Budget 2016: Odisha Demands Rs 400 cr For New Rail Projects

The state government has raised a demand of Rs 400 crore in the Railway Budget for 2016-17 for funding nine new railway projects.

The new rail links proposed are Jeypore-Nabarangpur, Jeypore-Malkangiri-Bhadrachalam, Gunupur-Theruvali-Rayagada, Kendujhar-Badamapahar, Bargarh-Padampur-Nuapada, Burhamura-Chakulia, Puri-Konark, Rajathgarh-Tapang bypass and Khurda junction bypass.

The state has also reiterated its demand for allocation for ongoing/sanctioned Railway Budget 2016-17 projects like Khurda-Bolangir, Talcher-Bimlagarh, Angul-Sukinda, Paradip-Haridaspur and Jaleswar-Digha. Together, the government has demanded Rs 1050 crore for these projects.

Budget 2016: Transfer Pricing Rules With Wider Ambit Soon

The government might change transfer pricing provisions in Budget 2016 to ensure companies with overseas presence and consolidated revenue of more than Rs 5,000 crore comply with extensive data reporting and documentation.

Legislative changes in the Income Tax Act would be in line with the Base Erosion and Profit Shifting (BEPS) measures unveiled by the Paris-based think-tank, the Organisation for Economic Co-operation and Development (OECD), in October last year to curb tax evasion by multinational companies.

Called the new world order in taxation, BEPS will require Indian companies with overseas presence and consolidated annual revenue of more than Rs 5,000 crore in the previous financial year to furnish country-by-country reports (CBCR) to the Indian tax department as well as a master file and local file directly to the tax authorities of each country of operation. Budget 2016-17 The Indian tax department would have to share the CBCR documents with tax authorities of other jurisdictions. The three-tiered standardised approach is among the 15 action points listed by BEPS to plug loopholes that allow companies to shift their profits to low-tax countries and debt to high-tax countries.

Union Budget 2016 on Feb 29: Jayant Sinha

Minister of State for Finance Jayant Sinha on Thursday said the Union Budget for 2016-17 would be presented on Monday, February 29. The minister was speaking at an event in New Delhi Read More

Budget 2016: Economists okay with slight deviation from fiscal road map

Finance Minister Arun Jaitley said on Wednesday that the government would adhere to the path of fiscal consolidation for the year and meet the target of 3.9 per cent of gross domestic product (GDP), in spite of additional public spending burden and a reduced tax revenue share due to Fourteenth Finance Commission recommendations.

Speaking at a pre-Budget 2016 consultation meeting with economists, Jaitley said the fiscal deficit in April-November 2015-16 stood at 87 per cent of the Budget estimates vis-à-vis 98.9 per cent in the corresponding period of the previous financial year.  According to a statement by the finance ministry, Jaitley said the gross tax revenues increased by 20.8 per cent during April-November 2015-16 over the corresponding period in the previous year, which was mainly led by a buoyant growth in indirect taxes including excise, customs duty and service tax collections. “Indianeconomy is on the path to recovery despite uncertainty and volatility in global economic situation.”

Read our full coverage on Union Budget 2016

He said India recorded a higher growth of 7.3 per cent in 2014-15 compared to 6.9 per cent growth in 2013-14, and 5.1 per cent in 2012-13, despite the slowdown witnessed in the world economy, Budget 2016-17 showing resilience of the Indian economy.

In the meeting, the economists said while a slight deviation from the fiscal road map was necessary — given the additional spending burden because of one rank, one pension (OROP) and Pay Commission recommendations — the medium-term fiscal road map should be maintained. “We have conveyed that while a slight deviation is acceptable, there is a need to stick to the medium-term fiscal deficit road map,” said Mahendra Dev of the Indira Gandhi Institute of Development Research.

Google expects partners for self-driving car project

Google plans to partner with automakers on its self-driving car project, but is not yet ready to announce anything concrete, the head of the project has said.

"We are going to be partnering more and more and more," Google self-driving project chief executive John Krafciksaid at a conference held in the shadow of the Detroit Auto Show.

Rock legend David Bowie dies at 69

David Bowie, the infinitely changeable, fiercely forward-looking songwriter who taught generations of musicians about the power of drama, images and personas, died on Sunday, two days after his 69th birthday.

Bowie’s death was confirmed by his publicist, Steve Martin, on Monday morning. He died after having cancer for 18 months, according to a statement on Bowie’s social-media accounts. “David Bowie died peacefully today surrounded by his family,” a post on his Facebook page read.

Pathankot airbase attack: Pakistan arrests some suspects

Pakistani authorities carried out raids at different places following attack on the Pathankot air base in India, leading to some arrests, intelligence officials said today.

They said that raids were carried out in Gujranwala, Jhelum and Bahawalpur districts and an unspecified number of people were arrested. Read More

US tech giants object to UK spying plans

Major global technology and telecommunications companies, from Microsoft to Google to Vodafone, have outlined their objections to a proposed UK law that they say would let British intelligence agencies engage in mass surveillance and force them to give the government access to encrypted communication.

The objections were contained in written evidence submitted by the companies to a UK Parliamentary committee considering the draft legislation. The newly released comments echoed written evidence already published by some individual companies, including Apple Inc. Click Here

Lenovo, Google join hands for Project Tango

Chinese computing giant Lenovo today said it has partnered with Google to launch a new smartphone that can see and map out surroundings with help from the US-based company's 3D technology named Project Tango.

To be available in summer 2016, the new smartphone turns the screen into a window that can overlay digital information and objects onto the real world.

Google's Project Tango is a technology platform that uses advanced computer vision, depth sensing, and motion tracking to create on-screen 3D experiences, allowing users to explore their physical environment via their device.