Budget 2009 - News - MSN India

Pranab Mukherjee gets cracking on disinvestment

2009-07-15T02:23:35

New Delhi: Finance Minister Pranab Mukherjee will meet the Securities & Exchange Board of India board on Friday to discuss, among other things, the disinvestment roadmap and the Budget proposal to raise the threshold for non-promoter public shareholding for all listed companies in a phased manner.

BJP slams rail budget; Cong says it is pro people

2009-07-20T06:36:30

New Delhi: BJP Friday slammed the railway budget saying that it had been prepared in haste and failed to provide the needed impetus even as Congress described it as pro people and a reflection of the policies of the UPA government.

Economic Survey calls for decontrol of drug prices

2009-07-20T06:35:57

New Delhi: The Economic Survey has called for decontrolling of drug prices and limiting the checks only to essential drugs, which have less than five producers.

Auto sector turnover crosses Rs 2 lakh cr; employs 10 mn

2009-07-20T06:35:33

New Delhi: After two decades of impressive growth, the automobile sector's performance has not been encouraging after 2006-07, but its growth turned modestly positive last fiscal, touching a domestic turnover of Rs 2.19 lakh crore, the Economic Survey said Thursday.

Caustic soda industry seeks safeguard duty

2009-07-20T06:35:04

Mumbai: Faced with 80 per cent rise in imports during the first quarter of the current fiscal, the Rs 5500 crore caustic soda industry has urged the government to levy 20 per cent safeguard duty to protect the domestic industry from overseas dumping.

New tax-saving scheme likely in Budget to fund infra

2009-07-20T06:34:33

New Delhi: The Centre is believed to be considering a new tax-saving scheme to garner `idle money' lying with households and elsewhere in the system, primarily to fund building infrastructure.

Budget 2009: What it should do for ushering in GST

2009-07-20T06:34:08

New Delhi: From what Union Finance Minister and Chairman of Empowered Committee of State Finance Ministers have given to understand after their recent meeting, it is clear that the Government is quite serious about ushering in GST in 2010 April. This is just one Budget away. But what is singularly lacking so far is any positive information about the exact nature of GST and the road map to achieving it.

Budget outlay for I&B ministry hiked by 27%

2009-07-15T02:23:59

New Delhi: With a clear focus on Commonwealth Games 2010, the government has increased the Budget outlay for the Ministry of Information and Broadcasting (I&B) by 27 per cent. A total of Rs 2,568 crore has been granted to the ministry for the financial year 2009-10 over the Rs 2,025 crore mentioned in the revised estimates for 2008-09.

Budget says aviation PSUs must find another Rs 12,000 cr

2009-07-15T02:25:56

New Delhi: The government has increased the target of internal and extra budgetary resources (money from loans or through reinvestment of profits) which will be raised by public sector undertakings under the Ministry of Civil Aviation by over 63.5 per cent, from Rs 7,320 crore in the revised estimates of 2008-09 to Rs 11,974.8 crore in 2009-10.

Service tax on law firms not to yield much

2009-07-15T02:25:16

New Delhi: The Centre’s move to bring services provided by law firms under the tax net is unlikely to yield significant revenue for the exchequer.

Breaking the Budget 2009 down by Ernst & Young

2009-07-15T02:24:32

New Delhi: Ernst & Young on how Budget 2009 will impact businesses and individuals.

Mid-term review of 11th Plan before next budget

2009-07-15T02:23:27

New Delhi: A mid-term review of the 11th Five-Year Plan (2007-12) will be conducted before the presentation of the budget for fiscal 2010-11, Planning Commission Deputy Chairman Montek Singh Ahluwalia said here Wednesday.

Market may be downcast, Budget 2009 still bring smiles

2009-07-15T02:21:06

Industry hails changes in tax structure

2009-07-15T02:23:17

Kolkata: Although the government failed to lay down a concrete roadmap on ways to reduce the huge fiscal deficit in the Union Budget 2009-10, the changes made in the tax structure, both direct and indirect taxes, were a welcome measure and could have a positive impact on the economy, felt industry experts.

Post-Budget, govt runs risk of downgrades: Rating agencies

2009-07-15T02:23:06

Mumbai: Global rating agencies, including Standard & Poor’s (S&P) and Fitch, have raised concerns over the lack of a road map for fiscal consolidation in the Union Budget for 2009-10.

Budget impact: Consumer durable firms reduce prices

2009-07-15T02:20:21

New Delhi: Less than a day after Finance Minister Pranab Mukherjee announced cuts in excise and customs duties, some consumer durables firms agreed to pass on the full benefit to customers.

More time needed to chalk out divestment plans: Ahluwalia

2009-07-15T02:24:51

New Delhi: The government needs more time to prepare a roadmap for its disinvestment programme, Planning Commission Deputy Chairman Montek Singh Ahluwalia said today defending the limited mention about the same in the Budget.

No roll back of tax cuts: Pranab Mukherjee

2009-07-15T02:22:02

New Delhi: The government on Tuesday assured industry that it will not roll back the tax cuts announced in the stimulus packages and its high market borrowings of about Rs 4 lakh crore will not dry up resources for the private sector.

FBT removal: Employers may restructure your pay

2009-07-15T02:21:33

Mumbai: The removal of the Fringe Benefit Tax (FBT) proposed in the Budget is being regarded as a welcome move for companies and may also provide them scope to restructure employee remuneration, Human Resources experts said.

No hike in home loan tax exemption: Govt clarifies

2009-07-15T02:25:01

New Delhi: The government has no plans to increase the income tax ceiling on home loan interest payments, though there was a demand from the urban development ministry in this regard.

Postal deficit to go up by 41% in 2009-10

2009-07-15T02:24:25

New Delhi: With the wage bill of postal department, having around 4,84,000 employees, expected to go up by 20 per cent in the current fiscal, the postal deficit for 2009-10 is set to go up by 41 per cent to Rs 5,395 crore over 2008-09.

Govt allows banks to issue zero-coupon bonds

2009-07-15T02:20:35

New Delhi: The government has permitted scheduled banks, including state-owned ones, to issue "zero-coupon bonds" to meet long-term capital requirements, according to the Budget documents.

Budget failed to show any fiscal prudence: Experts

2009-07-15T02:24:46

Economists and experts said on Tuesday the Union Budget presented by finance minister Pranab Mukherjee on Monday has not shown any fiscal prudence. They were speaking at a post Budget analysis session organised by the Confederation of Indian Industry in Ahmedabad.

UN bodies hail Budget allocation for social sector

2009-07-15T02:23:46

New Delhi: The United Nations Development Programme (UNDP) and World Health Organisation (WHO) Tuesday lauded the union budget, saying it would "help achieve millennium development goals".

Cash or no cash, pay the tax for non-cash gifts too

2009-07-15T02:23:34

Mumbai: Last year, Surekha Saigal received a dazzling jewellery-set worth Rs 2.2 lakh from her Dubai-based friend who was on a visit to India. To her advantage, she was not liable to pay any tax on the gift she received. But, come October 1, the tax laws would stand changed, making individuals like Saigal or an HUF (Hindu Undivided Family) liable to pay tax on receipts of any property (movable or immovable) or cash from non-relatives.

We do not expect bad times to last for long: Chawla

2009-07-15T02:24:12

Soon after Finance Minister Pranab Mukherjee presented the Union Budget 2009-10, a finance ministry team led by finance secretary Ashok Chawla explained the challenges and philosophies that guided this year’s Budget.

Days of softer interest rates are over, say bankers

2009-07-15T02:23:58

Mumbai/New Delhi: A day after the government announced record market borrowings to boost demand, bankers anticipate rising interest rates in the next six months.

Government to press states for goods and service tax

2009-07-15T02:23:46

New Delhi: Finance Minister Pranab Mukherjee Tuesday said the government will try and persuade state governments and other stake holders to implement a unified goods and service tax (GST) as it had done for the central value added tax (Cenvat).

Maran promises more sops for textile industry

2009-07-15T02:26:13

New Delhi: Welcoming the general budget 2009-10, Textiles Minister Dayanidhi Maran Tuesday said some more announcements on empowerment of weaker sections and facilities for the growth of medium and small scale enterprises in the sector will be made soon.

Sensex closes 127 points after seesaw trade

2009-07-15T02:25:53

Mumbai: A key index of the Indian equities markets closed on a high Tuesday amid volatile conditions, ending trade almost 127 points up from its last closing figure.

Pranab tells India Inc: Deficit a strategic to spur growth

2009-07-15T02:24:52

New Delhi: Finance Minister Pranab Mukherjee on Tuesday said the government has taken the calculated risk of high fiscal deficit to help stimulate growth, but would strive hard to bring it down to 4 per cent in the next two fiscals.

World-class stations just an idea, can't be implemented: Lalu

2009-07-15T02:24:26

New Delhia: Lalu Prasad, who as Railway Minister had been claiming to upgrade 26 railway stations to world-class level, on Tuesday set the cat among pigeons by quipping that it was just an "idea" which cannot be implemented.

Indian media gives a mixed response to Pranab's 'aam aadmi' budget

2009-07-15T02:21:44

New Delhi: The General Budget presented by Union Finance Minister Pranab Mukherjee drew a mixed response in newspapers, which largely described the focus on 'aam aadmi' (common man) as an attempt to serve the “inclusive growth” poll-promise of the Congress-led United Progressive Alliance in its second innings at the Centre.

No cheer for 'home ministry' as duty hike for clothes, footwear

2009-07-15T02:20:14

Mumbai: This Union Budget had very little for a housewife already grappling with the rising prices of day-to-day articles, including food products and vegetables. But there wasn’t much bad news either.

Rich get richer, rest get consolation

2009-07-15T02:24:32

Mumbai: Windfall for taxpayers with income of Rs 10 lakh and above as the 10 per cent surcharge is abolished.

Widest deficit since reforms began

2009-07-15T02:22:22

Mumbai: Fiscal deficit, the difference between the government’s total expenditure and receipts, is projected at 6.8 per cent of the Gross Domestic Product, or GDP, in the current financial year, the widest in two decades.

Most wishes granted, says CII president Venu Srinivasan

2009-07-15T02:21:23

Budget’09: Nothing radical about Pranab’s balance sheet

2009-07-15T02:24:23

The industry captains patted Finance Minister Pranab Mukherjee but the commoner barely connected with what Pranab had to offer by way of Union Budget 2009. The sparks of brilliance were missing as were reforms and new ideas. Both the Finance Minister and Railway Minister admitted that Budgets 2009 were a job done in hurry…and no matter what the pessimists say, the budget should keep the tempo of small recovery in the domestic market going.

Budget’09: Nothing radical about Pranab’s balance sheet

2009-07-15T02:22:05

Pranab Muherjee in interview: The market expected too much

2009-07-15T02:21:49

Q&A: Finance Minister Pranab Mukherjee in a post-Budget interview

Budget impact: Maruti, M&M lead auto, FMCG rally

2009-07-15T02:22:11

Mumbai: The auto industry is in general satisfied with the continuation of CENVAT cuts announced in the Union Budget which has been considered as a good step but lack of incentives for exports has been regretted.

Auto industry cheers continuation of CENVAT cut

2009-07-15T02:21:50

New Delhi: The Indian auto industry, which has been struggling hard to emerge from the sluggish market conditions, on Monday said that continuation of CENVAT cuts in the General Budget 2009-10 is a good step, but added that there could have been some incentives for exports.

Historical burden: Pakistan still owes India Rs300 cr

2009-07-15T02:21:13

New Delhi: Pakistan is yet to clear a pre- partition debt of Rs 300 crores to India, which has been carrying forward year after year in its Budget account as a "liability".

Why did Pranab Mukherjee miss Chidambaram's appreciation?

2009-07-15T02:24:46

New Delhi: Post-Budget, the FM was at his most relaxed as he would get to use his mobiles, and can take visitors

Small businesses exempted from book-keeping

2009-07-15T02:22:54

New Delhi: If you have a small business with a gross annual turnover of up to Rs 40 lakh, you do not have to maintain books of accounts for scrutiny of an income tax inspector, provided you declare taxable income at 8 per cent of total sales.

Government's expenditure to cross Rs 10 lakh crore

2009-07-15T02:22:43

New Delhi: The government's total expenditure for the first time will surpass the Rs 10,00,000 crore (Rs 10 trillion) mark in the current fiscal.

India Inc: Win some like FBT, lose some like MAT

2009-07-15T02:25:40

Mumbai: India Inc is glad to have finally bid goodbye to fringe benefit tax (FBT), viewed unanimously as an irritant, that will save it around Rs 2,000 crore a year. While the Budget proposes to do away with the levy, the proposal to increase the minimum alternate tax (MAT) from 10 per cent to15 per cent on book profits — close to 17 per cent with the surcharge — has cast a gloom on the corporate sector.

Budget growth-oriented, no further stimulus needed: Montek

2009-07-15T02:25:22

New Delhi: Commission Deputy Chairman Montek Singh Ahluwalia on Monday said there would be no need for another stimulus in the current fiscal.

Mumbai flood control project gets Rs.500 crore

2009-07-15T02:24:40

Mumbai: Finance Minister Pranab Mukherjee Monday allocated Rs.500 crore to the Brihanmumbai Storm Water Drainage Project designed to control floods in the city during monsoon.

Budget evokes mixed reactions among industrialists

2009-07-15T02:26:01

New Delhi: Following are the reactions of the top industrialists in India to the union budget 2009-10 presented by Finance Minister Pranab Mukherjee in parliament Monday:

Pranab skips two paras of budget speech, apologises

2009-07-15T02:25:45

New Delhi: Finance Minister Pranab Mukherjee was left red faced while presenting the budget for 2009-10 in the Lok Sabha Monday when he skipped two key paragraphs relating to the allocations for the minorities.

Education gets boost with Rs.445 bn allocation

2009-07-15T02:25:05

New Delhi: India Monday pegged its expenditure outlay at Rs.44,528 crore (Rs.445.28 billion) for both school and higher education which is around 20 percent more than the last fiscal.

Software sector hails tax holiday extension

2009-07-15T02:22:10

Bangalore: India's software sector Monday welcomed the extension of tax holiday on export profits to 2010-11 from this fiscal, rationalisation of multiplicity of taxes on packaged software and abolition of fringe benefit tax (FBT).

Cong says budget progressive, opposition calls it 'routine'

2009-07-15T02:21:04

New Delhi: The ruling Congress said Monday the budget presented by Finance Minister Pranab Mukherjee was progressive, but the opposition parties termed it as "routine" and "inconsequential".

Delhi gets over 200% more in budget, Dikshit happy

2009-07-15T02:20:38

New Delhi: Finance Minister Pranab Mukherjee Monday increased the annual budgetary outlay for the national capital by over 200 percent to about Rs.2,500 crore (Rs.25 billion). The city will get more funds for housing, infrastructure and basic services for the urban poor - a move Chief Minister Shiela Dikshit welcomed.

A unique distinction for Pranab

2009-07-15T02:22:45

New Delhi: Pranab Mukherjee earned a unique distinction today when he became the first finance minister to present Budgets on either side of an election and the first to do so after a quarter-century gap.

Minimum Rs 30 lakh needed to be called 'wealthy'

2009-07-15T02:20:42

New Delhi: The government doubled the threshold for calling a person or entity wealthy, saying the wealth tax would be imposed only on those having a net wealth exceeding Rs 30 lakh.

Govt. hopes to raise Rs.35,000 cr from 3G auction

2009-07-15T02:20:19

New Delhi: The government expects to raise as much as Rs.35,000 crore ($7.2 billion) from auction of third generation (3G) spectrum, Finance Minister Pranab Mukherjee said Monday while presenting the budget for 2009-10 in the Lok Sabha.

Indirect tax rates unchanged, exchequer to take a hit

2009-07-15T02:24:42

New Delhi: The government on Monday retained the broad rate structure for all indirect taxes, which will dent its kitty under this head by 16.11 per cent this fiscal compared to projections a year ago.

Corporate India pats Mukherjee; says job well done

2009-07-15T02:21:51

New Delhi: In a sharp contrast to the stock market, which dumped the Budget, corporate India on Monday commended Finance Minister Pranab Mukherjee for a "job well done" under the most trying circumstances.

Sensex records highest Budget day fall on deficit concerns

2009-07-15T02:21:39

Mumbai: The BSE benchmark Sensex on Monday suffered the biggest fall on any Budget day and in the year too by plunging over 869 points on the Bombay Stock Exchange on concerns at the high fiscal deficit set by the Union Budget.

Tax sops to help payers save Rs 1,000 more a year

2009-07-15T02:25:42

New Delhi: Individual tax payers will save only Rs 1,000 more a year following the government raising the tax exemption threshold by Rs 10,000 to Rs 1,60,000, whereas the benefit for senior citizens (65 years and above) will be higher at Rs 1,500.

Pranab takes first step to reform political funding

2009-07-15T02:25:04

New Delhi: Union Finance Minister Pranab Mukherjee proposed to allow 100% deduction in the computation of donor, in the donations given to electoral trusts with a view to reform the system of funding of political parties.

Industry leaders welcome thrust on infrastructure

2009-07-15T02:22:03

Mumbai: The government's thrust on the infrastructure sector through increased allocation in almost all verticals was welcomed by industry leaders.

Budget is positive, realistic, say industrialists

2009-07-15T02:24:22

New Delhi: The union budget for 2009-10 presented by Finance Minister Pranab Mukherjee Monday is "positive" and "realistic" and both the business community and the common man would benefit from the budgetary proposals, leading industrialists in the country said.

Higher Plan outlay will accelerate growth: Chidambaram

2009-07-15T02:22:50

New Delhi: Higher Plan outlay in the Budget will provide stimulus to the economy and accelerate the growth process, Home Minister P Chidambaram said today.

I have taken risk ensure higher growth rates: FM

2009-07-15T02:22:28

Space programme gets boost with 40% more funds

2009-07-15T02:24:29

New Delhi: India's space research programme will get a boost as the union budget for 2009-10 presented by Finance Minister Pranab Mukherjee Monday has given a 40 percent hike in fund allocation for the Indian Space Research Organisation (ISRO).

IT professionals of Bangalore have mixed feelings on budget

2009-07-15T02:24:15

Bangalore: Youngsters in India's IT hub Bangalore, who have been hugely affected by the global economic recession due to large scale job losses and lack of newer employment opportunities, have expressed mixed feelings over Monday's union budget.

Cheap food for poor, 12m new jobs each year

2009-07-15T02:24:01

New Delhi: Promising to halve poverty by 2014 and add 12 million jobs each year, finance minister Pranab Mukherjee presented the Union Budget forthis fiscal that hikes income tax exemption limit and steps up allocations for welfare schemes and infrastructure, while assuring high growth for the $1.2 trillion economy once again.

Pranab's Budget: Best bet in the worst of times

2009-07-15T02:26:15

Budget a fair effort to achieve 9 percent growth: Moody's

2009-07-15T02:26:00

New Delhi: The union budget may not be a "please all" budget, but it is a fair effort by the government to achieve 9 percent growth while coping with the challenge of 6.8 percent fiscal deficit, says the research arm of Moody's.

Health budget up by nearly Rs.4,000 crore

2009-07-15T02:25:11

New Delhi: India's health budget has gone up by nearly Rs.4,000 crore to Rs.21,113.33 crore ($4.35 billion) with Finance Minister Pranab Mukherjee Monday giving special emphasis to the rural healthcare.

Govt sets up expert group on pricing of petroleum products

2009-07-15T02:21:21

New Delhi: Days after raising petrol and diesel prices, the government today announced setting up of an expert group on pricing of petroleum products.

Pranab Muherjee in interview: The market expected too much

2009-07-15T02:21:00

Q&A: Finance Minister Pranab Mukherjee in a post-Budget interview

Auto industry cheers continuation of CENVAT cut

2009-07-15T02:20:09

Historical burden: Pakistan still owes India Rs300 cr

2009-07-15T02:23:12

New Delhi: Pakistan is yet to clear a pre- partition debt of Rs 300 crores to India, which has been carrying forward year after year in its Budget account as a "liability".

Small businesses exempted from book-keeping

2009-07-15T02:22:17

Why did Pranab Mukherjee miss Chidambaram's appreciation?

2009-07-15T02:21:08

New Delhi: Post-Budget, the FM was at his most relaxed as he would get to use his mobiles, and can take visitors

Government's expenditure to cross Rs 10 lakh crore

2009-07-15T02:24:17

New Delhi: The government's total expenditure for the first time will surpass the Rs 10,00,000 crore (Rs 10 trillion) mark in the current fiscal.

India Inc: Win some like FBT, lose some like MAT

2009-07-15T02:24:00

Budget growth-oriented, no further stimulus needed: Montek

2009-07-15T02:21:34

New Delhi: Commission Deputy Chairman Montek Singh Ahluwalia on Monday said there would be no need for another stimulus in the current fiscal.

Mumbai flood control project gets Rs.500 crore

2009-07-15T02:25:23

Mumbai: Finance Minister Pranab Mukherjee Monday allocated Rs.500 crore to the Brihanmumbai Storm Water Drainage Project designed to control floods in the city during monsoon.

Budget evokes mixed reactions among industrialists

2009-07-15T02:24:39

New Delhi: Following are the reactions of the top industrialists in India to the union budget 2009-10 presented by Finance Minister Pranab Mukherjee in parliament Monday:

Pranab skips two paras of budget speech, apologises

2009-07-15T02:22:26

Education gets boost with Rs.445 bn allocation

2009-07-15T02:24:50

New Delhi: India Monday pegged its expenditure outlay at Rs.44,528 crore (Rs.445.28 billion) for both school and higher education which is around 20 percent more than the last fiscal.

Software sector hails tax holiday extension

2009-07-15T02:22:19

Cong says budget progressive, opposition calls it 'routine'

2009-07-15T02:21:26

New Delhi: The ruling Congress said Monday the budget presented by Finance Minister Pranab Mukherjee was progressive, but the opposition parties termed it as "routine" and "inconsequential".

A unique distinction for Pranab

2009-07-15T02:24:13

Delhi gets over 200% more in budget, Dikshit happy

2009-07-15T02:23:56

Minimum Rs 30 lakh needed to be called 'wealthy'

2009-07-15T02:23:41

New Delhi: The government doubled the threshold for calling a person or entity wealthy, saying the wealth tax would be imposed only on those having a net wealth exceeding Rs 30 lakh.

Govt. hopes to raise Rs.35,000 cr from 3G auction

2009-07-15T02:25:54

Corporate India pats Mukherjee; says job well done

2009-07-15T02:25:36

Indirect tax rates unchanged, exchequer to take a hit

2009-07-15T02:25:03

Sensex records highest Budget day fall on deficit concerns

2009-07-15T02:22:25

Pranab takes first step to reform political funding

2009-07-15T02:21:28

Tax sops to help payers save Rs 1,000 more a year

2009-07-15T02:21:08

Budget is positive, realistic, say industrialists

2009-07-15T02:24:19

Industry leaders welcome thrust on infrastructure

2009-07-15T02:24:07

Mumbai: The government's thrust on the infrastructure sector through increased allocation in almost all verticals was welcomed by industry leaders.