Business

The European Union's executive Commission says a court decision handing Apple victory last year in a big tax case was contradictory" and committed legal errors, in a filing for its appeal released Monday.

Earlier in the day, Sitharaman said the government will set up a Rs 20,000 crore Development Finance Institution with a view to mobilise Rs 111 lakh crore required for funding of the ambitious national infrastructure pipeline.

The minister also proposed to double the country's healthcare spending, imposition of agricultural cess on certain imported items as well as raise in import duties on items ranging from cotton to electronics.

In the Union Budget 2021-2022, Finance Minister Nirmala Sitharaman also said investor charter would be introduced as a right of all financial investors across all financial products. She proposed to amend the Insurance Act 1938.

In her budget speech for the next fiscal, she said the procurement of crops like paddy, wheat, pulses, and cotton has jumped manifold in the last six years.

On January 29, the BSE Sensex plunged 588.59 points or 1.26 percent to close at 46,285.77. Similarly, the NSE Nifty fell 182.95 points or 1.32 percent to end below 14,000 mark at 13,634.60.

The government could look at providing deductions for expenses incurred by salaried employees while working from home in the upcoming Budget as it looks forward to boosting demand.

Last week, BSE Sensex slipped 2,592.77 points or 5.3 percent to end at 46,285.77 and while the Nifty50 fell 737.3 points or 5 percent to finish at 13,634.60 levels.

Asian shares tried to rally on Monday as Wall Street continued to struggle with doubts about vaccine rollouts and economic recovery, while silver surged as newly empowered retail investors turned speculative eyes to precious metals.

Wall Street is gearing up for another week of market mayhem, with signs that the retail frenzy that pumped up the stock prices of the likes of GameStop Corp and AMC Entertainment Holdings Inc is spreading to other assets.

While various economic packages and reforms announced by the government in 2020 had kept the economy afloat, Budget 2021 is also being looked upon as a watershed event that is expected to lift and give an impetus to the Indian economy.

India is considering revising the rules after traders in the country accused Amazon's Indian division and Walmart's Flipkart of creating complex structures to bypass investment regulations, Reuters reported this month.

The pre-Budget Survey also said the government should promote the use of dehydrated onions that have longer shelf life for buffer stock purpose, while the hydrated variety should be sold early.

India’s Finance Minister Nirmala Sitharaman is expected to unveil plans to boost economic growth at the world’s second most populous country when she presents the budget next week.

KV Subramanian assumed his post as CEA in December 2018, for a tenure of three years. He succeeded Arvind Subramanian, who vacated the post early due to 'personal reasons'.

On January 28, the BSE Sensex plunged 535.57 points or 1.13 percent to close at 46,874.36. Similarly, the NSE Nifty fell 149.95 points or 1.07 percent to end below 14,000 mark at 13,817.55.