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HindustanTimes Wed,01 Oct 2014

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Don't tax the rich more: industry

Indian industry leaders on Wednesday urged finance minister P Chidambaram to not impose a tax on the 'super rich', and to maintain a stable tax regime to boost investor sentiments and capital inflows as the economy appears on track for its worst growth in 10-years. HT reports.
FM meets state FMs

Budget must focus on boosting infrastructure investment: CII

The upcoming union budget should be focused on boosting private as well as the government's investment in infrastructure, the Confederation of Indian Industry (CII) said.

Budget lays roadmap for investment: PM

Hailing the budget, Prime Minister Manmohan Singh today said it would reverse the pessimistic mood and lay the roadmap for investments as he expressed confidence of returning to eight per cent growth within three years.

Govt gets it left and right

Opposition parties rejected the Union Budget 2013-14 on Thursday, the Bharatiya Janata Party (BJP) over lack of "ambition" and the Left over checks on expenditure to reduce fiscal deficit despite forgoing revenue from corporates. HT reports.

Budget lacks strategy and vision for India's development: Modi

Gujarat chief minister Narendra Modi said that the budget is the reflection of the non-performance during UPA-II's five-year rule and it indicates that it has no connection with the reality of the common man.

Budget 2013: top ten reactions

The 82nd annual Budget presented by Union finance minister P Chidambaram in Parliament today has focussed on a number of areas and has brought changes in several arenas as well. Here are some of the reactions from Indian leaders and business heads.

Chidambaram trending: how the web reacted to budget speech

Finance minister P Chidambaram's speech met with criticism and with anger. Twitter wits attack him for taxes on making smoking and eating out more expensive.

Long-distance runner

The budget bears the imprint of a person who is concerned with restoring high growth and at the same time make it inclusive and sustainable, writes Pulin B Nayak.

Help SMEs kick-start economic growth

India could become the seventh largest economy by 2017 and a five trillion economy by 2025. This statement by the finance minister has filled us with a lot of confidence - some changes for the better are definitely around the corner.

Balanced budget boosts growth drivers

The Economic Survey ahead of the Budget 2013-14 observed containing the fiscal deficit was key to ensuring a virtuous cycle of growth, accompanied by measures to boost investments, enhance infrastructure, and promote productive jobs in small businesses, writes S Gopala Krishnan. Talking heads | 8 steps to 8% growth | Elephant on a roll

Budget is pragmatic and credible

The macroeconomic context to this year's Union Budget was very challenging. Earlier, the Prime Minister had reminded us about our predicament in 1991. While the present situation is not as dire, the challenge of the twin deficits loomed large, writes KM Birla. What they said | A hug from honchos

Manmohan hails budget, says 8% growth can be met

Hailing the budget, Prime Minister Manmohan Singh on Thursday said it would reverse the pessimistic mood and lay the road map for investments. He also expressed confidence of returning to 8% growth within three years. PM applauds budget video

Budget offers nothing much for aam aadmi

Aam aadmi had widespread expectations from finance minister P Chidambaram, hoping that this year's budget would provide relief in terms of reduction in tax rates and encourage household savings through additional deductions to the salaried class.

We needed a bold budget to revive confidence

This was the tenth and the last budget of the UPA government. In the span of these 10 budgets, growth rate has declined from more than 8% to 5%, fiscal deficit has increased from 2.5% of the GDP to more than 5%, the current account deficit at 5.4% is at an all-time high. Yashwant Sinha writes.

A balanced step towards well-being of all

With the backdrop of burgeoning fiscal deficit, the Budget provided policy insights and directions for growth and sustainable development of the economy which could translate into social well-being for all.

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Highlights: Budget 2013  »

  • Expect higher revenue next year: Chidambaram
  • Unclear what the expense on food subsidies be at this stage: Chidambaram
  • Fuel subsidy likely to be lower this year: Chidambaram
  • Immediate goal is to achieve growth rate of 6%: Chidambaram
  • We have to be patient and wait for the economy to pick up: Chidambaram
  • We have not put impossible burdens on people: Chidambaram
  • The only way to contain current account deficit is to increase exports: Chidambaram
  • Confident that RBI will do it's part: Chidambaram
  • Economy is challenged in a number of ways: Chidambaram
  • This is a lollypop election budget: CPI leader Gurudas Dasgupta
  • Budget has ignored SC/ST: Mayawati
  • Budget will only benefit industrialists, not common man: Mayawati
  • Budget will give impetus to Bihar's demand for special status: Nitish Kumar
  • FM has taken important steps to reverse pessimistic mood with regard to our economy: PM
  • There is need to convert challenges into opportunities: PM
  • The Finance Minister has done a commendable job: PM
  • Direct Benefit Transfer scheme to be rolled out
  • Ships and vessels exempted from excise duty
  • Direct tax code to be introduced in budget session of the Parliament
  • Set-top box import duty hiked
  • Gold duty limit raised to Rs. 50,000 for men; Rs. 1 lakh for women
  • 100% customs duty on luxury cars
  • Increase in import duty on high end bikes from 75% to 100%
  • 6% duty on mobile phones worth more than Rs. 2000
  • Excise duty on cigarette, cigar and cheeroot increased by 18%
  • Import duty on raw silk hiked to 15%
  • Luxury imported items to cost more
  • Donations to National Children's fund will be eligible for 100% tax deduction
  • No plans to revise direct taxes
  • No change in customs and excise duty
  • Tax credit of Rs. 2000 for those with income upto Rs. 5 lakh
  • Education cess at 3%
  • donations to be tax free
  • Surcharge of 10% on individuals, companies whose income is above Rs. 1 crore per year
  • No revision in tax slabs
  • Planned expenditure to be 33% of total expenditure
  • Rs. 1,000 crore allocated to women safety fund
  • Defence budget allocation increased to Rs. 2 lakh crore
  • Insurance and pension funds can now directly invest in debt funds
  • Domestic workers, Anganwadi workers, others to get group insurance
  • 13 public sector banks to get Rs. 14,000 crore
  • Propose to provide Rs. 14,000 cr for capital infusion in public sector banks
  • Inflation indexed bonds and NSCs to be introduced
  • JNNURM is being continued in the 12th Plan; Rs. 14,873 cr to be provided to the Mission
  • Rs. 33,000 crore to be allocated to MNREGA
  • Rs. 6000 crore for rural housing fund, Rs. 2000 cr for urban housing fund
  • Two new ports to be built in West Bengal and Andhra Pradesh
  • All towns having population of 10,000 to get LIC office
  • Rashtriya Swasthya Bima Yojna to be extended to rickshaw pullers and rag pickers
  • List of eligible securities will be enlarged: Chidambaram
  • SEBI to simplify procedures for entry of foreign portfolio investors in India: Chidambaram
  • India's first all-women public sector bank to be set up
  • All public sector bank branches to have ATMs
  • Focus on modernisation of powerloom sector
  • Propose to continue with the technology upgradation, funds scheme for textile sector: Chidambaram
  • Rs. 1650 cr allocated for AIIMS like institutes
  • Natural gas pricing policy will be reviewed: Chidambaram
  • Person taking home loan for the first time to get tax cut of Rs. 1 lakh
  • Regulatory authority to be set up for road sector
  • Rs. 17,700 crore to be allocated for Integrated Child Development Scheme
  • Rs. 5000 cr allocated to NABARD
  • Income level of Rajiv Gandhi equity schemes increased by Rs. 2 lakh
  • Rs. 80, 194 crore allocated for rural development: Chidambaram
  • Rs. 25,000 cr to be raised through tax free bonds: Chidambaram
  • Rs. 10,000 crore for food security bill promised by UPA: Chidambaram
  • Infrastructure debt fund to be encouraged: Chidambaram
  • Rs. 37,330 cr allocated to ministry of health and family welfare: Chidambaram
  • Rs. 41,000 allocated for scheduled caste welfare: Chidambaram
  • Rs. 27,49 cr to be allocated to the agriculture ministry: Chidambaram
  • Plan expenditure in 12th Five Year Plan revised to Rs. 14,30,825 cr or 96% of budgeted expenditure
  • Scholarships for students from SC/ST, minority communities: Chidambaram
  • Rs. 110 cr to be allocated to department of disability: Chidambaram
  • Increased allocation for safe drinking water and sanitation: Chidambaram
  • Increased allocation for mid-day meal schemes: Chidambaram
  • Rs. 65,000 cr allocation for education schemes: Chidambaram
  • Rs. 110 cr to be allocated to department of disability: Chidambaram
  • Need $ 75 billion to bridge current account deficit: Chidambaram
  • 2013-14 budget has sub-plans for SC, ST, youth and women: Chidambaram
  • Foreign investment imperative for growth: Chidambaram
  • Our economy has slowed down after 2010: Chidambaram
  • No choice but to cut spendings to control inflation: Chidambaram
  • China and Indonesia are growing faster than India: Chidambaram
  • Getting back to 8% growth is a challenge for country: Chidambaram
  • Our goal is higher growth: Chidambaram
  • Between 2004-2008 and again in 2009-10, 2010-11 the growth rate was over 8%: Chidambaram
  • P Chidambaram begins budget address in Lok Sabha
  • Cabinet endorses Union Budget 2013-14, to be presented in Parliament shortly.
  • Finance minister P Chidambaram reaches North Block.
  • Chidambaram set to present India's 82nd national budget.
  • Today's Union Budget will be Chidambaram's eighth personal exercise.
  • It's two short of the record of 10 set by former PM Morarji Desai.
  • Since Independence, the country has seen a total of 25 ministers hold the finance portfolio.
  • India has also seen budgets - 65 normal annual budgets, 12 interim budgets and four mini-budgets.
  • Morarji Desai presented eight normal and two interim budgets.
  • Thursday will see Chidambaram equal the eight-budget track record of Pranab Mukherjee.
  • Chidambaram will surpass Yashwant Sinha, YB Chavan and CD Deshmukh who all presented seven budgets each.
  • PM Manmohan Singh and TT Krishnamachari have presented six budgets each.
  • Jawaharlal Nehru, Indira Gandhi, Rajiv Gandhi have presented one budget each.
  • Sensex closed up more than half a percent a day before the union budget 2013-14
  • It will be the eighth such personal exercise for him
  • Chidambaram set to present India's 82nd national budget in Lok Sabha

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