Top Budget 2012 News- IBNLive.com

Factbox: GAAR delay fails to soothe fears

Wed, 09 May 2012 09:45:16 +0530

India has deferred by a year the rollout of measures to crack down on tax evasion, which had sparked an outcry among foreign investors, but has yet to provide clear guidelines on the proposals.

FM's plan: fix GST & oil subsidies, cut inflation

Wed, 09 May 2012 08:52:22 +0530

The one year-deferral of GAAR is not on account of any fear or apprehension, asserted finance minister Pranab Mukherjee on Tuesday. He warned that India cannot become tax havens just to attract foreign investors. The 30-minute long speech while presenting the finance bill veered around tax direction, crude prices and urgent fiscal action.

Oil price, subsidies are major challenges: Pranab

Tue, 08 May 2012 04:53:20 +0530

Union Finance Minister Pranab Mukherjee on Tuesday replied to the Finance Bill in Lok Sabha, pointing that oil prices were mounting everyday. Asserting that the government had the capacity to respond to any challenge, he said that subsidies constituted a major part of it.

Pranab Mukherjee to reply on Budget proposals

Tue, 08 May 2012 07:14:30 +0530

Finance Minister Pranab Mukherjee is expected to reply on Tuesday to various proposals in his 2012-13 budget.

Jewellers meet Pranab, Sonia; call off strike

Fri, 06 Apr 2012 03:17:49 +0530

Jewellers called off their 21-day strike on Friday after meeting Congress President Sonia Gandhi and Finance Minister Pranab Mukherjee on Friday. The jewellers' strike has been called off till Parliament takes a final decision on the excise duty hike on non-branded jewellery and import duty hike on gold.

Jewellers meet Pranab, Sonia; may call off strike

Fri, 06 Apr 2012 01:29:04 +0530

Jewellers are likely to call off their 21-day strike, according to sources. The breakthrough came after the jewellers' meeting with Congress President Sonia Gandhi and Finance Minister Pranab Mukherjee on friday. Sources say the Centre is likely to drop one per cent excise duty on non-branded jewellery.

Will look into concerns: Sonia assures jewellers

Fri, 06 Apr 2012 11:50:03 +0530

Congress President Sonia Gandhi met protesting jewellers on Friday and assured them that the government would address their concerns. The community's nation-wide strike has entered its 21st day.

Centre may roll back duty hike on jewellery: sources

Fri, 06 Apr 2012 10:05:16 +0530

Centre is likely to roll back excise duty hike on gold and non-branded jewellery, according to sources. This came after Congress President Sonia Gandhi stepped in as jewellers' protests against excise and import duty hikes spread. Jewellers will meet Sonia at 10.30 am on Friday.

Zaveri Bazar: Jewellers strike continues, enters second week

Mon, 02 Apr 2012 08:29:14 +0530

Finance Minister Pranab Mukherjee had announced a two percentage point hike in the peak excise duty from 10 per cent to 12 per cent.

FM defends amending I-T Act to deal with Vodafone-type deals

Sat, 31 Mar 2012 05:56:12 +0530

Finance minister Pranab Mukherjee on Saturday said there is "no other way" but to amend the Income Tax Act with retrospective effect to bring into the net Vodafone-type cross-border deals.

AC1, AC2 class rail fare to cost more from Sunday

Sat, 31 Mar 2012 05:06:26 +0530

Passengers travelling in AC 1 and AC 2 classes in trains will have to shell out more from Sunday when the upward revision in higher class fares will come into effect. The fare is also being hiked in Executive class and first class as per the Rail Budget 2012-13 announcements.

Considering jewellers' demand on excise duty: FM

Sat, 31 Mar 2012 12:21:05 +0530

Finance Minister Pranab Mukherjee on Friday night said that the Centre is considering the demand made from different quarters to withdraw excise duty on non-branded jewellery.

Vodafone mulls action after 'unjust' tax proposal

Sat, 31 Mar 2012 12:15:18 +0530

Vodafone Group Plc is considering a number of actions following a Budget proposal by India to retrospectively tax overseas transactions involving local assets, the company said on Friday, calling the idea 'grossly unjust'.

WB chief bats for Pranab on changes in tax laws

Fri, 30 Mar 2012 09:45:51 +0530

Batting for Finance Minister Pranab Mukherjee's proposal to tax Vodafone type deals, the World Bank president Robert Zoellick on Friday said that India wants the company should pay tax at some place and investors must give some time to the Government to explain the details.

TMC, CPM slam Govt on duty on unbranded jewellery

Fri, 30 Mar 2012 05:24:03 +0530

Arch rivals Trinamool Congress and CPI-M on Friday joined hands in the Rajya Sabha in criticising the Centre for failing to resolve the issue of strike by bullion traders and jewellers against imposition of excise duty on unbranded jewellery.

Govt need to take allies along: Pranab on Budget

Tue, 27 Mar 2012 09:44:36 +0530

Against the backdrop of opposition by allies to various policy decisions, Finance Minister Pranab Mukherjee on Tuesday conceded that the government had "limited" mandate and would require consensus on major decisions howsoever "strenuous and time consuming" it may be.

Pranab to reconsider duty on unbranded jewellery

Tue, 27 Mar 2012 07:37:32 +0530

Bowing to protests by jewelers and demands in Parliament, Finance Minister Pranab Mukherjee hinted at a roll back of the excise duty on unbranded jewellery but ruled out going back on the hike in import duty on gold and platinum.

Pranab Mukherjee sounds caution on oil prices

Tue, 27 Mar 2012 06:01:57 +0530

Finance Minister Pranab Mukherjee, while replying to the Union Budget in the Lok Sabha on Tuesday, said that the Gulf crisis has impacted prices and availability of oil and hinted that imports will become difficult if crude prices rise to $150-200 per barrel.

Bullion strike enters 10th day over duty hike

Mon, 26 Mar 2012 05:53:44 +0530

Bullion and jewellery markets remained closed for tenth straight today in various parts of the country to protest imposition of excise duty on unbranded jewellery and doubling of import duty on gold.

Budget to be discussed in Lok Sabha today

Mon, 26 Mar 2012 07:22:19 +0530

It's four days to go before the Budget session of Parliament ends. The General Budget will be discussed in the Lok Sabha on Monday. The two Houses are also likely to discuss the Lokpal bill in the first half of the budget sessions.

NRIs fear DTC taxing properties in India: SICCI

Fri, 23 Mar 2012 04:03:11 +0530

Non-Resident Indian (NRI) industrialists in Singapore have expressed apprehensions about the proposed Direct Tax Code (DTC), which may tax their properties and foreign currency deposits in India.

PM would have sacrificed TMC for me: Trivedi

Fri, 23 Mar 2012 01:43:50 +0530

Former Union Minister Dinesh Trivedi has claimed that Prime Minister Manmohan Singh would have been prepared to retain him as the Railway Minister, even at the cost of losing the TMC's support.

Mamata has her way, populism derails railways

Thu, 22 Mar 2012 09:49:03 +0530

Mamata Banerjee has had her way again and the passenger fare has been rolled back. The announcement was made by new Union Railway Minister Mukul Roy on Thursday. What happens to the railways now? Will the plans of modernisation of railways go off-track?

I am happy with what I did: Dinesh Trivedi

Thu, 22 Mar 2012 03:43:55 +0530

After new Rail Minister Mukul Roy rolled back the passenger fare hike announced by Dinesh Trivedi in the Rail Budget, the former rail minister said he is happy with the Rail Budget that he prepared.

Mamata has her way; Mukul Roy rolls back passenger fare

Thu, 22 Mar 2012 02:47:47 +0530

New Railway Minister Mukul Roy on Thursday announced the rollback in his reply on the Rail Budget in Parliament.

Mukul Roy announces rollback in rail fare hike

Thu, 22 Mar 2012 12:32:11 +0530

Railway Minister Mukul Roy on Thursday withdrew the increase in passenger fares in the sleeper, suburban, AC Chair Car and AC 3-tier classes announced by his predecessor Dinesh Trivedi, who had presented the budget on March 14. Roy's announcement was expected after his party, the Trinamool Congress, forced Trivedi to quit from Union Cabinet for increasing passenger fares across all the classes.

Mukul Roy to reply to Rail Budget in Parliament

Thu, 22 Mar 2012 08:52:18 +0530

All eyes will be on Parliament on Thursday where newly elected Railway Minister Mukul Roy is set to take questions on the Rail Budget.

Trivedi shadow looms over Rail Budget debate in LS

Tue, 20 Mar 2012 03:38:03 +0530

The shadow of Dinesh Trivedi loomed large in the Lok Sabha on Tuesday during discussion on the Railway Budget 2012-13 with the Opposition taking barbs at the Congress-led coalition in the wake of pressure by its allies.

Mukul Roy parries questions on rail fare hike

Tue, 20 Mar 2012 11:31:10 +0530

Widely expected to roll back the lower class fare hike proposed by his predecessor Dinesh Trivedi, Mukul Roy on Tuesday parried questions on what he plans to do about the hike.

Mukul Roy sworn in as Railway Minister

Tue, 20 Mar 2012 10:07:13 +0530

Trinamool Congress MP Mukul Roy took oath as the new Railway Minister on Tuesday at the Rashtrapati Bhawan. Roy replaced Dinesh Trivedi, who had to resign as the Railway Minister after pressure from the Trinamool Congress over hike in passenger fares in the Rail Budget presented by him.

Mukul Roy to be sworn in as Rail Minister today

Tue, 20 Mar 2012 07:30:42 +0530

Trinamool Congress MP Mukul Roy is all set to take over as the new Railway Minister. He will be sworn in on Tuesday morning at the Rashtrapati Bhawan.

President accepts Dinesh Trivedi's resignation

Mon, 19 Mar 2012 10:40:40 +0530

Trinamool Congress leader Mukul Roy will be sworn-in Tuesday as Cabinet minister to replace his party colleague Dinesh Trivedi who has resigned as railway minister. This came after President Pratibha Patil accepted Trivedi's resignation on Monday night.

PM wouldn't have let me resign: Trivedi

Mon, 19 Mar 2012 07:01:17 +0530

Former Railway Minister Dinesh Trivedi, who had to face the axe after facing opposition from his own party after hiking passenger fare in the Rail Budget, on Monday reiterated that he would go with the same budget if he were to present it again.

Rail Budget: Mamata indicates rollback in fares

Mon, 19 Mar 2012 05:55:15 +0530

With her confidant Mukul Roy set to take charge as Railway Minister on Tuesday, Trinamool Congress chief Mamata Banerjee on Monday indicated there could be some rollback in passenger fare hike.

No action against Trivedi: Trinamool

Mon, 19 Mar 2012 11:27:25 +0530

The Trinamool Congress on Monday ruled out any action against Dinesh Trivedi, who resigned as Railway Minister, saying that he has been asked to attend the parliamentary party meeting which party chief Mamata Banerjee is expected to attend.

Budget fails to address fiscal constraint: Moody's

Mon, 19 Mar 2012 10:43:55 +0530

India's budget lacks new solutions to address the country's fiscal constraints, global rating agency Moody's Investor Service said on Monday.

Rail Budget row: Oppn may take on UPA in Parl

Mon, 19 Mar 2012 08:11:18 +0530

The UPA is likely to face a stormy day on Monday as Parliament convenes for the first time after the Union Budget. The Government seems to have it hands full and will have to counter the Opposition on last week's political developments.

Mukul Roy set to replace Trivedi as Railway Minister

Mon, 19 Mar 2012 07:28:39 +0530

Dinesh Trivedi finally quit as Railway Minister on Sunday after speaking to Trinamool Congress chief and West Bengal Chief Minister Mamata Banerjee. Mukul Roy is likely to take over as the Railway Minister, but Finance Minister Pranab Mukherjee is likely to reply to the debate on the Railway Budget in Parliament.

Pressure tactics won't work: FM to bullion dealers

Mon, 19 Mar 2012 04:40:05 +0530

Finance Minister Pranab Mukherjee on Sunday bluntly told bullion dealers, who have gone on strike against the levies on gold, that their pressure tactics "will simply not not work".

Hope Cong, TMC will agree on the Budget: Montek

Sun, 18 Mar 2012 07:25:20 +0530

Deputy Chairman of the Planning Commission Montek Singh Ahluwalia commenting on the current rift between the Trinamool Congress and the Congress on the Budget 2012 said that nobody quite says that they are going to agree something unless they agree or until they are ready.

DTC likely to become effective from FY14: Pranab

Sun, 18 Mar 2012 05:22:42 +0530

Finance Minister Pranab Mukherjee on Sunday expressed hope that the direct tax regime would become effective from 2013-14.

I was extra careful while formulating Budget: Pranab

Sun, 18 Mar 2012 01:14:20 +0530

Finance Minister Pranab Mukherjee on Sunday said he was "extra careful" while formulating his Budget proposals in view of the political situation on the ground.

FM's record doesn't inspire hope on deficit target

Sun, 18 Mar 2012 11:01:25 +0530

Economists at global rating agencies and fund houses have described the 5.1-per cent fiscal deficit target as an uphill task and devoid of clear roadmap, adding that track-record of the Finance Minister last year, coupled with still uncertain global environment, does not make the number seem tenable.

Govt will address oil price rise issue: Pranab

Sun, 18 Mar 2012 10:17:24 +0530

Worried over the rising price of crude oil, Finance Minister Pranab Mukherjee on Saturday said the government can address the issue even outside the Budgetary route if the upward trend continues.

'Wary of amending laws with retrospective effect'

Sun, 18 Mar 2012 08:40:48 +0530

Planning Commission Deputy Chairman Montek Ahluwalia said he was wary of amending laws with retrospective effect after the Union Budget seeks to change the Income Tax law to cover the Vodafone takeover of Hutch.

Railwaymen threaten agitation against any rollback

Sun, 18 Mar 2012 04:44:50 +0530

Supporting the fare hike, five Railway employee unions on Saturday threatened to launch an agitation against any possible rollback.

India not to tax rupee payments for Iranian oil

Sun, 18 Mar 2012 03:26:39 +0530

India has exempted payment in rupees for oil imports from Iran from hefty local taxes, a move that would help refiners settle some of their oil trade with the sanctions-hit country if the current mechanism through Turkey folds under fresh sanctions.

Embattled Dinesh Trivedi finds support in Gujarat

Sun, 18 Mar 2012 12:59:48 +0530

Railway Minister Dinesh Trivedi, who is in the line of fire of Trinamool Congress chief Mamta Banerjee, has found support from organizations in his home district of Kutch in Gujarat.

Trivedi defies Mamata; Cong remains silent

Sat, 17 Mar 2012 09:59:33 +0530

The Rail Budget fiasco has not just put the UPA in unprecedented embarrassment, it has also exposed the mess within the Trinamool Congress. Mamata Banerjee is now facing defiance within the party that she has never encountered before.

'Budget, unless rectified, will doom economy'

Sat, 17 Mar 2012 09:37:17 +0530

Terming the Union Budget as "ridiculous", Janata Party President Subramanian Swamy on Saturday said that the fiscal proposals unless rectified will "doom the economy".

Phone bills set to rise after hike in service tax

Sat, 17 Mar 2012 08:34:05 +0530

With service tax set to rise from 10 to 12 per cent, telecom companies on Saturday said tariffs for all telecom services will rise from the date the hike in tax is notified.

Dinesh Trivedi has been honest throughout: TMC MP

Sat, 17 Mar 2012 05:02:57 +0530

Trinamool Congress MP Kabir Suman said the party had not treated Dinesh Trivedi right and was behaving undemocratically.

Can't put my resignation based on a phone call: Trivedi

Sat, 17 Mar 2012 03:50:45 +0530

Railway Minister Dinesh Trivedi said he will not resign till there is a clear instruction on paper.

Mamata firm on replacing Dinesh Trivedi

Sat, 17 Mar 2012 03:02:02 +0530

Firm on the removal of Railway Minister Dinesh Trivedi, Trinamool Congress chief Mamata Banerjee on Saturday asserted that it was time for Prime Minister Manmohan Singh to act on her plea to replace Trivedi with another party nominee Mukul Roy.

Rail Budget row: Trivedi, TMC in an open war

Sat, 17 Mar 2012 02:46:53 +0530

The exit of Railway Minister Dinesh Trivedi looks imminent with internal pressure mounting on him to quit. Trinamool Congress MP Kalyan Banerjee spoke to Dinesh Trivedi and asked him to put in his papers. "I had suggested an honourable exit for Trivedi. He knows the party doesn't want him," Kalyan Banerjee said.

Will discuss service tax hike in Parliament: Mamata

Sat, 17 Mar 2012 02:27:17 +0530

First class and AC rail fares will rise due to the increase in service tax. Will Mamata Banerjee derail the proposal?

How Budget 2012 will affect you

Sat, 17 Mar 2012 02:12:01 +0530

The tax exemption limit has been increased by Rs 20,000 to Rs 2,00,000, but the proposed service taxes would pinch you more.

Trivedi knows the party doesn't want him: Kalyan Banerjee

Sat, 17 Mar 2012 01:53:38 +0530

Trinamool leader Kalyan Banerjee called up Dinesh Trivedi asking him to submit his resignation.

Budget has taken the reality of situation: Swraj Paul

Sat, 17 Mar 2012 11:44:59 +0530

Leading NRI industrialist Lord Swraj Paul has said that the Union Budget for 2012-13 has taken the reality of India's situation. Reacting to the Budget, Caparo Group Chairman Swraj Paul said: "The budget has taken the reality of India's situation.

Rail Budget row: Dinesh Trivedi takes on TMC

Sat, 17 Mar 2012 10:50:56 +0530

Railway Minister Dinesh Trivedi stands isolated in his party as internal pressure grows on him to quit. Sources say Trinamool Congress MP Kalyan Banerjee has spoken to Dinesh Trivedi and asked him to put in his papers.

Congress agrees to remove Dinesh Trivedi: sources

Sat, 17 Mar 2012 10:00:37 +0530

The Congress has agreed to remove Dinesh Trivedi as the Railway Minister, according to sources in the Trinamool Congress. However, sources say that the Congress has told Trinamool supremo Mamata Banerjee that sacking Trivedi would give him sympathy and make him a hero.

Budget 2012: Pay more for the comforts of life

Sat, 17 Mar 2012 08:58:17 +0530

Budget 2012 presented by Finance Minister Pranab Mukherjee on Friday, March 16, makes eating out and phone bills and other comforts of life costlier, pinching the common man. Increase in service tax will increase your mobile bills by 2 per cent every month.

Budget not game-changing: US-India trade group

Sat, 17 Mar 2012 08:18:59 +0530

Calling the Indian budget "measured but without game-changing reforms", a US-India trade group has expressed the hope that the government would deliver on foreign investor friendly key reforms during the budget session.

Budget 2012: What gets cheaper, what gets dearer

Sat, 17 Mar 2012 06:42:24 +0530

Budget 2012, presented by Finance Minister Pranab Mukherjee makes branded clothes, footwear, mobiles phones and LCD TVs cheaper. Also apart from cheaper imported medical equipment, prices of HIV and cancer medicines are to go down too.

Decision on Trivedi next week: Cong sources

Sat, 17 Mar 2012 06:23:48 +0530

The Congress Core group meet on Friday evening failed to come up with any solution to the crisis, sources say a decision on removing Railway Minister Dinesh Trivedi may only be taken next week after the Prime Minister's reply in Parliament on the President's speech and the Rail Budget.

Govt to borrow Rs 4.79 lakh cr to bridge fiscal deficit

Sat, 17 Mar 2012 05:27:33 +0530

Indicating worsening public finances, the government on Friday pegged its net borrowing for 2012-13 at Rs 4.79 lakh crore, about Rs 43,000 crore higher than the revised estimates of the current fiscal.

Govt to make overseas assets disclosure mandatory

Sat, 17 Mar 2012 04:49:35 +0530

Mandatory reporting of assets held by individuals abroad and re-opening of I-T return filings up to 16 years in this regard are among the steps being proposed by the government to tackle the menace of black money.

Budget has welcome and avoidable features: Karuna

Sat, 17 Mar 2012 01:44:21 +0530

DMK president M Karunanidhi on Friday described the budget as a mix of welcome and avoidable features, adding that its efficacy in improving the living standards of people and taking forward the economy will have to be seen.

ECBs in aviation welcome: Vijay Mallya

Sat, 17 Mar 2012 01:17:57 +0530

Beleaguered air-carrier Kingfisher Airlines on Friday welcomed the Budget proposal to allow aviation companies to raise capital through external borrowings worth $1 billion during the next fiscal.

Common man's concerns missing from Budget: Modi

Sat, 17 Mar 2012 12:49:37 +0530

Terming the Union Budget as "directionless", Gujarat Chief Minister Narendra Modi on Friday said there was no relief in it for the common man.

Govt to raise Rs 90K cr from spectrum sale in 3 yrs

Sat, 17 Mar 2012 12:03:01 +0530

The government is confidant of raising around Rs 90,000 crore in the next three years through auction of telecom spectrum, in line with its proposal to sell airwaves at market-linked prices.

Budget 2012: Is it a missed opportunity?

Fri, 16 Mar 2012 11:58:42 +0530

Many commentators have slammed the budget as pedestrian for numerous petty tax concessions.

Winners and losers of Budget 2012

Fri, 16 Mar 2012 11:45:11 +0530

Finance Minister Pranab Mukherjee played it safe in unveiling the federal budget on Friday, pledging reforms but setting only modest targets for trimming a ballooning fiscal deficit, disappointing investors.

Aam admi's woes: Service tax will eat up his Budget

Fri, 16 Mar 2012 11:20:31 +0530

Finance Minister Pranab Mukherjee announced on Friday that personal tax exemption will be raised to Rs 200,000 in financial year 2012/13.

The Last Word: How do the opposition parties view Pranab's Budget?

Fri, 16 Mar 2012 11:01:45 +0530

Two per cent hike in excise and service tax, which means you pay more for most of your services and goods.

Budget 2012: FMCG goods to become costlier

Fri, 16 Mar 2012 10:59:50 +0530

The FMCG industry on Friday said they will be forced to increase prices even though sales are already muted and margins are under immense pressure.

I have full faith in Prime Minister, says Trivedi

Fri, 16 Mar 2012 09:56:58 +0530

Railway Minister Dinesh Trivedi, whose fate hangs in balance, on Friday maintained his decision on the fare hike, saying it was in the best interest of the nation, adding he had full faith in Prime Minister Manmohan Singh.

Budget 2012: bland, with some big ideas

Fri, 16 Mar 2012 09:25:51 +0530

Finance Minister Pranab Mukherjee has so consistently disappointed that it is difficult to believe he will keep his word on the fiscal deficit. This year's spending went over-board by nearly a third. That is an appalling record. There have been slippages in the past decade - but never of this magnitude (except in the year of financial crisis). He has made a virtue of honesty by hanging out the linen. He appears contrite and in a mood to make amends. Hopefully, he will not want to go down in history as the man who let down the country.

Punjab farmers unhappy with Union Budget 2012

Fri, 16 Mar 2012 08:37:18 +0530

Punjab farmers on Friday gave thumbs down to the Union Budget 2012-13 for failing in announcing any special package to reinvigorate the state s farm sector.

Decision on Trivedi unlikely before Monday

Fri, 16 Mar 2012 08:27:55 +0530

A decision on the fate of Railway Minister Dinesh Trivedi is unlikely before Monday.

18 pc hike in budgetary allocation for education

Fri, 16 Mar 2012 08:12:07 +0530

The education sector on Friday got a hike of about 18 per cent in the budgetary allocation for the next fiscal with a plan outlay of 61,427 crore in which 22 per cent increase has been announced for the Sarva Siksha Abhiyan.

Budget 2012: Cement prices may go up by Rs 5 per bag

Fri, 16 Mar 2012 08:00:09 +0530

Cement may become dearer by Rs 5 per 50 kg bag in view of the Budget proposal on Friday to raise excise duty to 12 per cent from 10 per cent earlier, industry sources said.

Petrol price rise via executive actions: Pranab

Fri, 16 Mar 2012 07:47:11 +0530

Finance Minister Pranab Mukherjee is easily the most sought after man in India today. After delivering his Union Budget 2012 in Parliament, he tells CNBC-TV18 that as far as petrol prices are concerned, these are decisions taken by the executive.

Consulting lawyers on changes in I-T Act: Vodafone

Fri, 16 Mar 2012 07:37:43 +0530

In a quick response to the government's move to amend the I-T Act retrospectively to recover Rs 11,000 crore from Vodafone despite losing the case in the Supreme Court, the UK-based telecom major on Friday said it has begun consultations with lawyers on the issue.

Overseas Ministry gets Rs 114 cr in Budget

Fri, 16 Mar 2012 07:31:45 +0530

The allocation for Ministry of Overseas Indian Affairs for 2012-13 was on Friday increased by nearly 40 per cent to Rs 114 crore in the Union Budget as against the last year's Rs 81 crore.

Pranab gives Delhi Police Rs 3,867.33 crore

Fri, 16 Mar 2012 07:18:51 +0530

The Delhi Police on Friday got an increase of Rs 526.58 crore in the budget allocation for the next fiscal with Finance Minister Pranab Mukherjee allocating Rs 3,867.33 crore for its operation.

Nothing much for IT-BPO industry in budget

Fri, 16 Mar 2012 07:18:28 +0530

Software body Nasscom on Friday expressed its disappointment over the budget as it has no fresh proposals for the USD 100 billion Indian IT-BPO sector even as the industry's request to exempt SEZ income from Minimum Alternative Tax has been ignored.

Exchequer to get Rs 41,000 crore from new taxes

Fri, 16 Mar 2012 07:03:24 +0530

The fresh tax proposal made in the Budget will give the exchequer a net gain of over Rs 41,000 crore in 2012-13, as against a net loss of Rs 200 crore in the current fiscal.

FM introduces Rajiv Gandhi Equity Saving Scheme

Fri, 16 Mar 2012 06:58:37 +0530

In a bid to boost retail investors' participation in the capital markets, the government has introduced a tax exemption scheme for equity markets targeted at new investors in the Union Budget 2012-13. A scheme christened as Rajiv Gandhi Equity Saving Scheme is expected to deepen bourses investors base and reduce volatility.

India Inc displeased with Pranab's Budget

Fri, 16 Mar 2012 06:56:49 +0530

Disappointed over the Budget, industry leaders on Friday said the exercise to mop-up extra Rs 45,940 crore through indirect taxes would lead to further price rise and make it difficult for the Reserve Bank of India (RBI) to cut interest rates.

Budget increases AC, first class train fares further

Fri, 16 Mar 2012 06:41:03 +0530

Passengers travelling in all AC classes and first class will have to pay charges in addition to the recent hike in train fares with the General Budget on Friday bringing journeys in them under the ambit of service tax.

Budget allocates over Rs 211 cr for training babus

Fri, 16 Mar 2012 06:27:52 +0530

The government on Friday earmarked about Rs 212 crore to the Ministry of Personnel, Public Grievances and Pensions for augmenting its training facilities and setting up of a National Centre for Good Governance among others in the Union Budget.

Union Budget: DMRC gets Rs 2,200 crore

Fri, 16 Mar 2012 06:14:48 +0530

Delhi Metro on Friday got a budgetary allocation of Rs 2,200 crore for construction of its ambitious Phase-III project that envisages extending the modern transport system further in the national capital.

Budget 2012: 15 mn tonnes of more foodgrains storage

Fri, 16 Mar 2012 06:05:32 +0530

To overcome the problem of foodgrains storage, the government is building an additional 15 million tonnes capacity in 19 states with help from private enterprenuers.

Govt to infuse Rs 15,888 crore in PSU banks

Fri, 16 Mar 2012 05:54:02 +0530

The government on Friday said it will provide capital support of Rs 15,888 crore to public sector banks and financial institutions during the next fiscal to strengthen their capital base.

Budget willl lead to GDP growth: Pranab

Fri, 16 Mar 2012 05:45:24 +0530

Shortly after presenting his Budget 2012-13, finance minister Pranab Mukherjee spoke to CNBC-TV18's Siddharth Zarabi about the constraints under which this exercise was taken.

Healthcare companies disspointed with Budget

Fri, 16 Mar 2012 05:31:27 +0530

The healthcare industry on Friday welcomed moves to promote preventive health check ups and research in pharma in the Budget but said more could have been done to accelerate growth in the sector.

Budget 2012: Infra sector one of thrust areas

Fri, 16 Mar 2012 05:11:56 +0530

The infrastructure sector was one of the thrust areas in the Budget, as Finance Minister Pranab Mukherjee announced a slew of proposals, including allowing financial institutions to raise about Rs 60,000 crore from tax-free bonds and envisaging a greater private participation.

Decision on Trivedi's fate any moment: Sudip

Fri, 16 Mar 2012 05:06:27 +0530

A decision on the fate of Railway Minister Dinesh Trivedi is expected "any moment", Trinamool leader Sudip Bandopadhyay has said. "It is an issue which is being dealt with by Mamata Banerjee and the Prime Minister. In between them, conversations have already been held. So, naturally the decision will be taken any moment," he told reporters outside Parliament.

Budget 2012: No salary hike for the President

Fri, 16 Mar 2012 04:16:04 +0530

The budgetary allocation for the President's household establishment this year has seen a nominal increase of Rs eight lakh from Rs 19.04 crore to Rs 19.12 crore. Compared to Rs 19.04 crore allocated last year for expenditure on 'other expenditure', this year Rs 19.12 crore have been earmarked for the same.

Budget 2012: Gold, platinum to cost more

Fri, 16 Mar 2012 03:44:10 +0530

Gold and platinum will be costlier as the government has proposed doubling the import duty on these precious metals. The basic duty on gold ore, concentrate and dore bars for refining has also been double to 2 per cent.

Day-to-day items, luxury cars to cost more

Fri, 16 Mar 2012 03:28:09 +0530

Almost all the manufactured items used in every day life will become costlier, while luxury cars, gold, eating out at restaurants or hotel accommodation will become even more expensive after a steep hike in tax rates proposed in Budget 2012-13.

TDS on property, gold sales to check black money

Fri, 16 Mar 2012 03:25:28 +0530

To check the menace of black money, the government on Friday proposed a slew of measures, including I-T return assessment up to 16 years with regard to assets held abroad and tax deduction at source (TDS) on transfer of immovable property and gold purchase.

Budget tolerable, could have been better: TMC

Fri, 16 Mar 2012 03:23:15 +0530

The Trinamool Congress gave a mixed response to the Budget presented by Finance Minister Pranab Mukherjee. TMC leader Sudip Bandhyopadhyay said that the Budget was 'tolerable', but could have been better.

Pranab quotes Hamlet during Budget 2012 speech

Fri, 16 Mar 2012 03:07:04 +0530

When it comes to quoting from literary masterpieces in budget speeches, Finance Minister Pranab Mukherjee on Friday made a quantum leap to quote the great modern-era playwright Shakespeare, after invoking words of ancient Indian economist Kautilya at least thrice in the past.

Budget 2012 gives boost to aviation sector

Fri, 16 Mar 2012 03:04:06 +0530

The Indian airline industry on Friday got a major relief with the government allowing it to raise capital through external borrowings worth $1 billion for a year, as it planned to allocate Rs 4,000 crore to ailing Air India.

When time comes, we have to bite the bullet: PM

Fri, 16 Mar 2012 03:03:35 +0530

Prime Minister Manmohan Singh on Friday applauded the Budget presented by Finance Minister Pranab Mukherjee. "The Budget aims at faster, equitable, sustainable and more inclusive growth," he said.

Budget 2012: Service tax rate hiked to 12 pc

Fri, 16 Mar 2012 02:31:32 +0530

Telephone use, eat-outs and other activities will cost more as Finance Minister Pranab Mukherjee on Friday proposed increasing the service tax rate to 12 per cent from 10 per cent and introducing a negative list aimed at bringing more services under the tax net.

Budget will bring economy back on track: Pranab

Fri, 16 Mar 2012 02:18:22 +0530

After presenting the Budget 2012 in Parliament, Finance Minister Pranab Mukherjee said that the Budget presented by him was one for growth with stability on the price front.

Budget 2012: Government cuts STT to 0.1 pc

Fri, 16 Mar 2012 02:15:39 +0530

The Government on Friday lowered the securities transaction tax (STT) to 0.1 per cent, a move that will bring down costs of equity transactions. STT, which was introduced in 2004, is levied on the sale and purchase of equities.

Budget 2012 to be inflationary, says industry

Fri, 16 Mar 2012 02:12:50 +0530

As Finance Minister Pranab Mukherjee resorted to mopping up more taxes, a disappointed India Inc today said his Budget is a "missed opportunity" and would have cascading impact on inflation and consumer demand.

Budget 2012: BJP slams it as 'anti-people'

Fri, 16 Mar 2012 02:05:42 +0530

The BJP on Friday slammed the Union Budget as "anti-people" and said it would lead to further price rise hitting the common man.

Budget 2012 inflationary, disheartening: BJP, Left

Fri, 16 Mar 2012 02:03:28 +0530

The Budget 2012 evoked mixed responses from the political class and the corporate sector alike. Finance Minister Pranab Mukherjee unveiled the Budget against a backdrop of a slowing economy, predicting a 7.6 pc growth rate in 2012-13.

Govt proposes service centres for weavers

Fri, 16 Mar 2012 01:56:44 +0530

The Government on Friday proposed to set up three Weavers Service Centres at Jharkhand, Mizoram and Nagaland to provide technical support to poor handloom weavers.

Budget impact: Car majors to raise vehicle prices

Fri, 16 Mar 2012 01:50:26 +0530

Reflecting the effect of Union Budget 2012, Maruti Suzuki India is set to hike prices of the cars with immediate affect.

'Efforts on for consensus on FDI in retail'

Fri, 16 Mar 2012 01:48:26 +0530

The government said on Friday consultations are on with states to arrive at a broad-based consensus on allowing 51 per cent foreign direct investment in the politically-sensitive multi-brand retail trade.

Income tax exemption limit raised to Rs 2 lakh

Fri, 16 Mar 2012 01:42:33 +0530

Giving some relief to tax payers, Finance Minister Pranab Mukherjee on Friday proposed raising the income tax exemption limit for individuals to Rs 2 lakh per annum from Rs 1.80 lakh.

No reforms + tax tweaks + higher prices = Budget

Fri, 16 Mar 2012 01:42:28 +0530

Finance Minister Pranab Mukherjee started his Budget speech with a lot of promise but at the end of it, he failed to give any roadmap about the reform process and plans to revive the economy. The was no indications on implementing goods and services tax or on subsidy cuts in Mukherjee's Budget while the Direct Tax Code has been deferred. According to the experts it is a '80s-style' budget.

Union Budget 2012: Summary

Fri, 16 Mar 2012 01:39:58 +0530

The Union Budget 2012-13 identifies five objectives to be addressed effectively in the ensuing fiscal year.

Budget: Excise duty hiked from 10 pc to 12 pc

Fri, 16 Mar 2012 01:37:00 +0530

Finance Minister Pranab Mukherjee announced a two percentage point hike in the peak excise duty from 10 per cent to 12 per cent. He also proposed to set up a common tax code for service tax and excise duty.

Budget 2012: Agricultural credit target raised

Fri, 16 Mar 2012 01:35:06 +0530

Finance Minister Pranab Mukherjee today announced Rs 1,00,000 crore increase in the agriculture credit target to Rs 5,75,000 for the next fiscal and raised the outlay for farm sector by about Rs 3,000 crore.

Budget 2012: Fiscal deficit at 5.1 pc of GDP

Fri, 16 Mar 2012 01:27:14 +0530

Finance Minister Pranab Mukherjee sees fiscal deficit at 5.1 per cent of the gross domestic product (GDP) for the fiscal year 2013. The number was on expected lines but the market borrowing figure of Rs 4.79 lakh crore (93 per cent of deficit) was higher than most analyst expectations.

Budget 2012: Full text of Pranab Mukherjee's speech

Fri, 16 Mar 2012 01:19:40 +0530

Complete text of Union Finance Minister Pranab Mukherjee's Budget speech for 2012-13 presented on March 16, 2012.

Union Budget 2012: Highlights

Fri, 16 Mar 2012 01:14:38 +0530

Budget 2012, presented by Finance Minister Pranab Mukherjee, identifies five objectives relating to growth recovery, private investment, supply bottlenecks, malnutrition and governance matters.

Union Budget 2012: How it happened

Fri, 16 Mar 2012 01:07:45 +0530

Finance Minister Pranab Mukherjee's Budget failed to send out a strong message about the reform process while coming out with a subsidy management plan and announced a new income tax structure. Experts labelled the it as an '80s style' Budget. Mukherjee began by admitting that the global crisis had affected the Indian economy. However, he said that a major turnaround might be expected soon.

FM sets divestment target at Rs 30,000 cr

Fri, 16 Mar 2012 01:07:14 +0530

Finance Minister Pranab Mukherjee pegged the divestment target for the next financial year at Rs 30,000 crore, as against Rs 40,000 crore each in 2010-11 and 2011-12.

Budget 2012 aims to ease subsidy burden

Fri, 16 Mar 2012 01:01:17 +0530

Finance Minister Pranab Mukherjee proposed trimming the government's subsidy burden and called for speeding the pace of economic reforms, which have been stalled by political gridlock, in his budget speech on Friday.

Defence Budget hiked by more than 17 pc

Fri, 16 Mar 2012 12:56:52 +0530

With several defence deals including the one to procure 126 combat aircraft for the IAF expected to be clinched this year, the Defence Budget was on Friday substantially hiked by more than 17 per cent to Rs 1,93,407 crore from last year's Rs 1,64,415 crore.

Budget 2012: Pranab calls for speedy reforms

Fri, 16 Mar 2012 12:51:19 +0530

Finance Minister Pranab Mukherjee, while presenting the Union Budget on Friday, stressed on the need of speedy reforms and said that the Goods and Service Tax (GST) will be implemented from August.

No problem in rollback of speech, says Pranab

Fri, 16 Mar 2012 12:30:40 +0530

Injecting a note of levity in his sombre budget presentation, a smiling Finance Minister Pranab Mukherjee told the Lok Sabha Friday that he had no problem in a 'rollback of the speech'.

Budget 2012: Expectations of India Inc

Fri, 16 Mar 2012 11:43:29 +0530

The corporate India wishes that Pranab Mukherjee's Union Budget 2012 should be heavy on reforms.

More public sector investment needed in agriculture sector: Left

Fri, 16 Mar 2012 11:37:02 +0530

Left leader D Raja on Friday said that the government will have to step up investment in agriculture sector and social sector.

Zero reforms, tax tweaks, higher prices

Fri, 16 Mar 2012 11:07:46 +0530

Focusing on subsidy management and equity investment in his Budget speech, Finance Minister Pranab Mukherjee announced a slew of schemes to not only widen the social safety net, but also to ensure that the GDP grows at a faster rate while announcing incentives for individuals to put their money in the share market.

Pranab will reply on Railway Budget: Sources

Fri, 16 Mar 2012 10:31:18 +0530

Union Finance Pranab Mukherjee as the senior-most Cabinet Minister is likely reply on Railway Budget in Parliament on Monday following Trinamool Congress's diktat to sack Railway Minister Dinesh Trivedi for increasing passenger fares across all the classes, sources told CNN-IBN. Even though the fate of Trivedi is not clear, he attended the Cabinet meeting on Union Budget on Friday.

Cutting down inflation bigger worry than allies: Congress

Fri, 16 Mar 2012 09:15:02 +0530

Finance Minister Pranab Mukharjee is all set to present his 7th Budget in Parliament on Friday.

Budget 2012: India Inc's expectations

Fri, 16 Mar 2012 09:05:25 +0530

Finance Minister Pranab Mukherjee will present the annual Budget on Friday against a backdrop of slowing growth and burgeoning fiscal deficit. The Government will have to do a balancing act, by raising taxes on some items such as cars, consumer goods and cement to raise revenue, and give incentives to boost business confidence.

Budget trivia: Did you know?

Fri, 16 Mar 2012 08:48:37 +0530

Finance Minister Pranab Mukherjee will present the Budget 2012 in Parliament on Wednesday. Here are a few facts about the Union Budget.

Budget 2012: India Inc fears more taxes

Fri, 16 Mar 2012 08:44:35 +0530

India's businesses, already facing high interest rates and a global economic slowdown, worry that the finance ministry will ask them to shoulder a bigger tax burden in the budget set for release on Friday to trim the fiscal deficit.

'If reforms are initiated, economy could grow faster'

Fri, 16 Mar 2012 08:37:03 +0530

Chief Economic Adviser Kaushik Basu, who presented the economic survey on Thursday, says the Indian economy has some fundamental strengths, but a few reforms are really needed.

Budget 2012: FIIs not optimistic about it

Fri, 16 Mar 2012 08:08:13 +0530

As India is eagerly waiting for the Finance Minister to present the Budget speech, global market experts are not too hopeful of it. Adrian Mowat, JP Morgan is worried that FIIs have written off the government's action and are not expecting anything out of politics that is positive.

Budget: Will political uncertainty affect reforms?

Fri, 16 Mar 2012 08:05:32 +0530

It is the D-day and the big question remains. Will political uncertainty make Finance Minister Pranab Mukherjee bid goodbye to controversial reforms like FDI in retail and fuel price hikes?

Excise hike, investment incentives on the cards

Fri, 16 Mar 2012 07:57:40 +0530

Finance Minister Pranab Mukherjee is likely to hike excise duty in the Budget in a calibrated manner and cut withholding tax for interest payments by FIIs for long-term infra bonds.

Dinesh Trivedi to stay through Budget session

Fri, 16 Mar 2012 07:46:23 +0530

Railway Minister Dinesh Trivedi who came in for sharp criticism from his party the Trinamool Congress with a state minister dubbing him a 'traitor', is likely to stay while the Budget session is on as the UPA government continues to back him.

Budget 2012: The big questions

Fri, 16 Mar 2012 07:30:00 +0530

As Finance Minister Pranab Mukherjee gets set to present the Budget in Parliament on Friday, CNN-IBN looks at the big questions.

Will the FM do a balancing act to boost growth?

Fri, 16 Mar 2012 07:29:58 +0530

Finance Minister Pranab Mukherjee is all set to present the Union Budget in Parliament on Friday. This will be his seventh and it comes against the backdrop of slowing growth and burgeoning fiscal deficit.

Fiscal consolidation on the cards: Kaushik Basu

Fri, 16 Mar 2012 07:27:41 +0530

Due to the government's dire situation, especially when it comes to the fiscal deficit, Chief Economic Advisor Kaushik Basu tells CNBC-TV18 that the mantra this year is going to be fiscal consolidation. "Fiscal consolidation is definitely on the cards because the lack of it will have an adverse effect on prices and economic growth," he said.

Will the Finance Minister bring the fiscal deficit to 5 pc?

Thu, 15 Mar 2012 11:54:52 +0530

Finance Minister Pranab Mukherjee will present the Union Budget on Friday.

Govt to cut EPF rate from 9.5 pc to 8.25 pc

Thu, 15 Mar 2012 10:48:52 +0530

A day before the budget, Government has decided to cut Employess Provident Fund (EPF) interest rate from 9.50 per cent to 8.25 per cent.

Congress asks Mamata to wait, Trivedi stays firm

Thu, 15 Mar 2012 09:18:48 +0530

An unprecedented drama has almost derailed the UPA government after the railway budget in Parliament. The suspense over the fate of Union Railway Minister Dinesh Trivedi continued on Thursday.

Dear Mr FM, show some steel in Budget 2012

Thu, 15 Mar 2012 08:50:38 +0530

Finance Minister Pranab Mukherjee's talent for troubleshooting seems to be on ample display everywhere than in his own ministry. The report card that he will present on Budget day will do his reputation no good. The person he has displaced has excelled in the Home ministry. Pranabda is a disappointment.

Rail unions laud Trivedi for proposing fare hike

Thu, 15 Mar 2012 05:19:01 +0530

Union Railway Minister Dinesh Trivedi, who is facing opposition from within his own party for proposing a hike in passenger fare in the Rail Budget, on Thursday got support from the Railway Unions which lauded his initiative and refused to accept a rollback.

India Inc calls for implementation of reforms

Thu, 15 Mar 2012 04:55:09 +0530

Expecting a GDP growth of about 7 per cent in 2012-13, India Inc on Thursday called for implementation of economic reforms and fiscal consolidation.

Trivedi must stay till session ends: Cong to Mamata

Thu, 15 Mar 2012 04:46:37 +0530

he Congress seems to be hardening its stand on Trinamool Congress supremo and West Bengal Chief Minister Mamata Banerjee's diktat to remove Dinesh Trivedi as the Railway Minister. The Congress on Thursday conveyed to Mamata that Trivedi should stay on as the Railway Minister till the end of the Budget Session.

Economic Survey a vital input: Pranab Mukherjee

Thu, 15 Mar 2012 04:40:03 +0530

The Economic Survey says the the economy will grow by 7-8 per cent in the next fiscal, inflation will moderate.

We stand by Dinesh Trivedi: Rail Union

Thu, 15 Mar 2012 04:32:26 +0530

Raghaviah, General Secy, National Federation of Indian Railwaymen, said that they are supporting the Railway Minister.

Eco Survey: Need rapid fiscal consolidation in FY13

Thu, 15 Mar 2012 03:49:28 +0530

The Economic Survey 2011-12 suggests policies to put India on a surer footing for sustained, inclusive growth and all-round development.

Budget: Impact of diesel vehicle tax on Maruti Suzuki

Thu, 15 Mar 2012 03:24:09 +0530

With the Budget 2012 around the corner, we reiterate that the proposed tax on diesel vehicles as per the Kirit Parikh Committee Report can have a significant impact on the domestic passenger car industry.

Full text: The Economic Survey 2011-12

Thu, 15 Mar 2012 02:06:56 +0530

The Economic Survey has been tabled in Parliament by Finance Minister Pranab Mukherjee on Thursday.

I will quit if PM or Mamata asks me to: Trivedi

Thu, 15 Mar 2012 01:40:52 +0530

Railway Minister Dinesh Trivedi, whose removal has been demanded by his party leader and Trinamool Congress boss Mamata Banerjee, on Thursday said he has not resigned as yet. However, he made it clear that he would resign the moment the Prime Minister or Mamata Banerjee ask him to do.

Realtors unhappy as RBI keeps rates unchanged

Thu, 15 Mar 2012 12:29:42 +0530

Real estate developers on Thursday expressed disappointment over the RBI's decision to keep key policy rates unchanged and sought a cut in interest rate to boost housing demand.

Mukul Roy: A trusted loyalist of Mamata Banerjee

Thu, 15 Mar 2012 12:27:49 +0530

The Rail Budget has been presented. Dinesh Trivedi has reportedly been asked to resign. And the fiasco has thrown one man into the limelight - Mukul Roy.

Economic Survey: GDP seen growing at 7.6 pc in FY13

Thu, 15 Mar 2012 12:19:55 +0530

The Economic Survey has maintained FY12 GDP growth at 6.9 per cent. FY13 growth is expected to come in at 7.6 per cent and FY14 growth is pegged at 8.6 per cent.

Pranab's budget to be 81st in India's history

Thu, 15 Mar 2012 12:13:06 +0530

The government will present its 81st budget proposals in the history of independent India, when Finance Minister Pranab Mukherjee on Friday reads out his taxation and other economic policies before the Parliament. Individually, Mukherjee will present the Union Budget for the seventh time, the second-highest by any Finance Minister.

Mamata is economically illiterate: Biocon chief

Thu, 15 Mar 2012 12:00:25 +0530

Kiran Mazumdar Shaw, an Indian entrepreneur and chairman and MD of Biocon Limited came out strongly against Trinamool Congress chief Mamata Banerjee on Thursday, tweeting that her party was going to be a "bane" for West Bengal.

TMC's flip-flop over Trivedi continues

Thu, 15 Mar 2012 11:43:06 +0530

The confusion over the resignation of Dinesh Trivedi as the Railway Minister continues with Trinamool Congress parliamentary party chief in the Lok Sabha, Sudip Bandyopadhyay, saying that the party never asked him to step down.

There is crisis in govt, can't have an unstable govt: Jaitley

Thu, 15 Mar 2012 11:32:28 +0530

BJP leader Arun Jaitley on Thursday criticised the UPA government for its indecisiveness on the fiasco that followed the Rail Budget.

Trivedi attends Question Hour in Lok Sabha

Thu, 15 Mar 2012 11:20:27 +0530

Dinesh Trivedi, facing flak from the his own party the Trinamool Congress for increasing passenger fares in the Railway Budget, arrived in Parliament to attend the Question Hour in the Lok Sabha on Thursday. Trivedi has been asked to step down as the Railway Minister by Trinamool Congress chief Mamata Banerjee, but according to Finance Minister Pranab Mukherjee he still remains a minister as Prime Minister Manmohan Singh is yet to receive his resignation letter.

PM has no control over allies: Brinda Karat

Thu, 15 Mar 2012 10:59:43 +0530

Even as Trinamool Congress (TMC) MPs started their dharna outside Parliament demanding a full roll-back of the railway fares and a financial package for West Bengal, CPI(M) leader Brinda Karat lashed out at the party for "putting the Railways in the ICU".

'TMC's prerogative to name the Railway Minister'

Thu, 15 Mar 2012 10:58:55 +0530

Trinamool Congress (TMC) parliamentary chief, Sudip Bandyopadhyay on Thursday said that his party has made Dinesh Trivedi the Railway Minister, not the Congress. Hence, the Trinamool Congress will decide about what happens to the ministry.

Budget 2012: Raheja Developers MD presents his wishlist

Thu, 15 Mar 2012 10:27:03 +0530

In his Budget wishlist, Raheja Developers MD Navin Raheja wishes for certain tax benefits that would make housing cheaper.

Trivedi quits as Mamata fumes, rollback possible

Thu, 15 Mar 2012 10:26:44 +0530

In an unprecedented move, Railways Minister Dinesh Trivedi has been forced to step down within hours of presenting the Railway Budget for his decision to announce the first passenger fare hike in a decade.

Trivedi kept country before party: Somnath Chatterjee

Thu, 15 Mar 2012 10:20:54 +0530

Former Lok Sabha speaker Somnath Chatterjee said that he admires what Dinesh Trivedi and this is what should be done.

'If I were FM, I would reduce VAT'

Thu, 15 Mar 2012 10:19:47 +0530

CNN-IBN has been asking people across the country what their expectations from the Budget are.

I have not yet resigned: Dinesh Trivedi

Thu, 15 Mar 2012 10:13:48 +0530

Railway Minister Dinesh Trivedi, whose removal has been demanded by his party leader and TMC boss Mamata Banerjee, on Thursday said he has not resigned as yet.

Dinesh Trivedi has gone against TMC's DNA: Derek

Thu, 15 Mar 2012 10:05:37 +0530

In an unprecedented moved, Railway Minister Dinesh Trivedi was sacked just hours after he presented the Rail Budget on Wednesday, reportedly on Trinamool chief Mamata Banerjee's asking.

TMC puts question mark on the fate of Rail Budget

Thu, 15 Mar 2012 09:01:11 +0530

After Railways Minister Dinesh Trivedi was forced to quit even before the House debated the Rail Budget, the fate of the entire Budget has become uncertain. Trinamool Congress supremo and West Bengal Chief Minister demanded Trivedi's resignation for hiking passenger fares for the first time in 10 years.

Budget 2012: Will the FM reduce the tax burden?

Thu, 15 Mar 2012 08:44:29 +0530

Money does not grow on a tree nor does it fall from the sky. But most of our hard earned money goes in paying taxes. America's founding father Benjamin Franklin once said, "Nothing is certain in life but death and taxes".

Budget tussle: What's the road ahead for UPA?

Thu, 15 Mar 2012 08:20:06 +0530

The Budget session of Parliament has already turned dramatic with Trinamool Congress chief Mamata Banerjee threatening to pull out support to the UPA if Railway Minister Dinesh Trivedi was not sacked for hiking the train fares.

Our committment is to stand by poor people: TMC

Thu, 15 Mar 2012 08:11:50 +0530

Trinamool Congress leader Kakoli Ghosh Dastidar said that the party will discuss the rail fare hike on Thursday and they are not taking this fare hike well.

Mamata forces Trivedi to quit after bold Budget

Thu, 15 Mar 2012 07:29:37 +0530

Following Trinamool Congress supremo Mamata Banerjee's diktat to resign for increasing passenger fares in the Rail Budget, Railway Minister Dinesh Trivedi on Thursday morning sent his resignation letter to Prime Minister Manmohan Singh.

Economic Survey urges reforms to end slowdown

Thu, 15 Mar 2012 07:17:23 +0530

A day before the Union Budget to be presented in Parliament, as is customary, the Finance Ministry will release the Economic Survey outlook, its view on the state of the economy on Thursday.

Mukul Roy may replace Trivedi as Rail Minister

Thu, 15 Mar 2012 06:49:34 +0530

Prime Minister Manmohan Singh on Thursday reportedly agreed to accept Trinamool Congress leader Dinesh Trivedi's resignation as Railway Minister, after the latter's party chief Mamata Banerjee demanded that the minister be sacked for hiking train fares, and be replaced by Mukul Roy. Sources say that Roy may be sworn into the Cabinet on Saturday or Sunday, after Finance Minister Pranab Mukherjee tables his Budget on Friday.

'Contract for dedicated freight corridor in 2012-13'

Thu, 15 Mar 2012 04:54:38 +0530

Indian Railways will award contract for construction of about 1,000 route km on eastern and western dedicated freight corridors (DFCs) in the next fiscal, Railway Minister Dinesh Trivedi said on Wednesday.

Railways to miss revenue target of Rs 1.06 lakh cr

Thu, 15 Mar 2012 04:31:07 +0530

The Railways is likely to miss its revenue target of about Rs 1.06 lakh crore in the current fiscal.

Omar Abdullah empathises with Dinesh Trivedi

Thu, 15 Mar 2012 03:57:14 +0530

"I'd hate to be in Dinesh Trivedi's shoe's today." This was Jammu and Kashmir Chief Minister Omar Abdullah's reaction to the railway budget presented by Railway Minister Dinesh Trivedi on Wednesday.

TDP blasts rail budget, says injustice done to AP

Thu, 15 Mar 2012 12:57:54 +0530

Telugu Desam Party on Tuesday strongly criticised the hike in railway passenger fares, and decried the "gross injustice" done to Andhra Pradesh in the Railway Budget.

PM ready to sack Trivedi after Mamata's diktat

Thu, 15 Mar 2012 12:32:24 +0530

In a big embarrassment for the Congress-led United Progressive Alliance (UPA) Government on the day the Railway Budget for 2012-13 was presented, Prime Minister Manmohan Singh agreed to Trinamool Congress supremo and West Bengal Chief Minister Mamata Banerjee's demand to replace Dinesh Trivedi as the Railway Minister.

Cong core group meets to discuss Mamata's move

Thu, 15 Mar 2012 12:02:47 +0530

The Congress core group met at the Prime Minister's residence on Wednesday night and weighed options to deal with the demand made by Trinamool Congress chief Mamata Banerjee to sack Railway Minister Dinesh Trivedi.

'Mamata's move to remove Trivedi irresponsible'

Wed, 14 Mar 2012 11:01:42 +0530

Congress MP Deepa Das Munshi on Wednesday criticised Trinamool Congress chief Mamata Banerjee for asking Railway Minister Dinesh Trivedi's removal from the Cabinet.

Dinesh Trivedi hikes rail fare, faces party's ire

Wed, 14 Mar 2012 09:20:11 +0530

Union Railway Minister Dinesh Trivedi's bravado doesn't seem to have gone down well with Mamata Banerjee and the Trinamool Congress. His statement went on to be the defining moment for the Rail Minister and his budget.

The Last Word: Is TMC's opposition to Rail Budget a terrible mistake?

Wed, 14 Mar 2012 09:03:57 +0530

Mamata Banerjee on Wednesday said that she is against the hike in passenger fare announced in the Railway Budget presented by her party colleague Dinesh Trivedi.

Mamata summons Trivedi; TMC MPs to meet PM

Wed, 14 Mar 2012 08:29:55 +0530

Union Railway Minister Dinesh Trivedi has been derailed by his own party, the Trinamool Congress, after delivering a railway budget that increased fares across the board on Wednesday for the first time in 10 years.

FICCI welcomes Railway Budget 2012

Wed, 14 Mar 2012 07:26:23 +0530

Welcoming the Railway Budget, FICCI in a statement on Wednesday said that Dinesh Trivedi has taken a bold step of raising passenger fares that had not been touched since 2002-03.

Mr Trivedi should have survived, not been a martyr

Wed, 14 Mar 2012 07:11:00 +0530

Contrary to expectations and his reputation for caution, minister Dinesh Trivedi had delivered a Railway Budget that shuns the populism of his predecessors, and if implemented in earnest, would put the Railways on the path to revival. The fare hike was necessary. It even has the support of left-oriented railway trade unions, which fear for the financial health of the Railways. But with his party, the Trinamool Congress, so vehemently opposed, is the fare hike a wise move?

Fare hike will not bail out Indian Railways: Lalu

Wed, 14 Mar 2012 06:36:03 +0530

Former railway minister Lalu Prasad Yadav on Wednesday said that the fare hike proposed in the rail budget by Union Minister Dinesh Trivedi will be a big burden on the passengers.

Rail Budget has put a big burden on common man: Yashwant

Wed, 14 Mar 2012 06:19:29 +0530

BJP leader Yashwant Singha has criticised the Rail Budget, saying his party will oppose it on many issues.

Party was not aware of my decisions: Dinesh Trivedi

Wed, 14 Mar 2012 05:23:20 +0530

Taking the full responsibility for the fare hike, Union Railway Minister Dinesh Trivedi said it was a conscious decision.

Certain positive developments in Rail Budget: Pranab

Wed, 14 Mar 2012 04:45:47 +0530

Hailing the Railway Budget for "certain positive developments", Finance Minister Pranab Mukherjee on Wednesday said if the exercise succeeded in cutting operating costs, it would be a major improvement.

How much have train fares gone up?

Wed, 14 Mar 2012 04:41:07 +0530

Railway Minister Dinesh Trivedi increased passenger fares across all class on Wednesday while presenting the Railway Budget in Parliament. Passenger fares have been hiked for the first time since 2002 as Trivedi claimed that Railway finances were very bad.

I consulted the common man, not TMC: Trivedi

Wed, 14 Mar 2012 04:30:46 +0530

Union Railway Minister Dinesh Trivedi, who is in the line of fire after presenting his first Rail Budget in Parliament over fare hike across the board, has said that he took the decision for the betterment of the country.

Rail Budget has certain positive developments: Pranab Mukherjee

Wed, 14 Mar 2012 04:30:28 +0530

Finance Minister Pranab Mukherjee said if the proposals given by the Railway Minister are implemented, it will provide the elbow room to railways to build up capacity in various areas.

Omar welcomes modest hike in train fares

Wed, 14 Mar 2012 04:22:59 +0530

Jammu and Kashmir Chief Minister Omar Abdullah on Wednesday welcomed the fare hike in the Rail Budget, soon after Union Minister Dinesh Trivedi received criticism from his own party colleagues in Trinamool Congress.

Income Tax: Businesses fear more taxes in Budget 2012

Wed, 14 Mar 2012 04:22:39 +0530

Railway Budget is disappointing: Lalu Prasad

Wed, 14 Mar 2012 04:01:17 +0530

RJD Chief Lalu Prasad said that this is the first time he has heard of annexures in Rail Budget.

Full text: Dinesh Trivedi's Railway Budget speech

Wed, 14 Mar 2012 03:48:12 +0530

Here is the full text of the speech made by Railway Minister Dinesh Trivedi Minister on Railway Budget 2012-13:

Trinamool Congress opposes own Railway Budget

Wed, 14 Mar 2012 03:24:16 +0530

The Trinamool Congress leaders opposed the hike in fares as Railway Minister Dinesh Trivedi offered to resign.

Rail Budget 2012 offers nothing: Nitish Kumar

Wed, 14 Mar 2012 03:01:25 +0530

Reacting to the Railway Budget presented by Railways Minister Dinesh Trivedi, Bihar Chief Minister Nitish Kumar on Wednesday said he is disappointed and alleged that the UPA-2 has deliberately kept quite on safety plan.

Railway Budget 2012: As it happened

Wed, 14 Mar 2012 02:54:13 +0530

Presenting the Railway budget 2012 in Parliament on Wednesday, Railway Minister Dinesh Trivedi announced hike in passenger fares. This is the first hike in passenger fares in the last 10 years. The Railway Minister also announced 75 new express trains and 21 new passenger trains.

Railway budget for faster, safer, pricier travel

Wed, 14 Mar 2012 02:42:54 +0530

For the first time in a decade a Railway Minister has taken the bold decision of increasing passenger fares. While presenting his maiden Railway Budget in the Lok Sabha Union Minister Dinesh Trivedi announced that passenger fares were being increased "marginally" across all classes.

List of new trains announced in the Rail Budget

Wed, 14 Mar 2012 02:34:29 +0530

Here is the list of new express trains, passenger trains, MEMU, DEMU, extension of run and increase in frequency of trains announced in Railway Budget 2012-13.

Railway Budget lacks vision, says BJP

Wed, 14 Mar 2012 02:18:38 +0530

BJP leader Anant Kumar has criticised the Railway Budget 2012 calling it 'anti-aam aadmi' and an 'annexure budget'.

Highlights of Railway Budget 2012-13

Wed, 14 Mar 2012 02:05:52 +0530

Union Railway Minister Dinesh Trivedi presented the Railway Budget in Parliament on Wednesday.

Rail Budget: Better facilities for passengers

Wed, 14 Mar 2012 01:38:05 +0530

Train passengers have been given a lot of facilities in the Railway Budget 2012-13 presented by Union Minister Dinesh Trivedi on Wednesday. Recognising the need for clean and green trains, the Railway Minister said that 2,500 coaches would have bio-toilets, which would be much clearer and easy to maintain than the conventional ones presently in use.

Arvind Panagariya: The immediate steps to reform

Wed, 14 Mar 2012 12:37:04 +0530

The first thing the Government needs to do is cut the deficit because how the RBI formulates the monetary policy depends on what the deficits are, and deficits do crowd out private investments.

Axe the Tax: CNN-IBN presents tax wishlist to Pranab

Wed, 14 Mar 2012 12:18:47 +0530

CNN-IBN's Axe the Tax campaign took your tax wishlist to the Finance Minister - with the six taxes that you want the Government to axe.

Railway Budget: First fare hike in 10 years

Wed, 14 Mar 2012 12:14:54 +0530

nion Railway Minister Dinesh Trivedi presented his maiden Railway Budget in the Lok Sabha on Wednesday stressing on safety and modernisation. Pointing out that he took over as the Railway Minister on a day when there was a train accident, he said that he would work towards making the Railway one of the safest mode of transport in the country.

Why the Railways are in a mess

Wed, 14 Mar 2012 11:51:49 +0530

It has been almost a decade since Railway passenger fares were increased and its finances are in the red. The Indian Railways is the country's 24*7 lifeline, registering 23 million passengers and up to 2.65 million tonnes of freight traffic per day.

Rail Budget will be good for common man: Trivedi

Wed, 14 Mar 2012 10:28:13 +0530

Railway Minister Dinesh Trivedi is all set to present the Railway Budget in Parliament on Wednesday. He said that the Railway Budget is going to be good for the common man. "The Budget is going to be very good, specially for the common man."

Rail Budget 2012: 'Hygiene is a big concern'

Wed, 14 Mar 2012 09:49:40 +0530

CNN-IBN asked the people of Bangalore what their expectations from the Rail Budget 2012 are.

Rail Budget 2012: 'Safety is of prime importance'

Wed, 14 Mar 2012 09:43:16 +0530

With train travel likely to become more expensive, people in Kolkata demand more safety and no hike in travel costs.

Rail Budget 2012: 'Hiking fares not a good idea'

Wed, 14 Mar 2012 09:32:50 +0530

CNN-IBN asked the people of Mumbai what their expectations from the Rail Budget 2012 are.

Rail Budget: Ten cues for market to watch ahead

Wed, 14 Mar 2012 09:22:13 +0530

Rail passengers and market investors will be anxiously watching for today's Railways Budget. Expectations are running high on Railways Minister Dinesh Trivedi's big-ticket changes, one of which includes the much needed increase in passenger fares. Will he bite the bullet?

Railways' financial woes: hiking fares a solution?

Wed, 14 Mar 2012 08:49:04 +0530

It's almost been a decade since passenger fares were increased and railway finances are in the red. The Indian Railways is the country's 24*7 lifeline with 23 million passengers a day and 2.65 million tonnes of freight traffic.

Need to consolidate, not expand: Railway Board Chairman

Wed, 14 Mar 2012 07:58:39 +0530

Railway Board Chairman Vinay Mittal has said that a fare hike will bolster the railway finances to a limited extent and the urgent need was to consolidate rather than expand.

Trivedi to present Rail Budget, fare 'hike' likely

Wed, 14 Mar 2012 06:30:04 +0530

It's the D-day and all eyes will be on Union Minister Dinesh Trivedi who will present the Railway Budget 2012 in Parliament. Sources say that the government is likely to impose a safety cess, although it will not be labelled a fare hike. Sources add that there is a possibility of an additional surcharge, called the Union government development surcharge.

What is corporate India expecting from Pranab in Budget 2012?

Tue, 13 Mar 2012 11:43:47 +0530

Finance Minister Pranab Mukherjee will present the Union Budget in Parliament on March 16.

Budget 2012: Show us the money, banks urge Pranab

Tue, 13 Mar 2012 06:47:40 +0530

Unlike any other earlier budgets, the banking sector this time around is very keenly watching the Finance Minister for his announcements.

Rail Budget: Fare 'hike', fewer new trains likely

Tue, 13 Mar 2012 06:43:48 +0530

The Rail Budget 2012 will be presented by Union Railway Minister Dinesh Trivedi in Parliament on Wednesday and a hike in the passenger fare is likely to be announced. According to sources, railway can impose a safety cess, but will not call it fare hike.

Budget 2012: Will govt tax diesel vehicles?

Tue, 13 Mar 2012 06:28:45 +0530

The auto sector will be keenly tuned in for any helping hand from the government to push up slowing sales, and will also look for clarity on issues like a possible tax on diesel cars.

Budget 2012: FM may not make big statements on tax

Tue, 13 Mar 2012 06:11:14 +0530

Mukesh Butani, chairman of BMR Advisors and Ketan Dalal, joint tax leader of PwC in an interview to CNBC-TV18 shared their expectations from the upcoming Union Budget 2012-13.

Budget 2012: what the health sector hopes from FM

Tue, 13 Mar 2012 06:00:38 +0530

Health sector in India has seen some of the most dramatic growth stories in the past decade. Ranging from improved health care facilities to low cost treatment, the success of the health sector has been primarily driven by private enterprise.

Budget: Will education get a big push from the FM?

Tue, 13 Mar 2012 05:52:58 +0530

The government of India has been putting consistent efforts to strengthen the sector as a whole and to improve the quality by private-public partnerships and through IT-based education.

Budget 2012: Dear FM, please go easy on students

Tue, 13 Mar 2012 05:27:42 +0530

Students do not have it easy as education loans do not come cheap. This year, the student community is hoping that exemptions against education loans are extended to 10 years from the current 8 years.

KPMG: What salaried people can expect from Budget

Tue, 13 Mar 2012 02:56:51 +0530

Individual looks forward to Budget with just one question - will it increase my 'take home pay'? Let's look at the most anticipated changes in this year's Budget which will have a direct impact on this question.

CNN-IBN presents Axe The Tax proposals to Pranab

Tue, 13 Mar 2012 01:21:07 +0530

CNN-IBN presented Axe The Tax proposals to Finance Minister Pranab Mukherjee, who will present the Union Budget on March 16, on Tuesday. Axe the Tax proposals are those s taxes which the common man wants to be modified or abolished. The Axe The Tax for financial year 2012-13 include six proposals.

Allow NRIs to invest via overseas bodies: Hinduja

Tue, 13 Mar 2012 01:18:01 +0530

Pitching for simplification of investment procedures for NRIs, the UK-based conglomerate Hinduja Group's Chairman SP Hinduja has said that the Indians settled abroad should also be allowed to invest in the country through overseas corporate entities.

Budget: Time to take fiscally prudent decisions

Tue, 13 Mar 2012 11:17:58 +0530

As this edition of Forbes India was going to bed, India's executive set-up was in intense negotiations with political decision-makers over the contents of the government's most-awaited policy pronouncement - the Union Budget.

Ten reasons why the Railway Budget matters

Tue, 13 Mar 2012 10:36:45 +0530

Union Railways Minister Dinesh Trivedi will present this year's Railway Budget on March 14.

Budget 2012: Wishlist of the healthcare sector

Tue, 13 Mar 2012 10:14:33 +0530

The Indian healthcare industry is rapidly growing at 12 per cent but yet the sector is in shambles. The sector, therefore, has high expectations from the Union Budget, both for reforms and expenditure.

If I were FM: I would grant more scholarships

Tue, 13 Mar 2012 10:01:25 +0530

CNN-IBN travels across the country to know what the country wants from the Finance Minister this budget.

Budget 2012: Raise tax revenues, says OXFAM CEO

Tue, 13 Mar 2012 09:57:23 +0530

OXFAM CEO Nisha Agrawal also says that the Government needs to spend on things that reach to poor people.

Budget 2012: Push for 2nd generation reforms, says YES Bank CEO

Tue, 13 Mar 2012 09:42:18 +0530

YES Bank Managing Director & CEO Rana Kapoor also wants introduction of GST, DTC and other tax reforms.

Railway Budget demands: Make journey comfortable

Tue, 13 Mar 2012 09:30:14 +0530

CNN-IBN is getting voices from across the country on what people want from the Railway Budget.

Amend tax laws for senior citizens: 70-yr-old to FM

Tue, 13 Mar 2012 08:48:25 +0530

A senior citizen Manik Dabriwal wants tax laws to be amended so that citizens above the age of 60 years can claim deductions on the medical insurance premium paid by dependents.

Government to pursue Lokpal bill in budget session

Tue, 13 Mar 2012 01:40:44 +0530

The government on Monday said it will pursue the contentious Lokpal bill in the budget session of parliament which began earlier in the day.

Why the Rail Board is unworthy of trust

Tue, 13 Mar 2012 12:05:32 +0530

The Railways are a state within a state with the attitude of a village. Successive railway ministers in the past two decades, most notably Mamata Banerjee and Ram Vilas Paswan, have driven the Railways to rack and ruin. Commentators in the media have excoriated them and rightly so. But the faceless gnomes of the Railway Board cannot escape blame for hollowing out the organisation from within. They are unworthy of the trust reposed in them.

Does the FM have the space to push reforms, restore confidence?

Mon, 12 Mar 2012 11:51:33 +0530

It may be difficult for Finance Minister Pranab Mukherjee to push through big ticket reforms.

RBI to keep rate steady ahead of Budget: Poll

Mon, 12 Mar 2012 07:47:48 +0530

The Reserve Bank of India (RBI) is widely expected to hold interest rates steady at its policy review on Thursday ahead of the Budget, a new Reuters poll found, which showed expectations for a start to the rate cut cycle have been pushed back since January.

Politics, oil price hold Budget to baby steps

Mon, 12 Mar 2012 07:21:17 +0530

The best thing Prime Minister Manmohan Singh's government has going for it ahead of Friday's Budget unveiling is low expectations.

Rail Budget likely to focus on signaling upgrading

Mon, 12 Mar 2012 06:57:25 +0530

Railway Minister Dinesh Trivedi is likely to spell out a blue print for upgrading signaling and telecommunication system to prevent accidents in the upcoming Rail Budget despite financial constraints.

Budget: Pharma Cos call for infra to healthcare

Mon, 12 Mar 2012 06:31:04 +0530

As 16 March draws close, Indian healthcare is once again at the crossroads waiting with bated breath for the Union Budget in the hope that it will provide the necessary impetus to the pharmaceutical industry. Announcing Infrastructure status for Healthcare would be just what the doctor ordered.

Budget 2012: Engineering exporters seek tech fund

Mon, 12 Mar 2012 06:06:12 +0530

Engineering exporters have sought a technology upgradation fund from Finance Minister Pranab Mukherjee in the Budget for boosting competitiveness in view of an ambitious exports target of $125 billion by 2013-14 for the sector.

Soon, Mumbai to Ahmedabad in 4 hrs on bullet train

Mon, 12 Mar 2012 04:36:51 +0530

While high-speed trains have been zipping passengers across cities and continents in Western and Asian countries for years, the idea of introducing the bullet train is finally going to be a reality in India.

Budget 2012: Auto sector needs a smooth, long drive

Mon, 12 Mar 2012 04:08:41 +0530

With the auto industry nursing its abrasions of lower growth rate, rising fuel prices, inflationary trends, swelling interest rates, it remains to be seen what Budget 2012 has to offer to the auto sector.

Market to rally but no reforms seen in Budget: IL&FS

Mon, 12 Mar 2012 03:51:47 +0530

Though not much is expected from this year's Budget, the market is still hoping for the rally to continue. Vibhav Kapoor of IL&FS is expecting that the market rally will continue but key events lined up this week will determine upside from current levels.

'If I were FM, I would raise the tax exemption limit'

Mon, 12 Mar 2012 11:19:28 +0530

CNN-IBN travels across the country to know what the country wants from the Finance Minister this budget.

Budget: Need a clear road map for GST, says M&M President

Mon, 12 Mar 2012 11:07:46 +0530

Mahindra & Mahindra President Pawan Goenka believes that the Good and Service Tax (GST) is the biggest growth driver.

Budget must reassure global investors: Infosys CFO

Mon, 12 Mar 2012 10:32:36 +0530

Infosys Technologies Chief Financial Officer V Balakrishnan suggests that the Government must engage in confidence building.

PM confident UPA has the numbers it needs

Mon, 12 Mar 2012 10:22:26 +0530

Ahead of the Budget session on Monday Prime Minister Manmohan Singh said he was confident that Parliament will run smoothly. He also said that the UPA will handle the pressure coming its way.

Remove tax on clubbable income: Jaipur hotelier to FM

Mon, 12 Mar 2012 09:57:25 +0530

Finance Minister Pranab Mukherjee will present the Budget on March 16. A hotelier from Jaipur Prithvi Singh from Jaipur requests the Fiance Minister to remove the clubbable income provision from the Income Tax Act.

Can't bulldoze our way through reforms: Govt

Mon, 12 Mar 2012 09:31:31 +0530

Minister of State in the PMO V Narayanasamy on Monday said that the Congress needs to take the allies along.

Big ticket reforms a challenge for Pranab

Mon, 12 Mar 2012 07:54:07 +0530

With two years to go for the 2014 Lok Sabha elections, it should have been easy for Finance Minister Pranab Mukherjee to go in for a tough Budget and push through reforms like Goods and Service Tax (GST) and FDI in retail.

UPA Govt braces for a tough Budget session

Mon, 12 Mar 2012 07:32:38 +0530

The Budget session of Parliament begins on Monday. It is likely to be a tough one for the Congress as it comes on the heels of a poor electoral performance in the Assembly Polls.

FICCI: Budget must initiate reforms to propel growth

Mon, 12 Mar 2012 12:03:47 +0530

Budget-making is always a challenge for the Union Finance Minister. But when the critical economic parameters that determine growth, investment and consumer spending are at risk, he has to walk the tightrope to garner resources for public spending and at the same time leave enough room for ensuring that private expenditure is not stifled.

Budget 2012: PWC CEO's suggestions to FM

Sun, 11 Mar 2012 12:59:21 +0530

Ketan Dalal, Managing Director and CEO, of Price Waterhouse Coopers presents a few agendas the finance minister could work on given the current economic situation.

PHD Chamber VP's Budget 2012 wishlist

Sun, 11 Mar 2012 12:48:53 +0530

Suman Khaitan, the Senior Vice President of the PHD Chamber of Commerce and Industry presents his wishlist from Budget 2012.

'If I were FM, I would allot more money for Arts students'

Sun, 11 Mar 2012 11:02:32 +0530

CNN-IBN has been travelling across the country and speaking to citizens about what they want from the finance minister this year.

CJs want FM to raise medical reimbursement limit

Sun, 11 Mar 2012 09:21:42 +0530

Finance Minister Pranab Mukherjee will present the Budget on March 16. Citizen journalists Mariam Nasreen and Thomas Geevarghese want the finance minister to increase medical reimbursement limit. Health services have become more expensive since the medical reimbursement limit of Rs 15,000 was set back in 2001. Nisreen and Geevarghese want the finance minister to increase the limit to Rs 50,000.

'If I were FM, budget would be more investment friendly'

Sat, 10 Mar 2012 08:33:10 +0530

CNN-IBN travels across the country to know what the country wants from the Finance Minister this budget.

Left wants 5 pc wealth tax on Rs 50 cr and above

Sat, 10 Mar 2012 12:07:54 +0530

Left parties have suggested that wealth tax be levied in the range of 1-5 per cent, instead of a flat 1 per cent at present. The suggestion figures in the dissent note, submitted along with the Standing Committee report on DTC by CPM Member of Parliament Moinul Hassan. The report also contains a dissent note by CPI MP Gurudas Dasgupta.

Reduce excise duty on branded garments: Assocham

Fri, 09 Mar 2012 06:41:16 +0530

Industry body Assocham on Friday urged the government to reduce excise duty on branded garments to one per cent from 10 per cent at present.

New trains announced to keep Mamata's promise

Fri, 09 Mar 2012 06:05:13 +0530

A week ahead of his maiden budget on March 14, Railway Minister Dinesh Trivedi on Friday announced 26 new trains, extended runs of five existing trains, increased the frequency of two trains and introduced five new suburban trains, promised by his party boss Mamata Banerjee last year.

Budget: Increase tax breaks, says House panel

Fri, 09 Mar 2012 04:01:11 +0530

With just a week left before the Union Budget for the year 2012 is announced, a Parliamentary Standing Committee has recommended major tax reforms, including a raise in the tax exemption limit for annual income up to Rs 3 lakh.

Budget 2012: Slowdown bug catching two-wheelers too?

Fri, 09 Mar 2012 01:42:15 +0530

After a strong growth over the last two years, two-wheeler sales seem to have hit speed bumps. Inventories are piling up at dealers and analysts warn of subdued growth going ahead.

Budget 2012 must curb costs: CII chief

Fri, 09 Mar 2012 09:40:32 +0530

Confederation of Indian Industry (CII) Director General, Chandrajit Banerjee, said on Thursday that he will wait and watch how FM Pranab Mukherjee addressed the issue of fiscal consolidation and increased revenues.

'If I were FM, I would decrease oil prices'

Fri, 09 Mar 2012 09:34:34 +0530

CNN-IBN travels across the country to know what the country wants from the Finance Minister this budget.

Budget 2012: Rajan Bharti Mittal wants reforms in retail

Fri, 09 Mar 2012 09:29:11 +0530

Rajan Bharti Mittal, Vice Chairman and Managing Director of Bharti Enterprises, has said that Budget 2012 must provide a clear road-map for land acquisition and environmental clearance.

Budget 2012: Aam Aadmi wants to save more

Fri, 09 Mar 2012 08:38:10 +0530

Tax experts have always been advising us to save for our retirement and for our family, and all the savings can even help us save on income tax. But is the government encouraging us to put away enough? Many Indians want to be able to save much more.

Pranab meets BJP leaders ahead of Budget session

Thu, 08 Mar 2012 03:42:59 +0530

Union Finance Minister Pranab Mukherjee on Wednesday held a pre-budget meeting with leaders of Opposition in both Houses and NDA Working Chairman LK Advani to seek their cooperation in smooth running of Parliament in the forthcoming session.

Budget 2012: Populism may trump reforms

Wed, 07 Mar 2012 07:47:22 +0530

The Congress party's drubbing in assembly elections proved beyond doubt that its populist politics failed to resonate with voters, and yet investors and consumers alike are bracing for more of the same from the besieged ruling party.

Abolish excise duty on jewellery: Gitanjali Group

Wed, 07 Mar 2012 07:21:45 +0530

The Gems & Jewellery sector is not only a major employment generator but also makes a major contribution to India's export earnings. As per the white paper issued by FICCI gems & jewellery group - the total size of the gems & jewellery sector (both domestic and exports) was about Rs 4,15,000 crores.

KPMG: possible Budget impact on jobs, increments

Wed, 07 Mar 2012 12:50:25 +0530

With the Union Budget 2012 on the anvil, the industry is speculating about its impact on the talent dynamics.

Budget: Assocham asks Govt not to hike excise duty

Mon, 05 Mar 2012 08:07:26 +0530

Industry body Assocham on Monday urged the government not to increase excise duty and service tax from their current level of 10.3 per cent.

Proper plan must to cut fiscal deficit: CRISIL

Mon, 05 Mar 2012 07:41:28 +0530

In order to control inflation, the government should come out with a credible roadmap for reducing fiscal deficit in the forthcoming Budget, rating agency CRISIL said in a report.

FM forms panel to ease indirect taxes litigations

Mon, 05 Mar 2012 06:35:04 +0530

Concerned over huge revenues in form of customs, services and excise duties locked up in litigations, Finance Minister Pranab Mukherjee has constituted a committee to suggest steps to bring down such cases.

Hike CST to 4% or compensate: States to Centre

Mon, 05 Mar 2012 06:01:10 +0530

Irked over Centre's approach over CST compensation, states on Monday asked it to either compensate them adequately for their revenue loss due reduction in the Central Sales Tax (CST) or increase the levy to earlier rate of 4 per cent.

Health chains ask for cut in import duties of kits

Mon, 05 Mar 2012 04:50:03 +0530

Apprehending return of service tax for the sector in the upcoming Budget, leading diagnostic chains want Finance Minister Pranab Mukherjee to maintain status quo while seeking incentives for private players to expand in rural India.

Budget: Realty sector wants FDI, ECB norms relaxed

Mon, 05 Mar 2012 02:47:38 +0530

The industry expects the Budget, to be announced on March 16, to relax norms for FDI and ECBs, especially for township projects that will give developers source funds at a much reasonable cost.

Budget: Miners want change in export levy, rail freight

Mon, 05 Mar 2012 02:31:43 +0530

The harried iron ore industry, which has been hit by Supreme Court clampdown following rampant illegal mining, hopes to get some respite in the form of duty rationalisation in exports along with freight charges in the upcoming Budget.

Services sector loses steam in Feb: Poll

Mon, 05 Mar 2012 02:03:52 +0530

India's services sector lost momentum in February and firms shed workers for the first time in three months despite growing more confident about the year ahead, a business survey showed on Monday.

State FMs to meet over Union Budget

Sat, 03 Mar 2012 08:54:18 +0530

Ahead of the Union Budget, Finance Ministers of all the states will be meeting in New Delhi on Saturday. They are expected to suggest steps to increase the ambit of the service tax net.

Parliament panel for hiking I-T exemption limit

Fri, 02 Mar 2012 06:35:43 +0530

In order to provide the much needed relief to people, a Parliamentary panel scrutinizing the Direct Taxes Code (DTC) Bill has suggested raising the income tax exemption limit to Rs 3 lakh and also hiking deduction on savings to Rs 2.5 lakh.

Close look at borrowing must: ex-Fin Secy

Fri, 02 Mar 2012 06:27:11 +0530

When Finance Minister Pranab Mukherjee presents the Union Budget 2012 on March 16, experts will be keenly hearing his comments on fiscal deficit. India's fiscal deficit is a cause for worry now. It is expected to exceed the targeted 4.6% of GDP.

'2012 will be year of growth in realty'

Fri, 02 Mar 2012 06:17:45 +0530

J C Sharma, MD, Sobha Developers believes that the forthcoming Budget will decide how the demand situation will pan out going forward.

Standard asset tag for restructured loans

Fri, 02 Mar 2012 06:14:39 +0530

The Reserve Bank of India (RBI) is likely to introduce two years timeline for restructured assets to be classified as standard assets, sources told CNBC TV18.

ONGC stake sale falls short of expectations

Thu, 01 Mar 2012 04:06:20 +0530

The auction for sale of the government's five per cent stake in Oil and Natural Gas Corporation Limited (ONGC) fell short of expectations as bids were received for only 29 crore shares out of the 42 crore on offer. The ONGC auction on Thursday fell short of target and will raise just Rs 8,000 crore against the target of Rs 12,000-13,000 crore, a shortfall of at least Rs 4,000 crore.

Cabinet allows PSUs to buy back shares

Thu, 01 Mar 2012 12:27:28 +0530

The Cabinet has allowed state-run companies to buy back shares and participate in the government's divestment programme.

Govt set to raise Rs 12,500 cr by ONGC stake sale

Thu, 01 Mar 2012 06:34:18 +0530

The government is set to raise at least Rs 12,500 crore by selling a 5 per cent stake in Oil & Natural Gas Corp (ONGC) on Thursday, aiming to patch up its widening fiscal deficit and revive its stalled privatisation agenda.

Economic slowdown: what's the worry

Wed, 29 Feb 2012 11:59:58 +0530

GDP growth is down to 6.1 per cent for the third quarter from 6.9 per cent in the last quarter.

Removing level crossings big challenge for railways

Wed, 29 Feb 2012 05:53:25 +0530

Railway Minister Dinesh Trivedi will have to dig deep into his pocket for eliminating the thousands of unmanned level crossings across the country that are a huge safety challenge for the cash-strapped network.

Q3 GDP grows at 6.1 pc, lowest in two years

Wed, 29 Feb 2012 11:31:16 +0530

India's Gross Domestic Product (GDP) has dipped sharply to 6.1 per cent in the third quarter ending December 2011. The growth is the lowest in almost two years and analysts say the outlook is ominous if the Centre and the Reserve Bank of India (RBI) don't take remedial action immediately.

Montek satisfied with increase in Plan outlay

Tue, 28 Feb 2012 08:22:29 +0530

Expressing satisfaction over the proposed increase in Plan outlay for the next fiscal, the Planning Commission on Tuesday said that it is a good start for 12th Five-Year Plan beginning in April.

Ford, Renault oppose additional duty on diesel cars

Tue, 28 Feb 2012 08:12:39 +0530

Ahead of presentation of Budget for 2012-13, automobile makers like Ford and Renault are raising their voice against imposition of any additional duty on diesel vehicles that has been demanded by many quarters.

Core industries growth slumps to 0.5 pc in Jan

Tue, 28 Feb 2012 07:06:24 +0530

Growth in eight core industries that include electricity, coal, cement, steel and crude oil slumped to 0.5 percent in January as compared to 3.1 percent in the previous month.

GDP growth to be slowest in 2 years: Poll

Tue, 28 Feb 2012 05:03:30 +0530

India's economy grew at its slowest pace in more than two years during the final months of 2011 as high interest rates and booming input costs hampered manufacturing activity.

Dual diesel pricing not feasible for now: Praful

Tue, 28 Feb 2012 04:49:04 +0530

Union heavy industries minister Praful Patel is batting for the auto manufacturers on the diesel duty proposal. The Indian auto manufactures, specifically the diesel auto manufacturers, are concerned about an additional excise duty on diesel cars in Union Budget.

Make it easier for businesses to grow: Murthy

Mon, 27 Feb 2012 03:42:45 +0530

Ahead of the presentation of the Union budget, software icon NR Narayana Murthy on Monday urged the government to make it easier for businesses to grow and foreign direct investment, among others.

No new trains without focus on safety: Panel

Mon, 27 Feb 2012 10:48:49 +0530

Ahead of Minister Dinesh Trivedi's first Railway Budget on March 14, a high-level panel has advised focus on safety issues, rather than the populist practice of introducing new trains.

Upcoming budget may bring some good news for AI

Sun, 26 Feb 2012 12:19:57 +0530

There could be some good news for ailing Air India in the upcoming budget with the government considering a support package of about Rs 10,000 crore for it, including Rs 6,600 crore worth of equity infusion.

Budget: Exporters unlikely to get tax incentives

Sat, 25 Feb 2012 10:58:31 +0530

With the government hard pressed to reduce fiscal deficit, exporters are unlikely to get tax incentives in the Budget for 2012-13 to be presented by finance minister Pranab Mukherjee next month.

Pranab willing to waive MAT on insurance firms

Sat, 25 Feb 2012 09:50:53 +0530

In a move that can provide relief to insurance companies, banks and electricity companies, finance ministry has told a house panel that it is willing to waive Minimum Alternate Tax (MAT) for these companies.

Govt needs to focus on planned expenditure: SBI

Sat, 25 Feb 2012 09:38:52 +0530

In an interview to CNBC-TV18, SBI Chairman Pratip Chaudhuri talks about interest rates, government's policy and his expectations from the Budget.

I-T exemption limit may be raised to Rs 3 lakh

Fri, 24 Feb 2012 04:56:54 +0530

Ahead of the Budget, a key Parliamentary panel scrutinising the Direct Taxes Code (DTC) is likely to recommend raising of income tax exemption limit to Rs 3 lakh and tax breaks on investments to Rs 2.5 lakh.

Need realty regulator, stamp duty cut: Tata Housing

Thu, 23 Feb 2012 04:42:17 +0530

While the government is trying to provide the requisite stability to the economy, it now needs to focus on strengthening the real estate sector. This is important in view of the fact that construction sector is the second largest employer next only to agriculture, and growth in the sector has a direct impact on ancillary industries such as steel and cement, creating a ripple effect in the market and help in giving a push to the economy.

Budget 2012: Pranab to meet Cong leaders tomorrow

Wed, 22 Feb 2012 05:08:55 +0530

Ahead of the Budget, Union Finance Minister Pranab Mukherjee will meet senior Congress leaders on Thursday to seek their inputs for Budget proposals for 2012-13.

Growth projections likely to be at 7 .1 pc: Montek

Wed, 22 Feb 2012 03:56:29 +0530

The Prime Minister's Economic Advisory Council scales up growth projections to 7.1 per cent this fiscal.

FM hopes to meet indirect tax target in 2012

Wed, 22 Feb 2012 02:21:54 +0530

Finance Minister Pranab Mukherjee on Wednesday expressed hope that indirect tax collection target of Rs 3.92 lakh crore for the current fiscal will be met despite the economic slowdown.

Cong leaders to present Budget wish-list to FM

Wed, 22 Feb 2012 09:43:42 +0530

Congress leaders are expected to present their wish-list for the Union Budget 2012-13 to Finance Minister Pranab Mukherjee, who will be holding consultations with them on Thursday.

Budget 2012: Focus on fiscal consolidation

Tue, 21 Feb 2012 05:41:32 +0530

The year 2011 was rather turbulent for the Indian economy as it was steered by series of downbeat economic and geopolitical events, both in India as well as across the globe. As the Reserve Bank of India (RBI) adopted an anti-inflationary monetary policy stance, to tame the inflation bug, it took a toll on the economic growth rate clocked by our country as it dwindled due to high interest rate regime and slowdown in consumption.

Will Budget 2012 stop infra dream from crumbling?

Tue, 21 Feb 2012 05:01:30 +0530

This is the government's great Indian infrastructure dream. But the ground reality is a rude awakening. With a slowing economy, high interest rates and more importantly delayed decision making, infra projects and infra companies face an uncertain future.

Fiscal policy, global factors hitting growth: FM

Tue, 21 Feb 2012 04:35:46 +0530

Attributing economic slowdown to Reserve Bank's tight money policy and global financial problems, Finance Minister Pranab Mukherjee on Tuesday said the country needs to target a double-digit growth rate.

Budget: DHI seeks Rs 1,000-cr for auto parts sector

Mon, 20 Feb 2012 06:43:06 +0530

The Department of Heavy Industry (DHI) has demanded Rs 1,000-crore corpus in the next Budget to fund technology upgradation of the auto components industry to make the sector globally competitive.

'Power sector needs service tax relief in Budget'

Mon, 20 Feb 2012 05:55:43 +0530

Indian Power sector is in crises. It is not only a sectoral challenge but now has become a national challenge. The Shunglu Committee has said that Discom (distribution companies) losses are over Rs 100,000 crore and largely funded by the banks, so even the banks will have an issue.

Cement makers want Budget to end anomaly

Mon, 20 Feb 2012 05:37:40 +0530

Cement makers on Monday requested the government to bring to an end the existing anomaly, where duty on import of inputs is higher than on finished product, in the forthcoming Budget.

Budget to resume tough fiscal adjustment: Banker

Mon, 20 Feb 2012 05:26:49 +0530

Just a couple of weeks ago, the rating agency Standard & Poor's has issued a warning that the balance of risk factors for India's sovereign credit rating has shifted towards the negative on the back of its weak fiscal position, high inflation and slower economic growth.

State FMs to decide on expanding service tax net

Mon, 20 Feb 2012 04:36:06 +0530

Ahead of the Union Budget, the state Finance Ministers will meet in New Delhi on March 3 and suggest steps for increasing the ambit of the service tax net with a view to garnering more resources.

RBI to wait for Budget proposals before rates cut

Fri, 17 Feb 2012 09:28:41 +0530

The Reserve Bank of India (RBI) on Friday said interest rates have peaked and indicated that it would reduce them after taking into account the Budget proposals and global commodity prices.

Parliament's Budget session from March 12

Fri, 17 Feb 2012 11:53:46 +0530

The budget session will commence on March 12 with the customary address by President Pratibha Patil to both the Houses of the Parliament. Finance Minister Pranab Mukherjee will unveil the union budget on March 16.

Panel to finalise report on agriculture before Budget

Fri, 17 Feb 2012 11:25:31 +0530

A Committee of Governors, constituted by President Pratibha Patil, will finalise a report on revamping the agriculture sector before the forthcoming Budget.

House panel may suggest hike in I-T exemption limit

Thu, 16 Feb 2012 05:08:10 +0530

A Parliamentary panel will meet on Friday to discuss the report on the Direct Taxes Code (DTC) Bill, which is understood to have favoured raising I-T exemption limit to Rs 3 lakh.

Excise duty hike will impact industry: CII

Thu, 16 Feb 2012 03:28:43 +0530

Amid moderation in industrial output, CII said any hike in excise duty from the current 10 per cent would further impact growth and also put burden on consumers.

Union Budget 2012: what's in it for me?

Thu, 16 Feb 2012 01:17:52 +0530

With the budget season approaching there are a lot of discussions and aspirations of what the budget would have in store for us.

Dear FM, here is India Inc's Budget 2012 wish list

Mon, 13 Feb 2012 04:17:50 +0530

The Union Budget will be presented on March 16 post the State elections. This could be the UPA government's make-or-break Budget. The economy is going through a slowdown. The bureaucracy is in a state of paralysis and corporate India is suffering from a bout of depression.

Agri Min pitches for crop loan at 3% in Budget 2012

Mon, 13 Feb 2012 04:12:08 +0530

Agriculture Ministry has demanded lowering of interest rate on crop loans to 3% for those farmers who pay in time, from the existing 4%.

Union Budget to decide market sentiment

Mon, 13 Feb 2012 02:27:09 +0530

Last week was indeed flat and positive with NIFTY gaining back almost all that it had lost during the first few days. Immense fund flow clubbed with retail participation helped NIFTY to move above 5400, hinting that the markets are entering another bull phase.

Home loans may get Rs 3 lakh tax deduction

Mon, 13 Feb 2012 08:01:20 +0530

In a bid to boost housing sector credit, the government is contemplating enhancing income tax exemption for up to Rs 3 lakh paid as interest on housing loans in a year, from the existing limit of Rs 1.5 lakh.

Industrial output grows 1.8 pc in Dec 2011

Fri, 10 Feb 2012 12:08:04 +0530

Industrial production grew by just 1.8 per cent year-on-year in December 2011.

BJP asks PM to explain 'fiasco' on economy front

Wed, 08 Feb 2012 08:30:31 +0530

The BJP on Wednesday targeted Prime Minister Manmohan Singh on the state of the Indian economy, saying the world renowned economist has been making tall claims about the growth rate despite the figure falling below 7 per cent.

Pranab 'losing sleep' over rising subsidy bills

Wed, 08 Feb 2012 05:31:20 +0530

A worried Finance Minister Pranab Mukherjee on Wednesday said he is losing sleep over the rising subsidy bills, notably on food, fertiliser and petroleum products.

Stock exchanges for abolition of STT in Budget

Tue, 07 Feb 2012 09:18:09 +0530

Stock exchanges on Tuesday pitched for abolition of the Securities Transaction Tax (STT) on equity trades at their meeting with Finance Ministry officials in New Delhi. The issue of removal of STT was raised by representatives of different stock exchanges, including BSE, National Stock Exchange, MCX-SX and USE.

Pranab to present General Budget on March 16

Tue, 07 Feb 2012 02:20:58 +0530

The dates of Union Budget 2012-13 and Railway Budget 2012-13 have been finalised. While Union Finance Minister Pranab Mukherjee will present the Budget on March 16, Railway Budget will be presented on March 14 by Union Minister Dinesh Trivedi. The Economic Survey 2012-13 will be released on 15.

Budget session schedule to be decided today

Mon, 06 Feb 2012 10:17:33 +0530

Schedule for the Budget session of Parliament will be decided on Tuesday amidst indications that the Union Budget 2012-13 may be presented around the middle of March.

Tax exemption limit may be hiked to Rs 2 lakh

Mon, 06 Feb 2012 05:10:38 +0530

The government is likely to provide some relief to individual income tax payers in the forthcoming Budget by raising the exemption limit to Rs 2 lakh, as provided in the Direct Taxes Code (DTC), and hiking the slabs for different tax brackets.

Don't see GDP growth improving soon: Pranab

Mon, 06 Feb 2012 10:56:29 +0530

With the budget session round the corner, Union Finance minister Pranab Mukherjee has said that India may have to settle for a GDP growth of 7 per cent in the coming year.

Budget must tighten fiscal policy: Uday Kotak

Wed, 01 Feb 2012 03:06:36 +0530

Urging India to move ahead with economic reforms to benefit from the changing global dynamics, top banker Uday Kotak has said it is time for the country to go for a tighter fiscal policy and ease its monetary policy stance.

Budget to focus on fiscal consolidation: Montek

Wed, 01 Feb 2012 02:58:52 +0530

Speaking exclusively to CNBC-TV18 for the first time since the RBI policy announcement on January 24, Deputy Chairman of Planning Commission Montek Singh Ahluwalia said that the government will signal fiscal consolidation in the Budget, but it will not take massive contractionary steps.