Chennai, Feb 28 – The automobile industry Monday appreciated Finance Minister Pranab Mukherjee for not changing excise duty rates and welcomed the tax concessions for environment friendly vehicles. ‘It is a neutral budget for the auto sector.
New Delhi, Feb 28 – India’s National Investigation Agency (NIA) Monday got over Rs.55 crore in the current fiscal to meet its expenses. Finance Minister Pranab Mukherjee in his budget speech Monday proposed to give the agency Rs.55.68 crore for the year 2011-12.
New Delhi, Feb 28 – Expressing concern at over 40 percent of the food production in India going waste due to lack of storage facilities, Finance Minister Pranab Mukherjee Monday proposed steps to establish 15 mega food parks and enhance storage capacities with cold chains. ‘An estimated 40 percent of the fruit and vegetable production in India goes waste due to lack of storage, cold chain and transport infrastructure.
Tripoli/Manama/Muscat, Feb 28 – Libyan leader Muammar Gaddafi’s vice-like grip weakened with nearly 100,000 people fleeing the country Monday and more areas slipping out of his control. The days also saw unrest spreading in the Arab world with Oman the latest in the list of countries hit by a movement that began in Tunisia and Egypt.
New Delhi, Feb 28 – Traders at Indian equities markets Monday booked profits, taking advantage of a sharp spike in stocks, which rose smartly after Finance Minister Pranab Mukherjee said in the budget that foreign investment in mutual funds would be allowed and the cap on overseas investment in corporate bonds will be hiked. The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,811.08 points, closed at 17,823.4 points, 122.49 points or 0.69 percent higher from its previous close at 17,700.91 points.
New Delhi/Guwahati, Feb 28 – The near-doubled budgetary allocation of Rs.8,000 crore (Rs.80 billion/$1.7 billion) for the development of the northeast by Finance Minister Pranab Mukherjee Monday has evoked mixed reactions, with five of the eight Congress-ruled states in the region terming it a balanced one, while the opposition has described it as directionless. The notable highlight in the budget for the northeast has been a near 100 percent jump in the allocation for special assistance to Rs 8,000 crore for 2011-12.
New Delhi, Feb 28 – Hailing the budget for 2011-12 as an effort to curb inflation and ensure sustained and inclusive growth, Prime Minister Manmohan Singh Monday said Finance Minister Pranab Mukherjee has ‘done a good job’. ‘The finance minister deserves congratulations for maintaining a high growth rate despite the adverse international economic climate,’ Manmohan Singh said in an interview to the state broadcaster Doordarshan.
New Delhi, Feb 28 – Here’s a look at where Finance Minister Pranab Mukherjee expects the money to come from to fund his Rs.12.58 lakh crore (Rs.12.58 trillion or $280 billion) federal budget: Rupee Comes From (Previous year figure in brackets) – Borrowings: 27 paise (29 paise) – Corporate tax: 23 paise (23 paise) – Income tax: 11 paise (9 paise) – Excise duties: 11 paise (10 paise) – Customs: 10 paise (9 paise) – Non-tax revenue: 8 paise (11 paise) – Service tax: 6 paise (6 paise) In other words, 73 percent of the resources next fiscal, as opposed to 71 percent, is proposed to be raised by receipts, and 27 percent by borrowings, against 29 percent in the current fiscal. Rupee Goes To (Previous year figure in brackets) – Central plan: 22 paise (21 paise) – Interest payment: 18 paise (19 paise) – Share of states in taxes: 17 paise (16 paise) – Defence: 11 paise (11 paise) – Other non-plan expenditure: 11 paise (13 paise) – Subsidies: 9 paise (9 paise) – Plan assistance to states: 7 paise (7 paise) – Non-plan assistance to states: 5 paise (4 paise) As much as 29 percent of the money is proposed for states and union territories, against 27 percent in the revised estimates of the current fiscal.
Mumbai, Feb 28 – Maharashtra’s senior-most Indian Police Service (IPS) officer Ajit Parasnis will be the new state director general of police (DGP) while Arup Patnaik has been appointed the new Mumbai police commissioner, official sources said here Monday. The appointment of Parasnis, presently director general of Home Guards, is made as the present DGP D.
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