Food Security Act will be fully provided for and subsidy to be 2 per cent of GDP for next two years.
In order to augment funds for SMEs (Small and Medium Enterprises), Finance Minister Pranab Mukherjee, in the General Budget 2012-13 presented in Lok Sabha, has proposed to exempt capital gains tax on sale of a residential property, if the sale consideration is used for subscription in equity of a manufacturing SME company for purchase of new plant and machinery.
Union Finance Minister Pranab Mukherjee on Friday expressed firm commitment to enact the Direct Taxes Code (DTC) Bill at the earliest, after expeditious examination of the report of the Parliamentary Standing Committee.
Finance Minister Pranab mukherjee presents his 7th Budget.
Expectations are always high from the Budget, but this year the expectations are even higher due to an increase in inflation as well as a widening fiscal deficit.
Haryana Janhit Congress-Bharatiya Janata Party alliance candidate Kuldeep Bishnoi won the Hisar by-poll by defeating nearest rival Ajay Chautala of Indian National Lok Dal by 23,617 votes.
Moulya Software's founder Pradeep Soundararajan in an open letter to finance minister Pranab Mukherjee pleads for a budget that would encourage start-ups to become tomorrow's Infosys, Tata and Reliance.
Diesel price needs to be revised upward, or subjected to higher taxes, as misuse of subsidized diesel was adding to pollution and public health costs, the government's pre-budget economic report card said on Thursday.
Diesel price needs to be revised upward, or subjected to higher taxes, as misuse of subsidized diesel was adding to pollution and public health costs, the government's pre-budget economic report card said on Thursday.
Diesel price needs to be revised upward, or subjected to higher taxes, as misuse of subsidized diesel was adding to pollution and public health costs, the government's pre-budget economic report card said on Thursday.
Diesel price needs to be revised upward, or subjected to higher taxes, as misuse of subsidized diesel was adding to pollution and public health costs, the government's pre-budget economic report card said on Thursday.
The rupee had depreciated sharply during the last six months of 2011. It had reached a peak of Rs 43.94 to the dollar on July 27, 2011, and hit a low of Rs 54.23 on December 15, 2011.
The Congress core group met at the prime minister's residence late on Wednesday night and weighed options to deal with the demand made by Trinamool Congress chief Mamata Banerjee to sack Railway Minister Dinesh Trivedi.
"Our traditional stand has been that we have never supported any country-specific resolution at the UNHCHR," Finance Minister Pranab Mukherjee told the Lok Sabha as DMK, AIADMK and CPI members rushed to the Well raising slogans on the issue.
On Saturday, Telangana was the buzzword in New Delhi with Andhra Pradesh Chief Minister Kiran Kumar Reddy and Governor ESL Narasimhan flocking to the capital. But after a series of meetings held with Prime Minister Manmohan Singh, Finance Minister Pranab Mukherjee and Home Minister P Chidamabram, a conclusive decision still eludes the issue.
Finance Minister Pranab Mukherjee and Home Minister P Chidambaram on Saturday elicited the views of their junior cabinet colleagues and Congress leaders from Andhra Pradesh on the Telangana statehood demand, which has virtually divided the party on regional lines.
The ministry wanted to use spectrum in the 700-MHz band for mobile TV services.
Concerned over huge revenues in form of customs, services and excise duties locked up in litigations, Finance Minister Pranab Mukherjee has constituted a committee to suggest steps to bring down such cases.
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.
Amid pressure from various quarters for an early decision on the creation of a separate state of Telangana, the government on Saturday said more consultations with various parties are needed on the contentious statehood demand and the exercise would take "some time" to end. Finance Minister Pranab Mukherjee, Health Minister Ghulam Nabi Azad and political secretary to Congress president Ahmed Patel discussed the situation in Telangana region in Andhra Pradesh.
Nandan Nilekani-led task force on an Aadhaar-enabled unified payment infrastructure has recommended setting up a network of one million interoperable micro-ATMs across the country.
He, however, acknowledged the need for further efforts from the revenue department.
Cracking the whip after tough talk, the Congress on Tuesday suspended 12 rebel candidates including three sitting legislators who defied the party line and filed nominations as independents against 'official' nominees of Trinamool and Congress alliance in West Bengal.
Amid recessionary fears in advanced economies, India's Finance Minister Pranab Mukherjee has called for channelising global surpluses to build infrastructure in developing nations to boost world economy.
G-24 grouping comprises 24 developing countries from Asia, Africa and Latin America.
"Yes, if the crisis deepens further and there is greater volatility in financial flows, there is an increased risk of this (currency war) happening," Mukherjee said in response to a question.
Diplomat-turned-politician Mani Shankar Aiyar on Friday tore into United Progressive Alliance's handling of Anna Movement, which he said was a "Frankenstein monster" created by the central government itself.
During his whirlwind election tour in Tamil Nadu, Kerala and Puducherry, Finance Minister Pranab Mukherjee, also the United Progressive Alliance's chief interlocutor, tells Saubhadra Chatterji the government has its own way of moving against corruption:
Admitting that the benefits of high growth have not reached a large section of the country, Finance Minister Pranab Mukherjee said inclusive growth cannot be achieved without removing corruption.
The Bharatiya Janata Party on Friday alleged Prime Minister Manmohan Singh is "directly and openly" trying to put all the blame for the economic slowdown on former Finance Minister Pranab Mukherjee and charged that he was equally responsible for the state of affairs.
Proposed scheme will not provide immunity to tax defaulters.
According to sources, the task force made a separate presentation on fertiliser, LPG and kerosene, covering issues like existing subsidy regime and the proposed new model.
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.
India's finance minister Pranab Mukherjee is all set to become the next President of the country.
Prime Minister Manmohan Singh on Saturday declined to disclose who will be Finance Minister Pranab Mukherjee's successor and whether the United Progressive Alliance government will have new partners. "I have been churning it in my mind," said Dr Singh when asked whether he has thought of Mukherjee's successor after his nomination as UPA's candidate for the Presidential elections.
With the fiscal deficit likely to shoot up during 2011-12, leading economists urged Finance Minister Pranab Mukherjee to expedite tax reforms to increase revenue and take steps to bring economy back on high growth path.
The GoM has proposed that 26 per cent of the net profit of mining projects should go to the displaced tribals and other affected locals.
The finance minister's office had sought the Cabinet Secretary's opinion whether Mukherjee should remain part of the EGoM in the wake of his presidential candidature.
US President Barack Obama had earlier said that the companies which provide jobs at home would get bigger tax breaks.
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