Troubled Galaxy Destroyed Dreams, chapter 452
Palash Biswas
| Insurance | Slide Shows | Videos | Live! Gold Rates | Stock Tips | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Union Budget 2010
Budget 2010 Highlights
• Service sector tax retained at 10 percent to aid the introduction of GST; more services to be taxed
• Toys fully exempt from central excise duty
• Concessional customs duty of 5 percent for cable TV operators for importing equipment
• Concessional duty of 4 percent for solar power rickshaw developed by Council of Scientific and Industrial Research
• Clean energy cess of Rs.50 per tonne on coal produced in India
• New corporate tax rate at 33.21%
• More services come under tax net
• Service tax rates to be retained
• Silver, gold import duty raised
Budget Videos
|
Budget 2010 Updates
• Prime Minister lauds country's General Budget
• General Budget has continuity, vision for India to act big: ...
• Budget raises borrowing to new record, bonds hit
• RBI weclomes govt's fiscal consolidation
• Budget 'much below peoples' expectations': PDP
• Budget in line with fiscal consolidation: RBI
• Budget 2010: It's a win-whine story
Feb 27, 2010 IST 00:05:51
Pix: 6 Indians killed in 'barbaric' Kabul strike
At least six Indians were among 16 people killed as Taliban suicide bombers carried out a string of attacks in the heart of Kabul, in yet... • Pak court bars extradition of Taliban leaders • India, Pakistan can manage their ties: Bashir • Spcl aircraft to fetch Indians' bodies from Kabul • Kashmiri militancy fathered in Pakistan: MusharrafAll eyes on Indo-Pak talks
Now, it is quite clear that the real 'talk' that Pakistan wanted to...
Top Emailed Stories
In Part III of the interview, the CPI-Maoist general secretary says...
• 'Indian army is being used...
Slide Shows
In the final segment of a four-part interview, Communist Party of...
• Pix: Panic not fire killed 9 at...
Most Commented
Leading artists on Thursday welcomed the conferment of Qatar...
• We don't want to be lectured by...
Buzz 
DNA 6 hours 10 minutes ago
Obama ended Thursday's summit with an appeal for Republicans and Democrats to consider whether...By the end of the bipartisan gathering, it was clear that the two parties have fundamentally different views of how to go about fixing the nation's health care system
Several senior congressional Democratic sources told CNN after Thursday's bipartisan summit that Democrats' plans on health care are not likely to differ much Friday from what they were Wednesday.
WASHINGTON (Reuters) - President Barack Obama and Republicans clashed frequently on Thursday at a summit on his stalled healthcare overhaul, battling over the size and cost of the proposal and moving no closer to a compromise agreement.
United States Republicans have rejected president Barack Obama's plea for support on enacting his healthcare reform plan after a televised summit in Washington.
US President's bipartisan health care summit degenerates into bickering and political points-scoring.
President Barack Obama and Republicans clashed frequently on Thursday at a summit on his stalled healthcare overhaul, battling over the size and cost of the proposal and moving no closer to a compromise agreement.
There are actually ideological differences between what Republicans and Democrats want for health care reform.Read more: http://swampland.blogs.time.com/#ixzz0gZgi5eDl
President Obama, leading Republicans and Democrats, are sitting down for what's expected to be a six-hour meeting to hash out health care issues.
President Obama urges Republicans and Democrats to focus on agreements in a televised healthcare summit.
President Obama makes a plea for agreement with Republicans at a health-care summit.
WASHINGTON (AP) -- President Barack Obama and his Democratic allies are pleading their case for health care overhaul in an extraordinary summit with Republicans, broadcast live to a divided public on daytime TV. But Democrats are already looking beyond Thursday's meeting at historic Blair House. With GOP lawmakers remaining steadfast in their opposition, the president and his party are preparing to move on alone. At stake in the high-risk strategy is the Democrats' stalemated legislation to extend coverage to more than 30 million people who are now uninsured. Politically, it's an all-or-nothing gamble in a midterm election year for Democrats ... Email
Top Stories - Weekly | Monthly
Gearing up for the Festival of Colours? Here are five healthy...
• Yoga poses to develop the heart...
Top Stories - Weekly | Monthly
Readers send in their favourite travel pic. Share yours!
• Pix: The sexiest backs in Bollywood
Videos
Specials
A senior officer in the Prime Minister's Office said, "It's high time we change the grammar of...
• Haqqani network: Chasing the shadows
Columns
At the end of the talks with Salman Bashir, Pakistani Foreign Secretary in New Delhi on Thursday,...
• India, Pakistan talk -- to catch America's eye
Interviews
"They argue that talking is a sign of weakness by India in view of...
• 'KCR has let Telangana down in a...
Stars spotted!
Met a celebrity?
Email us photos & videos
Union Budget 2010: Budget a mixed bag for real estate: E&Y
FM ignores STPI demand, proposes tech advisory grp for UID
Indian IT jittery, disappointed
"The amendment in Section 10AA, fulfills a long-standing industry demand"
Analysts dissect the good and bad
Disappointment over non-extension of STPI Scheme
'Non-extension of tax benefits to hit smaller IT firms'
Industry stalwarts decode Budget 2010
Union Budget 2010: No audit for Rs 60 lakh businessEconomic Times - 4 hours ago According to the Budget 2010-11, a businessman will not have to get his accounts audited if his sales are less than Rs 60 lakh a year. ... Sensex salutes Union Budget 2010, rallies over 300 pts Moneycontrol.com Union Budget 2010: Impact on coalEconomic Times - 4 hours ago KOLKATA: A Rs 50 clean energy cess per tonne of coal, announced in the union budget proposals, will certainly raise the cost of power generation. ... Government finally wakes up to coal realities Financial Express  Email this storyKPMG: The feel good factor of Union Budget 2010Moneycontrol.com - - 6 hours ago By CA Shabbir Motorwala, Director, BSR & Associates/KPMG Like earlier years, the Union Budget 2010 seeks to align important parameters like curtailing ... Post-Budget, SMEs let out a sigh of relief Moneycontrol.com Receptive Measures Initiated: Budget 2010 Economic Times Union Budget 2010: Recap plan, farm loan waiver cheer banking sectorEconomic Times - 4 hours ago The budget will leave more money for consumers and help sectoral growth resulting in credit growth, Rana Kapoor, managing director at private sector lender ... Union Budget 2010: Tough competition seen in banking sector Economic Times Email this storyUnion Budget 2010: Experts welcome budget, say it is balanced, focussedEconomic Times - 7 hours ago 26 Feb 2010, 1407 hrs IST, PTI MUMBAI: Financial sector experts, in their initial reactions to the Budget have described it as a "positive and pragmatic" ... Sensex near day's high ahead of Union BudgetIndia Infoline.com - 2 hours ago Markets have slightly gained momentum and are trading near day's high ahead of the Mega Event – The Union Budget 2010-11. The Oil & Gas, PSU, ... Sensex trades marginally higher ahead of Budget 2010 Moneycontrol.com Market cheers Budget; Nifty ends above 4900 Economic Times Union Budget 2010: Budget a mixed bag for real estate: E&YEconomic Times - - 5 hours ago From demand stimulants and some relief for the beleaguered industry, to overlooked asset classes and higher indirect taxes, the Budget ... Indian IT jittery, disappointed Times of India FM ignores STPI demand, proposes tech advisory grp for UID Moneycontrol.com Union Budget 2010: FMCG prices to go up 2%-5%Economic Times - 7 hours ago ... income due to cut in income tax, but prices of daily use products are expected to go up following announcements made by the FM in Budget 2010. ... Budget neutral for FMCG, consumption sops may be key driver Moneycontrol.com Budget 2010-11 Offers a Weak Support to FMCG Stock Watch Email this storyUnion Budget 2010: Lots of positive for PSU banking in Budget: Angel BrokingEconomic Times - 9 hours ago Dinesh Thakkar, CMD, Angel Broking, in a chat with ET Now talks about the Budget. Finance Minister in his Budget speech talked about the recapitalisation of ... Email this storyUnion Budget 2010: Developers eye savings, demand boostEconomic Times - - 5 hours ago MUMBAI: The real estate sector received a shot in the arm on Friday after the 2010-11 budget proposed a slew of tax concessions and measures that could ... Mkts give thumbs up to Budget 2010 Equitymaster.com Email this storyStay up to date on these results: |
Market
Duration: 04:08
Posted: 26 Feb, 2010, 2148 hrs IST
Duration: 02:29
Posted: 26 Feb, 2010, 2137 hrs IST
Duration: 01:25
Posted: 26 Feb, 2010, 1708 hrs IST
RBI says Budget in line with fiscal consolidation!
Bengali Kayastha Brahmin PRANAB Presents Hidden Agenda of Mass Destruction and Ethnic Cleansing! Infrastructure Blitz meant Economic Ethnic Cleansing with Defence and Internal security Budget targeting All Out Land Acquisition as UID Project under Nandan Nilekani gets momentum with Disinvestment and FDI Drive! Partial Roll Back of STIMULUS relates to Deregulation as Financial Legislation Commission constituted. Nilekani also heads technology Authority as Hundred private sector Companies endowed with the task of Unique Identity Project helped by the only Govt. agencies of Police and Intelligence leaving no space for the Slum dwellers, Adiavasi population, SC, ST and minorities as well as Refugees any scope to defend Property, Livelihood, Land, Natural Resources, Job, Civil and Human Rights and CITIZENSHIP. Promoters,builders and LPG Mafia gains most. Growth Rate Rosy Hype and Fiscal Strategy defends Caste Hindu ruling Class and TAXATION is loaded on the Common Masses. Price Rise and Inflation Not to be Addressed. Banking, Education and Health Reforms meant for MNC Business. Budget for the India Incs and MNCs, FIIs, Realty sector offers no relief for Income Tax payers earning under Three lac. Seven Hundred times Allocation Hike for Slums means Eviction and Ejection while Infrastructure means Monopolistic Aggression! Flagship Well fare Programme involving Community means cash Liquidity and Government Expenditure to create Demands to set Free Open Market. Housing and Mall Culture, SEZ and Deportation Drive, Urbanisation and Industrialisation, Borrowing and Relief Concerned with the task to Feed the Killer Money Machine with our Blood, Bones and Flesh! FDI, Service Tax, Direct Tax Code, Public Private Projects, everything remains intact as Hidden Agenda!
I have talked to Economists, social Activists,Common People, scribes and Ambedkarites as well as Trade Union Activists and we agree to MObilise the Exposure and Resistance against Policy and Action of economic Ethnic Cleansing!
RBI says Budget in line with fiscal consolidation!Finance Minister Pranab Mukherjee said Reserve Bank of India (RBI) will issue banking licences to more entities including the Non-Banking Financial Companies (NBFCs).
"RBI will given additional licences" for setting up banks in the country, he said presenting the budget for 2010-11 in the Lok Sabha.
He said banking licences will also be issued to the NBFCs which fulfil the prescribed criteria.
The Reserve Bank of India today said that the Budget 20010-11 presented by Finance Minister Pranab Mukherjee is in line with the path offiscal consolidation and economic revival.On the other hand,No audit for Rs 60 lakh business! Life will be easier for small enterprises earning annual revenue up to Rs 60 lakh or a independent professional with gross receipts
up to Rs 15 lakh as they no more have to get their accounts audited.
According to the Budget 2010-11, a businessman will not have to get his accounts audited if his sales are less than Rs 60 lakh a year. Earlier, the limit was Rs 40 lakh.
Likewise, for an independent professional, it has been revised upward from Rs 10 lakh in the Budget proposals.
"I, as Finance Minister, had introduced these limits in my budget of 1984. It is high time to reduce the compliance burden on small taxpayers," Pranab Mukherjee said in his Budget speech.
"From our point of view, one of the very important things is fiscal consolidation... Budget is more or less in line with that... it is a balancing act between (stimulus) withdrawal and need for fiscal consolidation," RBI Deputy Governor Usha Thorat told reporters here.
Mukherjee, as a part of stimulus exit, today hiked excise duties by 2 per cent to 10 per cent on all non-oil products and pegged the fiscal deficit for FY'11 at 5.5 per cent.
She said the RBI expects to carry out the Government borrowings, pegged at Rs 3.45 lakh crore for the next fiscal, in a non-disruptive manner so as not to crowd out private borrowing.
"It seems that we will be able to manage the borrowing," Thorat said.
Announcing the budget, Mukherjee said that the RBI will consider allowing banking licences to private entities and NBFCs meeting the required criterion, a move that will open the door to diversified conglomerates to set up banks.
Thorat said that the RBI would work on the guidelines towards the new proposal, keeping the basic principles of governance and ownership intact. "We have to work on it... I think the basic principle of ownership and governance will remain unchanged...all the principles of ownership and governance that has been part of the policy will be obviously taken into account," Thorat said.
Investors can look forward to making a killing
23 Feb 2010, 0120 hrs IST, Rajesh Naidu, ET Bureau
With the counter bid by Reliance Capital to acquire 21.6-million shares of Fame India, the fate of the Inox-Fame deal hangs in the balance.
Reliance Capital has proposed to offer Rs 83.40 per share to acquire around 62.08% equity of Fame India. This is 63.5% higher than what Inox Leisure paid to acquire a controlling stake of 51% (8.23 million shares at Rs 51/share) in Fame India. Despite this counter bid, it could well be Inox Leisure that may be the main beneficiary of this battle for control.
Inox Leisure with its controlling stake of 51% appears to be on solid grounds. This is because even if one considers the fact that the Anil Dhirubhai Ambani Group (ADAG) hikes its stake of close to 12% to 49% it has to come out with an offer price that would be equal or higher than the current offered price of Rs 83.40. In either case, Inox Leisure would gain amply considering the difference between its acquisition cost and the ADAG group's offer price.
Inox has, so far, invested close to Rs 41 crore in Fame India. Considering Reliance Capital's offer price, Inox's investment in Fame works to over Rs 68 crore and may go up further if the tussle gets longer and intense.
Retail investors in Fame India, especially those who could not tender their shares during the open offer by Inox, will now have a great opportunity to tender their shares to Reliance Capital at an even higher price. According to legal experts, Inox Leisure may now sell its controlling stake to ADAG companies — Reliance Capital, Reliance Capital Partners.
For Inox, several opportunities remain embedded in the deal. Considering the fragmented nature of the Indian multiplex industry, this deal would position Inox right behind BIG Cinemas in terms of the number of screens. Besides, Fame India's flourishing distribution business, the food and beverages division would boost its topline.
On the other hand, the ADAG group's interest in Fame India looks puzzling, given the cost involved and the fact that Inox is now in a commanding position with a majority stake. It may be financially prohibitive to lure Inox to give up management control of Fame India. Whichever way the dice falls, investors in Fame India are bound to gain in the bargain.
http://economictimes.indiatimes.com/markets/analysis/Investors-can-look-forward-to-making-a-killing/articleshow/5605120.cms
The time has come for India to act big: Pranab Mukherjee
26 Feb 2010, 2056 hrs IST, ET Now
Finance Minister Pranab Mukherjee in an exclusive interview with ET Now answers various questions on Union Budget 2010 and his vision behind Pranab MukherjeePranab Mukherjee, Finance Minister it all.
At a very broad level the start I would like to just share an observation that many people have made, many people made this before the budget and even after the budget they said that Pranab Mukherjee is a very experienced man he is not somebody who wants to do something in a hurry, he believes in a graduated approach and hence is going to stay away from any big bombastic big ticket items which make the headline in the next morning. One mega scheme which costs a lot of money or a major announcement on disinvestment is that reading of Pranab Mukherjee right especially after the budget which you have presented?
That is for you people to analyse the budget and arrive at but I will agree with your general observations that I don't believe in making any dramatic announcement and while formulating this budget certain things I had to take into account. First this is a very peculiar year first part of the year economic situation is extremely difficult. I started when the last quarter's GDP growth was 5.8% against 9% GDP growth of three successive years.
That was the scenario in the first part lot of uncertainty everybody predicted that 2009 is going to be more difficult year. In the later part of the year when CSO numbers came that we are going to have 7.2% GDP growth and the second quarters growth indicated 7.9% there were lot of optimism. In the same year in the first part there were uncertainty, in the second part there were optimism therefore that aspect has to be kept in view while formulating the budget.
Secondly what I indicated in whatever manner you may like to interpret it but the fact is that I consider it is a continuing exercise, it is just not some sort of knee jerk announcement either to have a catch the headline or something like that, it is a continuing exercise. When I formulated and presented my proposals last year I mentioned that I am deliberately expanding the fiscal base substantially. It is not sustainable. I shall have to come back to the path of fiscal consolidation. I have done it. I express that our approach would be to come back to the higher growth trajectory.
I have taken steps to ensure that it is possible therefore I wanted to link the continuity. Even in this budget if you have noticed my areas of priority are not merely in the allocations. On the one side I have enhance the developmental allocation and it has been matched on the other side by the fiscal concessions in the part B where I have indicated the concessions each I have given to various sectors for the enhancement of the productivity of agriculture, improvement of the infrastructure then requirement of the social sectors series of concessions I have given.
Therefore, this Budget has a continuity and it had a vision because I believe that time has come when India not only think big but act big and if we can improve our delivery mechanism, if we can bring a better performance in our governance India will take it a rightful place and there must be a signal in this budget I wanted to give that signals to various proposals that was the underlying message.
Mr. Mukherjee that fact is well appreciated that fiscal consolidation clearly has been your priority in this budget so as you said no big ticket announcements of funds put aside for the various schemes, no new schemes that you really announced, you have talked of very ambitious fiscal deficit plan over the next three years and you have talked about tax collections going up at a very ambitious rate if it was 6 lakh Crores that you were collecting in 2008, in 2010 and 2011 you are talking about 7.4 lakh Crores now are you banking on the growth story or do you think somewhere this may be an overestimate in terms of revenue collection?
No, it is not overambitious for example this year you just take the numbers my direct tax projection was Rs.3,70,000 Crores but in the revised estimates I have indicated it would be Rs.3,87,000 Crores that is a buoyancy.
Tax GDP ratio will reach 12% plus percentage points, now it is 10 plus so evenly if we achieve the target which we achieved earlier then it will give me the revenue buoyancy that is one aspect. Second aspect is that with the introduction of DTC of course it will not get reflected in this year but I am talking of the remaining period along with the GST which I hope that it would be possible to introduce both in from 1st April 2011 that will be a major tax reforms and in this country we have seen with the introduction of the tax reforms it has been followed by better tax compliance, it has resulted in tax buoyancy.
http://economictimes.indiatimes.com/The-time-has-come-for-India-to-act-big-Pranab-Mukherjee/articleshow/5621443.cms
Analysts, industry captains welcome defence allocation!: Welcoming the Rs 60,000 crore allocation for armed forces' capital expenditure in the budget, defence analysts and industry captainstoday expressed doubts whether the ministry would be able to fully spend the amount.Government pegs lower subsidy bill in 2010-11..The government has pegged outgo towards food, fuel and fertiliser subsidy in 2010-11 at over 12 per cent lower than the revised estimates of this fiscal.
Finance Minister Pranab Mukherjee today conceded that there may be some cascading effect on prices due to the hike in petrol anddiesel prices but ruled out a rollback in duties.Whereas,The finance minister's budget proposal to provide Rs 400 crore for ushering in green revolution in the eastern region is expected to intensify agriculture and related research in the area.Finance minister proposed a weighted tax deduction on expenditure incurred in in-house research and development activities to 200 per cent from the current 150 per cent in the Budget.Welcoming the Rs 60,000 crore allocation for armed forces' capital expenditure in the budget, defence analysts and industry captains today expressed doubts whether the ministry would be able to fully spend.
Fuel prices to rise by up to Rs 2.67/litre
Petrol and diesel prices will go up by Rs 2.67 a litre and Rs 2.58 per litre, respectively, after Finance Minister Pranab Mukherjee on Friday raised customs and excise duties on the two, virtually putting the Kirit Parikh Committee report on fuel price in cold storage.Customs duty on petrol and diesel were hiked to 7.5 per cent from 2.5 per cent while excise duty was raised by Re one a litre to Rs 14.35 and Rs 4.60 per litre on non-branded (normal) petrol and diesel respectively.
The incidence of customs and excise duty would result in petrol prices going up by Rs 2.67 a litre in Delhi and diesel by Rs 2.58 per litre with effect from midnight tonight.
Petrol, in Delhi currently costs Rs 44.72 a litre and diesel Rs 32.92 per litre.
Mukherjee also imposed 5 per cent import duty on crude (currently nil), a move that would impact refiners like Reliance Industries and Essar Oil with their input cost going up.
Reliance Industries' 33 million tons a year refinery catering to domestic market would alone have to bear Rs 5,100 crore because of higher rates. Its other 29 million tons unit is only for exports and does not pay customs duty.
The rates hike virtually put the Parikh report on fuel pricing reforms in cold storage as implementing the expert group report on freeing petrol and diesel prices would mean a further Rs 4.94 a litre increase in petrol and Rs 3.20 per litre hike in diesel rates.
Air travel to become costlier
Air travel on all classes in both domestic and international sectors is likely to become costlier with the government expanding the scope of air transport services to attract service tax."The scope of air passenger transport service is being expanded to include domestic journeys and international journeys in any class," said the memorandum explaining the provisions of the 2010-11 Finance Bill, presented by Finance Minister Pranab Mukherjee in Parliament on Friday.
So far, service tax was imposed only on international travel on First and Business classes.
The government, however, has proposed to exclude from the taxable value the statutory taxes charged by foreign governments, it said, indicating airport taxes charged at foreign destinations.
The definition of 'airport services' was also being amended to include all services provided within the airport premises. An authorisation from the airport authority "would not be a pre-condition for taxing these services", it said.
The Finance Minister also announced that rate of tax on services will be retained at 10 per cent and added that certain services hitherto untaxed would be brought within the purview of service tax levy. These services will be notified separately, he added.
On the brighter side, the budget made a provision of Rs 1,200 crore equity infusion for Air India in the next fiscal as part of its financial restructuring process.
The ailing carrier will soon receive Rs 800 crore as the first tranche of equity infusion, which was cleared by the Cabinet recently.
The entire outlay of the Civil Aviation Ministry totals Rs 9,588.30 crore, of which budgetary support is Rs 2,000 crore.
The state-run Airports Authority of India has been provided with a budgetary support of Rs 600.50 crore out of which Rs 120.50 crore has been earmarked for development of airports in North-Eastern States.
The remaining Rs 480 crore is meant for development of airports in other crucial areas like Leh, Ajmer, Agatti, Port Blair, Tirupati and Puducherry, besides the satellite-based navigation project called GAGAN or GPS Aided Geo Augmented Navigation system.
A provision of Rs 40 crore has been made for development of a helipad at Rohini in Delhi to come up before the Commonwealth Games and for a helicopter training institute and heliport in Pune by the Pawan Hans Helicopters Limited.
The Indira Gandhi National Open University (IGNOU), one of the world's largest open universities, will get Rs.91 crore from the union budget for the next fiscal.
Government today proposed an investment of Rs 4,140.75 crores in the next fiscal for the Delhi Metro Rail Corporation, the second phase of which is nearing completion.
"It will be inflationary to some extent. (I am) told by the Economic Division (of Finance Ministry) that the impact will be 0.41 per cent on WPI (Wholesale Price Index). There may be some cascading effect," he said when asked about the impact of the taxes on oil and its products.
The WPI inflation currently is ruling around 8.6 per cent.
Asked whether the excise and custom duty increase that resulted in a Rs 2.71 increase in petrol and Rs 2.55 a litre hike in diesel, would be rolled back, he said: "No, where is the question of rollback. If there was question of rollback, I I would not have put it. There was no compulsion."
He said the duties like 5 per cent import duty on crude oil was abolished when international crude price touched a record high of $147 a barrel.
"I wanted to give a message that when prices go down, we should be ready to pay duties," he said stressing the duties levied were not new and existed even before.
On the entire opposition walking out during his Budget presentation, Mukherjee said: "They should have had some patience... they shouldn't have walked out. They should have waited patiently because in the last part of my speech, series of concessions for farmers were announced."
This year's capital outlay is a 9.5 per cent increase over last year's outlay of Rs 54,824 crore and a 25 per cent rise from the revised outlay of Rs 47,824 crore.
"The hike in capital expenditure is more than sufficient but I have my doubts whether the forces would be able to spend it as the Defence Ministry has returned over Rs 13,000 crores in the last two years," senior defence analyst Deba Mohanty said here.
According to the budget proposals, the total subsidy bill for 2010-11 is pegged at Rs 1,08,666.91 crore as against Rs 1,23,936.26 crore in the revised estimates for the current fiscal.
Petroleum subsidy, which is given to state-run oil firms, such as Indian Oil, BPCL and HPCL, for selling domestic LPG to households and kerosene to PDS system at below cost, is estimated to come down at Rs 3,108 crore from Rs 14,954 crore.
Interestingly, in the budget estimate for 2009-10 petroleum subsidy was pegged at Rs 3,109 crore, although it was finally Rs 14,954 crore (as per revised estimates).
The government's food subsidy, given to run the public distribution system, is estimated to decline marginally to Rs 55,578.18 crore next fiscal from Rs 56,002 crore in 2009-10.
Food subsidy is provided to meet the difference between the economic cost of foodgrains and their sales realisation at Central Issue Price fixed for public distribution system (PDS) and other welfare schemes.
Fertiliser subsidy is also pegged lower at Rs 49,980.73 crore in next fiscal from Rs 52,980.25 crore.
Under fertiliser subsidy, the government would provide Rs 15,980.73 crore for indigenous (urea) fertilisers, Rs 5,500 crore for imported (urea) fertilisers and Rs 28,500 crore for sale of decontrolled fertilisers (DAP, MOP and complexes) with concession to farmers.
Samtel Display System's Executive Director Puneet Kaura said termed the four per cent increase in total outlay as "marginal" and said "this seems to be a practical move since most of the funds have remained unspent over the past few years."
With a four per cent increase, Defence Ministry has allocated Rs 1,47,344 crore for the year 2010-11 from Rs 1,41,703 crore in 2009-10.
Market cheers Budget; Nifty ends above 4900...Realty stocks up on Rs 1.73 lakh cr allocation for infra!The BSE Realty Index looked up 1.12 per cent to 3,232.02 after finance minister Pranab Mukherjee announced allocated Rs 1.73 lakh crore for infrastructure in the Union Budget for 2010-2011.The FM also increased the road transportation kitty by 13 per cent to Rs 19894 crore.
The minister also announced plans to launch an Delhi-Mumbai industrial corridor for development. Auto index extends gains to 3%...The BSE Auto index extended gains to over 3 percent on Friday as investors had already factored in the rise in excise duty on large cars and vehicles in the federal buget, analysts said.Finance Minister Pranab Mukherjee said the 2 percentage point excise duty cut that was part of the stimulus package last year would be rolled back to 22 percent.The rise was lower than expected, analysts said.
Get ready for another round of fuel price hike in near future!Consumers of petrol and diesel should prepare themselves for another round of fuel price hike in near future. The government will be Petrol pump left with no option but to free pump prices of petrol and diesel unless finance ministry fully compensates state-owned oil marketing companies (OMCs) for selling auto and cooking fuel below the cost, a senior oil ministry official said.
Don't look for serious policy initiatives to ensure 4% farm sector growth in Budget 2010-11 even as the sector emerges from the worst monsoon in three decades. But as piecemeal efforts go, efforts in this Budget are not bad, analysts hold, especially against a backdrop of high food inflation and marked crop output drop.
"Deregulation or an ad-hoc price hike or a combination of the two would be the last resort to save oil PSUs (public sector undertakings)... Oil ministry is in constant dialogue with the finance ministry to provide full compensation to OMCs for their losses at least in kerosene and LPG," he said requesting anonymity.
Finance ministry has budgeted only Rs 12,000 crore as cash compensation for the three state-owned OMCs for 2009-10 against their demand of Rs 31,000 crore for selling only cooking fuel below the cost, he said. They will also make a revenue loss of around Rs 14,000 crore on retail sale of petrol and diesel in the current financial year, which will be fully met by the upstream companies — ONGC, OIL and Gail India, he said.
"If finance (ministry) doesn't give adequate cash compensation or (oil) bonds, the oil ministry will have to raise fuel prices, either by implementing the Kirit Parikh committee or otherwise....," he added. The Kirit Parikh committee, constituted as per last budget announcement, has suggested to deregulate petrol and diesel prices and partially raise prices of kerosene and cooking gas.
Key measures centre around creating more capital in rural areas and allowing easier access to capital at reasonable cost, on the one hand and attempts to lure private sector investment into the farm sector through state of the art storage and transportation facilities through a slew of customs, service tax and central excise exemptions and reductions. That, however, could be at the expense of focus on critical inputs in the sector such as irrigation and productivity improvement schemes.
The Budget announced higher interest subvention to farm loanees who repay short term agri loans (upto Rs 3 lakh) on schedule (thus bringing effective interest rate down to 5%) and a 15% hike in in farm credit for which the target over last year. To make access to credit multi layered, the Budget has also signalled further recapitalisation of RRBs (last done in 2006-07) and licensing NBFCs that meet regulations to issue credit in rural areas.
"The FM has tried to create capital in rural areas in a methodical manner and at a reasonable cost in a strcutured and regulated manner," a sectoral analyst pointed out. Smoother supply chain logistics are aimed at cutting the difference betweeen farmgate, wholesale and retail commodity prices. However, the extension of the debt waiver and debt relief may only symbolic impact. To add more teeth to the former, the Budget has ruled out any hike in fertiliser prices in 2010-11 despite the NBS.
"Allocation to specific sub sectors has been done in a targetted manner to ensure results. The hike in allocation from Rs 480 crore to Rs 1000 crore will ensure increased demand in drip irrigation coutnrywide and increased PVC pipe sales, for instance, " Anil Jain, MD, Jain Irrigation said. "Exempting seed testing and certification from service tax and accordign project import status with concessional import duty and full service tax exemption for mechanised handling systems in sugar and foodgrain warehouses, cold storage, etc: this is the most concerted attempt in recent years to attract private investment into these areas of the primary sector.." Since the cost of capital is a big worry for private compnaies, impending changes in the ECB (external commercial borrowings) policy to allow for setting up of cold chains for agriculture, marine and meat produce is " a step in the right direction," he held.
"The initiative in the post harvest management and processing will further add to the value chain and the increased funds available to farming communities as envisaged will be required impetus for the future," Dinesh Shahra, MD of Ruchi Soya Industries Ltd, one of India's leading agri business and edible oil companies told ET.
He added "The overall benefit may stand at 4%- 5% of project cost. This would reduce project cost and allow better investment utilisation. The exemption of service tax on the transport of food grains and pulses could help offset a possible hike in transport costs after a possible fuel hike.. . But there is a need to evolve the schemes so that the private sector finds investment here much more attractive."
As per oil minister Murli Deora, petroleum ministry will take a view on implementing recommendations of the Kirit Parikh committee "within couple of weeks."
"I am not the only one who has to decide (on this)... we have to consult a lot of other people," he told reporters while announcing impact of the customs and excise duties on fuel prices. In a surprise move, finance minister Pranab Mukherjee on Friday raised taxes on petroleum products that made petrol costlier by Rs 2.71 a litre and diesel by Rs 2.55 a litre from the midnight.
As per oil ministry officials, by raising customs and excise duties the finance ministry has ensured an additional revenue gain of about Rs 18,680 crore. The Budget 2010-11 raised customs duty on crude oil from zero to 5% and on petrol and diesel each from 5% to 7.5%. It raised excise duty on auto fuel by Re 1 a litre.
Equities ended on a positive note but off day's highs on Friday as profit booking emerged at higher levels after the finance minister Pranab Mukherjee said that India's fiscal deficit would drop to 5.5 per cent next fiscal and to 4.8 per cent in the following year, while partially rolling back the rate reduction in central excise duties and enhance the standard rate on all non-petroleum products from 8 per cent to 10 per cent and levying an excise duty of Re 1 per litre on petrol and diesel.Market gives thumbs up to Budget; auto, realty rally!The market was pleased with Finance Minister's Budget speech driving equity benchmarks sharply higher in afternoon trade!Speaking in parliament, Pranab Mukjerjee said he had laid down a road map for reducing the country's fiscal deficit, which soared to a 16-year high of 6.9 per cent of economic output.
The shortfall would drop to 5.5 per cent in the next fiscal year to March 2011, and then 4.8 per cent in the following 12 months, though there would be no let up in the left-leaning government's focus on huge social programmes.
The Finance Minister also slapped an excise duty of Re 1 per litre on petrol and diesel. This has led to a ruckus in the parliament as the move would accentuate inflationary situation in the country. Some opposition members walked out of the house in protest.
National Stock Exchange's Nifty surged 2.28 per cent or 110.75 points to 4970.50from its previous close. The index touched a high of 4992 during the course of the Budget proceedings after opening at a low of 4858.45.
The excise duty on large cars, multi-utility vehicles and sports-utility vehicles which was reduced as part of the first stimulus package was also increased by 2 percentage points to 22 per cent.
The 2010-11 general budget on Friday provided considerable relief to income tax payers by raising the slabs at two levels but hiked the central excise duty on non-petroleum products across the board from 8 to 10 per cent and the basic duty on crude and petroleum products besides effecting a one-rupee increase per litre on petrol and diesel.
The entire opposition walked out of the Lok Sabha during the presentation of budget by Finance Minister Pranab Mukherjee, dubbing it "highly inflationary" as he partially rolled back the stimulus by hiking the ad velorum component of excise duty on large cars and multi-utility vehicles by two per cent to 22 per cent.
The budget also raised the specific rates of duty on portland cement and cement clinker. The basic duty of 5 per cent on crude petroleum, 7.5 per cent on diesel and petrol and 10 per cent on other refined products is being enhanced.
The central excise duty on petrol and diesel is being enhanced by Re one per litre.
The proposals relating to customs and central excise are estimated to result in a net revenue gain of Rs 43,500 crore for the year. The proposals for service tax, in which government plans to bring in some more services, will result in a net revenue gain of Rs 3000 crore for the year.
While direct tax proposals are expected to result in a loss of Rs 26,000 crore for the year, those relating to indirect tax are estimated to result in a net revenue gain of Rs 46,500 crore.
Taking into account the concessions and measures to mobilise additional resources, the overall revenue gain is estimated to be Rs 20,500 crore for the year.
The basic threshold limit for income tax exemption will remain at Rs 1.60 lakh. Under the new proposal, 10 per cent tax will be levied between Rs 1,60,001 and Rs 5,00,000, 20 per cent on incomes between Rs 5,00,001 and Rs 8,00,000 and 30 per cent above Rs 8,00,000.
The present income tax slabs and rates are 10 per cent for income between Rs 1,60,001 and Rs 3,00,000, 20 per cent for income between Rs 3,00,001 and Rs 5,00,000 and 30 per cent for income above Rs 5,00,001.
Proportionately, similar changes have been made in the taxes related to women and senior citizens aged above 65 years.
Mukherjee also gave another relief to individual tax payers by raising the existing limit of Rs 1,00,000 on tax savings by an additional amount of Rs 20,000 for investments in long-term infrastructure bonds.
Contributions to Central Government Health Scheme (CGHS) have also been allowed as deductions within the overall ceiling for tax rebate besides contributions to health insurance schemes which are currently allowed as deductions under the Income Tax Act.
The budget also proposed a hike in defence expenditure from Rs 1,41,703 crore to Rs 1,47,344 crore, including Rs 60,000 for capital expenditure.
In the Budget Estimates for 2010-11, gross tax receipts are estimated at Rs 7,46,651 crore while the non-tax revenue receipts are estimated at Rs 1,48,118 crore.
Total expenditure is placed at Rs 11,08,749 crore, which is an increase of 8.6 per cent over the total expenditure in Budget Estimates of 2009-10. The plan and non-plan expenditures in Budget Estimates in 2010-11 are estimated at Rs 3,73,092 crore and Rs 7,35,657 crore respectively.
The fiscal deficit for 2010-11 has been pegged at 5.5 per cent and the rolling targets for 2011-12 and 2012-13 have been pegged at 4.8 per cent and 4.1 per cent respectively.
The fiscal deficit of 5.5 per cent of GDP in 2010-11 works out to Rs 3,81,408 crore. Taking into account various other financing items for fiscal deficit, the actual net borrowing of the government in 2010-11 would be of the order of Rs 3,45,010 crore.
In direct taxes, the Finance Minister proposed to reduce the current surcharge of 10 per cent on domestic companies to 7.5 per cent but at the same time raised the rate of Minimum Alternate Tax (MAT) from 15 per cent to 18 per cent of book profits.
In indirect taxes, Mukherjee made structural changes in the excise duty on cigarettes, cigars and cigarillos, coupled with some increase in rates. He also proposed to enhance excise duty on all non-smoking tobacco such as scented tobacco, snuff and chewing tobacco.
In addition, he proposed to introduce a compounded levy scheme for chewing tobacco and branded unmanufactured tobacco based on the capacity of pouch-making machines.
Attempting to pay focussed attention to agriculture and related sectors, the Finance Minister proposed to provide project import status with a concessional import duty of 5 per cent for setting up mechanised handling systems and pallet-racking systems in mandis and warehouses for foodgrain and sugar as well as full exemption from service tax for installation and commissioning of such equipment.
A similar status on customs duty with full exemption from service tax will also be extended to initial setting up and expansion of cold storage, cold room and processing units for such produce.
Extending his goodies in excise duties in certain sectors, he gave full exemption to toy balloons and reduction in basic customs duty on long pepper, asafoetida and excise duty on goods covered under Medicinal and Toilet Preparations Act.
The Service Tax net is being expanded to include domestic and international air journeys of all classes, health check-up undertaken by hospitals for employees of business entities and health services provided under health insurance schemes offered by insurance companies.
The market which had already factored in a rollback in excise duties was relieved as no major negatives except hike in MAT to 18 per cent from the present 15 per cent and levy on oil prices was announced.
Bombay Stock Exchange's Sensex was at 16,604.95, higher by 350.75 points or 2.16 per cent. The index rose to a high of 16,669.25 from a low of 16,249.67.
The broader market also participated in the rally. The BSE Midcap Index surged 2.06 per cent and BSE Smallcap Index gained 1.65 per cent.
Sectorwise, the BSE Auto Index advanced 3.99 per cent, followed by BSE Realty which gained 3.71 per cent. BSE Bankex rallied 3.09 per cent and BSE Metal Index rose 2.89 per cent. The BSE IT Index, marginally down 0.25 per cent, was the lone laggard.
Biggest Nifty gainers were Reliance Capital (11.19%), IDFC (7.4%), DLF (7.29%), Tata Motors (5.71%) and Unitech (5.26%).
Tata Power (-4.34%), Ranbaxy Laboratories (-2.6%), HCL Technologies (-1.65%), BPCL (-0.57%) and Infosys Technologies (-0.47%) were trading with losses.
Market breadth on BSE was extremely positive with 1913 advances against 768 declines.
"Finance minister has addressed the key issues of containing fiscal slippage and outlined a clear roadmap for the next three years. The net government borrowing program for 2010-11 is also well under control and allays fears of crowding out of bank credit for private sector.
Tax proposals related to corporate and capital markets were benign and in line with expectation with no negative surprises. The thrust t on reforms and announcement like banking licenses for private sector non-banking companies were unexpected positive moves," said Gaurav Dua, Head Research, Sharekhan.
National Stock Exchange's Nifty surged 1.29 per cent or 62.55 points to end at 4922.30. The index touched a high of 4992 during the course of the Budget presentation, after opening at 4858.45.
Bombay Stock Exchange's Sensex closed at 16429.55, up 175.35 points or 1.08 per cent. The index rose to a high of 16,669.25 from a low of 16,249.67.
The broader market also participated in the rally. The BSE Midcap Index surged 1.47 per cent and BSE Smallcap Index gained 1.08 per cent.
Sectorally, BSE Auto Index rallied 4.74 per cent, BSE Metal Index rose 2.58 per cent and BSE Bankex moved 2.26 per cent up. The BSE FMCG Index fell 2.25 per cent.
Auto stocks extended gains as the market had already factored in rise in excise duty on large cars and vehicles.
Stocks from infrastructure and realty space were buzzing on the government's plans to spend Rs 1.73 lakh crore in infrastructure projects. Real estate and housing finance companies got a boost from the extension of 1 per cent interest subvention to March 31, 2011 on housing loans of up to Rs 20 lakh and Rs 700 crore allocated on this front.
Mukherjee also said that real estate companies would get another year to complete their projects, instead of 4 years now, to avail tax break. To spur infrastructure growth, the FM also proposed additional Rs 20,000 deduction for investment in infrastructure bonds.
He also increased the road transportation kitty by 13 per cent to Rs 19894 crore, while announcing plans to launch Delhi-Mumbai industrial corridor for development.
The fall in FMCG space was led by cigarette manufacturer ITC after the finance Minister hiked excise levy on cigarettes.
Biggest Nifty gainers were Reliance Capital (7.83%), Tata Motors (7.21%), Hindalco (5.93%), Hero Honda (5.75%) and Mahindra & Mahindra (5.57%).
ITC (-5.69%), Tata Power (-4.36%), ABB (-1.57%), BPCL (-1.25%) and TCS (-0.79%) were trading with losses.
Market breadth on BSE was extremely positive with 1,848 advances against 942 declines.
FM cuts income tax rates, changes slabs
In a major Rs 26,000 crore bonanza, Finance Minister Pranab Mukherjee announced changes to tax structure giving substantial benefit to individual and corporate tax payers.
While there would be no tax for income up to Rs 1.6 lakh, a tax of 10 per cent would be levied for income up to Rs 5 lakh, 20 per cent for up to Rs 8 lakh and 30 per cent beyond that level.
In addition, he announced that investment up to Rs 20,000 in long term infrastructure bonds would get the exemptions of over and above the existing Rs one lakh.
As per the existing structure, there is no tax on income up to Rs 1.6 lakh, 10 per cent is levied on income up to Rs 3 lakh, 20 per cent up to Rs 5 lakh and 30 per cent thereafter.
Mukherjee also reduced surcharge on corporate tax from 10 per cent to 7.5 per cent. He had already done away with surcharge on income tax last year.
However, the Finance Minister raised minimum alternate tax (MAT) to 18 per cent from the current 15 per cent on the book profits of the companies that are not coming under the tax net because of various exemptions.
Re 1 hike in petrol, diesel
The 2010-11 general budget provided considerable relief to income tax payers by raising the slabs at two levels but hiked the central excise duty on non-petroleum products across the board from 8 to 10 per cent and the basic duty on crude and petroleum products besides effecting a one-rupee increase per litre on petrol and diesel.
The entire opposition walked out of the Lok Sabha during the presentation of budget by Finance Minister Pranab Mukherjee, dubbing it 'highly inflationary' as he partially rolled back the stimulus by hiking the ad velorum component of excise duty on large cars and multi-utility vehicles by two per cent to 22 per cent.
The budget also raised the specific rates of duty on portland cement and cement clinker. The basic duty of 5 per cent on crude petroleum, 7.5 per cent on diesel and petrol and 10 per cent on other refined products is being enhanced.
The central excise duty on petrol and diesel is being enhanced by Re one per litre.
The proposals relating to customs and central excise are estimated to result in a net revenue gain of Rs 43,500 crore for the year. The proposals for service tax, in which government plans to bring in some more services, will result in a net revenue gain of Rs 3000 crore for the year.
While direct tax proposals are expected to result in a loss of Rs 26,000 crore for the year, those relating to indirect tax are estimated to result in a net revenue gain of Rs 46,500 crore.
Taking into account the concessions and measures to mobilise additional resources, the overall revenue gain is estimated to be Rs 20,500 crore for the year.
Union Budget 2010: Winners, losers among companies
India needs to review public spending and improve its fiscal position, Finance Minister Pranab Mukherjee said on Friday, kicking-off the
presentation of his budget for the fiscal year that starts on April 1.
Following are the major sectors that are likely to gain or lose from the proposals of the budget:
WINNERS: Construction and engineering companies such as Larsen & Toubro, GMR Infrastructure, Jaiprakash Associates and Gammon Infra on proposal to invest Rs 1.73 trillion ($7.4 billion) on infrastructure in 2010/11.
The capital good index was up 1.8 per cent by 0804 GMT, in line with the rise in the broader market.
Real estate firms such as DLF, Unitech and Sobha Developers after the budget proposed to give developers tax deductions on existing projects and relaxed norms for built-up area. The sector index was up 4.8 per cent.
Drugmakers such as Dr Reddy's Laboratories, Cipla and Biocon after weighted deduction on in-house research and development expenses was proposed to be raised to 200 per cent from 150 per cent now.
Hospitality services providers such as Indian Hotels, EIH and Taj GVK Hotels on proposal to allow firms setting up new two-star and above hotels to claim investment-linked tax deduction.
State-run bank shares such as State Bank of India, Andhra Bank, Canara Bank and Bank of India on proposal to provide 165 billion rupees ($3.6 billion) for recapitalisation. The sector index was up 3.3 per cent.
Education service providers Educomp Solutions, NIIT Ltd and Aptech after the budget increased allocation to the education sector to 1.38 trillion rupees in the union budget.
LOSERS: Outsourcers such as Infosys Technologies, Tata Consultancy Services and Wipro on no mention of extension of a tax holiday scheme for software firms in the budget speech. The tax break ends in March 2011. The sector index was flat in a firm market.
Cigarette makers such as ITC Ltd after the budget proposed to raise excise duty on tobacco products. Shares in ITC were down 3.6 per cent, after having fallen as much as 4 per cent earlier.
"Control over fiscal deficit comes more from containing expenditure. Even more commendable is making the deficit more transparent by not issuing oil or fertiliser bonds," Rao said.
Highlights of 2010-11 Union Budget
Following are the highlights of the Budget speech for 2010-11 by Finance Minister Pranab Mukherjee in Lok Sabha on Friday.* Gross tax receipts pegged at Rs 7,46,656 crore for 2010-11
* Non-tax revenues at Rs 1,48,118 crore
* Total expenditure pegged at Rs 11.8 lakh crore, up 8.6%
* Defence allocation at Rs 1,47,344 crore in 2010-11
* Fiscal deficit seen at 5.5 per cent now
* Fiscal deficit seen at 4.8% in FY'11 & 4.1% in FY'12
* Govt to continue giving cash subsidy for fuel & fertiliser
* Govt's net borrowing to be Rs 3,45,010 crore for 2010-11.
* Income Tax department ready with two-page Saral-2 forms
* Income Tax slabs broadened
* Income up to Rs 1.6 lakh - nil
* Income above Rs 1.6 lakh - up to Rs 5 lakh - 10 per cent
* Income above Rs 5 lakh-up to Rs 8 lakh - 20 per cent
* Income above Rs 8 lakh - 30 per cent
* New tax rates offer relief to 60% of tax payers
* Additional deduction of Rs 20,000 on long term infra bonds
* Excise duty on all non-petro products hiked to 10% from 8%
* One-time interim relief to housing and real estate sector
* Housing projects given 5 yrs to complete to avail tax break
* Investment linked tax deductions allowed to two-star hotels
* PlanCom to prepare action plan for Naxal-hit areas
* Eschew violence, join mainstream: FM to "misguided elements"
* Certain accredited news agencies exempted from service tax
* More services to be brought under Service Tax net
* Customs and excise to net revenue gain of Rs 43,500 cr
* Concessional excise duty of 4% on solar cycle rickshaws
* Clean energy cess of Rs 50/ton on coal produced in India
* Excise duty on cigarettes, cigars and cigarillos changed
* Customs duty on crude oil hiked to 5%, diesel & petrol to 7.5% and on refined other products to 10%
* No capital gains tax on conversion of business into LLP
* Economy in far better position than it was eight years ago
* First challenge is to quickly revert to 9% high GDP growth
* Second to make growth more inclusive and consolidate gains
* Hope to implement Direct Tax Code from April 2011
* Status paper on public debt within six months
* Endeavour to implement General Sales Tax in April 2011
Don't see any profound changes in the Budget: Jim Rogers
26 Feb 2010, 1652 hrs IST, ET Now
Jim Rogers, Investment Guru, in a chat with ET Now gives his perspective on the Budget.
You always have been sceptical about the Indian government's ability to deliver reforms. Are you a little less sceptical today?
I have been watching Indian government for too long. I hope that they are going to open up and allow foreigners to invest. I don't believe that you really willing to do that but they need to make the currency completely convertible because nobody is going to invest in the country with a blocked currency anymore.
I don't see any profound changes in this Budget. They talk about deregulating energy, I hope they do. They talk about helping farmers and I see some specific measures to help farmers but they haven't reformed Indian Agriculture. Indian Agriculture has got to be totally reformed. I mean forgiving a few bad debts helps but that's not the reform that the farmers in India need.
The Budget that I am seeing so far does not have many basic long-term needed reforms. If they come, I will be the first to invest in India.
What is your view on Indian equities, are you bullish?
Whenever a new Budget comes out what you need to do is sit down because some industries are going to benefit from whatever happens and obviously that's the area where one should be bullish. Some industries are going to suffer this happens every time there is a Budget.
Yes, I would be bullish on the things that are going to benefit I would not be bullish on the things that are going to suffer they talk about deregulating retail I hope he does it, I hope and he does it finely. He talk about deregulating oil, I hope they do it finely. They talk about helping banking I hope they do it.
They are building infrastructure in the rural areas. This is great for India if they do it straight for the agricultural sector, if they do it, this is the place where you make a lot of money in the Indian stock market or if there is a collapse, you lose less.
What is your sense on the global environment? What sense are you making of emerging market equities?
Well what worries me about this Budget is the fact that debt is already up something like 80% of gross national product and this going to continue to get higher which is not balancing the Budget. He (Finance Minister) says he is going to cut down the deficit but 7% is still a very high deficit once you get a 90% or so a 100% a debt your growth is impaired significantly. I don't see any attempts in India to do something about the huge accumulated deficit.
He says he is going to start divesting some or privatising some. I hope so. That is good for India but even then he still has big deficits and if you just cut down your deficits by selling off the family silver that is not good in the long run. If India continues to become a highly indebted nation look at Greece, look at America, look at the UK, look at other countries that have run under this kind of huge debt problem and I am afraid India is going down that path rather than a path of accumulating good budgets.
Budget draws mixed reactions from realtors
| Font Size |
Ashok Kumar(IndianExpress.com)
Posted: Feb 26, 2010 at 1810 hrs ISTNew Delhi Brotin Banerjee, CEO and MD, Tata Housing Development Company, feels the budget is positive.
"The increased impetus on infrastructure and large support to the rural development including PPP projects, education and health etc would also impact the economy in a positive way," opines Banerjee.
"However, the provision of Rs 700 crore and extension of interest subvention scheme of 1% on all individual housing loans upto Rs 10 lakh for units costing up to Rs 20 lakh till March 30, 2011 is a welcome move and would give a boost to low cost housing," adds Banerjee.
Dr. Anil Jindal, Chairman and Managing Director, SRS Group, welcomes 1% subsidy on interest rate for affordable Housing. Lauding the budget he says, "The extension of 1% interest subsidy scheme for affordable housing to March 2011 is a sound decision that will benefit the consumers as well as the real estate industry."
"It will make it attractive and encouraging for more people to go in for affordable housing, imparting momentum to the entire industry in the process. It will also trigger increased entry of genuine end-users instead of speculators and property hoarders," Jindal adds.
RK Mittal, Chairman and Managing Director, CHD Developers, believes that the budget is balanced.
"For the common man he has given some sweets in the form of Income Tax concessions, but with the roll back in excise duties the sweets have become a lit bit spicy," says Mittal.
Navin M Raheja, Managing Director, Raheja Developers finds the budget good for the Indian economy. Reacting to the budget proposals, Raheja says, "The budget is focused on the overall infrastructural development of the country including the rural sector. But the FM has not considered the real estate sector's major recommendations such as status of infrastructure to the industry, extension of tax exemption/tax rebate under section 80 IB up to March 2011, ECB for real estate etc," Raheja clarifies.
Kamal Taneja, Managing Director, TDI, welcomes the budget proposals, but feels the FM has overlooked the impending demands of real estate sector.
"The real estate sector would have been more contended to have got govt's notice towards the huge gap in demand and supply of mid market segment housing. While the sector saw sincere effort from the govt towards low cost housing, meeting up with more urgent requirements towards removing archaic laws and bringing taxation to a reasonable level would have further brought good news for both the industry and the large mid market segment of the country," elaborates Taneja.
Shravan Gupta, executive vice chairman and managing director, Emaar MGF Land, finds the budget good for inclusive growth.
"This year's budget invokes immense confidence and the markets have fittingly responded. The finance minister was right in acknowledging the need of the hour is a return to the growth path and efforts towards putting the economy back on track with a GDP of 9%," opines Gupta.
"Significantly, it's an inclusive growth budget that has the potential to work as a booster for the economy, "Gupta adds.
Pradeep Jain, Chairman, Parsvnath Developers feels that the budget is good for 'aam admi'.
"I personally feel that today's budget was for aam-admi, it is good for each and every individual in the society, the budget is supportive for the tax payers as the extension of limit will help in reducing burden on individual tax payers."
Partial roll back of excise duty on cement and cement products is a welcome move as it will help in reducing the input cost thereby making the final product economical", Jain adds.
Union Budget 2010: Private hospitals likely to benefit
26 Feb 2010, 1652 hrs IST, ET Bureau
NEW DELHI: Private hospitals and medical equipment makers expect to benefit from the government's plan to increase public healthcare expenditure
even as their long standing demand to give healthcare an infrastructure status has once again been ignored.
Union finance minister Pranab Mukherjee on Friday proposed to hike the spending on public healthcare to Rs 22,300 crore, up 14% from last year. Besides, health insurance has also been extended to more than 20% of the Indian population covered by the NREGA (National Rural employment Guarantee Act) program.
Suneeta Reddy, Executive Director (Finance) at Apollo Hospitals said that the uniform custom duty for import of all medical devices will benefit the industry.
The uniform customs duty of 5% plus CVD of 4% on import of medical equipment has been introduced against current general maximum rate of 16.78% pointed out Hitesh Sharma, partner & national leader, (Life Sciences Practice) at consultancy firm Ernst & Young.
He added, "If certain parts are imported for manufacture of equipment in India, only 5% basic customs duty will apply. This is likely to reduce the cost of treatment for patients and boost medical devices industry."
"Expansion of health insurance covered by NREGA program provides a potential 200% increase in the penetration of health insurance in India," said Amit Varma, president (Healthcare Initiatives), Religare Enterprises.
Union Budget 2010: Budgetary measures to boost steel demand indirectly
26 Feb 2010, 1647 hrs IST, Rakhi Mazumdar, ET Bureau
KOLKATA: The union budget proposals of finance minister Pranab Mukherjee, will indirectly boost the overall demand for steel. In particular, the
decision to raise outlay on urban development and housing by 75% to Rs 5,400 crore and an additional 25% of plan outlay for rural infrastructure, has come as a shot in the arm for domestic steel companies.
Base metals analyst at Angel Broking, Reena Walia Nair said: "Though no specific mention has been made with regard to steel, growth in infrastructure will obviously translate into growth for the steel sector as well. We have already seen a surge in equity stocks following the FM's budget speech. The market seems to have responded very positively to the budget. Going forward, steel stocks are likely to look up too." On Friday, Tata Steel shares gained up 1.11% to Rs 573.65, while the Steel Authority of India (Sail) stock jumped 3.26% to Rs 218.45 on the BSE.
"Apart from a higher outlay on housing and rural infrastructure, incentives to individuals for investing in infrastructure bonds will also spurt steel demand,"Anil Surekha, director finance, Ispat Industries which makes high value steel used in durables.
Commenting on the budget proposals, Steel Authority of India Limited chairman S K Roongta said: "The changes in income tax slabs will leave more disposable income in the hands of consumers. This will in turn boost demand for consumer durables which use value added steels. Moreover, the reduction in home finance rates for loans upto Rs 10 lakh will also be beneficial for housing sector and hence lead to higher consumption of steel."
"The focus on infrastructure spending, allocation of funds for railways and highways, emphasis on power sector growth, focus on rural and urban development augurs well for the steel industry," Vikram Amin, excecutive director, Essar Steel said.
However, the budget proposals will lead to a hike in excise rates from 8 to 10% which is slated to make steel costlier. "This step was largely factored in by the industry," Mr Surekha of Ispat Industries said. Also, the proposed clean energy cess of Rs 50 per tonne on coal will lead to a hike in steel companies' coal bill. In case of Sail, it will lead to an additional burden of Rs 50-100 crore.
Union Budget 2010: Budget doles out Rs 16,500 cr for PSU banks
26 Feb 2010, 1444 hrs IST, REUTERS
MUMBAI: India's federal budget 2010/11 has earmarked Rs 16,500 crore for recapitalisation of state-run banks to enable them to maintain minimum
capital adequacy at 8 percent in tier I capital by March 31, 2011. ( Watch )
"The Indian banking system has emerged unscathed from the crisis. We need to ensure that the banking system grows in size and sophistication to meet the needs of modern economy," Finance Minister Pranab Mukherjee said in his budget speech.
State-run banks were expecting a timeline for government's re-capitalisation programme to assess fund raising needs.
The World Bank has approved $2-billion loan for recapitalisation of Indian banks, but government was yet to come out with timeline to disburse the funds.
The finance minister also proposed to extend by six months the period for repayment of the loan amount by farmers from December 31, 2009 to June 30, 2010.
Mukherjee also raised interest subvention to 2 percent, from one per cent, as an incentive to those farmers who repay their short-term crop loans as per schedule.
Infrastructure Finance Co Ltd, authorised to refinance bank lending to infrastrcuture projects, is expected to more than double refinancing amount in FY11, from 30 billion in 2009/10, Mukherjee said in his budget speech.
The budget also said Reserve Bank of India is considering providing some additional banking licenses to private sector players to extend geographic coverage of banks.
The finance minister said banking licences could be given to non-banking finance companies if they meet Reserve Bank of India's eligibility criteria.
The budget also extended scheme of one per cent interest subvention on housing loans for affordable housing up to March 31, 2011.
RBI to look afresh at guidelines for bank licencing
26 Feb 2010, 1850 hrs IST, ET Bureau
MUMBAI: RBI deputy governor, Usha Thorat said that the Reserve Bank of India will come out with new guidelines for licencing of new banks in the private sector.
Speaking to the media after the budget, Ms Thorat said,` We will come out with new guidelines before considering applications for the licence. All the principles of ownership and governance will be taken into account while evolving new guidelines.'
She however refused to give a time frame that the RBI is looking at to come out with the guidelines. `All the globally accepted principles such as fit and proper criteria to own a bank will be taken into account.' Among other criteria, it will also look at strength and soundness of institutions. She also said that the central bank will come out with new definition of private players- the eligible entities who can own a bank.
Responding to a query on what transpired the change in the approach of policy makers (as it was not in favour of issuing new bank licences) Ms Thorat said that perhaps the feeling is that the banking system has undergone consolidation and hence the need to look at it. It would also help increase penentration she added.
The proposed Financial Stability Development Council would likely to be be operating on similar to the High level co-ordination committee(HLCC) of various regulators which is currently headed by the RBI governor.
Asked on the proposed guidelines on the base rate replacing the BPLR( Benchmark prime lending rate), Ms Thorat saud the central bank was still reviewing the feedback on the draft circular that was recently placed in the public domain and indicated that it was unlikely to come out with final guidelines before April 2010. She however clarified that the BPLR would be phased out and replaced with the base rate and ruled out a possibility of an overlap between the two. However, she said that one will have to work out the timing of such a phase out.
- To waive excise duty on solar panels
- Opposition walks out of Parliament over petrol price hike
- Petrol prices to go up
- Fresh services to be brought under service tax
- Service tax to GDP ratio 1%
- Service tax to result in net revenue gain of Rs 3000 cr
- Customs duty on silver at Rs 1500/kg
- Custom duty on gold to be reduced
- Mobile phones to be cheaper
- No capital gains tax on conversion of a business entity into Limited Liability Partnership
- To encourage manufacture of accessories such as battery chargers and hands-free sets, the concessions will be extended the mobile phone sector
- 5% customs duty on crude petroleum back
- Peak customs duty unchanged at 10%
- FM raises central excise duty on all non-petroleum products from 8 to 10 per cent
- Revenue loss of Rs 26,000 crore on direct tax proposals
- Stimulus-led excise duty rollback partially reversed
- FM allows housing projects to complete projects in 5 years instead of 4 years to avail tax break
- One-time interim relief to housing and real estate sector
- Businesses up to Rs 60 lakh and professionals up to Rs 15 lakh to be exempted from auditing obligations of their accounts
- Uproar in Parliament over petrol price rise
- To levy excise duty of Re 1/litre on petrol
- New tax rates would offer relief to 60 per cent of tax-payers
- CET on petroproducts hiked by Re 1
- Uniform Direct tax receipts to fall by Rs 56,000 cr
- Standard excise rate up from 8 to 10%
- Large cars, SUVs excise up to 22% from 20%
- Sops for real estate, housing projects extended by a year
- Partial roll back the rate reduction in central excise
- Direct tax scheme to result in revenue loss of Rs 26,000 cr
- Compliance burden reduced on professionals and entrepreneurs
- Corporate tax surcharge down from 10 to 7.5%
- New income tax slabs will bring relief to the middle class
- Rs 20,000 additional tax break for infra bonds
- Minimum Alternate Tax hiked to 18%
- R&D allocation increased 200%
- To unveil new Saral 2 form for salaried individuals in two pages
- Deduction of additional 10% for investment on infrastructure bonds
- Tax slabs: Broadening 1.6 lakh - Nil above 1.6 lakh-up to 5 lakh 10%
- 5-8 lakh- 20% above 8 lakh- 30%
- Tax paying interface to be de-cluttered
- States to be offered assistance to computerise commercial taxes
- Greater transparency in tax administration targeted
- Centralized Tax Centre at Bengaluru fully functional
- Fiscal deficit at 5.5% for FY'11
- Rolling target for fiscal deficit 4.2%
- Gross tax receipts at Rs 7.46 lakh cr
- New symbol for Indian Rupee
- Tech advisor group under Nandan Nilekani
- Allocation for development of micro and small scale sector raised from Rs 1,794 cr to Rs 2,400 cr
- Rs 2,600 cr for Minority Affairs Ministry
- To create 50 cr skilled workers by 2022
- Rs 1,900 cr to UID authority allocated
- First set of UID to be issued by this year
- Rs 19,484 cr allocated for road development, to build 20 km of highway every day
- Subsidy for affordable housing extended
- Skill development programme for textile and garment sector
- Pvt sector to meet deficit in grain storage
- 50% increase in women & child development allocation
- Development of rural infra remains high priority area
- Power sector allocation doubled to Rs 5130 cr
- Rs 400 cr corpus for micro-finance scheme
- National pension scheme allocation increased
- States to get Rs 3,675 crore for primary education at rural level
- Rs 400 cr corpus for micro-finance scheme
- NREGA allocation to Rs 40,100 crore
- National Social Security fund to be set up for unorganized sector
- Urban Development allocation to be raised by 75 per cent
- 20,000 mw of solar power by 2022
- Rural development allocation to Rs 61,000 cr
- Indira Awaas Yojana allocation raised in proportion to plain and hill area housing
- Development of rural infra remains high priority area
- Social sector spending at Rs 1.38 lakh cr for FY11
- Rs 500 cr for Clean Ganga Mission
- Rs 66, 100 cr for rural development in FY10-11
- Allocation for school education up from Rs 26, 800 crore to Rs 31, 036 cr
- Rs 22, 300 crore allocated for Health Ministry
- Coal regulatory authority proposed
- Rs 300 cr for Rashtriya Krishi Vikas Yojana
- Bank farm loan target: Rs 3.75 lakh crore
- Rs 200 cr To Tamil Nadu for textiles
- Need to take firm view on opening up of the retail sector
- National clean Energy Fund to be set up
- Rs 200 crore to Goa as a special golden jubilee package to restore beaches and increase green cover
- To provide 2% loan subsidy to farmers
- Extend loan payment by calamity hit farmers
- Rs 400cr for four-part strategy for agriculture
- 2% interest subvention for exports extended
- Additional banking licenses for pvt players
- 4 pronged strategy for agriculture
- Rs 16,500 cr capital support for PSU banks
- Will consider Parikh report on fuel pricing
- Goods and services tax to be introduced in 2011
- Fertiliser subsidy to be reduced
- GDP growth for FY'10 is seen at 7.2 pc
- Rs 25,000 cr disinvestment target this year
- India weathered economic crisis well
- Direct tax code to be implemented from April 1, 2011
- Gradual phasing out of economic stimulus
- Pvt investment can sustain 9 pc growth
- First challenge: Return to GDP growth
- Manufacturing growth highest in the past 2 years
- Indian economy is in a far better position today
- FM is expected to simplify tax laws in 2010
- Biggest challenge is to make the growth all inclusive
- Need to strengthen food security
- Pranab: Indian economy has stood through the test of time
- Economic growth slows down to 6 pc in Q3
- Finance Minister presents Budget 2010
- Pranab Mukherjee presents his 5th Union Budget
- Finance Minister Pranab Mukherjee reaches Parliament
- Inflation is forecast to reach 10 percent in coming weeks
- Government borrowing was forecast to rise by another 2.2 percent
- Economists forecast India may cut its fiscal deposit to 5.6% of GDP
- More services to be brought under service tax net
- Service tax to result in net revenue gain of Rs 3000cr
- Customs duty on gold to be reduced; silver at Rs 1500/kg
- Uniform concessional duty of 5% on all medical appliances
- Rationalising of customs on gaming software
- Custom duty of one of the key component of microwave oven reduced
- Peak customs duty unchanged at 10%
- Custom duty for importing of duplication of prints of films revised
- No capital gains tax on conversion of a business entity into Limited Liability Partnership
- Businesses up to Rs 60 lakh and professionals up to Rs 15 lakh to be exempted from auditing obligations
- Nominal duty of 4% electric cars
- Partial rollback of excise duty on cement, cement products, large cars
- To levy excise duty of Re 1/litre on petrol
- R&D Corp Tax break up to 200%
- Uniform Direct Tax receipts to fall by Rs 56,000 cr
- Pilot project for tax grievances extended to 4 cities
- Direct tax scheme to result in revenue loss of Rs 26,000cr
- Corporate tax surcharge down from 10 to 7.5%
- Rs 20,000 additional tax break for infra bonds
- Corp Min Alternate Tax up from 15 to 18%
- New tax rates would offer relief to 60 per cent of tax-payers
- Direct tax slabs: income upto 1.6 lakh = nil, 1.6-5 lakh = 10%, 5-8 lakh = 20%,
- above 8 lakh = 30%
- Centralized Tax Centre at Bengaluru fully functional
- Gross tax receipts Rs 7.46 lakh crore
- Deferment of goods & service tax negative for corporates in FY10-11
- Direct tax to be implemented from April 1, 2011
- Simple tax system with minimum exemptions near completion
- Realty stock gain after tax sops for developers
- Nifty up 100 pts
- Sensex surges over 350 pts on direct tax sops
- BSE real estate index extends gains to 3% on sops to developers
- 12.30am: Markets responds positively, Sensex up 300 pts
- Banking stocks up, react to banking expansion plans
- Markets up by 100 points
- Fertilizer stocks up, react to reduction of subsidy
- 11.30am: BSE Sensex, Nifty up by 0.5%
- Markets react positively to Pranab speech
- 9am: BSE Sensex at 16,296.59, 0.26%
- 9am: NSE index at 4,880.55 0.4%
- Gold gets cheaper
- Petrol, Diesel to be expensive
- Mobile phones to be cheaper
- Large cars, SUVs to cost more
- Petro products, cigarettes to be expensive
- Fertilisers to be costlier after the reduction in subsidy
- High fuel prices added to inflation: Pranab
- Pranab Mukherjee said the govt would initiate action to bridge the gap between wholesale and retail prices.
- Govt promises to tackle food inflation in budget
- Calls for fiscal discipline have gained urgency as inflation is forecast by some economists to reach 10 percent in coming weeks as high food prices fuel broader inflation expectations.
Union Budget 2010-11Oneindia - 3 hours ago Formulating the Union Budget 2010-11 must have been like walking on the tightrope for Pranab Mukherjee. The Finance Minister, who has already presented the ... Union Budget 2010: No audit for Rs 60 lakh businessEconomic Times - 4 hours ago According to the Budget 2010-11, a businessman will not have to get his accounts audited if his sales are less than Rs 60 lakh a year. ... Union Budget 2010: Commonwealth Games get lion's share in sports budgetEconomic Times - 5 hours ago NEW DELHI: The October Commonwealth Games got the lion's share in the union budget allocation for sports in 2010-11, though the overall outlay is down to ... Union Budget 2010: Proposes Rs 1.7 lakh cr for infraMoneycontrol.com - - 5 hours ago Budget 2010-11 has distinct thrust towards Infrastructure sector and proposed an allocation of Rs 1,73552 crore for ... Union Budget 2010: Budget doles out Rs 16500 cr for PSU banksEconomic Times - 7 hours ago MUMBAI: India's federal budget 2010/11 has earmarked Rs 16500 crore for recapitalisation of state-run banks to enable them to maintain minimum capital ... India Budget: Reactions from India Inc. on the Union Budget 2010Wall Street Journal - - 7 hours ago 'Punj Lloyd Group applauds the initiatives undertaken by the Finance Minister in Budget 2010. The government has given due importance to all important ... Union Budget 2010: Defence budget hiked by four per centEconomic Times - 7 hours ago Finance Minister Pranab Mukherjee today allocated Rs 1,47344 crore towards defence in 2010-11 budget. Last year the allocation for defence was Rs 1,41703 ... India Inc reacts to Union Budget 2010Sify - 6 hours ago The focus on alleviation of rural and urban poverty, while driving growth, truly gives an inclusive feel to this budget. There is also a focus on ... Union Budget 2010: Govt to spend 16 pc more on school educationEconomic Times - 7 hours ago NEW DELHI: The union budget for the next fiscal has pegged an outlay of Rs 31036 crore (Rs 310.36 billion/$6.7 billion) for school education, an increase of ... Union Budget 2010: Crop loan at 5 pc interest for farmers, farm credit up by 16 pcEconomic Times - 8 hours ago In his budget speech for 2010-11, Finance Minister Pranab Mukherjee also allocated Rs 400 crore to raise farm production in the eastern parts of India, ...  Union Budget 2010-11: Highlights (PartOneindia - 9 hours ago New Delhi, Feb 26: The Union Budget 2010-11 was presented by the Union Finance Minister Pranab Mukherjee on Friday, Feb 26. Government to provide Rs 300 ... Union Budget 2010: Govt hikes divestment targets to rake in Rs 25000 crEconomic Times - 7 hours ago According to the budget documents for 2010-11, "divestment proceeds have been estimated at Rs 40000 crore through divestment of part of the government ... Union Budget 2010: FM allocates more for health, focus on rural populaceEconomic Times - 7 hours ago "I propose to increase the plan allocation for the Ministry of Health and Family Welfare from Rs 19534 crore to Rs 22300 crore for 2010-11," the finance ... Union Budget 2010: India's gold buying retreats on import duty hikeEconomic Times - 7 hours ago Finance Minister Pranab Mukherjee in his 2010/11 budget on Friday raised the duty on imports of gold and platinum to Rs 300 per 10 grams from Rs 200 earlier ... Union Budget 2010: Govt raises defence allocation to Rs 147344 crEconomic Times - 8 hours ago This would include Rs.60000 crore for capital expenditure," Mukherjee said in his budget speech. "Needless to say, any additional requirement for the ... Sensex salutes Union Budget 2010, rallies over 300 ptsMoneycontrol.com - 10 hours ago The 30-share BSE Sensex cheered Union Budget 2010 unveiled by Finance Minister Pranab Mukherjee. This is the second budget from the Pranab. ... Union Budget 2010: 50 pc increase in funding for minority welfareEconomic Times - 7 hours ago Finance Minister Pranab Mukherjee in his budget speech said: "I also propose to raise the plan allocation for the ministry of minority affairs from Rs.1740 ... Union Budget 2010: Higher GDP, inclusive growth are challenges, says MukherjeeEconomic Times - 10 hours ago NEW DELHI: Finance Minister Pranab Mukherjee while presenting the Union Budget on Friday said a higher GDP growth path and inclusive development were ... Union Budget 2010: Indian fund managers react to BudgetEconomic Times - 7 hours ago MUMBAI: India needs to review public spending and improve its fiscal position, Finance Minister Pranab Mukherjee said on Friday, kicking-off the ... How the Budget 2010 benefits youSify - 7 hours ago The Union Budget 2010 presented by our Finance Minster Pranab Mukerjee has been received positively by the stock market investors. ... Highlights of Union Budget 2010-11Rediff - 12 hours ago Finance Minister Pranab Mukherjee presented the Union Budget 2010-11 in parliament on Friday. Has he lived up to the expectations of the taxpayers? ... Highlights of Union Budget 2010-2011Daily News & Analysis - 9 hours ago New Delhi: Finance minister Pranab Mukherjee began presenting the Union budget for 2010-11 in the Lok Sabha today after the Cabinet approved the document. ... Union Budget 2010: Power sector to attract fresh investmentsEconomic Times - 8 hours ago MUMBAI: The Budget proposal to double allocation for power development would accelerate generation capacity and attract fresh investments into the sector. ... Union Budget 2010: Excise duty on large cars up two per cent, small cars sparedEconomic Times - 7 hours ago NEW DELHI: Finance Minister Pranab Mukherjee Friday announced a two per cent hike in excise tax on prices of large cars, and sports and multi-utility ... Union Budget 2010: FM slaps excise duty of Re 1 per litre on petrol and dieselEconomic Times - 7 hours ago NEW DELHI: The Finance Minister has slapped an excise duty of Re 1 per litre on petrol and diesel. This has led to a ruckus in the parliament as the move ... Union Budget 2010: At Rs 22300 cr, Mukherjee allocates more for healthEconomic Times - 10 hours ago NEW DELHI: Finance Minister Pranab Mukherjee Friday allocated Rs 22300 crore (Rs 223 billion/$4.82 billion) for the health sector in his 2010-11 budget, ... Sensex cheers Budget 2010; auto, metals, banks leadMoneycontrol.com - 6 hours ago The benchmark Sensex salutes Union Budget 2010 unveiled by Finance Minister Pranab Mukherjee and rallied over 400 points during the day. ... Full text of Pranab Mukherjee's Budget 2010-11 speechIBNLive.com - 10 hours ago I rise to present the Union Budget for 2010-11. In 2009, when I presented the interim Budget in February and the regular Budget in July in this august House ... Have your say: Union Budget 2010-2011Indian Express - 10 hours ago Consumers will have to pay more for petrol, diesel, cars, TVs, cigarettes, tobacco, air-conditioner, gold and silver as the government announced hike in ... Union Budget 2010: Uniform Direct Tax Code from April 1, 2011, says FMEconomic Times - 12 hours ago We are involving people and other stake holders on its design," the finance minister said while presenting the general budget for 2010-11 in the Lok Sabha. ... |
| 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | Next |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ET SlideShow
Further relief for individual tax payers, a steep hike in allocations for welfare schemes and infrastructure were among the high points of Budget for 2010-11 presented Friday by Finance Minister Pranab Mukherjee, who said the worst was over and promised high, inclusive growth in the coming years.
- Govt starts stimulus rollback, raises excise duty by 2%
The government increased excise duties by 2 per cent to 10 per cent on all non-oil products, as part of withdrawal of stimulus measures, with Finance Minister Pranab Mukherjee saying the economy was on the recovery path.
- Govt provides Rs 1.73 lakh cr to boost infra sector in 2010-11
In order to boost infrastructure, Finance Minister Pranab Mukherjee on Friday gave a lion's share of the total plan allocations at Rs 1.73 lakh crore to the sector, which includes roads, ports, airports and railways in 2010-11.
- Budget eyes Rs 40,000 cr from stake sales in FY11
The government expects stake sales in state firms to fetch Rs 40,000 ($8.6 billion) in 2010/11, an estimate analysts believe is achievable as most upcoming government offers would draw investor interest.
- Uniform Direct Tax Code from April 1, 2011, says Finance Minister
Finance minister Pranab Mukherjee Friday said the uniform Direct Tax Code (DTC) will come into effect from April 1 next year.
- Tax proposals to hit India Inc in FY11
Manufacturing companies will have to shell out an additional Rs 25,500 crore on 2 per cent increase excise duty for the financial year 2010-11. The rise in excise duty accounts for 21 per cent of profit before tax of manufacturing companies studied here.
- Air fares to go up on service tax levy
Air travel on all classes in both domestic and international sectors is likely to become costlier with the government expanding the scope of air transport services to attract service tax.
- Car makers announce price hike after excise duty increase
Major auto makers in the country today reacted to the government's decision to increase the central excise duty to 10 per cent, by saying they will increase car prices -- possibly by up to Rs 25,000.
- Petrol, diesel prices likely to increase from midnight
Petrol prices are expected to increase by Rs.2.71 per litre and those of diesel by Rs.2.55 per litre from midnight Friday following Finance Minister Pranab Mukherjee's budget that restored basic duty on petrol, diesel and crude petroleum as well as raised central excise duty by Re.1.
Feb 27, 2010 IST 00:05:51
Pix: 6 Indians killed in 'barbaric' Kabul strike
At least six Indians were among 16 people killed as Taliban suicide bombers carried out a string of attacks in the heart of Kabul, in yet... • Pak court bars extradition of Taliban leaders • India, Pakistan can manage their ties: Bashir • Spcl aircraft to fetch Indians' bodies from Kabul • Kashmiri militancy fathered in Pakistan: MusharrafAll eyes on Indo-Pak talks
Now, it is quite clear that the real 'talk' that Pakistan wanted to...
Top Emailed Stories
In Part III of the interview, the CPI-Maoist general secretary says...
• 'Indian army is being used...
Slide Shows
In the final segment of a four-part interview, Communist Party of...
• Pix: Panic not fire killed 9 at...
Most Commented
Leading artists on Thursday welcomed the conferment of Qatar...
• We don't want to be lectured by...
Buzz
DNA 6 hours 10 minutes ago
Obama ended Thursday's summit with an appeal for Republicans and Democrats to consider whether...By the end of the bipartisan gathering, it was clear that the two parties have fundamentally different views of how to go about fixing the nation's health care system
Several senior congressional Democratic sources told CNN after Thursday's bipartisan summit that Democrats' plans on health care are not likely to differ much Friday from what they were Wednesday.
WASHINGTON (Reuters) - President Barack Obama and Republicans clashed frequently on Thursday at a summit on his stalled healthcare overhaul, battling over the size and cost of the proposal and moving no closer to a compromise agreement.
United States Republicans have rejected president Barack Obama's plea for support on enacting his healthcare reform plan after a televised summit in Washington.
US President's bipartisan health care summit degenerates into bickering and political points-scoring.
President Barack Obama and Republicans clashed frequently on Thursday at a summit on his stalled healthcare overhaul, battling over the size and cost of the proposal and moving no closer to a compromise agreement.
There are actually ideological differences between what Republicans and Democrats want for health care reform.Read more: http://swampland.blogs.time.com/#ixzz0gZgi5eDl
President Obama, leading Republicans and Democrats, are sitting down for what's expected to be a six-hour meeting to hash out health care issues.
President Obama urges Republicans and Democrats to focus on agreements in a televised healthcare summit.
President Obama makes a plea for agreement with Republicans at a health-care summit.
WASHINGTON (AP) -- President Barack Obama and his Democratic allies are pleading their case for health care overhaul in an extraordinary summit with Republicans, broadcast live to a divided public on daytime TV. But Democrats are already looking beyond Thursday's meeting at historic Blair House. With GOP lawmakers remaining steadfast in their opposition, the president and his party are preparing to move on alone. At stake in the high-risk strategy is the Democrats' stalemated legislation to extend coverage to more than 30 million people who are now uninsured. Politically, it's an all-or-nothing gamble in a midterm election year for Democrats ... Email
Top Stories - Weekly | Monthly
Gearing up for the Festival of Colours? Here are five healthy...
• Yoga poses to develop the heart...
Top Stories - Weekly | Monthly
Readers send in their favourite travel pic. Share yours!
• Pix: The sexiest backs in Bollywood
Videos
Specials
A senior officer in the Prime Minister's Office said, "It's high time we change the grammar of...
• Haqqani network: Chasing the shadows
Columns
At the end of the talks with Salman Bashir, Pakistani Foreign Secretary in New Delhi on Thursday,...
• India, Pakistan talk -- to catch America's eye
Interviews
"They argue that talking is a sign of weakness by India in view of...
• 'KCR has let Telangana down in a...
Stars spotted!
Met a celebrity?
Email us photos & videos
No comments:
Post a Comment