Kolkata: Union Finance Minister Pranab Mukherjee on Sunday said the 2012-13 Budget was placed with a view of fiscal consolidation, moderation of inflation and bringing back India to a higher trajectory of sustainable growth.
"The Union Budget of 2012-13 is a massive exercise in the reining in of fiscal, revenue and current account deficits while controlling inflation," he said at an interactive session at the Bengal Chamber of Commerce and Industry in Kolkata.
Maintaining of the trajectory of growth upwards around 7.6 per cent is also a principal objective, he said.
"Keeping the issue of unpredictability of the global economy in mind one needs to realise that the Union government is now confronted with the huge task of controlling subsidies and cutting down on wasteful expenditure and borrowings," Mukherjee emphasised....
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10:32 PM, Apr 01, 2012
New Delhi: 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 one's mobile bills by 2 per cent every month. Two and four wheelers will get more expensive and so will refrigerators, air conditioners (ACs), washing machines, watches, cosmetics and tobacco products. The FMCG industry...
08:58 AM, Mar 17, 2012
Chandigarh: 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. "No package is announced for Punjabs agricultural sector which has been the food bowl of the country for decades to rejuvenate the farm sector plagued with serious problems like declining water level and deteriorating soil health," Bhartiya Kisan Union, President, Ajmer Singh Lakhowal...
08:37 PM, Mar 16, 2012
Graphical representation of the highlights of Pranab Mukherjee's Union Budget for 2012-13. ...
03:32 PM, Mar 16, 2012
New Delhi: 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. "The Budget is tolerable, but more could have been done for agriculture," Bandhyopadhyay said. He also said that the relief package for West bengal should be raised. "Bengal is cut off. We need more relief for Bengal....
03:23 PM, Mar 16, 2012
New Delhi: 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 in an interview with Swaminathan Aiye. "The Finance Minister has been able to address the twin tasks of checking inflation and accelerating growth," the Prime Minister added. Talking about controlling subsidies, Manmohan Singh said, "The Finance Minister has said that...
03:03 PM, Mar 16, 2012
New Delhi: 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. In an interview with Lok Sabha TV, Pranab said that the primary concern of the Budget was how to bring back growth. "Our aim was to bring the economy back on track and focus on how to moderate double-digit inflation...
02:18 PM, Mar 16, 2012
New Delhi: 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. This hike in excise duty means auto companies now have to pay excise tax of 24 per cent. Duty on readymade garments and processed raw food was reduced and...
01:37 PM, Mar 16, 2012
New Delhi: 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. The fiscal deficit for 2011-12 was projected at Rs 4,13,000 crore, which was to be financed by market borrowings...
01:27 PM, Mar 16, 2012
Budget 2012-2013 Speech of Pranab Mukherjee Minister of Finance March 16, 2012 Madam Speaker, I rise to present the Union Budget for 2012-13. For the Indian economy, this was a year of recovery interrupted. When one year ago, I rose to present the Budget, the challenges were many, but there was a sense that the world economy was on the mend. The Budget was presented in the first glimmer of...
01:19 PM, Mar 16, 2012
New Delhi: Budget 2012, presented by Finance Minister Pranab Mukherjee, identifies five objectives relating to growth recovery, private investment, supply bottlenecks, malnutrition and governance matters. Following are the highlights of Budget 2012: GDP growth to be 7.6 per cent (+ 0.25 percent) during 2012-13 Amendment to the FRBM Act proposed as part of Finance Bill. New concepts of "Effective Revenue Deficit" and "Medium Term Expenditure Framework" introduced Central subsidies to...
01:14 PM, Mar 16, 2012
New Delhi: Finance Minister Pranab Mukherjee will present the Budget 2012 in Parliament on Wednesday. Here are a few facts about the Union Budget: - Who has presented the maximum number of budgets and how many times? Morarji Desai, 10 budgets - Who are the Prime Ministers to have presented a Budget? Jawaharlal Nehru, Indira Gandhi and Rajiv Gandhi - Who has been the only woman finance minister of India...
08:48 AM, Mar 16, 2012
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. "Although the year-on-year volume growth of the industry remained in double digits, the pace of growth during the third quarter was at its lowest gear in the last three years. The deceleration in growth was contributed mainly by the...
01:42 PM, Mar 09, 2012
New Delhi: 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. Anya, who is a school going kid, is too young to know what inflation is, but it will impact her...
08:38 AM, Mar 09, 2012
New Delhi: One question that always engulfs a salaried worker in India is the impact of an impending Union Budget on hiring by firms and on salary hikes. With the rapidly changing policy environment, companies need to proactively readjust their talent strategy. Also with the Union Budget 2012-13 on the anvil, the industry is already speculating about some key policies overhaul and its possible impact on the talent dynamics. Following...
12:50 PM, Mar 07, 2012
New Delhi: 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. The ministers have also prepared a negative list and are expected to sort out issues concerning definition of services. They are also expected to discuss ways in which more economic activities could be brought...
08:54 AM, Mar 03, 2012
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. Former finance secretary S Narayan says, fiscal deficit in percentage terms will be optically low due to inflation. "Projected fiscal deficit for the next year is unlikely to...
06:27 PM, Mar 02, 2012
J C Sharma, MD, Sobha Developers believes that the forthcoming Budget will decide how the demand situation will pan out going forward. However, Sharma feels that the worst is behind for the real estate sector with the Reserve Bank of India giving clear indications that interest rates have reached the peak of the tightening cycle. An optimistic Sharma said that 2012 will be a year of growth where realty companies...
06:17 PM, Mar 02, 2012
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. This means, restructured assets can be treated as standard assets after two years. However, if the loan account slips even after the upgradation, it would be treated as restructured account again. Earlier, the RBI had revised its provisioning norms in May, 2011. Accordingly, the...
06:14 PM, Mar 02, 2012
By Ramesh Chandak 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. Most of us are discussing about generation and coal availability. But even the more serious problem is of...
05:55 PM, Feb 20, 2012
