Economic Survey, Car Sales, Indian rupee, BSE Sensex, NSE Nifty, Gold price on July 9, 2014
Thu Jul 10 2014, 10:36 hrs
The pre-Budget Economic Survey today called for investments, especially in infrastructure, to revive growth and jobs while carrying out tax and subsidy reforms for fiscal consolidation, projecting an upto 5.9 per cent GDP growth this year.
The Survey, tabled by Finance Minister Arun Jaitley in Parliament ahead of his maiden Budget tomorrow, also suggested touch measures to shore up public finances and reduce inflation.
Domestic passenger car sales increased 14.76 per cent 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 per cent 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).
Riding on positive sentiment over formation of a stable government and speculative purchases over fear of price hike due to uncertainty on the continuation of excise duty reduction, car sales in India jumped 14.76 per cent in June.
According to the data released by the Society of Indian Automobile Manufacturers (SIAM), domestic passenger car sales stood at 1,60,232 units last month compared to 1,39,624 units in June 2013.
On the eve of Narendra Modi-led government's maiden Union budget, the Indian rupee today rose for the second day and ended three paise higher at 59.75 against the dollar on sustained selling of the US currency by exporters and some capital inflows.
The benchmark Sensex today fell 137.30 points to end at over one-week low of 25,444.81 on concerns highlighted by the Economic Survey and diminishing expectations from the Narendra Modi-led government in its maiden Union Budget tomorrow. Weakness in global equities also dampened the sentiment.
A day ahead of general budget, the BSE Sensex today closed lower by 137 points to over one-week low of 25,444.81 as investors turned cautious on fiscal numbers projected by the Economic Survey 2013-14.
Stock markets had opened on a strong note with the 30-share barometer touching a high of 25,683.97. However, profit booking in IT, auto, power, realty and capital goods stocks pulled the index down to a day's low of 25,364.77.
Former Finance Minister P Chidambaram today appreciated the restrained language of the pre-Budget Economic Survey but expressed disappointment over it envisaging a five year period to put in place reforms. Reacting to the Survey tabled in Parliament today, he said he was glad that it acknowledged the measures taken by the UPA government on macro stabilisation front and the successes achieved in containing the current account deficit and reducing the fiscal deficit.
Gold prices gained marginally in an otherwise lacklustre bullion market here today on stray demand from investors. In contrast, pure gold closed at its overnight level in the absence of necessary buying interest.
After three years of bumper crop harvest, India's agriculture production may be impacted this year if a likely El Nino torpedoes monsoon rainfall, putting pressure on food prices, the Economic Survey said today.
Argentina supporters pose for a photograph prior to the World Cup semifinal soccer match between the Netherlands and Argentina at the Itaquerao Stadium in Sao Paulo, Brazil. (Photo: AP)
Kim Kardashian and fashion designer Valentino pose for photographers prior to the presentation of the Valentino Fall Winter 2014-15 Haute Couture fashion collection designed by Italian creative directors Maria Grazia Chiuri and Pier Paolo Piccioli, in Paris. (Photo: AP)