The state of the economy did not deteriorate so sharply in the last eight days that the principles behind not announcing changes in tax rates in an Interim Budget had to be set aside. Nor can it be argued that the demand from industry and members of Parliament for some stimulus measures became so irresistible that the finance minister had to announce the tax rate changes in his reply to the Interim Budget debate.
In the wake of the all out attack on Home Minister P Chidambaram by Opposition parties, particularly the Bharatiya Janata Party, asking for his resignation and the fact that Parliament had to be adjourned for the second day on the issue of Chidambaram, has led to suspicions that it is being instigated by elements within the ruling party itself.
"Jobs must be protected even if it means some reduction in compensation at various levels," Finance Minister Pranab Mukherjee said at International Labour Conference in New Delhi.
Speaking about the challenges and the opportunities of development in a globalised era, Mukherjee said, sustaining high growth over an extended period has become more complex.
The Prime Minister's Council on Trade and Industry comprising top industrialists and bankers met on Wednesday and reviewed the economic situation, particularly in the wake of the European financial crisis.
Railways were now less dependent on budgetary support than five years earlier due to the efforts of Lalu Prasad in making the sector financially self-reliant, Finance Minister Pranab Mukherjee said on Saturday.
Prime Minister Manmohan Singh's attempt to win over ally Trinamool Congress on the government's decision to allow FDI in retail was on Friday rebuffed by West Bengal Chief Minister Mamata Banerjee, who bluntly told him her party cannot back the move.
It is the country's largest issuer of bonds by default. But the government of India thinks it has enough expertise to give the private players a tip or two on how to time the equity market.
Full convertibility is presently not allowed under Indian law and the government is in no hurry on that path.
Introduction of GAAR, which was proposed by then Finance Minister Pranab Mukherjee in the Budget 2012-13 to check tax evasion, had triggered strong opposition by foreign investors following which its implementation was postponed till April next year.
Commerce and Industry Minister Anand Sharma on wednesday said the Reserve Bank of India would have to step in to stem the downslide of rupee.
Justifying the government's austerity drive, Finance Minister Pranab Mukherjee said on Tuesday the restrictions on foreign visits and other expenses are aimed at curbing wasteful expenditure and containing fiscal deficit.
Prime Minister Manmohan Singh is expected to meet United Progressive Alliance chairperson Sonia Gandhi again on Sunday to discuss matters related to Monday's expected Cabinet reshuffle. Dr Singh had met Sonia Gandhi in this regard earlier on Saturday. Dr Singh also met Kapil Sibal, who is presently holding the telecommunications and human resources development ministerial portfolios. It is likely that he may be relieved of some responsibility in the reshuffle.
The wholesale price-based inflation may have moderated somewhat in March but the pressure on prices is likely to continue for another two months, Finance Minister Pranab Mukherjee on Thursday said.
Accepting a major demand of the cash-strapped aviation industry, the government on Tuesday said it would soon launch the process to allow foreign airlines 49 per cent stake in Indian carriers.
Finance Minister Pranab Mukherjee, Defence Minister A K Antony, Health Minister Ghulam Nabi Azad and Law Minister Veerappa Moily will oversee the smooth transition of power in Andhra Pradesh.
"To achieve 9 per cent growth (it) will require little longer time", Finance Minister Pranab Mukherjee said, participating in a function organised by a private TV channel. Mukherjee said this fiscal 'we will have six per cent plus growth.'
The Finance Ministry should encourage local manufacturing of currency paper to check counterfeits and exempt its production from excise duty, a high level committee has said.
Pranab Mukherjee the President in waiting dodged all questions pertaining to politics and said 'I am no longer a minister'. He was in Bangalore to interact with the Electoral College seeking support for his candidature as President of India.
Expressing regret over the fact that Parliament was not functioning smoothly despite the government's best efforts, Prime Minister Manmohan Singh on Wednesday sought constructive cooperation from all parties to make the House live up to the role the founding fathers envisioned for it. "It is unfortunate that despite our best efforts, Parliament has not been running smoothly," Dr Singh said while giving the K Karunakaran Award to Finance Minister Pranab Mukherjee.
The Congress wants to show that it is Sonia Gandhi who will nominate the presidential candidate, to discard the impression that the party chief has been given a fait accompli if she does not want the Congress candidate to lose, says Renu Mittal
Finance Minister Pranab Mukherjee said this while presenting the Union Budget for 2010-11 in the Parliament on Friday.
Finance Minister Pranab Mukherjee said this while presenting the Union Budget for 2010-11 in the Parliament on Friday.
In the Budget for 2010-11, the sector will claim as much as 46 per cent of Rs 3.73 lakh crore (Rs 3.73 trillion) of the total plan outlay.
Amid speculation that taxes and duties might be raised as part of a partial rollback of the economic stimulus, Finance Minister Pranab Mukherjee will present the Budget for 2010-11 on Friday.
While Lalu's chances of retaining Cabinet berth seems remote, experts believe there may not be too many new faces as far as important ministries are concerned.
Concerned over high service tax substantially raising air ticket prices, Civil Aviation Minister Ajit Singh has urged Finance Minister Pranab Mukherjee to revert to the earlier rates which were capped at Rs 100 and Rs 500 per domestic and international ticket.
Tells finance ministry to allow companies a five-year timeframe
Hailing the Budget 2009-10 as "growth oriented", Planning Commission Deputy Chairman Montek Singh Ahluwalia on Monday said there would be no need for another stimulus in the current fiscal.
Scrapped three years back, the much talked-about simple tax form, Saral, is on its way back in a new avatar, making the task of filing tax returns easier.
Terming decline in economic growth rate to nine-year low of 6.5 per cent in 2011-12 as "disappointing", Finance Minister Pranab Mukherjee said the government will take "necessary steps" to improve growth.
Congress leaders say that part of their calculations and preparations for the Presidential poll have focused on getting the numbers without Mamata, reports Renu Mittal.
While there is no change in the strength of the Modi-led CCPA over its two tenures, what has changed is its profile.
Mitra will take over from P V Bhide after January 31.
Excise duty on petrol will remain at Rs 14.35 a litre and diesel at Rs 4.60 per litre.
Who will take over the tasks of the prime minister and oversee the functioning of the government during the third week of September? This is the question that is being discussed in the corridors of power in Delhi, as Prime Minister Manmohan Singh will be in the United States from September 21 to September 28 to attend the United Nations General Assembly session. United Progressive Alliance trouble-shooter and Finance Minister Pranab Mukherjee will also be away, in Washington.
Buoyed by better than expected economic growth last fiscal, Finance Minister Pranab Mukherjee on Wednesday expressed hope that the economy, spurred by fiscal and monetary stimulus packages, would turn around soon.
Banerjee wants the two top leaders of the United Progressive Alliance to nudge the Planning Commission into including some of her most important initiatives in the Railway Budget.
A look at the key members who make the country's biggest fiscal package.
Under attack from social activist and anti-graft crusader Anna Hazare, Union Agriculture Minister Sharad Pawar on Wednesday quit the Group of Ministers on corruption, saying he does not want to be "associated" with the panel anymore.
