Prime Minister Dr Manmohan Singh summoned Governor of Andhra Pradesh ESL Narasimhan to New Delhi on Saturday to discuss the political situation in Andhra Pradesh, including the ongoing agitation on Telangana.
The Budget has increased the allocation for the Commonwealth Games from Rs 3,472 crore (Rs 34.72 billion) from Rs 2,112 crore (Rs 21.12 billion).
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.
The TERC, which comprises, among others Finance Minister Pranab Mukherjee, Commerce and Industry Minister Anand Sharma and External Affairs Minister S M Krishna, will also review the state of play in the Doha Round of talks for a multilateral trade agreement under the aegis of World Trade Organization, sources said.
The Individual tax payer exemption limit to be raised to Rs 200,000 from Rs 180,000.
Vikas Khemani, President & Head-Institutional Equities, Edelweiss Securities, feels Finance Minister Pranab Mukherjee could really make Union Budget 2012-13 an important one.
The Union Budget is in the wings. While economists, analysts and political pundits are busy making predictions about the biggest annual financial event in the country, common people are no less interested either.
Quoting medieval India's political thinker Kautilya as well as Mahatma Gandhi, finance minister Pranab Mukherjee on Monday punctuated his Budget speech with words of wisdom, wit and humour.
What stood out in his 15-year journey as a member of the political executive at the Centre was his glowing record as India's most successful and effective finance minister. Both as prime minister and finance minister, he understood the importance of gradualism, except when the economy or the polity was in a crisis.
The seven-member grouping has seen two changes -- S Jaipal Reddy replacing Murli Deora after taking over as the Oil Ministry, while Kamal Nath has given away to the new Road Transport and Highways Minister C P Joshi.
With people reposing faith in the UPA and voting for stability, this is the government's chance to fulfill its promises, ensure growth and development of the country, check runaway prices, and offer succour to the aam aadmi.
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.
The first meeting of the Group of Ministers on inclusion of caste categories in the census is likely to be held on July 1.
The markets tanked 209 points after Finance Minister Pranab Mukherjee tabled the Union Budget in Parliament on Friday. Economic Affairs Secretary R Gopalan defends the measures, saying the markets will need time to comprehend the measures.
Giving some relief to tax payers, Finance Minister Pranab Mukherjee on Friday proposed raising the income tax exemption limit for individuals to Rs 2 lakh per annum from Rs 1.80 lakh.
Government said consultations are on to arrive at consensus on allowing FDI.
The Union government will donate $1.5 million (nearly Rs 8 crore) to the University of Chicago next week to help establish a new visiting professorship in Indian studies named after Swami Vivekananda, university officials said on Tuesday.
With Parliament paralysed for the fifth day running and no business being transacted, Prime Minister Manmohan Singh is under pressure to partially rollback the Foreign Direct Investment in retail, which was approved by the Union cabinet last week.
Borrowing at 29 paise will account for the largest share of every rupee that the government will use for financing the Union Budget 2010-11, while will it spend the most - 21 paise - on central plan.
Sources said both Mukherjee and Deora were in favour of Rs 2-3 a litre hike in petrol and diesel prices and Rs 25 per cylinder increase in LPG rates.
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 negotiations on a draft Lokpal Bill on Monday gained momentum with government and civil society members agreeing on a number of basic principles of the proposed law and deciding to meet more often.
Here is a financial glossary of words and phrases linked to the budgetary exercise to help you manoeuvre your way through the maze that is the Budget.
Experts agree with the assessment that the Budget next month would respond to the predictions of deficient monsoon rains with a policy package. According to them, rain-fed areas, which are likely to be affected by a 'below normal' monsoon, could see increase in allocation in terms of higher spending through the public distribution system and the National Rural Employment Guarantee Scheme.
Presenting the Union Budget 2009-10, finance minister Pranab Mukherjee said, "Necessary funds are proposed to be allocated for the missions that are being launched following the NAPCC unveiled last year."
The Union government has reconstituted the Cabinet Committee on Economic Affairs with Prime Minister Manmohan Singh as its chairman.
The tourism ministry wants rationalisation of import duty on adventure sports equipment to promote adventure tourism in the country. There is a proposal for exemption of service tax for inbound tour operators on their foreign exchange earnings. Sources said Tourism Minister Kumari Selja would submit the detailed proposals to the finance ministry, seeking various tax incentives for the sector.
In an exclusive column to Rediff.com, CPI-M general secretary Prakash Karat explains what is wrong with the Union Budget 2011-12 that Finance Minister Pranab Mukherjee presented in Parliament on Monday.
Move is to encourage investment in the infrastructure sector.
Fast tracking of corruption cases against public servants and amendment to the Constitution to provide for summary proceedings in cases of grave misdemeanour involving bureaucrats would form part of the terms of reference of the Group of Ministers formed to tackle the menace.
The diamond industry found nothing to cheer about in the Union Budget for 2009-10 presented by Finance Minister Pranab Mukherjee. Industry players in Surat - the diamond capital of India - described the Budget as "disappointing", since the beleaguered industry was expecting a special package to counter the recession.
The Budget refers to the 'Annual Financial Statement', laid before both the Houses of Parliament.
Union Home Secretary G K PIllai has said Hyderabad will be the capital of Telangana. MPs from the non-Telangana areas will meet Home Minister P Chidambaram and Law Minister Veerappa Moily.
The Centre will extend invitation to groups and individuals, including separatists in Jammu and Kashmir for a meeting with the 39-member all-party delegation visiting the state from Monday.
Bowing to demands by several political parties, government on Thursday decided to carry out a caste census next year.
Unless ratified by eight states, a Constitutional amendment cannot be signed by the President of India.
All subsequent cylinders will have a non-subsidised rate that will be fixed every month.
While presenting the Union Budget for 2009-10, finance minister Pranab Mukherjee had said that in order to bring in tax reforms in the country the government will bring the new DTC within 45 days. The code will replace the existing Income Tax Act, which was enacted in 1961 and would subsume the direct tax legislations.
In an informal discussion with rediff.com late on Thursday evening, Kolkata-based economist Abhirup Sarkar discussed this burning issue.
The Economic Intelligence Unit (EIU), on Friday said that the Union Budget presented by Finance Minister, Pranab Mukherjee, would allow the government to start exiting from its earlier-announced stimulus measures in a calibrated manner.
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