Fiscal deficit for 2010-11 pegged at 5.5% of GDP: Pranab

Finance Minister Pranab Mukherjee on Friday pegged the fiscal deficit for 2010-11 at 5.5 percent of the Gross Domestic Product (GDP). The fiscal deficit, which is the difference between total expenditure and revenue, as percentage of GDP w

Only four percent hike in defence budget

The government on Friday allocated Rs.1,47,344 crore towards defence in 2010-11 budget, a paltry four percent increase from last year`s Rs 1,41,703 crore. Of the allocation provided, Rs 60,000 crore would go for capital expenditure, Financ

Pranab prunes tax rates

Income up to Rs 1.6 lakh - nil Income above Rs 1.6 lakh and up to Rs 5 lakh - 10 percent Income above Rs 5 lakh and up to Rs 8 lakh - 20 percent Income above Rs 8 lakh - 30 percent. New tax rates would offer relief

GST, DTC from 2011-12: Pranab

The government on Friday exuded confidence of introducing major reforms on direct and indirect taxes front in the form of Goods and Services Tax (GST) and Direct Taxes Code (DTC) from April 1, 2011. "I am confident that the government

Crop loan at 5 percent interest

The government on Friday announced loans at a subsidised interest rate of five percent -- two percent less than market rate -- for farmers who pay their dues in time. Announcing this in his Budget speech for 2010-11, Finance Minister Prana

Draft Food Security Bill soon

The government will soon come out with a draft Food Security Bill, Finance Minister Pranab Mukherjee said on Friday. "Draft Food Security Bill will be placed in public domain," he said unveiling the 2010-11 budget in the Lok Sabh

NREGA allocation stepped up to Rs 40,100 crore

Allocation for NREGA stepped up to Rs 40,100 crore in 2010-11. Allocation for urban development increased by 75 per cent to Rs 5,400 crore in 2010-11. 25 per cent of plan outlay earmarked for rural infrastructure deve

Rs.1,900 crore for Unique Id project

Rs 1,900 crore allocated for Unique Identification Authority of India. Financial Sector Legislative Reforms Committee to be set up. Plan allocation for Ministry of Minority Affairs raised from Rs 1,740 crore to Rs 2,600 cror

Disivestment target Rs.25,000 crore

Highlights of Finance Minister Pranab Mukherjee`s budget speech: * Government will raise Rs.25,000 crore from disinvestment of its stake in state-owned firms. * Earnest endeavour to implement General Sales Tax in April 2011.

More than 7.2 percent growth during 2009-10: Pranab

Economic growth during the current fiscal could exceed 7.2 percent projected by the Central Statistical Organisation (CSO), Finance Minister Pranab Mukherjee said during budget presentation on Friday. Unveiling the budget for 2010-11 in Lo

Will Budget partially rollback stimulus?

Finance Minister Pranab Mukherjee is all set to present the Budget for 2010-11 on Friday, amid speculation that taxes and duties may be raised as part of a partial rollback of stimulus prescribed by government advisers. However, direct tax

Showcause notices to 44 deemed universties, Centre tells SC

 The centre has told the Supreme Court that it has decided to issue showcause notices to 44 universities as to why they should not be stripped of their "deemed" status after individually offering them sufficient opportunity to be he

Guj budget: new tax on old vehicles, tobacco-based products

The Narendra Modi-led Gujarat Government on Thursday presented budget for 2010-2011 with estimated revenue receipt of Rs.49,476.53 crore while state`s annual plan size has been fixed at Rs.29,500 crore clocking an increase of 25.5 percent in the a

Telangana panel to meet political parties

The Justice Srikrishna Committee on Telangana will start consultations with political parties and other stakeholders on the contentious statehood demand from the first week of March, the panel said on Thursday, and hoped it would be able to find a

Congress walks out of Gujarat assembly during budget speech

Opposition Congress on Thursday walked out of the Gujarat assembly when Finance Minister Vajubhai Vala started reading his budget speech sitting on his chair. This was the second time that the Congress walked out of the assembly in a day.

MP revenue reciepts up, budget presented

Madhya Pradesh Finance Minister Raghavji on Thursday said the state`s earning from revenue in 2009-10 is higher than projected in the last year`s budget and emphasised on ensuring that all departments spend the money allocated to them under differ

Coming soon: Integrated IT city near Bangalore

The Karnataka government proposes to set up a 40 square km integrated information technology city -- an IT investment region based on central guidelines -- near Bangalore International airport. In his address to the joint session of the Ka

States` share of central taxes to go up

The government has, despite financial stress, accepted the 13th Finance Commission`s recommendations to increase states` share of the central taxes to 32 percent, Finance Minister Pranab Mukherjee said on Thursday. "Despite the fiscal

India hands over two dossiers to Pak

India Thursday asked Pakistan to hand over 26/11 attack mastermind and founder of Lashker-e-Taiba Hafiz Saeed and seven others besides some other militants of Indian Mujahideen and Khalistan for their role in other subversive activities. S

Why sugar, food grains are so costly? Oppn demands a JPC probe

Opposition on Thursday sought to puncture the economic growth story, charging the government with "failure" to check the price spiral and demanded a parliamentary probe into a "scam" in essential commodities like wheat, rice, p

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