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Budget strong, reflects new government's philosophy: Naina Lal Kidwai

Naina-Lal-KidwaiNew Delhi, July 10 : Naina Lal Kidwai, Country Head of HSBC India, on Thursday described the budget presented by Finance Minister Arun Jaitley as 'balanced' and 'strong', and said that it reflects the philosophy of the new government.

"I believe it is a very balanced budget, a strong budget, as it reflects the philosophy of the new government," said Kidwai.

"What we have is a budget which is touching many areas. There is a lot of focus on rationalizing and simplifying. In fact many requests of the FICCI have been taken on board, particularly to do with Tax Dispute Resolution," she added.

Huma Qureshi unveils Femina's latest issue in Mumbai

Huma-QureshiNew Delhi, July 10 : Huma Qureshi recently unveiled the July edition of the Femina magazine at an event in Mumbai.

Qureshi, who features on the July edition of the magazine, looked gorgeous at the launch event.

The 'Dedh Ishqiya' actress wore a red peplum Vizyon top paired up with a white pencil skirt from Marks and Spencer.

Femina magazine's issue focuses on the size-zero stereotype, making the average looking women feel good about their body. (ANI)

Legislative, administrative changes proposed to reduce litigation in direct taxes

Arun-JaitleyNew Delhi, July 10 : The NDA Government has proposed certain legislative and administrative changes with a view to reducing litigation in direct taxes.

Announcing this in his maiden budget speech in Parliament today, Finance Minister Arun Jaitley said that resident tax payers can now obtain an advance ruling in respect of their income tax liability above a defined threshold.

He has also proposed to strengthen the authority for advance rulings by constituting additional benches. The scope of the Income Tax Settlement Commission shall be enlarged so that taxpayers may approach the Commission for settlement of disputes.

Govt. hopes to reduce fiscal deficit to 4.1 percent for 2014-15: Jaitley

Arun-JaitleyNew Delhi, July 10 : Finance Minister Arun Jaitley on Thursday announced that the NDA Government would set itself a target of limiting the fiscal deficit for 2014-15 to 4.1 per cent, and would further attempt to reduce it to 3.6 per cent and 3 per cent for fiscal 2015-16 and fiscal 2016-17 respectively.

In his maiden budget speech presented today in the Lok Sabha , Jaitley said that considering the fact that of low GDP growth for the last two yuears, static industrial growth, large subsidy burden and not so encouraging tax buoyancy, these targets are daunting.

Retro tax amendment to be undertaken with extreme caution: FM

Arun JaitleyNew Delhi: Assuring investors that retrospective amendments to tax laws will be undertaken with extreme caution, Finance Minister Arun Jaitley today said all fresh cases arising out of the 2012 amendment of I-T Act will be looked into by a high level CBDT committee.

However, the existing tax disputes, arising out of Retrospective Amendment to the Income tax Act, 1961, and are pending in Courts, will be allowed to reach their logical conclusions, he said.

"The sovereign right of the government to undertake retrospective legislation in unquestionable.

Economic Survey 2013-14: Increase share in merchandise exports to 4% in 5 years

merchandise-exportsNew Delhi: India should more than double its share in the world merchandise exports to at least 4 percent in the next five years, a government document said Wednesday.

In 2013, India's exports share in the world merchandise exports was 1.7 percent, said the Economic Survey 2013-14 tabled in Parliament.

"India should aim to increase its share in world merchandise exports from 1.7 percent in 2013 to a respectable ballpark figure of at least 4 percent in the next five years," it said, adding: "India's exports should grow consistently by around 30 percent annually to reach" that figure.

Gold price rises on fresh buying, global cues

GoldNew Delhi: Gold prices rose by Rs 65 to Rs 28,125 per ten gram in the national capital Wednesday on fresh buying by jewellers and retailers, tracking a firm global trend.

Silver also moved up by Rs 200 to Rs 45,100 per kg on increased offtake by industrial units and coin makers.

Traders said besides fresh buying by jewellers and retailers, firm global trend as a drop in equities and the dollar spurred demand for an alternative investment mainly boosted the sentiment.

Arun Jaitley to present Union Budget 2014-15 tomorrow

Arun-JaitleyNew Delhi: Finance Minister Arun Jaitley will present his maiden Budget Thursday in a bid to turn around the economy that is growing at a decade low.

Arun Jaitley is expected to take bold steps amidst high hopes that the new government will raise tax slabs and also significantly hike the annual tax exemption limit to provide a much-needed relief to salaried class, which is reeling under the stubbornly high inflation.

For boosting investment, Jaitley is expected to announce tax incentives for industry.

Growth forecast to remain between 5.4% - 5.9% in economic survey: Sidharth Birla

Sidharth-BirlaNew Delhi, July 9 : The President of the Federation of Indian Chambers of Commerce and Industry (FICCI), Sidharth Birla today said the growth forecast for the next fiscal shall remain between 5.4 per cent - 5.9 per cent in the economic survey.

Sidharth Birla told ANI, "They have given range of growth projection in the economic survey i. e. from 5.4 per cent to 5.9 per cent. Originally we had the benchmark of 6% for next year. However, the estimate given is quite safe keeping in mind the uncertainties that we are facing."

Rolls-Royce announces record half-year sales

Rolls-RoyceNew Delhi, July 9 (ANI-Businesswire India): Rolls-Royce Motor Cars today announced that the company has enjoyed a record half-year in 2014, with sales increasing by 33 per cent worldwide compared with the same period in 2013.

Sales growth was seen in all regions, with a particularly strong performance in Europe, up by over 60 per cent, Asia Pacific up by almost 40 per cent and the Middle East up by over 30 per cent. The United States and China also saw double-digit growth. In Europe, strong performance was seen in Germany, with sales doubling.

Growth forecast for next fiscal to remain between 5.4 to 5.9 pct: Economic Survey

Growth forecast for next fiscal to remain between 5.4 to 5.9 pct: Economic SurveyNew Delhi, July 9 - The Indian economy is likely to grow in the range of 5.4 to 5.9 per cent in 2014-15, overcoming the sub-5 per cent growth of Gross Domestic Product (GDP) witnessed over the last two years.

The growth slowdown in the last two years was broad based, affecting in particular the industry sector. Inflation too declined during this period, but continued to be above the comfort zone, owing primarily to the elevated level of food inflation.

Domestic car sales rise 14.76% in June

DomesticNew Delhi: Domestic passenger car sales increased 14.76 percent to 1,60,232 units in June as compared to 1,39,624 units in the year-ago month.

Motorcycle sales last month climbed 9.63 percent to 8,76,196 units from 7,99,254 units a year earlier, according to data released by the Society of Indian Automobile Manufacturers (SIAM).

The total two-wheeler sales in June rose 12.99 percent to 12,61,589 units.

Sales of commercial vehicles were down 9.03 percent to 51,119 units in June, SIAM said.

Piaggio launches limited edition Vespa Esclusivo

Vespa-EsclusivoNew Delhi: Piaggio Vehicles, the wholly-owned subsidiary of Italy's Piaggio group, on Tuesday launched a special edition of Vespa scooter priced at Rs 74,355 (ex-showroom Delhi).

Only 1,000 units of the limited edition 'Vespa Esclusivo' would be manufactured and numbered with each piece having its distinct number badge, Piaggio Vehicles said in a statement.

The limited edition variant comes with various features including specially designed dual colour, black & silver alloy combination wheels, it added.

Spice launches SIM-enabled smartwatch for Rs 3,999

Spice-Smart-Pulse-M-9010New Delhi: Homegrown handset maker Spice Retail on Tuesday launched a new smartwatch with dual SIM support at a price of Rs 3,999.

To be launched exclusively with HomeShop18 from July 11, the 'Smart Pulse M 9010' features a 4-cm touchscreen that allows users to make and receive calls (using the Bluetooth headset provided free with the watch), read and write SMS and browse web.

It also has audio and video player, VGA camera, expandable memory up to 8GB, FM radio and 420 mAh battery.

Samsung launches Galaxy K zoom in India

Galaxy-K-zoomNew Delhi: South Korean handset maker Samsung Electronics on Tuesday launched in India a new smartphone, featuring a specialised camera with 10X zoom, for Rs 29,999.

Galaxy K zoom, which will be available from Wednesday, offers an advanced technical camera system designed to offer the control and functionality of a professional camera.

Featuring a 4.8-inch screen, the handset has a hexacore processor (1.3 GHz quad core + 1.7 GHz dual core processor) and is based on the latest Android Kitkat operating system.

Foreign Minister Hague says UK to erect Gandhi statue as symbol of bilateral peace

William-HagueNew Delhi, July 8 : British Foreign Minister William Hague stated today that his government would erect a statue of Mahatma Gandhi in the United Kingdom next year as a symbol of peace between the two countries.

A mutual feeling of non-violence is propagated within the two countries, he said.

"There are many important links between the two countries and they can help job and opportunities in both countries.  It's a new government now," said William Hague.

Railway Budget all about privatization and FDI: Manish Tewari and A R Chowdhury

Manish-TewariNew Delhi, July 8 : Former Minister of State of Railways Adhir Ranjan Chowdhury and Congress Party leader Manish Tewari said the 2014-15 Railway Budget proposals presented today are all about the privatization of Railways.

Tewari told ANI, "The rail budget has been very high on rhetoric and absolutely low on delivery.  It seems to be more of a statement for privatizing the railways than a budget.  It is completely incomprehensible, as on one hand, they have announced 14 per cent hike in rail fares.  And on another hand, all they have talked about is privatization and public-private partnership."

Malaika Arora Khan unveils Savvy Magazine's latest issue

Malaika-Arora-KhanNew Delhi, July 8 : Malaika Arora Khan, who featured on the cover page of Savvy magazine, recently unveiled its latest issue in Mumbai.

Speaking at the event, the 40-year old actress said, "I think all of us over the years while growing up, there are couples of magazines that we have read and identify with.  For me, Savvy has always been something that it reflects a woman in totality."

Apart from modeling, Khan is currently busy judging popular television reality shows. (ANI)

Railway Budget to play an important role in nation's growth: Modi

Narendra-ModiNew Delhi, July 8 :  Prime Minister Narendra Modi described his government's maiden Railway Budget as one that will play an important role in ushering in nation's development.

"The Rail Budget will prove to bring in speed, development to Indian Railways, security and service to citizens.  For the first time there is holistic railway budget of modern India.  Railway cannot be run on an adhoc basis.  This Rail Budget will prove that Railways plays an important role in the Nation's development," Modi said.

Gold down by 0.21 percent to Rs 27,431

GoldNew Delhi: Gold prices moved down by 0.21 percent to Rs 27,431 per 10 gram in futures trade Tuesday as participants offloaded positions partially, taking weak cues from the global market.

At the Multi Commodity Exchange, gold for delivery in August contracts declined by Rs 59, or 0.21 percent, to Rs 27,431 per 10 gram in business turnover of 472 lots.

Likewise, the metal for delivery in far-month October shed Rs 38, or 0.14 percent, to Rs 27,538 per 10 gram in three lots.

Market analysts said a weak trend in the overseas markets as investors weighed the outlook for US interest-rate policy, mainly weighed on gold prices at futures trade here.


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