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Finance minister P Chidambaram dismissed fears that the 10% surcharge on the super-rich (people with incomes over R1 crore a year) imposed in the budget will prompt an exodus of the rich from India.
Suman Yadav was elected president of the Gurgaon district bar association (DBA) after much controversy on Friday. He won by a margin of two votes after eight rounds of counting which went on till late night.
The imbroglio over allowing FDI in multi-brand retail seems set to spill over to the budget session of Parliament, Vikas Pathak
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
The threat of a proposed hike in customs duty on gold that will make imports costlier is leading to a sharp buying of gold by bullion traders and stockists despite the near record high domestic prices of over Rs.
30,000 per 10 grams. Anupama Airy and Mahua Venkatesh
reports. All that glitters
The transparency in the Indian budgetary system has improved marginally and is ranked 14th among 100 countries, a survey has said.
At a time when highway development has hit a slump — with the road ministry managing to award a little over 800 km stretch this fiscal against a target of 7,700 km — the forthcoming Budget is also not likely to bring any cheer to the sector. Moushumi Das Gupta
Life insurance policyholders can look forward to more tax concessions as finance ministry is considering a proposal to do away with service tax on first premium and create separate exemption limit for pension schemes in the upcoming budget.
PM asks ministers not to dissent and directs plan panel to abide by Chidambaram’s decision on fund allocation. Chetan Chauhan
The budget session of Parliament beginning on Thursday looks set to be stormy with Opposition vowing to strongly raise issues like corruption and inflation even though government expressed readiness to discuss all issues and order any kind of probe into the chopper scam.
President Pranab Mukherjee today, expressing concern over declining growth, said government is taking steps to revive investment activity and boost economy. The government is taking measures to improve the safety and security of women in the country, he added.
Seeking cooperation of allsections ahead of Parliament session, Prime Minister Manmohan Singh on Thursday said "credible action" is needed from all to ensure that the country is least affected by the "formidable challenges" posed by the global economic slowdown.