:00:00. > :00:00.Those are the latest headlines from BBC World News.
:00:00. > :00:00.Now for the latest financial news with
:00:00. > :00:17.What does the Indian government have up its sleeves to boost
:00:18. > :00:28.-- It's budget day today - we'll be live in Dehli.
:00:29. > :00:31.As Iran's first elections since the lifting of the embargo are over,
:00:32. > :00:52.What did the G20 meeting really achieve? We will look into that too.
:00:53. > :00:56.India is enjoying its economic status - it is the only so called
:00:57. > :00:58.BRIC nation that is in good economic health and it's overtaking
:00:59. > :01:00.China to become the world's fastest-growing major economy.
:01:01. > :01:02.But that doesn't mean India hasn't got some serious
:01:03. > :01:06.The Finance Minister is about to present the annual budget with many
:01:07. > :01:09.hoping Arun Jaitley will do something to simplify the nation's
:01:10. > :01:13.complex tax system, create jobs and make India more business-friendly.
:01:14. > :01:15.The economy grew 7.3% in the last quarter of 2015
:01:16. > :01:19.and the IMF predicts growth of 7.5% for this year to 2017.
:01:20. > :01:35.But many economist doubt India will achieve that.
:01:36. > :01:39.To reach growth targets, Mr Jaitley may abandon plans to cut
:01:40. > :01:47.the budget deficit to 3.5% of GDP in the coming financial year.
:01:48. > :01:50.Prime Minister Narendra Modi has struggled to get reforms on tax,
:01:51. > :01:53.labour and land acquisition past the opposition - all vital to make India
:01:54. > :02:04.And the government needs to do more to create jobs
:02:05. > :02:09.for the 1 million young Indians who enter the workforce each month.
:02:10. > :02:12.Yogita Limaye will be covering it for us throughout the day and she
:02:13. > :02:15.joins us live from outside the Indian Parliament building in Delhi.
:02:16. > :02:25.Nice to see you. Has he started to present his budget? No, we are
:02:26. > :02:29.expecting that to start any minute now. Parliament has begun and we
:02:30. > :02:34.should hear him making a speech soon. Behind me is the finance
:02:35. > :02:36.ministry building where the budget document is prepared. While we wait
:02:37. > :02:42.to listen to what is actually in that document I can tell you how it
:02:43. > :02:47.is made. They are serious about keeping it secret. Finance ministry
:02:48. > :02:50.officials are locked in for ten days until they finally make the budget
:02:51. > :02:55.so no one goes home and so the document is not leaked. They cannot
:02:56. > :02:59.leave at all. That is the spending plan that Arun Jaitley will present
:03:00. > :03:05.in parliament today. Of course, the big challenge before him is how to
:03:06. > :03:09.balance the expenses and revenues, where can India earn money to keep
:03:10. > :03:16.spending and pushing back into the economy. And what are people saving
:03:17. > :03:22.to due in the run-up to this, I know you've spoken to key business
:03:23. > :03:26.leaders -- you. One of the key things leaders have told me is since
:03:27. > :03:30.private investment is not really kicking off, they are not able to
:03:31. > :03:35.make the investments here. What the economy needs is for the government
:03:36. > :03:37.to spend more money on things like infrastructure for example, which
:03:38. > :03:40.can then provide business opportunities, perhaps create jobs
:03:41. > :03:44.and then there will be a trickle-down effect on the economy
:03:45. > :03:47.but there are constraints on how much the government can reach into
:03:48. > :03:52.their pockets because of a lot of expenses, they have to pay $16
:03:53. > :03:55.billion, the cost of increasing salaries for government employees,
:03:56. > :03:58.which has to be done once in a decade. And then there are other
:03:59. > :04:04.expenses which have also gone up this year. They have promised extra
:04:05. > :04:07.pensions to serving as well as former defence personnel, so it will
:04:08. > :04:12.be about what ideas they have to earn more money so they can keep
:04:13. > :04:16.spending more. That speech is expected to start any minute. It
:04:17. > :04:21.will go on for... Last time it was 1.5 hours. Unlike the Oscars there
:04:22. > :04:26.is no music to get him to wrap up. Over the next hour we will start to
:04:27. > :04:30.see what is in it. Thank you so much. Good to speak to you. She is
:04:31. > :04:34.with us for the duration. I will speak to her later on as the budget
:04:35. > :04:35.is disclosed. Let's talk about oil now.
:04:36. > :04:37.Iranians had a crude choice to make this weekend
:04:38. > :04:40.when they voted in their first parliamentary election since
:04:41. > :04:44.So, will the elections pose yet more turbulence to the oil market
:04:45. > :04:49.Venezuelan officials confirmed on Friday that Russia,
:04:50. > :04:52.Saudi Arabia and Qatar have agreed to meet next month.
:04:53. > :04:54.Earlier this month, Saudi Arabia and Russia agreed to freeze oil
:04:55. > :05:05.But there's scepticism over what they can achieve.
:05:06. > :05:12.As Jeremy Howell explains, the industry is suffering.
:05:13. > :05:20.Since June 2014 the oil price has fallen by 70%. 250,000 jobs in the
:05:21. > :05:29.energy sector have been lost worldwide. In the United States
:05:30. > :05:33.114,000 jobs have gone. America's shale oil drillers have laid off the
:05:34. > :05:41.most asked. 42 of them went bankrupt last year. -- staff. The oil giants
:05:42. > :05:47.have also been making cuts. Last year they cancelled 68 major
:05:48. > :05:50.projects worth $380 billion. They ranged from deepwater drilling in
:05:51. > :05:55.the Gulf of Mexico to the development of Canada's oil sands.
:05:56. > :06:02.Shell, BP and Chevron between them are shedding 23,000 staff. It is
:06:03. > :06:06.estimated that for every one job lost in the oil sector, 3.4 jobs are
:06:07. > :06:08.lost in the rest of the economy. With me is the international oil
:06:09. > :06:19.and energy consultant, Nice to see you and thank you for
:06:20. > :06:23.coming in. Jeromy Miles talking about the situation we've become so
:06:24. > :06:29.familiar with in terms of the oil market and what they are grappling
:06:30. > :06:35.with but let's talk about Iran. All of the results aren't counted yet
:06:36. > :06:39.but so far it looks like President Rouhani's reform programme and the
:06:40. > :06:44.fact he is getting closer to the West has got the backing in Iran.
:06:45. > :06:52.Within the Iranian political spectrum so to speak, the moderates
:06:53. > :06:57.and reformists seem to be doing well but we have to see the final vote.
:06:58. > :07:00.There are two elections, one for the assembly of experts who ultimately
:07:01. > :07:05.choose the leader, and one for the parliament, the Islamic Assembly.
:07:06. > :07:12.But in terms of the President's programme to push ahead with his
:07:13. > :07:17.plans for increased investment into the economy, increased sort of
:07:18. > :07:20.business going to and from the West, and what it means for the oil
:07:21. > :07:28.markets, it looks like there will be no hurdles in the way of that. That
:07:29. > :07:33.is right. For sure, those in favour of attracting foreign investment and
:07:34. > :07:37.opening up the market, reducing these monopolies and so on, I think
:07:38. > :07:41.they are winning, so this is a positive respect for the opening of
:07:42. > :07:47.the Iranian market in general and of course oil is the major one, with
:07:48. > :07:51.this new Iranian oil contract intended to attract foreign oil and
:07:52. > :07:54.gas companies to come and invest both in exploration and in
:07:55. > :07:57.Brownfield development, which is challenging. More oil coming into
:07:58. > :08:04.the market but we don't have specific set. These investments will
:08:05. > :08:10.mean long-term. Iran already has 1 million barrels per day production
:08:11. > :08:17.capacity and that is not dependent on this. What does it mean for oil
:08:18. > :08:21.prices? As we heard from Jeremy, the situation is still critical. And of
:08:22. > :08:25.course we heard that Russia, Saudi Arabia, Qatar and Venezuela are
:08:26. > :08:30.calling to come together to talk. Market fundamentals have not
:08:31. > :08:33.changed. Since last year there is excess supply of continuing to come.
:08:34. > :08:39.Freezing production levels in all oil countries at January levels will
:08:40. > :08:45.still mean Texas oil is coming. Unless producers get together and
:08:46. > :08:55.cut supply at earning anything will happen -- excess oil. I -- Iran can
:08:56. > :08:58.come on with another extra 1 million barrels per day. They said they were
:08:59. > :09:01.producing as much. So it is right to continue and to bring that on
:09:02. > :09:08.stream. There is the potential for more oil from Iran. OK. Thank you
:09:09. > :09:12.for getting up so early for us. It is good to see you on World Business
:09:13. > :09:16.Report. We shall keep you up-to-date on BBC World News on the situation
:09:17. > :09:18.in Iran as the votes are counted, as it were.
:09:19. > :09:23.In other news: Industrial production in Japan has risen for
:09:24. > :09:26.the first time in three months, according to government data just
:09:27. > :09:30.out. It rose 3.7% in January but is expected to be a temporary rise.
:09:31. > :09:36.Retail sales in January fell by 0.1%.
:09:37. > :09:39.The faltering state of the world economy and turbulent markets
:09:40. > :09:44.dominated discussion at the G20 summit in Shanghai this weekend.
:09:45. > :09:48.But finance ministers and central bankers emerged with
:09:49. > :09:50.few concrete measures, and declared on Saturday that they needed to
:09:51. > :09:53.look beyond ultra-low interest rates and printing money to shake the
:09:54. > :10:08.Let's look at the financial markets. A mixed picture emerging across the
:10:09. > :10:11.board. If we can go to the second screen we can show you how the oil
:10:12. > :10:16.prices are faring given the long conversation we just had about that.
:10:17. > :10:22.At the moment the price of oil is up, Brent over $35, light crude is
:10:23. > :10:24.up slightly as well. That is all for World Business Report. See you in a
:10:25. > :10:31.moment as we look through the papers.
:10:32. > :10:36.A tube station crushed by a nearby tower block is a nightmare scenario