India's infrastructure sector gets to run, jump and fly: The Union Budget has provided a big boost to logistics and infrastructure firms, with the government earmarking Rs. 2.41 trillion for the transportation sector, across roads, railways, waterlinks and aviation. The National Highways allocation has increased to Rs. 64,900 crore from Rs.57,976 crore in 2016-17.
India imports 80% of its oil, but has been weak in bidding and winning oil assets globally. Consequently the price of oil has long been a drag on the economy and consumption, and the Finance Minister, hoping to change that, says that the government is looking to combine them to form an integrated oil company that has the capacity to take bigger risks, and participate in large global oilfield bids. Such a combine could likely include ONGC, OIL, HPCL, BPCL and IOC.
Stock in spotlight: Cummins India, which posted strong Q3 results yesterday, and is up 6.21% in the stock markets on performance that boosted incomes 18% YoY.
Photo of the day: A farmer carries a water pump to irrigate his field, in Kolkata. The Budget has boosted spending for the agriculture sector, and proposed reforms that enable farmers to sell directly to markets. Rupak De Chowdhuri/Reuters
