The Prime Minister also outlined that key announcements have been made to aid exports and the Micro, Small and Medium Enterprises (MSME) sector.
As the Budget Session of Parliament commences on Friday, Union Finance Minister Nirmala Sitharaman tables the Economic Survey 2019-20.
President Kovind delivered a speech in the Central Hall of Parliament. Vice President Venkaiah Naidu will also chair a meeting of floor leaders of Rajya Sabha at his residence today.
Most sectoral indices at the National Stock Exchange were in the positive zone with Nifty metal up by 0.52 per cent, IT by 0.39 per cent and realty by 0.2 per cent.
On November 20, the Union Cabinet had approved the import of 1.2 lakh metric tonnes onion to ease the price in retail market.
The automobile industry in India is undergoing a crippling slump with nearly all manufacturers reporting a slowdown in sales and job losses due to subdued consumer sentiment amid an economic slowdown.
Finance Minister Nirmala Sitharaman on Friday slashed the effective corporate tax rates to 25.17 per cent (inclusive of all cess and surcharges) from 30 per cent for all domestic companies.
The government led by Prime Minister Narendra Modi has unveiled various measures to arrest the falling growth -- from rolling back of higher tax surcharge for foreign investors to mega reforms in the public sector banking space.
To stabilise flow of funds into the capital market, the enhanced surcharge introduced by the Union Budget will not apply on capital gains arising on sale of equity share in a company or a unit of an equity oriented fund or a unit of a business trust liable for securities transaction tax.
The other prominent winners were IndusInd Bank, Bajaj Finance, State Bank of India, UltraTech Cement and Titan. All of them saw gains ranging between 8.7 to 10.7 per cent each.