No tax hike in India, Sensex hits high |
Indian Finance Minister Arun Jaitley has pretty much said that the first budget of the new Prime Minister Narendra Modi government will be a populist one, without raising tax rates and providing incentives for manufacturing. Structural changes will be made to get the economy on track for 8-9% growth. Hard-selling India to global investors at the World Economic Forum, the Jaitley promised a stable tax regime that will not come up with unreasonable demand and change taxes retrospectively. Incentives will be given to manufacturers. On divestment, dividend and spectrum auction, Jaitley said as economic activity picks up, the Centre`s capacity to raise revenues will also increase. The new budget will be more than a `big bang` budget if the sum total of all the steps the government has taken so far is considered. Meanwhile, the BSE Sensex and Nifty hit record highs for the fourth straight day on January 23, led by blue-chip stocks, tracking a global rally after the European Central Bank (ECB) launched a landmark bond-buying stimulus program that buoyed investors` risk appetite. Intra-day, BSE Sensex touched an all-time high of 29,408.73, while the National Stock Exchange`s (NSE`s) broader 50-share Nifty hit a lifetime high of 8,866.4. The Sensex closed up 0.94%, or 272.82 points, at 29,278.84. The Nifty closed up 0.85%, or 74.2 points, at 8,835.6.
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