The FM said that the government wants to raise savings rate to 36 percent of GDP. He said that revenue projections for FY16 is set at 16 percent.
Investors are still dumping down stocks on Saturday after Finance Minister Arun Jaitley’s Budget speech did not meet the right chord. The Sensex is down 166.20 points at 29053.92 and the Nifty slips 31.95 points at 8812.65. About 974 shares have advanced, 1628 shares declined, and 227 shares are unchanged.
Axis Bank is up 6 percent while HUL, Dr Reddy's Labs, Sun Pharma and Tata Motors are gainers in the Sensex.
Metal stocks are reacting as the government will raise the import duty on steel by 5 percentage points from April 1, Finance Minister Arun Jaitley said. This move will curb inflow of cheap supplies from China and Russia. The government also proposed to raise the tariff to 15 percent from 10 percent, Jaitley said in his Budget for the next fiscal year.
India will also raise the import tax on metallurgical coal to 5 percent from 2.5 percent.
Meanwhile, in an interview FM said that the government wants to raise savings rate to 36 percent of GDP. He said that revenue projections for FY16 is set at 16 percent.
(Posted by Nasrin Sultana)