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Union Budget

  • Budget 2013: Nitish Kumar hails FM for promise to revisit special status criteria

    Chief minister Nitish Kumar on Thursday hailed Finance Minister P Chidambaram for promising to revisit criteria for special category status and said that it was a 'victory in-principle' for Bihar in view of its consistent demand for grant of such a status.

  • Budget 2013: New tax proposal disappoints super rich, mobile phone lovers and smokers

    New tax proposals including 10 per cent surcharge on super rich and higher duties on mobiles, cigarettes and SUVs will help government garner Rs 18,000 crore in 201 3-14.

  • Budget 2013: Government to set up road regulatory authority

    The government on Thursday said it would set up a road regulatory authority in 2013-14 to address financial stress, construction risk and contract management in the road sector.

  • Chidambaram on his Budget: highlights

    The Budget, described at best as balanced and pragmatic, and at worst as disappointing and lacking substance, saw the markets slump to a three-month low.

  • Budget 2013: Proposed CTT to hit MCX volumes

    The government on Thursday proposed imposing a transaction tax on futures contracts of non-agricultural commodities like gold, silver and base metals -- a move that could pull down the turnover of commodity exchanges, and mainly that of market leader Multi Commodity Exchange (MCX).

  • Work on DTC in progress, Bill in Budget session: FM

    He said the standing committee on finance has submitted its report on the Bill and the government attaches great weight to its recommendations.

  • Union Budget 2013: Tax sops in RGESS extended to 3 years, says Chidambaram

    Finance Minister P Chidambaram today proposed liberalising the Rajiv Gandhi Equity Savings Scheme to enable first time investors to park funds in MFs and listed shares and extended tax benefits to three successive years.

  • Budget 2013: Gold traders shy away from new deals as rupee weakens

    Gold importers in India shied away from placing new deals as the weaker rupee post the Budget kept the downside in prices limited, though importers breathed a sigh of relief as the Finance Minister maintained a status quo on import duties.

  • Budget 2013: Electronic chip plants to get incentives

    In a move to boost manufacturing of high tech electronic products in India, government on Thursday announced zero customs duty on equipment required for setting up semiconductor (electronic chips) plant in the country would be free from customs duty.

  • Budget 2013: Super-rich to pay more

    "I believe there is a little bit of the spirit of Mr Azim Premji in every affluent tax payer," Mr Chidambaram said, referring to the chairman of Wipro, one of the richest men in the country and also known for his philanthropy.

  • Budget 2013: Farm credit enhanced by Rs 1.25 lakh crore for FY'14

    Finance Minister P Chidambaram on Thursday announced a sharp increase of Rs 1.25 lakh crore in agriculture credit target to Rs 7 lakh crore for next fiscal year and allocated additional Rs 10,000 crore in subsidy for implementing the Food Security Bill.

  • Fiscal deficit for 2012-13 estimated at 5.2%: Chidambaram

    The fiscal deficit for the current financial year has been contained at 5.2 per cent of GDP, lower than 5.3 per cent as was targeted, Finance Minister P Chidambaram said today.

  • Budget 2013: Government keeps gold import duty unchanged

    The government held its gold import duty unchanged in Thursday's budget, defying industry expectations that the world's biggest bullion buyer would increase rates to curb demand and rein in a record current account deficit (CAD).

  • Budget lays roadmap for investment, says Prime Minister

    Hailing the Budget, Prime Minister Manmohan Singh 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.

  • Budget 2013: Singling out SUVs destroys level field, says Anand Mahindra

    A surprise hike in tax on SUVs in India risked hurting one of the only bright spots in the country's automotive market, sending industry shares falling on Thursday after a Budget that offered little help for the struggling industry.

  • Govt to construct power transmission link from Srinagar to Leh

    The government today approved construction of a power transmission link between Srinagar and Leh at an investment of Rs 1,840 crore.

  • Chidambaram attempts balancing act, unimpressed markets tank

    Total budget expenditure will rise by an unexpectedly high 16 percent in the fiscal year that begins on April 1 to Rs 16.65 trillion, but, Mr Chidambaram said, fiscal deficit for the current year will fall to 5.2 percent of gross domestic product, besting a revised target of 5.3 percent.

  • Budget 2013: Bank shares fall on Budget disappointment

    Shares in public sector banks fell on concerns about liquidity in the banking system after the government set its target for gross market borrowing at Rs 6.29 trillion in 2013/14, above estimates of less than Rs 6 trillion.

  • Budget 2013: Chidambaram unveils measures to lure people away from gold

    Finance Minister P Chidambaram on Thursday announced measures to encourage people to make productive investments in financial markets and housing, instead of just putting their money in gold.

  • Budget 2013: India's first all-women bank by October, says Chidambaram

    The country is all set to get an all-women bank by this year with the government announcing an initial capital of Rs 1,000 crore for the purpose. Announcing the Budget proposals for 2013-14, Finance Minister P Chidambaram said the bank is likely to be set by October this year.