"For 2010-11 and beyond, the Kirit Parikh report will be the benchmark. The report is being studied.These decisions are politically sensitive issues and have to be sustained over a period of time," Petroleum Secretary S Sundareshan told Business Standard. "It is impossible to insulate the Indian consumer against the movement in international oil prices."
The government would fall short of its target for direct tax collections for the second consecutive year, with the revenue department estimating its direct tax receipts at Rs 3,70,000 crore (Rs 3700 billion) for 2009-10.
Disinvestment proceeds of the government could be higher than the estimate of Rs 25,000 crore for 2009-10. The government has already raised Rs 13,621 crore through disinvestment in four public sector companies.Dilution of stake in National Mineral Development Corporation, the fifth public sector undertaking to come out with a public offer this year, is likely to fetch the government more than the remaining Rs 11,388 crore, thereby exceeding even the revised target.
'Prices can be adjusted now. The government can even temporarily cut taxes'.
In December last year, the finance ministry had asked five state-run banks -- Punjab National Bank, Canara Bank, Union Bank of India, Bank of Baroda and Bank of India -- to explore merger opportunities in the banking industry.
The government may take the first step towards fiscal consolidation in Budget 2010-11 by partially rolling back tax cuts given to the industry last year. The service tax rate may be restored to 12 per cent, while excise duty could be increased marginally.
The ministry of urban development has asked the finance ministry to lower the duty in order to promote the public transportation system in the country.
Although India's exports have started growing again after several months of decline, commerce ministry sources told Business Standard that the extension is being considered to sustain growth and stabilise it at 15 to 20 per cent.
The first cargo of 25,000 tonnes of Euro-IV grade diesel from RIL's refinery at Jamnagar was shipped by Hindustan Petroleum Corporation Ltd on Friday, said an informed source. This is also the first coastal supply of Euro-IV diesel for the Indian market.
Retail prices of sugar dipped 6 per cent after the government announced a slew of measures on January 13. Prices of grain and pulses have remained unchanged.
One of the most favoured duty reimbursement schemes among exporters - the Duty Entitlement Passbook (DEPB) scheme - is likely to be scrapped, as the government gears up to introduce the Goods and Services Tax (GST) from April 1.
The government may take the first step towards fiscal consolidation in Budget 2010-11 by partially rolling back tax cuts given to the industry last year. The service tax rate may be restored to 12 per cent, while excise duty could be increased marginally.
The Indian Banks' Association recently mooted a proposal for a centralised admission test for commercial banks in the country.
New government policy on biofuels may consider financial incentives. Indian Oil Corporation, the country's biggest oil marketing company, is looking to acquire 50,000 hectares of wasteland in Uttar Pradesh for plantation of non-edible oilseeds, such as jatropha and karanjia, that are used for biodiesel production.
The current employee strength of all state-run banks is about 672,000.
Under political pressure, the Centre had to drop a proposal which made the state government pay for the difference between the fair and remunerative price fixed by the Union government, and the state advisory rate.
Industry experts say that even though international companies face problems in setting up new projects on their own, given the problems associated with acquiring land and rehabilitating the displaced people, their keenness to become a part of the growing Indian market remains intact.
Public sector banks have performed better than their private sector counterparts in customer service.
The sugar industry is all set to challenge the recent amendment to the Essential Commodities Act, which seeks to introduce a fair and remunerative price (FRP) for sugarcane, besides absolving the government of a Rs 14,000-crore levy price obligation arising out of several court rulings.
Centre likely to miss collection target for '09-10
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