01:00 PM
ECBs proposed for aviation sector with a cap of $1 billion
12:58 PM
Direct, indirect tax reforms to miss deadline
12:57 PM
Infrastructure sector to get Rs 50,00,000 lakh crore investment
12:54 PM
Excise duty raised to 12% from 10%
12:53 PM
Branded silver jewellery fully exempt from excise duty
12:52 PM
10 year benchmark at 8.40%
12:52 PM
Increased customs duty on gold and platinum to 4% from 2%
12:50 PM
Diamonds emerald and ruby prices will increase
12:50 PM
Advalorem duty on some cigarettes
12:49 PM
Agriculture credit target raised to Rs 5.75 lakh crore
12:48 PM
Customs duty on refined gold doubled
12:47 PM
Import of aircraft parts exempt from basic customs duty
12:47 PM
Basic customs duty on cigarettes reduced
12:47 PM
Customs duty on some gold and platinum products increased
12:46 PM
Cuts customs duty on rail equipment to 7.5% from 10%
12:45 PM
To allow external commercial borrowing to part finance rupee debt in power projects
12:45 PM
Proposes to remove sector-specific restriction on venture capital fund investments
12:44 PM
Mobile phone parts exempted from basic customs duty
12:44 PM
Automated shuttle looms exempted from customs duty
12:44 PM
Mobile phone parts exempted from basic customs duty
12:44 PM
Automated shuttle looms exempted from customs duty
12:44 PM
School education exempt from service tax
12:43 PM
12% excise duty imposed on branded retail garments
12:43 PM
LCD and LED panels exempted from custom duty
12:42 PM
Government hikes defence spending to Rs 1,93,007 crore
12:41 PM
Customs duty reduced from 7.5% to 2.5% for iron ore equipmen
12:40 PM
King Coal
12:39 PM
Poll: Has the FM done enough with the tax slab revision for individuals?
12:39 PM
Thermal power companies exempted from customs duty for 2 years
12:39 PM
5% customs duty exempted on equipment for fertilizer plants
12:38 PM
India achieved success in external trade: Pranab Mukherjee
12:38 PM
Govt sees expenditure rising 29% in 2012/13
12:37 PM
LNG out of customs duty
12:37 PM
Full exemption on customs duty on coal
12:37 PM
10 year yield at 8.40%
12:37 PM
Fiscal deficit target set at 5.1% of GDP in Budget 2012-13
12:34 PM
No change in peak customs duty
12:34 PM
To raise duty on large cars to 27%
12:34 PM
Some infra construction services exempt from service tax
12:34 PM
FY 13 net market borrowing at Rs 4.8 lakh crores
12:33 PM
Common tax code for service tax and excise
12:33 PM
Standard excise duty hiked to 12%
12:33 PM
Rs 18660 crores will result from service tax rise
12:33 PM
ET COMMENT: Service Tax Net Increases as Expected
12:32 PM
Service tax up from 10% to 12%
12:29 PM
Direct Tax Code implementation deferred: Pranab
12:28 PM
FM almost Fails the Fiscal Test
12:26 PMIncome Tax Slabs: Up to 2 lakh rupees – NIL; Rs 2– 5 lakh – 10%; Rs 5–10 lakh – 20%; Above Rs 10 lakh – 30%; No change in corporate tax rates
12:14 PM
FM says Rs 30 k crore is disinvestment target for next fiscal. This is Rs 10k crore less than what was the target for this fiscal. Of course, trying to get resources via ONGC share sale resulted in a horrible fiasco. Is the very modest disinvestment target a reflection of a scare or altered thinking? Given that growth and stock market sentiments are set to improve next fiscal, shouldn't the disinvestment target have been more ambitious? Or is the government being modest now so as to claim credit for exceeding target next year? Right now, though, the disinvestment target looks very disappointing -- almost anti-reform.
12:05 PMAllocated Rs 25,555 cr for Right to Education in FY13; cuts interest rates on loans to women self help groups
12:03 PM That Inclusive Growth Feeling
FM reading out long lists of schemes, peppered with programmes named after Nehru-Gandhis but excluding an immediate, firm budgetary commitment to the food bill...This is probably the most depressing part of the budget speech. It is proof that Indian policymakers will learn nothing despite overwhelming evidence that most schemes are money-wasters. Think about this: FM has just announced allocation for national health mission, the same scheme that in UP under Mayawati led to massive corruption and murder. Revealingly, even on NREG, the prestige welfare programme for Congress, FM doesn't have anything but bromides to say. NREG has worked up to a point, but it has also now been massive compromised by crooked intermediaries. GoI's social spending is probably the most effective argument there ever was against a welfare state.
11:53 AMGovt doubles allocation for tax-free bonds to Rs 60,000 crore for financing infrastructure projects in 2012/13
11:50 AMThe Kingfisher Budget Proposal
As we were discussing Kingfisher in our comment on the corporate bond market proposal, FM says airlines can access ECB funds of up to one billion dollars, he's also made a proposal of power companies financing rupee debt with ECBs. Airlines and power are the two sectors ion trouble, and the budget seems to have listened to them. The question is whether this will help the troubled companies, many of whom face more fundamental problems than financing shocks. But it may buy them more time. So, who outside India will loan money to Kingfisher, now that everyone inside India is loath to?
11:48 AMRetail stocks rally as Budget commits to multi-brand FDI
Shopper's Stop gained 3.3 per cent, Pantaloon Retail was up 1.5 per cent, Trent Ltd was up 1.8 per cent and Provogue was up 10.5 per cent. Kouton Retail also gained 3.5 per cent. Presenting his Union Budget in Parliament, Mukherjee said that the decision on allowing FDI in multi-brand retail business has been kept in abeyance, but effors are on to arrive at a broad-based consensus after consultations with state governments and other stakeholders.
11:32 AMGOOD FOR RETAIL INVESTORS?
FM promises tax incentive for new investors as well as tries to broaden the reach of IPOs. These make sense when you consider that the share of household savings delpoyed in capital markets has come down sharply. But will Indians switch to capital markets without pension and insurance funds being allowed to freely invest in equities, and without sorting out issues like commissions for muitual fund agents. Plus, the big question, as the Survey had pointed out, how will Indians be dissuaded from buying gold?
11:32 AM One Good Thing About Subsidy Reform
FM says food subsidy will be fully provided for in the budget, that's a good promise, because actual expenditure always exceeds budgeted ones, like it will this year. But this will be a tough promise to keep
11:28 AMFind ways to expedite implementation of decision, prompt delivery and good governance with transparency, while curbing black money and corruption
11:25 AMSubsidy Reform?
FM says subsidy/GDP ratio to be under 2% in FY13. This is not so radical as it sounds. Subsidies exceeded that limit in 08-08 and 09-10. The last budget promised subsidy at 1.5% of GDP, but it will certainly be higher. So, in terms of quick analysis at least, and in an overall sense, there seems to be no radical subsidy reform for the coming fiscal year, more like stepping back from a disaster. Also, FM made the right noises on getting m,oney to beneficaries, but at least so far, there has been no detail about a step-by-step approach to this. Hopefully, more detailed examination of the budget will prove us wrong.
11:18 AM FRBM amended
FM says amendment to fiscal responsibility and budget management Act will be introduced in the finance bill. He highlights the concept of effective revenue deficit and better targetting of expenditure...these are concepts that will attract plenty of interest in post-budget analysis.
11:13 AMEarly Signs
FM has hit the right notes so far. Domestic demand drivers, private investment, combating corruption...he's said all the necessary things, he's also said that 'mere words are not enough, we need a roadmap'...should we raise our hopes, whatever the budget turns out to be, this is a good beginning. Pundits are saying fiscal consolidation is a the biggest test. But Shankar Sharma on ET Now said in the pre-budget programme, the deficit is not that big an issue. An interesting contrarian view, and one which will be even more interesting once we know the budget's fiscal performance
11:10 AMBudget Starts With House Bedlam
Can't our MPs let the House function even on budget day. Budget speech started with Opposition MPs raising a din. FM said 'please' several times and the Speaker had to remind the House that FM was perfroming a constitutional duty. FM had to re-read the first few lines of the budget again. A terrible advertisement for Indian parliamentary democracy. Now, there's relative silence in the House. So far, FM is giving the background...he has just said 'we have to take hard decisions'...does that mean this is going to be as the media says, a bold budget...let's hope so
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