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.
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.
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.
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.
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).
He said the standing committee on finance has submitted its report on the Bill and the government attaches great weight to its recommendations.
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.
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.
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.
"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.
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.
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.
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).
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.
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.
The government today approved construction of a power transmission link between Srinagar and Leh at an investment of Rs 1,840 crore.
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.
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.
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.
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.