Congress president Sonia Gandhi on Monday had separate meetings with Finance Minister Pranab Mukherjee and Home Minister P Chidambaram, stepping in to defuse the raging row over the controversial finance ministry note on 2G spectrum allocation.
Feels assured by FM's promise that givt will consider their demands.
This will be the last visit of Zoellick as President of World Bank as he is retiring on June 30.
He sought to know from the industry if it wanted India to become a no-tax country.
The decision was taken at a meeting Finance Minister Pranab Mukherjee had with Law Minister Salman Khurshid and Parliamentary Affairs Minister Pawan Kumar Bansal.
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.
Bereft of any ideas, the Finance Minister has brought back the conventional model of higher taxes and higher expenditure, said the former finance minister.
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.
A much stronger focus was required on irrigation and water management. The FM merely acknowledged that it was a problem.
Government said consultations are on to arrive at consensus on allowing FDI.
Though Indian banks' exposure to the troubled euro zone is negligible, funding pressure could impact them, Economic Survey 2011-12 said.
The Economic Survey 2011-12 on Thursday made a case for allowing foreign airlines to invest in domestic carriers, a suggestion that will enable the ailing sector to access overseas capital and expertise.
Corporate America has urged India's Finance Minister to announce a bold Union Budget that would unleash the next generation of economic reforms and help the country realise its full growth potential.
Briefing MPs on the Lokpal issue at a meeting of the Congress Parliamentary Party, Mukherjee told them that while the fundamental rights of a person to demonstrate was important, the government was also duty bound to save a human life. Voicing concern over the bad press the government was getting on the Lokpal issue, Congress members of Parliament wanted it to be proactive in apprising people about the truth of the matter.
Government and Team Anna on Tuesday night began discussions on the Lokpal issue amidst clear indications that government might consider bringing the Prime Minister under the ambit of the anti-corruption ombudsman while differences persisted on other key issues during the inconclusive talks.
He will pitch for American investment in Indian business opportunities.
A government group under the chairmanship of Finance Minister Pranab Mukherjee has broadly accepted a Department of Telecommunications (DoT) proposal favouring a three-pronged strategy to deal with the challenges arising out of the Supreme Court order cancelling 122 telecom licences.
Pranab Mukherjee on Thursday said that though the exact impact of the drought on the Kharif crop would be known only when the harvesting begins, there is every possibility of a shortfall of 15-20 percent.
Budget ideas from industry are irresponsible
In the run-up to Budget, Congress leaders have urged Finance Minister Pranab Mukherjee to take steps to appease the 'common man' - to raise the income tax exemption limit, reduce interest rates and provide greater Budgetary allocations for poverty alleviation programmes.
Non-profit organisations set up for charitable purposes may see a tightening of income tax provisions.
The Unique Identifiaction Authority of India is expediting creation of platforms for implementing the model, likely to include coverage of the Public Distribution System and other areas of subsidy, and also government's social sector schemes.
Finance Minister pegs 2011-12 growth at 8.6 per cent, expects inflation to fall to 6-7 per cent by end of the financial year.
Amid sagging business outlooks from various chambers, economists on Wednesday told finance minister Pranab Mukherjee that Budget 2012-13 should restore the confidence of investors.
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.
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.
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.
When questioned on recent efforts by the US to bring up issues against India at the World Trade Organization, most recently to thwart India's efforts to market generic drugs, Rao reiterated the 'candour in the dialogue' both countries have which had helped maintain a balance, eschewing any extreme decisions.
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.
Economists want Budget to focus on infrastructure, have a clear strategy on disinvestment and state measures to boost investment climate.
Agriculture Minister Sharad Pawar will head the Empowered Group of Ministers (EGoM) on the effective management of issues related to drought.
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.
India's infrastructure financing requirements and the new manufacturing policy being finalised will open up $1 trillion opportunities for global investors over the next five years.
After conducting a few pilot studies, the government is in the process of introducing a new accounting system in a phased manner that would provide an effective way to track and assess assets created out of public money.
Moderating inflation and a likely reversal of tight monetary policy will boost the economic prospects during 2012, said Finance Minister Pranab Mukherjee.
India's food processing minister Subodh Kant Sahay on Thursday met Finance Minister Pranab Mukherjee in New Delhi ahead of the general\nbudget on July 6.
Mukherjee, accompanied by Andhra Pradesh Chief Minister N Kirankumar Reddy, was in the temple for about 30 minutes. Before leaving the shrine, Mukherjee was presented with sacred laddu prasadam and holy water by temple management, temple sources told PTI
Pranab Mukherjee is likely to be advised on crucial issues by Omita Paul once he moves into Rashtrapati Bhawan, writes Santosh Tiwari.
The OECD is a club of developing countries and has been playing a key role in reforming the international taxation system.
The Bharatiya Janata Party on Friday spurned Finance Minister Pranab Mukherjee's request for inputs on the proposed Lokpal Bill, arguing it would not be proper for a political party to submit its views to a drafting committee comprising civil society members as it would upset constitutional propriety.
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