The recommendations that will benefit 47 lakh central government employees and 52 lakh pensioners, will lead to an additional outgo of Rs 73,650 crore from the Union Budget and Rs 28,450 crore from Railway Budget.
Four months ahead of the Union Budget, industry body CREDAI with more than 11,000 builders as members, has asked the Finance Minister for tax sops on behalf of home buyers, and are convinced this would lay the foundation for a recovery in the housing market.
The amended rule relaxes the condition of obtaining the certificate for claiming expenditure under section 80DDB in respect of specified ailments from a specialist working in a government hospital, the Finance Ministry said.
The Direct Benefit Transfer on LPG, which has been recognised by the Guinness Book of World Records as the largest cash transfer programme in the world, has eliminated "middle-men and black marketers" and ensured the fuel is delivered to right people, he said.
Acknowledging that there may be merit in Congress demand for 18 per cent rate of GST, he said the NDA government has not made any significant modifications to the bill that the Congress-led UPA government had proposed in 2006-07 Budget, except to bring a consensus between manufacturing and the consuming states.
The Finance Ministry on Friday sought Parliament's nod for making an additional equity infusion into Air India worth Rs 800 crore, less than half the amount sought by the Civil Aviation Ministry for the national carrier.
The Union Cabinet today moved amendments to the GST Constitutional Amendment Bill, approved passage of a new consumer protection bill as well as setting up of the Rs 20,000 crore National Investment & Infrastructure Fund that was announced in the Budget this year.
India focused equity funds have witnessed an inflow of over USD 9.5 billion from worldwide investors in the first six months of the year, while neighboring China has seen a hefty outflow of USD 17 billion during the same period, says a report.