As Finance minister Pranab Mukherjee resorted to mopping up more taxes, a disappointed India Inc today said his Budget is a "missed opportunity" and would have cascading impact on inflation and consumer demand.
Crucial leads from an informer helped the Delhi Police crack the murder of IT executive Jigeesha Ghosh three years ago, and in turn of journalist Soumya Vishwanathan, as the same persons were involved.
Finance minister Pranab Mukherjee is on Friday expected to present a social sector reform budget with higher allocations for health, education and skill development, besides a total sanitation programme.
Shares of three listed airlines, Kingfisher Airlines, Jet Airways and SpiceJet, reversed their early morning gains, after a final decision remained elusive in the Union Budget for allowing foreign carriers invest in domestic players.
Finance minister Pranab Mukherjee is likely to slash the securities transaction tax (STT), in a move that is likely to boost investor sentiments. The government is, however, unlikely to impose the commodity transaction tax (CTT) on commodity futures and options. HT reports.
The government is actively considering offering a slew of tax breaks to encourage investment in small enterprises, particularly lower tax rates for venture funds and private equity firms, to woo them to infuse capital in such enterprises.
Air India, the ailing public sector airline, may get Rs. 5,000 crore in the next budget to get out of the red while banks will be given Rs. 10,000 crore for recapitalisation as non-performing assets — mainly because of the manufacturing slowdown — have hit them hard.
Forced to hit the snooze button due to a shifting policy environment, the car industry is getting restive over a lack of clarity on fiscal issues. Sumant Banerji
States have no objection to the Centre widening its service tax net in the forthcoming Budget, as long as 35 services like ambulance, beauty parlours, marriage halls, interest on bank deposits, leasing of vehicles and machines are kept out of the ambit of the levy.
The domestic car sales grew in February logging the best ever sales in a month as the consumer sentiment registered a turnaround from the scepticism that ruled for much of this fiscal. HT
reports. Beating a hike?
Concerned over the diminishing share of shipping in India's overseas cargo carriage, which fell to 8.3% in 2009-10 from 40.7% in 1987-88, the Indian shipping industry has demanded the creation of a shipping modernisation fund on the lines of the textile industry's technology upgradation fund. Debobrat Ghose
reports. Sinking feeling
Pitching for simplification of investment procedures for non-resident Indians (NRIs), the UK-based Hinduja Group's chairman, SP Hinduja, has said that Indians settled abroad should also be allowed to invest in the country through overseas corporate entities.
American companies has urged finance minister Pranab Mukherjee to issue a bold Union Budget that would unleash the next generation of economic reforms and help India realise its full growth potential.
Setting the tone for the Budget, the Economic Survey 2011-12 tabled in Parliament on Thursday has strongly advocated raising fuel prices with rise in input costs, mainly due to a rise in global oil prices. HT
reports. Bitter pill
The Survey has called for specific measures including resolution of land availability issues and focus on high value-added industries to enhance the contribution of the manufacturing sector in India's GDP.