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The steel industry cheered the 20% export duty hike on iron ore in the FY12 federal budget that will help contain escalating raw material costs and gave a thumbs-up to higher infrastructure spends, which will boost steel demand in the country.
Sectoral Deployment of Bank Credit - January 2011
- Union Budget 2011 was a balanced act between problems v/s growth. FM managed to deliver a pragmatic budget catering to both the area of concerns
The budget is an exercise where the Central Government lays out its resource raising and spending plans for the coming financial year. However it has historically been more than just that.
In an interview with CNBC-TV18, VD Mhaiskar, CMD, IRB Infrastructure gave his views on how he read Budget 2011 presented by Finance Minister Pranab Mukherjee.
The Union Budget, I would say, has been focussed more towards controlling inflation, fiscal consolidation and focus on rural as well as agriculture sector.
In an interview Nirmal Jain, Chairman, IIFL gave his reading of the budget presented by the finance minister.
Apurva Shah of Prabhudas Lilladher says, the Union Budget 2011-12 has kept a relatively sharper focus on achieving fiscal consolidation without hurting growth by way of higher taxes.
Pranab Mukherjee, the Union Finance Minister has said that the Regional Rural Banks will be strengthened to enable them to maintain a Capital to Risk Weighted Asset Ratio (CRAR) of at least 9% as on March 31, 2012.
Navneet Munot- CIO of SBI MF says that budget should be taken positively by both equity and the bond markets. Focus now shifts to global markets & incremental economic data.
Indian shares closed firm, but way off their intra-day highs, as initial euphoria over a better than expected Budget was swiftly overshadowed by near term macro-economic concerns and soaring crude oil prices.
Individuals will not have to undertake a major change in their tax saving and investment efforts for the financial year 2011-12 as the Union Budget has undertaken some minor tinkering with a few provisions.
Dinesh Thakkar-Chairman & Managing Director, Angel Broking`s reaction on Union Budget 2011-12.
Hotel accommodation, in excess of declared tariff of Rs 1,000 per day and service provided by air conditioned restaurants that have license to serve liquor are the new services which have been brought under the service tax net.
The budget of 2011 is largely aimed at continuing the growth momentum seen in 2010, says Kamlesh Bhatia of Gartner.
Post budget reaction from Sanjay Kaul, MD & CEO, NCMSL.
The government today proposed to levy Minimum Alternate Tax (MAT) of 18.5 per cent on the book profits of Special Economic Zone developers and units, which was termed as a 'setback' by the players.
Ashvin Parekh, Partner & Global Leader, Financial Services, Ernst & Young, in an interview on CNBC-TV18 gave his views on how he read the budget presented by finance minister Pranab Mukherjee for financial year 2011-12.
Yashwant Sinha, Former Finance Minister says, the budget is silent on economic reforms.
The Finance Minister presented Union Budget today, which intends to keep a balancing act of driving growth agenda and keeping fiscal deficit and inflation under control.
But things are not hunky-dory. While the market-friendly budget provides some amount of relief to investors, global events such as oil price spikes, loss of risk appetite, rising interest rates and cost inflation may up-end sentiments.
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 will give full exemption from import duty on spare parts and capital goods for ship owners and ship repair units, Finance Minister Pranab Mukherjee said while presenting the budget for 2011/12.
Union Budget 2011-12 estimates to make net revenue gain of Rs 4,000 crore for the year by way of new Service Tax proposals. In keeping with thrust to encourage voluntary compliance, the penal provisions of Service Tax are under the process of rationalization.
The rate of tax on dividends received by an Indian company from its foreign subsidiary has been lowered to 15% for improving flow of such funds into India. In an interview with CNBC-TV18, Mukesh Butani, Partner, BMR Advisors, speaks about the move.
