He had all of 45 days, from being appointed finance minister, to presenting the full Union Budget for 2014-15 but Arun Jaitley showed glimpses of the kind of changes the present NDA government can bring to economic policy but disappointed many by staying away from big-bang reforms as they had expected.
Jaitley, who would be presenting his second Budget in February end, will hold pre-budget discussions with industry and trade groups on January 6, followed by agriculture sector on January 7 and social sector the next day.
He was replying to a question on whether his budget would look at widening the tax base to maximise revenue. Jaitley, who will be presenting his first full fledged Budget in February, said that in his last budget he had increased the tax exemption limit from Rs 2 lakh to Rs 2.5 lakh and would even raise it further if he had more money.
Experts have high hope that the Nifty may start trading in five digits before the next Union Budget gets announced. They feel the earnings may be doubled by end of FY20. However, the only risk they see is global cues.
Super bullish Raamdeo Agrawal, Joint MD, Motilal Oswal Financial Services expects Nifty to hit 10,000 by the next Union Budget. He believes the early players that have performed well will lead the market extending largest gains irrespective of their sector or size.
On the global front, liquidity continues to be strong and volatility is low. Good news from the European Central Bank (ECB) in terms of rates can cheer global markets, CNBC-TV18s Udayan Mukherjee says.
According to Knight Frank, Mumbai's housing market is expected to lead the recovery in the Indian real estate market with a 10 percent price appreciation in the second half of 2014 and a staggering 49 percent rise in sales.
The Union Budget has increased the period of holding for debt funds from the existing 12 months to 36 months, in order to classify the fund as long-term for purposes of computation of capital gains tax.
CARE Ratings has come out with its report on RBI's annual report 2013-14. According to the rating agency there are signs of a pick-up in the economy. "GDP growth will range between 5.2-5.5% and a clear view will emerge when the impact of monsoon on kharif crop is obtained", says the report.
Arora Fibres had made a provision of Rs 30,246,000 for payment of Excise Duty during the year 2011-2012. This was necessitated by retrospective amendment in the union budget 2012. The Finance Act 2014 as passed by the Parliament has done away with this retrospective amendment providing relief for the Company.