Opposition parties today came down heavily on General Budget 2011-12 dismissing the exercise as "very disappointing and directionless" and said it has failed to address the problems of unemployment and price rise affecting the common man.
The government today proposed to increase the Plan expenditure for 2011-12 to Rs 4,41,546.75 crore, up 18.35% from the Budget estimates for the current fiscal.
Aiming to control price rise in non-cereal food items, the government today announced a budget outlay of Rs 2,200 crore to boost production of vegetables, pulses, oilseeds, millets and fodder.
Discussions are underway to further liberalise the Foreign Direct Investment (FDI) policy, Finance Minister Pranab Mukherjee announced today.
Budget Reaction from Amit Rathi,MD,Anand Rathi FInancial Services.
Finance Minister Pranab Mukherjee today retained the rate of standard excise duty at 10% in the Budget for 2011-12, giving a little respite to industry, which feared a rollback of stimulus measures.
The government today said it will provide capital support to the tune of Rs 6,000 crore to public sector banks during the next fiscal to strengthen their capital base.
The industry today welcomed the Budget terming it as "positive" and "growth-oriented" and some leaders were pleasantly surprised with the unchanged excise rate in major sectors.
The government today proposed to set up a National Mission for Hybrid and Electric Vehicles to encourage manufacturing and selling of alternative fuel-based vehicles.
Capital goods industry has witnessed a dramatic slowdown in recent times due to the inability of the local manufacturers to meet the growing demand, while the Chinese equipment is relatively inexpensive and readily available.
Finance Minister Pranab Mukherjee reiterated in his budget speech today that infrastructure is critical for India's development. He has planned an alocation of Rs 2.14 lakh crore towards developing the country's infrastructure.
The stock market benchmark Sensex has surged by over 277 points mid-way through Finance Minister Pranab Mukherjee's Budget presentation, in which he proposed to keep up the tempo of the disinvestment process and contain inflation to boost the economy.
Bringing some cheer to the industry, Finance Minister Pranab Mukherjee today lowered the surcharge tax limit on corporate tax to 5% from 7.5% even while marginally raising the Minimum Alternate Tax.
Adi Godrej, Chairman, Godrej Industries, in an interview on CNBC-TV18, finds the budget focussed on growth and was well balanced. He finds the cut in corporate surcharge a positive play. The excise duty was largely anticipated to change by the market and the non event where the excise duty stayed the same has been appreciated by him.
Budget Reaction from Manoj Chugh, President-India and SAARC, EMC Corporation.
Union Budget 2010-11 may have come as a negative/positive surprise for tobacco companies.
No changes in taxes have been proposed by the finance minister this budget, which will be a negative for bleeding oil marketing companies.
The Centre today allocated Rs 100 crore for Ladakh region for implementation various of projects identified by a taskforce.
Concerned over the misuse of subsidies provided under various schemes, Finance Minister Pranab Mukherjee today said the government will provide a direct cash subsidy on kerosene and fertilisers to the poor from March next year.
The government today said low- cost housing loans of Rs 15 lakh will be eligible for 1% interest subsidy, which will help in increasing the demand for such housing.
India's economy will revert to the pre-crisis growth level of 9% in the next financial year.
Corporate tax surcharge reduced from 7.5% to 5%. Minimum alternate tax rate up from 18% to 18.5%. IT exemption for taxpayers raised from Rs 1.6 lakh to Rs 1.8 lakh. Tax relief is about Rs 2,000 across-the-board
Spending on, critical rural, infrastructure, and social security, schemes – eg, NREGA, Bharat Nirman have been been increased by Rs 10,000 crore to Rs 58,000 crore given the government’s commitment towards inclusive growth.
India’s telecom sector is one of the world’s fastest growing sectors and is on the verge of becoming the world’s second largest telecom sector. The number of mobile subscribers stands at 752.19 mn in December 2010
Finance Minister Pranab Mukherjee today proposed to raise the income tax exemption limit for general tax payers to Rs 1.80 lakh per annum from Rs 1.60 lakh at present and introduced a high new tax slab for senior citizens of 80 years and above.