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Besides, the budget will also give thrust on infrastructure development including laying new lines, electrification, modernisation and station redevelopment with private participation.
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It is now just a week to the Union Budget and this time it will grab more attention for the model changes that the government has either announced or will ring in besides tackling the usual subjects of tax concessions and financial grants.
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There will be discussion thread bare on the contour of the forthcoming Budget containing rail-related proposals, since the Rail Budget will be part of the General Budget and there will be no separate one for railways, said a senior official of Railway Ministry.
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"There are three major changes that we are undertaking for the next year (Budget). First presentation of Budget is advanced by about a month. We expect Budget to be presented around February 1," Economic Affairs Secretary Shaktikanta Das said in an interview to DD News.
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The Parliamentary Standing Committee on Finance headed by by former Union Minister and senior Congress leader M Veerappa Moily will deliberate on the Budget reforms.
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With the Cabinet's approving the merger of Railway Budget with General Budget, the
parliamentary panel on finance has decided to 'examine' the move along with its "ramifications thereof".
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"Rather, it will be very helpful," he told reporters here, when asked if there would be "any difficulty" for the Railways with the central government's decision to merge the two Budgets.
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Railway Minister Suresh Prabhu said that it was decided for merger of the rail Budget with general Budget but distinct identity of the railways will be maintained.
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The proposal for advancing of the Budget and the merger of the railway Budget with it will be considered tomorrow at a meeting of the union Cabinet to be chaired by Prime Minister Narendra Modi, who has been pushing for it.
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The decision for the merger of Railway Budget with the General Budget is likely to get the official seal at the Union Cabinet meeting which is slated for tomorrow.
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The opposition is still in the
dark over the proposal for merging the Railway Budget with the
General Budget and advancing Parliament session by about a
month to January 24 so as to complete all legislative work
before the beginning of the new fiscal from April.
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While early convening of the Budget Session may become a norm in the years to come, the Winter Session of Parliament is likely to be convened on November 12 this year to get the supporting legislations for the GST rollout approved early.
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The 92-year-old tradition of a separate Rail Budget is likely to become a thing of the past with a committee to finalise the modalities for its merger with the General Budget submitting its report to the Finance Ministry.
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The report is being finalised and will be submitted to the Finance Minister in the next 10-15 days, sources said.
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Finance Ministry is examining the suggestions of Bibek Debroy panel, which among other things had suggested phasing out separate railways budget, Parliament was informed today.
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Prabhu has recommended ending the 92-year-old practice of presenting a separate budget for Railways and sought merger with the General Budget presented by the Finance Minister, said a senior Railway Ministry official.
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The British-era legacy of having a separate railway budget needs to be scrapped, NITI Aayog member Bibek Debroy said on June 22 reiterating the suggestion made
by a panel headed by him last year
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Participating in a debate on the Budget 2016-17, Tariq Anwar (NCP) targeted Prime Minister Narendra Modi for giving full marks to it, saying he was acting as an examinee as well as examiner himself.
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Responding to a question on the expectations of bank employees from the general Budget to be presented today, AIBEA General Secretary C H Venkatachalam told reporters here that the banking sector was awaiting implementation of reforms for the betterment of bank services.
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In his monthly radio programme 'Mann Ki Baat', he emphasised that students should appear for the exams with a "positive approach" having free and calm mind without any anxiety. He also asked parents not to put pressure on them.
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After President Pranab Mukherjee's address to both the Houses on Tuesday, the government will present Railway Budget and the General Budget on February 25 and February 29 respectively.
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Calculating national income with 2011-12 as the base year, the CSO revised the growth for 2013-14 to 6.9 percent. Growth rate was earlier calculated with 2004-05 as base year. Members, during the debate on General Budget, contended that high growth rate as projected was not visible on the ground.
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A uniform and lower duty on both non-scheduled operator permit and private category was needed to encourage import of more aircraft for enhancing regional connectivity, the Association had listed among other demands.
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The Reserve Bank today welcomed the General Budget, saying it has laid the foundation for lowering fiscal and current account deficits, apart from supporting both domestic and foreign investments.
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Industry body CII demanded that indirect tax rates be kept unchanged till implementation of Goods and Services Tax regime and rationalisation of subsidies in the forthcoming General Budget for 2013-14.
