India will set up a bank to facilitate funding for the small entrepreneurs that make up the backbone of the country's economy, Finance Minister Arun Jaitley said in his budget speech on Saturday.
The MUDRA Bank will refinance microfinance institutions under a Prime Ministerial scheme, he said, allocating Rs200 billion ($3.24 billion) to the plan.
·India to cut corporate tax to 25% over 4 years
India will reduce tax on businesses to 25% over 4 years from a current 30%, with a view to boosting spending and job creation, Finance Minister Arun Jaitley said on Saturday, when presenting the government's full-year budget.
·FM: India to meet fiscal deficit target this year
India will meet a 'challenging' fiscal deficit target of 4.1% of its gross domestic product ( GDP) in the year to March 31, Finance Minister Arun Jaitley said on Saturday, when presenting the government's full-year budget.
·India to spend $40 billion on defence in 2015-16
India plans to spend Rs2.46 trillion ($40 billion) on the defence sector in 2015-16, Finance Minister Arun Jaitley said on Saturday, when presenting the government's full-year budget.
·Bhushan Steel enters into sale & lease back arrangements
Bhushan Steel Ltd has entered into sale & lease back arrangements of its Oxygen plants situated at Company's Steel Division, Meramandali Orissa to ease out stress in Cash flow- positive for the stock
·Mahindra CIE to close a forging facility in Europe
Mahindra CIE has decided to close one of its forging facility in Europe i.e. Jeco-Jellinghaus GMBH based in north west Germany. The machines and equipment would be shifted to other locations in a phased manner. The closure will impact 160 employees. The company would be taking a one-time restructuring cost during the year.
·NBCC signs MoU with DDA
National Buildings Construction Corporation ( NBCC) signed MOU with DDA for development of 'East Delhi Hub' at Karkardooma. The East Delhi Hub, mega project of Delhi will be developed on 30 hectare land and it would be the first project based on Transit Oriented Development (TOD) norms and Smart City features.