Budget Highlights
http://indiabudget.nic.in/ub2008-09/bh/bh1.pdf
Finance Minister's Speech
http://indiabudget.nic.in/ub2008-09/bs/speecha.htm
Budget at a glance
http://indiabudget.nic.in/ub2008-09/bag/bag1.htm
Receipts
http://indiabudget.nic.in/ub2008-09/bag/bag2.htm
Expenditure
http://indiabudget.nic.in/ub2008-09/bag/bag3.htm
Central plan outlay
http://indiabudget.nic.in/ub2008-09/bag/bag4.htm
Central plan outlay by sectors
http://indiabudget.nic.in/ub2008-09/bag/bag4-1.htm
Central Plan Outlay by Ministries/Departments
http://indiabudget.nic.in/ub2008-09/bag/bag4-2.htm
Finance bill
Income tax rates
http://indiabudget.nic.in/ub2008-09/fb/bill2.pdf
http://indiabudget.nic.in/ub2008-09/fb/bill31.pdf
http://indiabudget.nic.in/ub2008-09/ubmain.htm
Showing posts with label February 2008. Show all posts
Showing posts with label February 2008. Show all posts
Friday, February 29, 2008
Thursday, February 28, 2008
Union Budget 2008-09 Highlights
Economy Trends
GDP growth slows down to 8.4 per cent during quarter ended December 31, 2007 as compared to 9.1 per cent a year ago.
Economy grew over eight per cent over 12 successive quarters since 2005.
Growth rate of agricultre extimated at 2.6 per cent during the current year.
Services and manufacturing sectors expected to grow by 10.7 per cent and 9.4 per cent, says Chidambaram.
Keeping inflation under check is one of the cornerstones of the Government's policy.
Eleventh Plan started on a robust growth.
Revenue and expenditure
Plan expenditure fixed at Rs 2,43,000 crore and non plan expenditure at 5,74,000 crore.
Fiscal deficit pegged at 3.1 per cent and revenue deficit at 1.4 per cent.
Tax to GDP ratio increased from 9.2 per cent in 2004-05 to 12.5 per cent 2007-08.
Gross budgetary support to be raised to Rs 2,43,386 crore, an increase of more than Rs 38,000 crore from the current level.
Direct taxes
Changes in IT slab. Threshold of exemption for all Income Tax assesses raised from from 1,10,000 to 1,50,000.
Every income tax assessees to get relief of minimum of Rs 4,000.
No change in rate of surcharge.
New tax slabs(For assessment year 2009-10 (Fin.year 2008-09) will be: 10 per cent for 150,000 to 300,000, 20 per cent for 300,000 to 500,000 and 30 per cent above 500,000.
-----------
Rates for assessment year 2008-09 (F.Y. 2007-08)
Upto 1,10,000 - Nil
1,10,000 to 1,50,000 - 10% of the amount exceeding 1,10,000
1,50,000 to 2,50,000 - Rs.4,000 + 20% of the amount exceeding 1,50,000
2,50,000 & above - Rs.24 ,000 + 30% of the amount exceeding 2,50,000
-------------------
No change in corporate income tax.
Customs duty
No change in peak rate of customs duty.
Customs duty on specified life saving drugs reduced from ten per cent to five per cent.
Special Countervailing Duty on power imports.
Customs duty on specified sports goods machinery down from 7.5 per cent to five per cent.
Duty withdrawn on naptha for production of polymers.
Duty on crude and unrefined sulphur reduced from five to 2 per cent to help raise domestic fertiliser production.
Excise duty
General Centvat on all goods to be reduced from 16 per cent to 14 per cent.
Excise duty reduced from 16 per cent to eight per cent on all pharmaceutical goods manufacture.
Excise duty on small cars reduced to 12 per cent from 16 per cent and hybrid cars to 14 per cent.
Excise duty reduced from 16 to 8 per cent on water purification items.
Duty on non filter cigarettes to be raised.
Service tax - Proposals
Asset management service under mutual funds, services by stock exchanges to be brought under Services Tax net.
Threshold for small service providers raised from Rs eight lakh to Rs 10 lakh.
Allocations
Allocation for defence to be increased by 10 per cent from Rs 96,000 crore to Rs 1,05,600 crore.
75 lakh people to be covered by health insurance scheme.
Allocation for Textile Upgradation Fund to be more than doubled.
Risk Capital Fund to be set up in SIDBI.
PAN requirement to be extended to all transactions in capital market subject to a threshold.
Rs 32,676 crore as subsidy to Public Distribution System.
PDS through smart cards in Haryana and Chandigarh on pilot basis.
Three schemes to be introduced for providing social security to unorganised sector workers.
Sixth central pay commission to submit report by March 31, 2008.
Rs 624 crore allocated for Commonwealth Games
Farmer's Debt
Farmers' debt to be waived
Complete waiver of loans for marginal farmers owning land up to one hectare and small farmers owning land up to 1 and 2 hectares.
Agricultural loans given by scheduled commericial banks, regional rural banks and cooperative credit institutions up to March 31, 2007 and due for December 31 that year will be covered under the waiver scheme to address the problem of indebtedness.
One time settlement of loans for other farmers.
Agriculture loans restructured and rescheduled by banks from 2004-06 and other loans normally rescheduled under RBI guidelines will also be eligible under the waiver scheme.
Implementation of debt waiver and debt relief will be completed by June 30 this year.
Loan waiver scheme to involve loans liability of Rs 60,000 crore and to benefit four crore farmers.
The loan waiver scheme will benefit three crore small and medium farmers and cover loans totalling Rs 50,000 crore.
One crore other farmers will benefit to the tune of Rs 10,000 crore in the waiver.
Agriculture
Agriculture credit doubled in the first two years of the government to reach Rs.2.40 lakh crore by March 2008.
A target of Rs 2.80 lakh crore for agriculture credit set for the coming year.
Rs 20,000 crore for irrigation projects under AIPB, showing an increase of Rs 9,000 crore over last year.
National Horticulture Mission to be given Rs 1,100 crore in 2008-09 with special focus on coconut cultivation.
Rs 75 crore to be given to Agriculture Ministry for providing mobile soil testing laboratories in 250 districts.
Rs 644 crore for National Agriculture Insurance Scheme, which will be continued pending evolving an alternative crop insurance scheme.
National Plant Protection Training Institute at Hyderabad to be made autonomous body and Rs.29 crore will be allocated to it.
NREGA scheme to be rolled out in all the 596 rural districts in the country in 2008-09.
Rice production estimiated at 94.08 million tonnes, maize 16.78 mt, soyabean 9.45 mt and cotton 23.38 million bales.
The corpus of rural infrastructure development fund to be raised to Rs 14,000 crore.
Power sector
More reforms needed in coal and electricity sectors to ensure double digit growth in manufacturing sector.
Rs 800 crore for accelerated power reforms programme.
National Fund for Transmission and Distribution Reforms to be launched.
Foreign investment of 3.5 to 8 billion dollars expected for exploration and development of new oil blocks.
Rs 7,200 crore to be allocated to the Ministry of Women and Child Development, marking an increase of 24 per cent.
Rs 500 crore for corpus fund to subsidise all women Self Helf Groups for LIC [Get Quote] cover for permanent disability.
Jawaharlal Nehru Urban Renewal Mission to get Rs 6,865 crore this year against Rs 5,482 crore past year.
Allocation for Rajiv Gandhi Drinking Water Mission to be increased to Rs 7,300 crore. Rs 200 crore for potable water in schools.
Rs 300 crore to be set aside for desalination plant in Chennai for drinking water.
Rs 500 crore for identifying urgent needs of development programmes of border areas like Arunachal Pradesh.
SC, ST welfare
SC, ST and minority students to continue to get special attention.
Allocation for several schemes in North East raised from Rs 14,365 crore to Rs 16,400 crore.
Rs 75 crore sanctioned for Rajiv Gandhi National Fellowship Programme for SC/ST students pursuing M.Phil.
Rs 230 crore will be extended as additional equity to developmental organisations looking after the welfare of SC, ST, socially and economically backward classes and minorities.
Allocation for Minority Affairs Ministry to be doubled from Rs 500 crore to Rs 1,000 crore.
Rs 540 crore for multi-sectoral development plan for minority concentration districts.
288 public sector bank branches to be opened in districts having minority community concentration.
Education sector
Twenty per cent hike in education budget this year from Rs 28,674 crore to Rs 34,400 crore.
Sarva Shiksha Abhiyan will be provided Rs 13,100 crore, Mid Day Meal scheme Rs 8,000 crore, Secondary education Scheme Rs 4,554 crore.
410 additional Kasturba Gandhi Vidyalaya to be set up in backward blocks.
Navodaya Vidyalayas to be opened in 20 districts with special focus on regions having SC/ST concentration.
Allocation of Rs 130 crore for this purpose. Rs.750 crore more to be given for merit scholarship to students up to 10th and 12th class.
Mid day Meal scheme extended to upper primary level in 3479 schools. 16 central universities to be opened in 2008-09.
Three IITs to be set up in Andhra Pradesh, Bihar and Rajasthan.
Schools of architecture and planning in Bhopal and Vijaywada. More institutes of higher education to be opened.
Rs 100 crore to be given to Information Technology Ministry to set up national knowledge centres.
Allocation for NRHM increased to Rs 12,050 crore
Rs 750 crore for upgradation of 300 ITIs in 25 districts.
Rs 85 crore sanctioned for scholarships to students pursuing science education.
Indian Institutes of Science Education and Research to be set up at Bhopal and Thiruvananthapuram.
Rs 992 crore for national AIDS programme.
A national programme for the elderly to be started at a cost of Rs. 400 crore.
Rashtra Swasthya Beema Yojana to start from April one in Delhi and Haryana. Rs 30,000 for each family belonging to unorganised sector.
Allocation for ICDS increased to Rs 6300 crore.
Allocation for Bharat Nirman to be raised to Rs 31,280 crore.
To protect tigers, Rs 50 crore for National Tiger Conservation Programme. Bulk of it to be used to raise Tiger Protection Force.
GDP growth slows down to 8.4 per cent during quarter ended December 31, 2007 as compared to 9.1 per cent a year ago.
Economy grew over eight per cent over 12 successive quarters since 2005.
Growth rate of agricultre extimated at 2.6 per cent during the current year.
Services and manufacturing sectors expected to grow by 10.7 per cent and 9.4 per cent, says Chidambaram.
Keeping inflation under check is one of the cornerstones of the Government's policy.
Eleventh Plan started on a robust growth.
Revenue and expenditure
Plan expenditure fixed at Rs 2,43,000 crore and non plan expenditure at 5,74,000 crore.
Fiscal deficit pegged at 3.1 per cent and revenue deficit at 1.4 per cent.
Tax to GDP ratio increased from 9.2 per cent in 2004-05 to 12.5 per cent 2007-08.
Gross budgetary support to be raised to Rs 2,43,386 crore, an increase of more than Rs 38,000 crore from the current level.
Direct taxes
Changes in IT slab. Threshold of exemption for all Income Tax assesses raised from from 1,10,000 to 1,50,000.
Every income tax assessees to get relief of minimum of Rs 4,000.
No change in rate of surcharge.
New tax slabs(For assessment year 2009-10 (Fin.year 2008-09) will be: 10 per cent for 150,000 to 300,000, 20 per cent for 300,000 to 500,000 and 30 per cent above 500,000.
-----------
Rates for assessment year 2008-09 (F.Y. 2007-08)
Upto 1,10,000 - Nil
1,10,000 to 1,50,000 - 10% of the amount exceeding 1,10,000
1,50,000 to 2,50,000 - Rs.4,000 + 20% of the amount exceeding 1,50,000
2,50,000 & above - Rs.24 ,000 + 30% of the amount exceeding 2,50,000
-------------------
No change in corporate income tax.
Customs duty
No change in peak rate of customs duty.
Customs duty on specified life saving drugs reduced from ten per cent to five per cent.
Special Countervailing Duty on power imports.
Customs duty on specified sports goods machinery down from 7.5 per cent to five per cent.
Duty withdrawn on naptha for production of polymers.
Duty on crude and unrefined sulphur reduced from five to 2 per cent to help raise domestic fertiliser production.
Excise duty
General Centvat on all goods to be reduced from 16 per cent to 14 per cent.
Excise duty reduced from 16 per cent to eight per cent on all pharmaceutical goods manufacture.
Excise duty on small cars reduced to 12 per cent from 16 per cent and hybrid cars to 14 per cent.
Excise duty reduced from 16 to 8 per cent on water purification items.
Duty on non filter cigarettes to be raised.
Service tax - Proposals
Asset management service under mutual funds, services by stock exchanges to be brought under Services Tax net.
Threshold for small service providers raised from Rs eight lakh to Rs 10 lakh.
Allocations
Allocation for defence to be increased by 10 per cent from Rs 96,000 crore to Rs 1,05,600 crore.
75 lakh people to be covered by health insurance scheme.
Allocation for Textile Upgradation Fund to be more than doubled.
Risk Capital Fund to be set up in SIDBI.
PAN requirement to be extended to all transactions in capital market subject to a threshold.
Rs 32,676 crore as subsidy to Public Distribution System.
PDS through smart cards in Haryana and Chandigarh on pilot basis.
Three schemes to be introduced for providing social security to unorganised sector workers.
Sixth central pay commission to submit report by March 31, 2008.
Rs 624 crore allocated for Commonwealth Games
Farmer's Debt
Farmers' debt to be waived
Complete waiver of loans for marginal farmers owning land up to one hectare and small farmers owning land up to 1 and 2 hectares.
Agricultural loans given by scheduled commericial banks, regional rural banks and cooperative credit institutions up to March 31, 2007 and due for December 31 that year will be covered under the waiver scheme to address the problem of indebtedness.
One time settlement of loans for other farmers.
Agriculture loans restructured and rescheduled by banks from 2004-06 and other loans normally rescheduled under RBI guidelines will also be eligible under the waiver scheme.
Implementation of debt waiver and debt relief will be completed by June 30 this year.
Loan waiver scheme to involve loans liability of Rs 60,000 crore and to benefit four crore farmers.
The loan waiver scheme will benefit three crore small and medium farmers and cover loans totalling Rs 50,000 crore.
One crore other farmers will benefit to the tune of Rs 10,000 crore in the waiver.
Agriculture
Agriculture credit doubled in the first two years of the government to reach Rs.2.40 lakh crore by March 2008.
A target of Rs 2.80 lakh crore for agriculture credit set for the coming year.
Rs 20,000 crore for irrigation projects under AIPB, showing an increase of Rs 9,000 crore over last year.
National Horticulture Mission to be given Rs 1,100 crore in 2008-09 with special focus on coconut cultivation.
Rs 75 crore to be given to Agriculture Ministry for providing mobile soil testing laboratories in 250 districts.
Rs 644 crore for National Agriculture Insurance Scheme, which will be continued pending evolving an alternative crop insurance scheme.
National Plant Protection Training Institute at Hyderabad to be made autonomous body and Rs.29 crore will be allocated to it.
NREGA scheme to be rolled out in all the 596 rural districts in the country in 2008-09.
Rice production estimiated at 94.08 million tonnes, maize 16.78 mt, soyabean 9.45 mt and cotton 23.38 million bales.
The corpus of rural infrastructure development fund to be raised to Rs 14,000 crore.
Power sector
More reforms needed in coal and electricity sectors to ensure double digit growth in manufacturing sector.
Rs 800 crore for accelerated power reforms programme.
National Fund for Transmission and Distribution Reforms to be launched.
Foreign investment of 3.5 to 8 billion dollars expected for exploration and development of new oil blocks.
Rs 7,200 crore to be allocated to the Ministry of Women and Child Development, marking an increase of 24 per cent.
Rs 500 crore for corpus fund to subsidise all women Self Helf Groups for LIC [Get Quote] cover for permanent disability.
Jawaharlal Nehru Urban Renewal Mission to get Rs 6,865 crore this year against Rs 5,482 crore past year.
Allocation for Rajiv Gandhi Drinking Water Mission to be increased to Rs 7,300 crore. Rs 200 crore for potable water in schools.
Rs 300 crore to be set aside for desalination plant in Chennai for drinking water.
Rs 500 crore for identifying urgent needs of development programmes of border areas like Arunachal Pradesh.
SC, ST welfare
SC, ST and minority students to continue to get special attention.
Allocation for several schemes in North East raised from Rs 14,365 crore to Rs 16,400 crore.
Rs 75 crore sanctioned for Rajiv Gandhi National Fellowship Programme for SC/ST students pursuing M.Phil.
Rs 230 crore will be extended as additional equity to developmental organisations looking after the welfare of SC, ST, socially and economically backward classes and minorities.
Allocation for Minority Affairs Ministry to be doubled from Rs 500 crore to Rs 1,000 crore.
Rs 540 crore for multi-sectoral development plan for minority concentration districts.
288 public sector bank branches to be opened in districts having minority community concentration.
Education sector
Twenty per cent hike in education budget this year from Rs 28,674 crore to Rs 34,400 crore.
Sarva Shiksha Abhiyan will be provided Rs 13,100 crore, Mid Day Meal scheme Rs 8,000 crore, Secondary education Scheme Rs 4,554 crore.
410 additional Kasturba Gandhi Vidyalaya to be set up in backward blocks.
Navodaya Vidyalayas to be opened in 20 districts with special focus on regions having SC/ST concentration.
Allocation of Rs 130 crore for this purpose. Rs.750 crore more to be given for merit scholarship to students up to 10th and 12th class.
Mid day Meal scheme extended to upper primary level in 3479 schools. 16 central universities to be opened in 2008-09.
Three IITs to be set up in Andhra Pradesh, Bihar and Rajasthan.
Schools of architecture and planning in Bhopal and Vijaywada. More institutes of higher education to be opened.
Rs 100 crore to be given to Information Technology Ministry to set up national knowledge centres.
Allocation for NRHM increased to Rs 12,050 crore
Rs 750 crore for upgradation of 300 ITIs in 25 districts.
Rs 85 crore sanctioned for scholarships to students pursuing science education.
Indian Institutes of Science Education and Research to be set up at Bhopal and Thiruvananthapuram.
Rs 992 crore for national AIDS programme.
A national programme for the elderly to be started at a cost of Rs. 400 crore.
Rashtra Swasthya Beema Yojana to start from April one in Delhi and Haryana. Rs 30,000 for each family belonging to unorganised sector.
Allocation for ICDS increased to Rs 6300 crore.
Allocation for Bharat Nirman to be raised to Rs 31,280 crore.
To protect tigers, Rs 50 crore for National Tiger Conservation Programme. Bulk of it to be used to raise Tiger Protection Force.
Tuesday, February 26, 2008
Highlights of Railway Budget 2008-09
26 Feb 2008
Railway profit in 2007-08 at Rs 25,000 crore.
Thirty per cent discount to senior citizens for rail travel and 50 per cent discount for women in all classes
Mother Child Health Express to be started.
Clearance given for western freight corridor from Delhi to JNPT, Nhava Sheva, adjoining Mumbai.
Close circuit TV and bomb detecting equipment to be installed at major stations.
Doubling of lines to be given priority.
Railways planning smart card-based ticketing system.
CCTvs at all important stations
Modular toilets to be introduced in trains.
'Go Mumbai' card to be sold at bus depots.
Freight loading estimated to increase from 650 mt to 1100 mt by 2011
New policy for wagon leasing.
New line for Ennore Power Station.
By 2010, all coaches will be made of steel.
Professional agencies being involved on a pilot basis to ensure cleanliness in running trains.
Work on automatic signalling to start in new sections.
Railways to bring in led displays in stations on train arrivals/ departures.
Stainless steel coaches for mail and express trains.
Cleanliness drive on rajdhani and shatabdi trains.
Railways show a surplus of rs 68,778 cr in last four years.
Railways to provide escalators at 50 per cent of the stations in the country.
Railway Minister Lalu Yadav announced that Indian Railways will introduce 15,000 ticketing counters in the next 2 years. The Railways plans to offer tickets through mobile phones.
By 2009 call centre based inquiry services to be unveiled.
Issuance of wait-listed e-tickets will also allowed
Operating ratio of the Railways was at 76%.
Rs 49,250 crore invested into new railway projects.
Railway plan size increased from Rs 11,000 crore to Rs 30,000 crore in the last four years.
Productivity of Railway assets has been constantly increasing.
Railways attained 790 tonne payload target in the year 2007-08.
E-ticket booking is likely to rise to 300,000 from 100,000 in a year.
Freight traffic target of 785 million tonnes crossed to touch 790 million tones
Railway plan size increased from Rs 11,000 crore to Rs 30,000 crore in the last four years.
560 railway station platforms to be lengthened to take long trains.
Middle-level and low-level platforms to be upgraded to high-level platforms in several stations to help commuters.
More facilities for women and old passengers.
Railway profit in 2007-08 at Rs 25,000 crore.
Thirty per cent discount to senior citizens for rail travel and 50 per cent discount for women in all classes
Mother Child Health Express to be started.
Clearance given for western freight corridor from Delhi to JNPT, Nhava Sheva, adjoining Mumbai.
Close circuit TV and bomb detecting equipment to be installed at major stations.
Doubling of lines to be given priority.
Railways planning smart card-based ticketing system.
CCTvs at all important stations
Modular toilets to be introduced in trains.
'Go Mumbai' card to be sold at bus depots.
Freight loading estimated to increase from 650 mt to 1100 mt by 2011
New policy for wagon leasing.
New line for Ennore Power Station.
By 2010, all coaches will be made of steel.
Professional agencies being involved on a pilot basis to ensure cleanliness in running trains.
Work on automatic signalling to start in new sections.
Railways to bring in led displays in stations on train arrivals/ departures.
Stainless steel coaches for mail and express trains.
Cleanliness drive on rajdhani and shatabdi trains.
Railways show a surplus of rs 68,778 cr in last four years.
Railways to provide escalators at 50 per cent of the stations in the country.
Railway Minister Lalu Yadav announced that Indian Railways will introduce 15,000 ticketing counters in the next 2 years. The Railways plans to offer tickets through mobile phones.
By 2009 call centre based inquiry services to be unveiled.
Issuance of wait-listed e-tickets will also allowed
Operating ratio of the Railways was at 76%.
Rs 49,250 crore invested into new railway projects.
Railway plan size increased from Rs 11,000 crore to Rs 30,000 crore in the last four years.
Productivity of Railway assets has been constantly increasing.
Railways attained 790 tonne payload target in the year 2007-08.
E-ticket booking is likely to rise to 300,000 from 100,000 in a year.
Freight traffic target of 785 million tonnes crossed to touch 790 million tones
Railway plan size increased from Rs 11,000 crore to Rs 30,000 crore in the last four years.
560 railway station platforms to be lengthened to take long trains.
Middle-level and low-level platforms to be upgraded to high-level platforms in several stations to help commuters.
More facilities for women and old passengers.
Monday, February 25, 2008
India will sustain high growth with low inflation:President's Speech Feb 2008
Business Monday, February 25, 2008
India will sustain high growth with low inflation: Patil
With inclusive growth as the core strategy, India will sustain the high economic expansion seen since 2004 while keeping inflation in check, President Pratibha Patil told parliament Monday.
'It will continue to be the endeavour of my government to sustain growth while keeping prices under check,' Patil told the lawmakers of both houses inside the majestic Central Hall, as she formally inaugurated the budget session.
'This performance is all the more creditable against the background of the high international oil prices and rising commodity prices, including for food,' she said and went on to list the government's priorities and past achievements.
In what was also meant to be a peek into the broader policy trust of the United Progressive Alliance (UPA) government of Prime Minister Manmohan Singh, Patil said the nine percent growth for four years in a row was unprecedented for India.
'I am confident that creativity, enterprise and hard work of our young people will be able to sustain these high rates in the years to come,' the president said in the speech that covered a range of topics, with focus on the poor.
The speech, which came a few days before the national budget to be presented Feb 29, said the present government had stepped up allocations in several areas such as agriculture, education, health and rural development like never before.
'This is a structural shift in plan priorities aimed at reducing disparities and empowering people,' she said, adding that proactive measures would address issues like agriculture indebtedness and bring financially excluded people into the banking system.
The president also spoke of the measures taken in areas like rural development, urban renewal, sprucing up infrastructure, power generation, energy security, national highways development, railways and civil aviation.
'India is on the move. There is an air of optimism among youth and expectation among less-privileged sections of the society. The challenge before us is to sustain the development process in the face of external and internal threats.'
(Indiaenews)
India will sustain high growth with low inflation: Patil
With inclusive growth as the core strategy, India will sustain the high economic expansion seen since 2004 while keeping inflation in check, President Pratibha Patil told parliament Monday.
'It will continue to be the endeavour of my government to sustain growth while keeping prices under check,' Patil told the lawmakers of both houses inside the majestic Central Hall, as she formally inaugurated the budget session.
'This performance is all the more creditable against the background of the high international oil prices and rising commodity prices, including for food,' she said and went on to list the government's priorities and past achievements.
In what was also meant to be a peek into the broader policy trust of the United Progressive Alliance (UPA) government of Prime Minister Manmohan Singh, Patil said the nine percent growth for four years in a row was unprecedented for India.
'I am confident that creativity, enterprise and hard work of our young people will be able to sustain these high rates in the years to come,' the president said in the speech that covered a range of topics, with focus on the poor.
The speech, which came a few days before the national budget to be presented Feb 29, said the present government had stepped up allocations in several areas such as agriculture, education, health and rural development like never before.
'This is a structural shift in plan priorities aimed at reducing disparities and empowering people,' she said, adding that proactive measures would address issues like agriculture indebtedness and bring financially excluded people into the banking system.
The president also spoke of the measures taken in areas like rural development, urban renewal, sprucing up infrastructure, power generation, energy security, national highways development, railways and civil aviation.
'India is on the move. There is an air of optimism among youth and expectation among less-privileged sections of the society. The challenge before us is to sustain the development process in the face of external and internal threats.'
(Indiaenews)
FM confident indirect tax kitty to exceed Budget target
New Delhi, Feb 24 (PTI)
The Finance Ministry today expressed optimism that indirect tax collections would exceed the budget target of over Rs 2,79,000 crore for the current fiscal, even though the excise duty collections growth was a matter of concern.
"I am confident that the budget targets (for indirect tax collections) would exceed this year too," Finance Minister P Chidambaram said at an investiture ceremony of Presidential appreciation certificates for the officers of Central Excise, Customs and Narcotics departments here.
The Finance Minister said indirect tax collections exceeded the budget targets by Rs 8,615 crore in the 2005-06 fiscal, while in 2006-07, they surpassed the targets by Rs 11,300 crore.
Accordingly, the departments concerned were given Rs 86 crore and Rs 113 crore for these two years to provide better service conditions to their officials as part of the scheme to give one per cent of excess collections for this purpose.
Expressing confidence that indirect tax collections would surpass the budget targets this year as well, Chidambaram said this would enable the government to give one per cent excess collection to the departments concerned.
However, Central Board of Excise and Customs (CBEC) Chairman S K Shingal said growth rate of excise duty collections was a matter of concern.
Excise duty collections were growing at a rate of 7.6 per cent, he said. PTI
The Finance Ministry today expressed optimism that indirect tax collections would exceed the budget target of over Rs 2,79,000 crore for the current fiscal, even though the excise duty collections growth was a matter of concern.
"I am confident that the budget targets (for indirect tax collections) would exceed this year too," Finance Minister P Chidambaram said at an investiture ceremony of Presidential appreciation certificates for the officers of Central Excise, Customs and Narcotics departments here.
The Finance Minister said indirect tax collections exceeded the budget targets by Rs 8,615 crore in the 2005-06 fiscal, while in 2006-07, they surpassed the targets by Rs 11,300 crore.
Accordingly, the departments concerned were given Rs 86 crore and Rs 113 crore for these two years to provide better service conditions to their officials as part of the scheme to give one per cent of excess collections for this purpose.
Expressing confidence that indirect tax collections would surpass the budget targets this year as well, Chidambaram said this would enable the government to give one per cent excess collection to the departments concerned.
However, Central Board of Excise and Customs (CBEC) Chairman S K Shingal said growth rate of excise duty collections was a matter of concern.
Excise duty collections were growing at a rate of 7.6 per cent, he said. PTI
Montek for cut in taxes on petrol, diesel
Priyadarshi Siddhanta & Chandra Shekhar
New Delhi, Feb 25 (PTI)
Days before the Budget, Planning Commission Deputy Chairman Montek Singh Ahluwalia today made out a strong case for cut in taxes on petrol and diesel, while indicating there would be a substantial increase in social sector allocations.
"We have said in the Integrated Energy policy...Please decide on a rational tax policy and once you have a rational tax policy in place, on a medium term basis, under-recoveries of petroleum companies are not feasible," he told PTI.
He said the consumers would have to bear the burden of the increasing crude oil prices.
"I think the consumer will ultimately have to bear the burden otherwise you kill your oil companies and I don't think the government wants to do that," Ahluwalia said, adding that he did not anticipate any easing of prices in the short run.
"So we have to live with the oil prices we have got," he said. World oil prices rose again to near USD 100 a barrel in Asian trade today.
The government decided this month to partly pass on the burden to the consumer by raising petrol prices by Rs 2 and diesel prices by Re 1 per litre.
Asked whether he expected a higher allocation for the social sectors in the Budget, to be unveiled later this week, Ahluwalia said "Increase definitely. I am very happy you will find Plan (Annual) shows substantial increase especially in the social sectors." The Annual Plan for the central ministries form part of the expenditure of the government reflected in the Budget. PTI
New Delhi, Feb 25 (PTI)
Days before the Budget, Planning Commission Deputy Chairman Montek Singh Ahluwalia today made out a strong case for cut in taxes on petrol and diesel, while indicating there would be a substantial increase in social sector allocations.
"We have said in the Integrated Energy policy...Please decide on a rational tax policy and once you have a rational tax policy in place, on a medium term basis, under-recoveries of petroleum companies are not feasible," he told PTI.
He said the consumers would have to bear the burden of the increasing crude oil prices.
"I think the consumer will ultimately have to bear the burden otherwise you kill your oil companies and I don't think the government wants to do that," Ahluwalia said, adding that he did not anticipate any easing of prices in the short run.
"So we have to live with the oil prices we have got," he said. World oil prices rose again to near USD 100 a barrel in Asian trade today.
The government decided this month to partly pass on the burden to the consumer by raising petrol prices by Rs 2 and diesel prices by Re 1 per litre.
Asked whether he expected a higher allocation for the social sectors in the Budget, to be unveiled later this week, Ahluwalia said "Increase definitely. I am very happy you will find Plan (Annual) shows substantial increase especially in the social sectors." The Annual Plan for the central ministries form part of the expenditure of the government reflected in the Budget. PTI
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