Published On : Sat, Feb 28th, 2015

Budget 2015: Sensex, Nifty in red; investors snub FM Budget speech

jaitley-budgetNewDelhi /Nagpur: Presenting the Budget for 2015, Arun Jaitley has promised to abolish wealth tax and 2 percent additional surcharge. He also promised to rationalise and remove exemptions for corporates. He has also said that basic rate of corporate tax to be 25 percent for next four years

Investors shrug off Finance Minister Arun Jaitley’s Budget 2015 as it didn’t guve any road map for economic reforms. The Sensex is down 62.42 points at 29157.70 and the Nifty down 21.70 points at 8822.90. About 1005 shares have advanced, 1439 shares declined, and 216 shares are unchanged. Presenting the Budget for 2015, Arun Jaitley has promised to abolish wealth tax and 2 percent additional surcharge.

He also promised to rationalise and remove exemptions for corporates. He has also said that basic rate of corporate tax to be 25 percent for next four years Meanwhile, he has allocated Rs 25,000 crore for rural infrastructure. He has proposed Rs 1.25 lakh crore public investment for FY16.

Investment in infra will go up by Rs 70,000 crore and has proposed tax-free infra bonds for road, railways & infra projects. The government will do away with distinction between FPIs and FDIs. He has proposed to set up 5 ultra mega power projects of 4,000 mw.