Finance minister Pranab Mukherjee said on Tuesday the Reserve Bank of India's move to keep almost all rates unchanged is line with the discussions he had with the apex bank's governor and the government's thinking on fiscal and monetary policies.
Complimenting external affairs minister Pranab Mukherjee, who also holds the charge of finance ministry, for the budget, Chidambaram said, "He (Mukherjee) had before him an unenviable task having to present an interim budget at the end of a difficult year caused by a global financial crisis.
A number of new IITs started functioning in 2008-09, the minister said, adding that two more IITs in Madhya Pradesh and Rajasthan will start functioning in 2009-10.
Deora, who met Mukherjee on Monday afternoon to present his ministry's Budget wishlist, also discussed the deregulation of fuel prices.
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.
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.
At a meeting of the Institute of International Finance, a global association of financial institutions, Standard Chartered Bank Chief Economist, Gerard Lyons, raised doubts over the Centre's projections of reducing fiscal deficit from 2010-11's estimate of 5.1 per cent. "I am skeptical whether fiscal deficit can be reduced as planned," he said.
In the pre-budget Economic Survey 2010-11, the Union finance ministry made a strong pitch for the pro-growth impact of investment in human capital adding, "fortunately, there is awareness of this in India and efforts are afoot in terms of budgetary allocation and actual initiatives to boost the development of skill and human capital."
Full convertibility is presently not allowed under Indian law and the government is in no hurry on that path.
In a big relief from cumbersome tax filing process for the salaried class, Finance Minister Pranab Mukherjee on Monday proposed to exempt them from filing tax returns unless they have other sources of income.
A day ahead of Mexican Central Bank Governor Agustin Carstens' visit here to seek support for his candidature for the top IMF post, the Finance Ministry on Thursday said the decision on India's vote will be taken by Prime Minister Manmohan Singh.
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Pranab Mukherjee, who himself was Finance Minister, said he was 'not disappointed' by the current economic situation in the country.
As the race for the next International Monetary Fund chief hots up, Finance Minister Pranab Mukherjee on Tuesday said he was in touch with his counterparts from developed and emerging economies on the issue and was keeping a close watch on the developments.
Finance Minister Pranab Mukherjee on Wednesday said the Indian economy could grow by 7.5 to 8 per cent during the current financial year, though price rise and fiscal consolidation remained areas of concern.
"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.'
Budget 2011-12 is likely to announce significant measures to deepen the corporate bond market. Among the several measures on the government's agenda is allowing banks to provide guarantees for bonds issued by companies.
Labour secretary dismisses finance secretary's doubts, says there is enough in the account to pay 9.5%.
The ministry also plans to set up a compliance committee along with Federation of Indian Chambers of Commerce and Industry on a public-private partnership mode to look into issues of small and medium enterprises and help them comply with the environmental laws.
Finance Minister Pranab Mukherjee will announce the measures the United Progressive Alliance government intends to take to bring back the unaccounted money into the country and tighten the regulatory and tax framework to prevent further illegal outflows.
Ahead of the new government assuming office later this month, the finance ministry has begun the Budget-making exercise to enable the incoming finance minister to present the full-fledged Budget for 2009-10.
Asserting that there is no need to press the panic button, Union Finance Minister Pranab Mukherjee on Saturday said the Dubai debt crisis would not have 'earth shaking' impact on India's economy.
The farmer continues to be burdened by debts, both from banks and other institutions, says Sharad Joshi.
The manual, released by Finance Minister Pranab Mukherjee, details various aspects about the Budget, including the constitutional provisions, structure of government accounts and budget preparation.
In a move which could further rock the United Progressive Alliance and create fresh fissures at the highest level in the government, union Home Minister P Chidambaram has fired a salvo against Finance Minister Pranab mukherjee on the issue of price rise saying that inflation is the biggest tax which the people have to face.
Informing the Parliament about this, Finance Minister Pranab Mukherjee, however, said the panic button should not be pressed.
Taking a jibe at Yashwant Sinha, the finance minister said that he doesn't have luxury of being former finance minister.
The ailing carrier was facing a net cumulative loss of Rs 20,320 crore.
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.
'Under this government, tax laws have become more draconian, and the government itself is setting stiff, unrealistic targets for tax officials, who have got more powers to harass us,' points out Debashis Basu.
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.
"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.
"There is a need to sustain foreign trade, revive foreign investments and generate domestic demand in order to maintain our growth rates," said External Affairs Minister Pranab Mukherjee, who is also holding the finance portfolio. Boosting the economy was also necessary to "uplift multitudes living below the poverty line." Noting that India cannot remain immune to global crisis, he said, "India faces special challenges from the international financial crisis."
The story of how P Chidambaram got the home rather than the finance portfolio can be told now. The day the election results came out and it became clear the United Progressive Alliance was going to form the government, Congress President Sonia Gandhi called Pranab Mukherjee for a meeting and asked him what portfolio he would like.
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.
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.
The decision to finance these districts for rapid improvement in schooling, health care and drinking water comes nine months after Finance Minister Pranab Mukherjee listed the drive in his Union Budget to ensure the poor and the tribals do not head to the Naxals for help.
In the following analysis, RelaxwithTax has tried to squeeze out the useful information -- from the Budget Speech delivered by Finance Minister Pranab Mukherjee -- that is relevant to you in terms of personal taxation and finance.
The launch of the US-India Economic and Financial Partnership on Tuesday is significant because the two countries have traditionally been wary of opening up their markets and services to each other.
A memorandum of understanding between the defence and telecom ministries for vacation of spectrum was signed two years ago.
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