Why the Union Budget brings good news for Apple

Why the Union Budget brings good news for Apple

"The government would not only re-initiate the process of strategic disinvestment of Air India, but would offer more Central Public Sector Enterprises for strategic participation by the private sector".

Finance Minister Nirmala Sitharaman, presenting the annual budget statement to parliament, said the government planned structural reforms to kickstart foreign and domestic investment.

Modi's Bharatiya Janata Party (BJP) won a second term this year after pledging cash handouts to farmers and a US$1.44 trillion plan to build roads and railways, besides measures to boost manufacturing and exports.

The Indian government on Friday said it will consider further liberalizing foreign direct investment (FDI) rules in certain sectors, part of its efforts to make Asia's third-largest economy a more attractive investment destination.


She said 100 percent foreign ownership would be permitted for insurance intermediaries and local sourcing norms would be eased for FDI in retailers selling a single brand. India now requires investors to source locally 30% of the value of goods purchased.

For the insurance sector, the government document proposed that investment of up to 74% should be allowed with necessary government approvals, above the current 49% limit that is allowed without approval under a so-called automatic route.

Land and labour reforms are hard in a democracy like India and it seems unlikely Modi will risk drawing the ire of his Bharatiya Janata Party voters that re-elected him with a huge mandate.

During the budget speech, Indian markets were down.


The 10-year benchmark government bond yield was at 6.72 percent, compared with 6.75 percent before the budget announcement.

The airline has total debts of US$8.4 billion and posted losses of more than 76 billion rupees a year ago, according to provisional estimates.

Broadening access to India's economy for foreign investors could help Prime Minister Narendra Modi, who won a thumping election majority in May but is still battling a slowdown in economic growth and foreign inflows.

The economy grew at a much slower-than-expected 5.8 percent last quarter, the weakest growth in five years.


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