Rating agencies said on Friday Finance Minister Arun Jaitley's assumption of containing fiscal deficit at 4.1 per cent of GDP is difficult to achieve given the poor outlook on the revenue front and absence of reduction in subsidies.
In his two-and-a-quarter hour Budget speech, one sans preambles or poetry, Mr Jaitley left tax rates and slabs unchanged, but raised the minimum income level at which people start paying tax and hiked levies on cigarettes and soft drinks.
The controversial amendment in the Income Tax Act, empowering the government to raise tax demands on past deals, was pushed after the Supreme Court ruled in favour of UK-based mobile carrier Vodafone in a tax dispute with Indian authorities.
Mr Jaitley speaking at an event in Delhi a few days ago had said that "there is hope that bold decisions will be taken now."
In the interim budget presented today, the agency has been allocated Rs 520.56 crore as compared to Rs 443.97 crore in the last fiscal, marking an increase of 17.2 per cent.
Faced with paucity of time, Rajya Sabha today approved Union Budget 2013-14 without debate, a development witnessed perhaps for the first time which triggered protests from Opposition members.
Railway Minister Pawan Kumar Bansal made it clear on Friday that there will be no further hike in the near future in reservation or cancellation charges, though cross subsidy from freight to passenger segment has touched Rs 25,000 crore.
Justifying a recent hike in charges on various counts, Railway Minister Pawan Kumar Bansal on Wednesday hinted at further increase in surcharge on bookings and cancellations for balanced development of the country's largest transporter which has "limited resources".
The Finance Minister on Friday said he hopes the Reserve Bank will take into account the fiscal consolidation path shown in the Budget while taking a call on interest rate in its coming policy review on March 19.
India's fiscal deficit for the fiscal year ending in March will not be altered by any extra borrowing, Finance Minister P Chidambaram said on Friday.
Finance Minister P Chidambaram is scheduled to address the central board of Reserve Bank of India (RBI) in a customary post-Budget meeting tomorrow.
Market regulator Sebis board will meet on Friday to take forward a number of proposals announced by Finance Minister P Chidambaram in his Budget speech to attract more domestic and foreign investors to the capital markets.
The government may have to freeze the diesel subsidy at the current level to protect the Budget numbers at some point in time, said Raghuram Rajan, chief economic advisor to the Finance Minister, while flagging concerns over the widening current account deficit.
Virtually ruling out rollback of 3 per cent hike in excise duty on SUVs, Finance Minister P Chidambaram on Monday assured India Inc that a clutch of decisions, mainly on indirect taxes, would be announced during the course of debate on budget and Finance Bill in Parliament.
Finance Minister P. Chidambaram today met industry associations over the Union Budget that was tabled in Parliament last Thursday. Finance Secretary R. S. Gujral and FICCI president Naina Lal Kidwai were among those present.
Two days after presenting Union Budget 2013, that has been described at best as balanced and pragmatic and at worst as disappointing and lacking substance, Finance Minister P Chidambaram spoke to NDTV's Vikram Chandra and Shweta Rajpal Kohli about the prospects for the Indian economy in the coming financial year (2013-14) and beyond.
Finance Minister P Chidambaram today said that Rs 40,000 crore spectrum revenue estimate in the Budget 2012-13 was mentioned without any analysis.
Ratings agency Crisil today said that the government is not likely to meet the revenue growth target for the next fiscal year as its estimates from spectrum and divestment sale inflows are too ambitious.
"I think it will be little irresponsible for the Planning Commission to start pestering on a plan in a period when the fiscal deficit has to be brought under control," Planning Commission deputy chairman Montek Singh Ahluwalia told reporters in a post-Budget interaction.
Finance Minister P Chidambaram today sought to allay investors' apprehensions on Tax Residency Certificate issue saying India will not unilaterally revise the double taxation avoidance treaty with Mauritius.