The general anti-avoidance rules (GAAR) announced by the previous government had sparked alarm among foreign investors because of provisions that included tightening rules on investments from countries that have double taxation treaties with India.

According to news agency PTI, Sanjay Kothari, secretary in the department of administrative reforms and public grievances, has been appointed as secretary in department of personnel and training ( DoPT), according to official orders.

In the politics of the country, there has been a clean break from the past. This ought to have been followed on taxation too.

PM Narendra Modi faces his first challenge as soaring prices for basic food items lifted retail food inflation to 9.4 per cent in May, driving wholesale inflation to a five-month high of 6.01 per cent.

\"...the new government has not looked at the whole matter... would examine the whole matter and take a decision,\" Revenue Secretary Shaktikanta Das said.

Though there were no big-bang announcements, the Budget has placed emphasis on key infrastructure such as roads and airports which will revive investor confidence in the key sectors of the economy.

Coal India has started production at a 12-million-tonnes-per-year mine, its first major new project in at least five years, which should help boost supplies to fuel-starved power plants.

\"Prime Minister will make an announcement on this,\" Finance Minister Arun Jaitley told PTI. He was asked what role the BJP government envisaged for the Planning Commission.

\"Our expectations have not been met,\" said Pankaj Kumar Parekh, vice-chairman of the Gems and Jewellery Export Promotion Council, which groups more than 3,000 exporters. \"We will take up the matter with the finance ministry.\"

Farm output in India, world No. 2 producer and consumer of an array of agricultural goods, grew at 4.7 per cent in the fiscal year to March 2014 after monsoon rains boosted the harvest, up from nearly 3 per cent a year over the past decade.

Rains last week spread to soybean areas in central parts of India and cane areas in the north, but overall rains stood at 43 per cent below the seasonal average.

The creation of 100 smart cities, which is PM Narendra Modi's dream, will have a direct impact on the telecom sector. Such cities will need to be fully connected and Rs 7,060 crore has been set aside for this purpose.

On service taxes, withdrawal of exemption in case of technical testing of newly developed drugs on humans, is being seen as a negative by the pharma industry.

It's a budget that focuses on the 5 Ts - Talent Tradition, Tourism, Trade and Technology - a term coined by the Prime Minster, Narendra Modi, to build Brand India : Sab ka saath, sab ka vikas and a vibrant and strong India.

\"The budget is visionless, missionless and actionless from the angle of the common people. It is not going to stimulate growth and development of the poor,\" Banerjee said in a Facebook post.

The Economic survey suggests: \"Labour laws create strong incentives for firms to avoid hiring a large number of low skill workers. An array of problems holds back the entry and maturation of new firms.\"

Link financial support for discoms to reduction of distribution losses and rationalisation of retail tariff, to ensure they are financially sustainable.

\"The process of restructuring CIL needs to be pushed through swiftly to boost coal production,\" said the finance ministry in the Economic Survey report presented to Parliament on Wednesday.

A day ahead of presenting his maiden Budget, Finance Minister Arun Jaitley tabled the Economic Survey in Lok Sabha. Here are the key highlights from the document.

Importing onions would be the only effective way to curb soaring prices, agriculture experts say, but similar steps in the past have failed to ease supplies.