First decision dedicated to those who protect India: PM Modi

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As she has become India's first female finance minister, Nirmala Sitaraman has been receiving praises from all corners and even from opposition parties and celebrities and actors.

Amit Shah arrives at Ministry of Home Affairs, takes charge as Union Home Minister. "As a karyakarta grateful to my party @BJP4India", Sitharaman had tweeted after taking the oath of office and secrecy on Thursday.

Before the meeting, the PM took the first decision of his second term by enhancing the amount to be paid as part of "Prime Ministers Scholarship Scheme" under the National Defence Fund.

Economists had been expecting the economy to grow 6.3% in the first quarter.

Regarded as the architect of Modi's landslide victory in the recently concluded general election, Shah replaces senior BJP leader Rajnath Singh, who will now be defense minister.

"The markets expect the LTCG (long-term capital gains) to be tax-exempt, the rationalisation of GST, and some fillip to sectors that create employment", said UR Bhat, director, Dalton Capital Advisors. "The initial expectation of the market from her would be to see how she addresses liquidity concerns".

Memorial Day looks warm with severe storm chances by the evening!
Don't forget that sunscreen today with the UV Index reaching a 9, meaning only 15 minutes before the sun begins to burn your skin. While the threat of storms is "somewhat conditional", the weather service said, any storms that do develop will likely be severe.

She has also focused on boosting domestic defence production besides taking steps to implement the ambitious "strategic partnership" model with several countries like the United States and Russian Federation. Goyal will now be minister of railways and commerce, at a time when trade ties with the United States are straining.

"I am confident that the new government will steer the economy to the path of growth".

"Big-bang" economic programmes in the first 100 days of Modi's second term could focus on privatisation of state assets and relaxation of labour and land rules for businesses, a top official at the government's main think-tank told Reuters.

Newly-elected NDA leaders are likely to meet today, a day after the distribution of portfolios to the 57-member Council of Ministers.

Many in the party on Friday felt Jaitley had played a "key role" in getting her the finance ministry that he held but chose to give up because of health reasons.

Under the new model, select Indian private firms will be roped in to build military platforms like submarines and fighter jets in India in partnership with foreign defence majors.