Bitcoin plunged below $79,000 as a historic silver market collapse triggered contagion across alternative assets. The selloff, compounded by uncertainty over Trump's Federal Reserve nominee, erased $150 billion in crypto market value and challenged diversification assumptions.
The ruling dispensations of Tamil Nadu and Kerala two key poll-bound southern states on Sunday expressed strong dissatisfaction over the budgetary announcements made by Union Finance Minister Nirmala Sitharaman with Chief Minister M K Stalin wondering why his state TN was not given something even in the election year while his Kerala counterpart accused the Centre of neglecting the state The CMs of the two non-BJP ruled states lashed out at Sitharaman with Kerala chief minister Pinarayi Vijayan charging her with deliberately overlooking the fact that Kerala is also part of Indias map As Tamil Nadu gears for the assembly elections we expected at least this year that the state would be visible to the eyes of the Union BJP government and our voices will be heard by them However this year too the BJP government has delivered only disappointment Stalin the DMK President said in a statement in Chennai He charged that the demand from various states including Tamil Nadu to increase the states share of total tax revenue from 41 per cent to 50 per cent was ignored once again The announcement that devolution will remain at 41 per cent is disappointing he said Stalin said that despite the 16th Finance Commission attempts to recognise the contribution of states towards Indias economic growth it is distressing that Tamil Nadu being the second largest economy receives a lower percentage of financial devolution It appears that the tax devolution for Tamil Nadu will remain at a meager 4097 per cent for the next 5 years he said and added as per estimates it would lead to a financial loss of about Rs 5000 crore every year The biggest disappointment is the PM Internship scheme which was announced amid fanfare last year with an allocation of Rs 10831 crore The funding has been slashed to just Rs 526 crore indicating that the scheme has received poor response he claimed While noting that the government was eagerly expecting projects for the welfare of Tamil Nadu will be included in the budget there was no mention of new projects The lack of new projects has showcased that the Union Government continues to treat Tamil Nadu with a step-motherly attitude he said Referring to the custom of using Thirukkural verse while presenting the budget speech by the finance minister Stalin said it was absent this time Budget did not have any important projects for Tamil Nadu also In total it is a disappointment he said Reacting sharply to the budget presented in Parliament Kerala CM Vijayan said the long-standing demands of the state including an AIIMS seven high-speed railway corridors and a special package for Vizhinjam port were completely ignored He expressed disappointment over the Finance Commission allocation The decision to reject the demand for an increase in the Finance Commission share and to maintain the current status of 41 per percent is a move that weakens federal principles he said Describing the budget as fully reflecting a neoliberal economic approach the chief minister said it is designed to enrich corporations while pushing ordinary people further into poverty It is not only failing to give Kerala its rightful share from the divisible pool of central funds but the decision that revenue deficit grants need not continue is an attempt by the Centre to undermine the states financial foundation he said He noted that overall grants have been sharply cut from Rs 22 lakh crore in 2021 to Rs 14 lakh crore now On the rare earth mineral corridor announced in the budget he said the Centres move to seize Keralas mineral wealth is extremely dangerous This budget offers no measures to tackle such challenges or to protect the countrys export sector By failing to take steps to address inflation and unemployment the budget appears to be a deliberate attempt to slow Keralas development he said Vijayan added that from traditional industries to IT start ups the budget ignores all with no plans for the welfare or return of expatriates Strong protests must rise against these anti-people economic policies and the Centres continued neglect of Kerala he said The opposition Congress in Kerala expressed skepticism over the Centres rare earth mineral corridor announced in the Union Budget alleging that it could become an attempt to hand over the states resources to corporates Leader of Opposition VD Satheesan said the policy framework for the Rare Earth Mineral Corridor should be formulated only after holding consultations with the state government In Tamil Nadu NDA constituent and main opposition party AIADMK welcomed the budgetary proposals Chief Minister N Rangasamy heading the AINRC-BJP coalition ministry in the Union Territory said that the budget is most progressive and focusses on every sector of development Tamil Nadu Kerala and the Puducherry union territory are going to polls scheduled in April this year
Finance Minister Nirmala Sitharaman on Sunday announced measures to boost manufacturing offered long-term tax incentives for global data centres and support for agriculture and tourism as she unveiled a Rs 535 lakh crore Union Budget for 2026-27 seen as a long-term blueprint for sustaining growth amid rising global risks Shunning populist measures despite five key states including West Bengal and Tamil Nadu heading to polls the Budget signalled continued fiscal consolidation and infrastructure spending But a hike in securities transaction tax on equity derivatives rattled equity markets with key indices plunging as much as 2 per cent in the special budget-day trading session before recovering some ground Presenting her record ninth consecutive Budget Sitharaman in her nearly 90-minute speech in the Lok Sabha announced detailed anchor schemes for becoming Viksit Bharat - boosting employment while combining technologies of the future with legacy industries Maintaining emphasis on infrastructure development capital expenditure has been raised to Rs 122 lakh crore next year from an already record-high Rs 112 lakh crore in FY26 Among the many infrastructure projects announced by the minister was a plan to build 7 high-speed rail corridors while defence expenditure is up by about a fifth on the year Amid geopolitical concerns fragmentation and financial tightening across the globe she said manufacturing will be scaled up across seven priority sectors - pharmaceuticals semiconductors rare-earth magnets chemicals capital goods textiles and sports goods - with an emphasis on job creation and technology-driven development The success of Apple iPhone manufacturing prompted doubling of outlay on electronics manufacturing to Rs 40000 crore and a second iteration of the semiconductor mission was mentioned to help build the supply chain While there were no major changes to personal income-tax slabs the government announced tax and incentive measures aimed at boosting investment and ease of compliance for the industry Sitharaman announced a Rs 10000 crore investment over five years to develop India as a biopharma manufacturing hub rare earth corridors textile parks more container manufacturing chemical parks measures to strengthen capital goods manufacturing and efforts to revive 200 legacy industrial clusters among others to boost industry A major announcement was a 20-year tax holiday for overseas firms providing global data centre services from India along with a 15 per cent safe harbour on costs for data centre services provided by related entities of foreign cloud firms The move is expected to provide tax certainty and operational efficiency for global cloud players as India attracts large-scale investments from firms such as Google Microsoft and Amazon Web Services which have committed about USD 40 billion in 2025 alone The Budget also simplified the customs regime rationalising exemptions waiving duties on 17 cancer drugs easing baggage rules and cutting duty on personal imports to 10 per cent Support was announced for livestock fisheries high-value agriculture and textiles while tourism proposals included eco-friendly mountain trails in Himachal Pradesh Uttarakhand and Jammu and Kashmir and the development of 15 archaeological sites To support small businesses the government proposed a Rs 10000 crore SME Growth Fund to help scale future champions On the fiscal front the government reiterated its consolidation path targeting a reduction in the debt-to-GDP ratio to 556 per cent next year from 561 per cent and the fiscal deficit to 43 per cent from 44 per cent It plans to borrow Rs 172 lakh crore from bond markets where yields have firmed amid heavy supply Tax measures included a hike in securities transaction tax on futures trading to 005 per cent from 002 per cent and to 015 per cent from 001 per cent on options taxing share buybacks as capital gains cuts in TCS on overseas tours education and medical expenses and implementation of the new Income Tax Act from April 1 Today we face an external environment in which trade and multilateralism are imperilled and access to resources and supply chains are disrupted New technologies are transforming production systems while sharply increasing demands on water energy and critical minerals she said in her Budget speech India she said will continue to take confident steps towards Viksit Bharat balancing ambition with inclusion As a growing economy with expanding trade and capital needs India must also remain deeply integrated with global markets exporting more and attracting stable long-term investment she noted At a press conference post-presentation of the Budget Sitharaman defended the STT increase saying this was done with a view to discouraging small investors from speculative trading in derivatives Prime Minister Narendra Modi described the Union Budget 2026-27 as historic saying it reflected the aspirations of 140 crore Indians and strengthened the reform journey and charted a clear roadmap for Viksit Bharat Modi also said the Budget was a highway of opportunities This Budget is the foundation for our journey towards a Viksit Bharat by 2047 This years Budget will give Indias reform express new energy and new momentum he said We want to become the worlds third-largest economy as soon as possible The Budget seeks to accelerate the shift to a simpler corporate tax regime through changes to Minimum Alternate Tax MAT provisions Companies opting for the new regime will now be allowed to set off accumulated MAT credit capped at 25 per cent of annual tax liability From April 1 2026 MAT will become a final tax with no credit available for set-off further incentivising migration to the new regime While the fine print shows disputed corporate and personal tax demands have risen to about Rs 15 lakh crore from around Rs 13 lakh crore the Budget does not propose steps to curb the buildup Some relief has been offered through a cut in the pre-deposit requirement for tax appeals to 10 per cent from 20 per cent of the core tax demand Other key announcements include raising the investment limit for Persons of Indian Origin PROI in Indian listed companies from 5 per cent to 10 per cent with the aggregate limit increased to 24 per cent from 10 per cent To support energy transition a rare earth corridor is proposed to be established in Odisha Andhra Pradesh Kerala and Tamil Nadu alongside customs-duty exemptions for capital goods used in critical mineral processing The Rs 20000-crore CCUS programme provides a credible pathway to decarbonise power steel and cement while extending customs-duty exemptions for nuclear projects till 2035 strengthening long-term base-load stability On the tax front exemptions for battery energy storage systems lithium-ion cells solar-glass inputs and biogas-blended CNG materially improve project viability Acknowledgement of sports goods an underinvested sunrise sector marks a turning point for MSMEs and companies in the sector to find access to large global markets Boost to agriculture segments such as dairy poultry fisheries and MSMEs have been well aimed to drive inclusive development While the expectations were for big bang customs reforms the Budget focused on promoting domestic manufacturing in certain sectors like renewable energy aviation and electronic goods by reducing customs duties on components and capital goods One-time relief for SEZ units supplying goods to domestic tariff areas may help in somehow neutralising US Tariffs The allocation of Rs 785 lakh crore to defence with capital modernisation crossing Rs 2 lakh crore for the first time Commenting on the Budget Christian de Guzman Senior Vice President Moodys Ratings said in addition to the continued spending on infrastructure the Budget provides tactical support for the economy against the backdrop of prevailing external uncertainties including the unresolved issues around US tariffs and despite the proven resilience of economic growth over the past year At the same time support for the economy which includes measures announced in recent months such as GST rationalisation will lead to an ongoing erosion of tax revenue as a share of GDP that will worsen debt affordability as measured by interest payments relative to revenue Moreover we do not expect significant progress on debt reduction which supplants deficit consolidation as the anchor for fiscal policy leaving our broader assessment of Indias fiscal strength intact
The government is focusing on seven strategic sectors: semiconductors, critical minerals, electronics, biopharma, chemicals, capital goods and textiles amid global geopolitical uncertainty.
The Finance Minister said this is being done to support the growth of India’s Animation, Visual Effects, Gaming and Comics (AVGC) sector which is projected to require 2 million professionals by 2030
Han Jeoung-ae, Democratic Party's top policymaker, speaks during a briefing at the National Assembly in Yeouido, western Seoul, on Feb. 1. [YONHAP] The Democratic Party (DP) hinted at real estate tax reforms on Sunday after President Lee Jae Myung urged multi-homeowners to sell their properties and pointed to available policy options to stabilize housing prices. “The DP and the administration share the same commitment to stabilizing housing prices,” said Han Jeoung-ae, the DP’s top policymaker, during a briefing on Sunday. “I see this as the president making that position clear. We hope housing prices stabilize without using tax measures, but we won't rule out tax reforms if necessary.” Related ArticleEnding exemption on real estate-related tax part of policy normalization: Presidential aideMore than 80 suspicious real estate transactions in Seoul involving foreigners found over past yearReal estate market defies post-Oct. 15 expectations as interest in lower-priced apartments in Seoul surges The DP's position comes after Lee posted a message about the real estate market on X a day earlier. “I hope you seize the opportunity when you have it," Lee said. "You will soon realize it was the last chance.” Observers interpreted the remark as targeting multi-homeowners who have held off on selling in anticipation of further price gains. After the People Power Party criticized the comment as a “threat,” Lee shared another post. President Lee Jae Myung speaks during a meeting at the Blue House in central Seoul on Jan. 30. [NEWS1] “What I mean is that multi-homeowners should take advantage of the last chance, until May 9, when the exemption on capital gains taxes expires, to sell their homes and enjoy tax relief,” he said. “There are plenty of legally and politically available measures to stabilize housing prices. But it is true that we have failed to use the strongest and most optimal tools because of political calculations." Observers say discussions on broader real estate tax reforms could accelerate, as Kim Yong-beom, the presidential policy chief, said on Wednesday that tax policy remains an "important aspect of any fundamental solution to housing issues." Han also addressed the third revision of the Commercial Act, which lawmakers proposed last year, saying the DP remains determined to pass it during the February session of the National Assembly. The third revision of the Commercial Act would require companies to cancel their own shares instead of holding them, with the goal of protecting shareholder value and preventing companies from using those shares to control management. After lawmakers passed the second revision of the Commercial Act on Aug. 25 last year, debate over whether to process the third revision alongside the abolition of the criminal offense of breach of trust has slowed progress on the bill revision. The abolition of the criminal offense refers to removing criminal punishment for company executives whose business decisions cause losses, so such cases are handled through civil lawsuits or administrative penalties rather than criminal charges. Han also stressed the need to process judicial reform bills during the February session of the National Assembly, including legislation to establish a Serious Crimes Investigation Office and a Prosecution Office, expand the number of Supreme Court justices and introduce measures such as the crime of judicial distortion and constitutional complaints against court rulings. The Supreme Prosecutors' Office building is seen in southern Seoul on Jan. 21. [YONHAP] The move follows legislation passed in September 2025 to dismantle the prosecution service and separate its powers, creating a Serious Crimes Investigation Office to handle investigations and a new Prosecution Office to oversee indictments. The law includes a one-year transition period, with the two agencies scheduled to launch in October. Among the measures Han cited, the proposed crime of judicial distortion would punish judges or prosecutors who intentionally misuse or twist the law in rulings or legal decisions. The proposal for constitutional complaints would allow cases that have already exhausted all three levels of the court system to undergo additional review by the Constitutional Court if they are believed to violate constitutional rights. Han stopped short of giving a clear answer on whether to maintain prosecutors’ supplementary investigation powers — the authority for prosecutors to request or conduct limited additional investigations after a case has been transferred, even under a system that separates investigation and prosecution. "This is an amendment to the Criminal Procedure Act, so there is still time," Han said. “Recognizing supplementary investigation powers to a degree that violates the principle of separating investigation and prosecution would be difficult, but the president has said such powers may be necessary in very limited cases, and the National Assembly, which drafts the legislation, should discuss the matter.” Han also addressed a special bill on U.S.-bound investment, which U.S. President Donald Trump recently criticized for delays. “Once the bill is introduced to the National Assembly’s Finance, Economy, Planning and Budget Committee and referred to a subcommittee, discussions on the special bill can take place at the committee level,” she said. “I think passage at the plenary session could be possible in late February or early March, and I will do my best to keep to that schedule.” This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.BY KIM NA-HAN, PAIK JI-HWAN [paik.jihwan@joongang.co.kr]
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