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Economy is challenged in a number of ways: FM

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February 28, 2013


16:51  FM on his Budget:  Another set of decisions and measures will be announced in reply to Budget discussion and Finance Bill in Parliament:
FM. #Discuss-Budget-2013

We have not come up with any burden on people or spooked market or investors: FM. #Discuss-Budget-2013

Main thrust of Budget is that we are following a fiscally prudent path, fiscal deficit will be contained: FM. #Discuss-Budget-2013

In medium to long term, the only way to contain current account deficit is to increase exports: FM. #Discuss-Budget-2013

FM says fiscal policy must do its part in containing inflation while hoping that monetary policy authority will also do its part. #Discuss-Budget-2013
16:10  India Inc today gave a thumbs-up to the UPA-II's last Union Budget before the general elections next year and said Finance Minister P Chidambaram presented a "bold" and "growth-oriented" Budget.
Hailing the announcements, industry chamber CII said the Budget focuses on growth and attracting more investments.
"Many proposals are development-inclusive. It will add to the country's Gross Domestic Product (GDP) growth. We are particularly glad to see incentives for agricultural sector, MSME sector, infrastructure and capital market," CII President Adi Godrej said.
Sharing similar views, Ficci President Naina Lal Kidwai said this is a responsible Budget. "I think that growth is central... The Budget has stressed on the issue of growth and creation of more jobs."
Assocham Secretary General D S Rawat said: "The Finance Minister has presented a bold and pragmatic Budget, ahead of the general elections next year. It is an investor-oriented and growth-oriented Budget."
15:18  Metal cos weak:  At 1319 hours, BSE down 301 points at 18,851.37, and NSE is down 103 points at 5,693.85.
15:07  Sensex down over 300 points.
14:45  Pantaloon Retail (India) Ltd. has fallen on NSE by more then 14 per cent.
14:42  At 2:40 in the afternoon, on NSE, Anil Ambani Group stocks (ADAG) have fallen by more then 7 per cent on the bourse
14:42  At 1443 hours, BSE is down 165 points to 18,987.19, while NSE is down 59 points at 5,737.45.
Budget is quite conservative, says Raghuram Rajan
14:05  This is against 2.2 per cent in the same month in 2012:  S Gopalakrishnan, president designate, CII and chairman of India @ 75 said that he was particularly upbeat about the proposed investments in SMEs.

Ajay S Shriram, the vice president of CII, said that the proposals in the Union Budget like allocation of funds to social schemes, as well as encouraging the agriculture sector, by talking about crop diversification, water shed management are positive steps.
He further stated that the focus on infrastructure, about working on a PPP model of extracting coal, and hence not depending on imports of coal was a good idea.
14:04   At 1402 hours, the Sensex is down 164 points at 18,988.56 and the Nifty down 52 points  at 5,749.55
13:51  Markets react negatively:  Adi Godrej, president, Confederation of Indian Industry, added that that there are several good proposals such as investments in technical inputs in agriculture, and investments in science and space. He further said that the step to convert GAAR provisions into law is most welcome.
13:44  Markets extend losses:  At 1342 hours, the Sensex is down 148 points at 19,004.37 and the Nifty down 55 points  at 5,742.10.
13:34  At 1332 hours, the Sensex is down 160 points at 18,992.64 and the Nifty down 54 points  at 5,742.70.
13:33  Chidambaram's tax proposals:  Giving small relief to tax payers, Finance Minister P Chidambaram today announced a tax credit of Rs 2,000 for persons with income up to Rs 500,000.
The proposal, he said, will benefit 1.8 crore tax payers entailing a revenue sacrifice of Rs 3,600 crore.
The other slabs and rates have been kept unchanged in view of constrained economy, he said.
As per the existing slabs, tax on income from Rs 200,000 to Rs 500,000 is at 10 per cent, up to Rs 10 lakh at 20 per cent and above Rs 10 lakh at 30 per cent.
The FM proposed a surcharge of 10 per cent on persons with income of over Rs one crore. The proposal will cover 42,800 individuals and tax entities.
13:23  Markets in red:  At 1322 hours, the Sensex is down 39 points at 19,118.32 and the Nifty down 13 points  at 5,783.90
13:21  Finance Minister has done a commendable job given the challenges faced by the economy, said Prime Minister Manmohan Singh.
13:14   At 1312 hours, the Sensex is up 48 points at 19,200.05 and the Nifty up 11 points  at 5,807.95.
13:13  Finance Minister P Chidambaram today presented his eighth annual budget in Parliament, the second highest by anyone in the country after a record ten by former Prime Minister Morarji Desai.
Overall, it was 82nd Union Budget in the Indian history, including interim and special-situation budgetary proposals, since the first one of independent India was presented by then Finance Minister R K Shanmukham Chetty on November 26,
1947.
Individually, Chidambaram presented the Union Budget for the eighth time, the second-highest by any Finance Minister.
The maximum number of 10 budgets have been presented by Morarji Desai, while Pranab Mukherjee (currently President of the country), Yashwant Sinha, Y B Chavan and C D Deshmukh have presented seven budgets each in the past.
13:06  Committment To Fiscal Prudence Positive For Economy: C Rangarajan. #Discuss-Budget-2013
13:04  Uday Kotak : Budget Good For Capital Markets:  Plan expenditure pegged at Rs 555,322 crore. #Discuss-Budget-2013

Non plan expenditure pegged at Rs 11,09,975 crore for 2013-14. #Discuss-Budget-2013
 
Contributions made to central and state government health scheme eligible to tax benefit. #Discuss-Budget-2013

Eligibility conditions for life insurance policies of persons suffering disabilities to be liberalised. #Discuss-Budget-2013
12:59  Low interest rate funds to be provided from Clean Energy Fund for green projects for a period of five years, says FM. #Discuss-Budget-2013

Generation based incentives to wind energy projects reintroduced, Rs 800 crore provided for the purpose to
Ministry of New & Renewable Energy. #Discuss-Budget-2013

Constraints will not come in the way for providing additional funds for security of the nation, says FM. #Discuss-Budget-2013

Rs 2,03,672 crore, including Rs 86,741 crore capital expenditure to Defence in 2013-14. #Discuss-Budget-2013

Grant of Rs 100 crore each to AMU (Aligarh), BHU (Varanasi) and TISS (Guwahati) and INTACH. #Discuss-Budget-2013

National Institute for Sports to train coaches to be set up at Patiala at a cost of Rs 250 crore. #Discuss-Budget-2013

Rs 532 crore to make post offices part of core banking. #Discuss-Budget-2013

Rs 5,87,082 crore to be transferred to states under share of taxes and non plan grants in 2013-14, says FM. #Discuss-Budget-2013

'Nirbhaya Fund' of Rs 1,000 crore to empower women and provide safety in the wake of the Delhi gang-rape incident. #Discuss-Budget-2013

 11 lakh beneficiaries have received benefit under Direct Benefit Transfer scheme: FM. #Discuss-Budget-2013
12:51   At 1250 hours, the Sensex is down 49 points at 19,103.38 and the Nifty down 19 points  at 5,778.30
12:48  To up import duty on luxury cars to 100% from 75%: FM:  Custom duty on imported motor vehicles hiked: FM #Discuss-Budget-2013

To up import duty on set-top boxes to 10% from 5%: FM #Discuss-Budget-2013

Average annual growth rate of agriculture and allied services estimated at 3.6 per cent in 2012-13 when 250 MT
foodgrains was produced: FM. #Discuss-Budget-2013

Rs 27,049 crore allocation to the Agriculture Ministry in 2013-14, says FM. #Discuss-Budget-2013

Rs 7 lakh crore target fixed for agri credit for 2013-14 compared to Rs 5.75 lakh crore in the current year.

Eastern Indian states to get Rs 1,000 crore allocation for improving agricultural production. #Discuss-Budget-2013

Rs 500 crore allocated for programme on crop diversification. #Discuss-Budget-2013

Green revolution in east India significant. Rice output increased in Assam, Odisha, Jharkhand and West Bengal; Rs
1,000 crore allocated for eastern states. #Discuss-Budget-2013

Rs 5,387 crore to be allocated for integrated watershed programme for farmers in 2013-14, an increase from Rs 3,050
crore in the current fiscal. #Discuss-Budget-2013

Indian Institute of Biotechnology will be set up at Ranchi. #Discuss-Budget-2013
12:45  To reduce abatement rates for luxury apartments: FM #Discuss-Budget-2013

To include 2 services in negative list of service tax: FM #Discuss-Budget-2013

To exempt vocational courses, testing services from Service Tax: FM #Discuss-Budget-2013

SED on cigarettes hiked by 18%: FM #Discuss-Budget-2013

Custom duty on imported motor vehicles hiked: FM #Discuss-Budget-2013

To up import duty on set-top boxes to 10% from 5%: FM #Discuss-Budget-2013

No change in standard rate of excise duty, service tax: FM #Discuss-Budget-2013

No change in standard rate of excise duty, service tax: FM #Discuss-Budget-2013

20% final withholding tax on unlisted companies #Discuss-Budget-2013

Modified provisions under GAAR effective April 1, 2016: FM #Discuss-Budget-2013
12:42  At 1240 hours, the Sensex is down 59 points at 19,093.74 and the Nifty down 16 points  at 5,781.10. #Discuss-Budget-2013
12:41  To incorporate decisions on GAAR: FM:  STT reduced from 0.17% to 0.1%: FM #Discuss-Budget-2013

Agri commodities to be exempt from CTT: FM #Discuss-Budget-2013

To introduce CTT on non agri futures contracts at 0.1%: FM #Discuss-Budget-2013

To reduce STT on equity futures, MF units: FM #Discuss-Budget-2013

TDS at 1% of land deals over `50 lakh: FM #Discuss-Budget-2013

15% tax on dividend from overseas arms to continue: FM #Discuss-Budget-2013

FY14 fiscal deficit seen at 4.8% vs 5.2% in FY13: FM #Discuss-Budget-2013
12:34  Comprehensive social security package being evolved by convergence of several schemes run by various ministries, says
FM. #Discuss-Budget-2013

Investor with stake of 10 per cent or less will be treated as FII; any stake more than 10 per cent will be treated as FDI. #Discuss-Budget-2013

FIIs will be allowed to participate in exchange traded currency derivatives: FM. #Discuss-Budget-2013

  We will evolve schemes for cities to take up waste to energy projects, says FM. #Discuss-Budget-2013

Small and medium companies to be allowed to listed on MSME exchange without making a public offer, says FM. #Discuss-Budget-2013
12:32  Nifty goes below 5800:  At 1230 hours, the Sensex is down 48 points at 19,104.14 and the Nifty down 24 points  at 5,773.00. #Discuss-Budget-2013
12:31  National Housing Bank (NHB) to set up urban housing bank fund and Rs 2,000 crore will be allocated in this regard, says
FM. #Discuss-Budget-2013

KYC in banks sufficient for acquiring insurance policy. #Discuss-Budget-2013

Public sector general insurance companies to set up adalts to clear disputes related to claims, says FM. #Discuss-Budget-2013

Rashtriya Swasthya Bima Yojana benefit will be extended to rickshaw pullers, auto and taxi drivers and sanitation
workers. #Discuss-Budget-2013
12:28  Extend 80IA by 1 year: FM:  DDT surcharge raised to 10% from 5%: FM #Discuss-Budget-2013

Tax holiday for power plants extended to March 2014: FM #Discuss-Budget-2013
12:26  To continue with education cess at 3%: FM #Discuss-Budget-2013

10% surcharge on companies with income over `10 cr: FM #Discuss-Budget-2013
12:24  Additional surcharge on taxes only for 1 year: FM #Discuss-Budget-2013

Super rich tax: 10% surcharge on income above Rs 1 cr: FM #Discuss-Budget-2013
12:24  Tax credit of Rs 2,000 for income up to Rs 5 lakh: FM

No case to revise direct tax rates, slabs: FM
12:22  Surcharge on those earning above Rs 1 crore
12:21  At 1220 hours, the Sensex flat at 19,157.56 and the Nifty flat at 5,798.55.
12:19  Little room to raise taxes. : FM #Discuss-Budget-2013

All Regional Rural Banks and cooperative banks to be e-linked by this year-end. #Discuss-Budget-2013

Insurance companies will be empowered to open branches in Tier-II cities with approval of IRDA. #Discuss-Budget-2013
12:16  Policy on exploration of shale gas on the anvil; natural gas pricing policy will be reviewed and uncertainty removed: FM #Discuss-Budget-2013

Incubators set up by companies in academic institutions will qualify for Corporate Social Responsibility (CSR)
activities, says FM. #Discuss-Budget-2013

Rs 500 crore would be allocated for addressing environmental issues faced by textile industry: FM. #Discuss-Budget-2013

Concessional six per cent interest on loans to weavers. #Discuss-Budget-2013 #Discuss-Budget-2013

Financial Sector Legislative Reforms Commission (FSLRC) to submit its report next month, says FM. #Discuss-Budget-2013

Standing Council of Experts in Ministry of Finance to examine transaction cost of doing business in India. #Discuss-Budget-2013

PSU banks to have ATMs at all their branches by March 31, 2014. #Discuss-Budget-2013

Rs 6,000 crore to be allocated for rural housing fund in 2013-14. #Discuss-Budget-2013
12:12  Govt to set up India's first women's bank as a public sector bank by October, says FM. #Discuss-Budget-2013

Coal imports during Apr-Dec 2012 crossed 100 million tonnes and expected to go up to 185 million tonnes in 2016-17, says FM. #Discuss-Budget-2013

5 million tons Dabhol LNG import terminal to be operate at full capacity in 2013-14. #Discuss-Budget-2013

FM asks state governments to prepare financial restructuring plan for power distribution companies at the earliest. #Discuss-Budget-2013

SIDBI's re-financing facility to MSMEs to be doubled to Rs 10,000 crore, says FM. #Discuss-Budget-2013
12:10  At 1210 hours, the Sensex is up 48 points at 19,200.62 and the Nifty is up 13 points at 5,809.55. #Discuss-Budget-2013
12:07  Two new major ports to be set up in West Bengal and Andhra Pradesh, says FM. #Discuss-Budget-2013

Oil and gas exploration policy will be reviewed and moved from profit sharing to revenue sharing: FM. #Discuss-Budget-2013
12:06  Education stocks rally as much as 12% in late morning trade.
12:05  Rajiv Gandhi Equity Scheme will be liberalised to allow first time investor to invest in Mutal Fund and equity. #discuss-budget-2013

First housing loan up to Rs 25 lakh would get additional deduction of interest of up to Rs 1 lakh in 2013-14, says FM. #discuss-budget-2013

Govt to construct power transmission system from Srinagar to Leh at the cost of Rs 1,840 crore, Rs 226 crore provided in
current Budget: FM. #discuss-budget-2013

DIPP and Japan's JICA preparing plan for Chennai-Bengaluru Industrial corridor. #discuss-budget-2013
12:00  Government has decided to constitute a regulatory authority for the road sector: FM. #discuss-budget-2013

Many manufacturing projects stalled due to regulatory process: FM. #discuss-budget-2013

A company investing Rs 100 crore or more in plant and machinery in April 1, 2013 to March 31, 2015 will be allowed
15 per cent investment deduction allowance apart from depreciation. #discuss-budget-2013

To provide appropriate incentives for semiconductors industry including zero customs duty on plants and machineries. #discuss-budget-2013
11:59  At 1200 hours, the Sensex is up 54 points at 19,206.73 and the Nifty is up 19 points at 5,815.90.
11:56  Madhavan Narayanan on Twitter: Chidambaram unveils investment allowance to kickstart/revive capital goods industry FM #discuss-budget-2013

Deepak Mohoni on Twitter: There are a lot of specific infrastructure projects being mentioned, this has to be good. #discuss-budget-2013

Sreemoy Talukdar on Twitter: Home loan exemption limit raised by Rs 2 lakhs. FM tries to encourage home ownership. #discuss-budget-2013

Suryanarayan Ganesh on Twitter: Two new ports.. one in Bengal & Andhra.. and new outer port harbour in Tamil Nadu. #discuss-budget-2013

Gargi Rawat on Twitter: Ok so lots of great schemes/largesse for various sectors/segments. Now the uncomfortable bit, who's paying? #discuss-budget-2013
11:53  Rs 10,000 crore set aside for incremental cost for National Food Security Bill over and above food subsidy. #discuss-budget-2013

Four Infrastructure debt fund have been registered: FM. #discuss-budget-2013

Tax free bonds issue to be allowed up to Rs 50,000 crore in 2013-14 strictly on capacity to raise funds from the
market, says FM. #discuss-budget-2013

Rs 5,000 crore will be made available to NABARD to finance construction of godowns and warehouses: FM. #discuss-budget-2013
11:51  At 1150 hours, the Sensex is up 45 points at 19,197.77 and the Nifty is up 8 points at 5,805.40.
11:51  Good news for home loan takers. People taking a home loan in 2013-14 for an amount up to Rs 25 lakh will be allowed an additional deduction of Rs 1 lakh. #discuss-budget-2013

RGESS will be liberalised & the investor will be allowed to invest in mutual funds. #discuss-budget-2013

The investor will be able to do this for a period of 3 successive years. the limit for investors wanting to invest in RGESS raised from Rs 10 lakh to Rs 12 lakh. #discuss-budget-2013
11:44  Rs 15,260 crore to be allocated to Ministry of Drinking Water and Sanitation. #discuss-budget-2013

Rs 80,194 crore allocation for Ministry of Rural Development in 2013-14. About Rs 33,000 crore for MGNREGA,
says FM. #discuss-budget-2013

States which have completed Pradhan Mantri Gramin Sadak Yojana will be eligible for PMGSY-II, others will continue
with PMGSY-I.

Rs 14,873 crore for JNNURM for urban transportation in 2013-14 against Rs 7,880 crore in the current fiscal, says FM. #discuss-budget-2013

Foodgrain production in 2012-13 will be over 250 million tons: FM. #discuss-budget-2013
11:42  At 1140 hours, the Sensex is up 62 points at 19,220.06 and the Nifty is up 15 points at 5,811.95.
11:40  All fertiliser stocks are up.
11:39  Rs 17,700 cr provided for Integrated Child Development Scheme:  FM: Focus will continue to be on early childhood care. #discuss-budget-2013

FM promises ease of doing business in India. #discuss-budget-2013

FM: Infrastructure Debt Funds will be encouraged. #discuss-budget-2013
11:36  Rs 4,727 crore to be allocated for medical education and research. Rs 1,069 crore to be given to Department of Ayush. #discuss-budget-2013

Rs. 65,867 crore allocated to Ministry of HRD in 2013-14: FM. #discuss-budget-2013

Medical colleges in six more AIIMS-like institutions to start functioning this year; Rs 1650 crore allocated for the
purpose. #discuss-budget-2013

Rs 5,284 crore to various Ministries for scholarships for SC/ST, OBC and minority students. #discuss-budget-2013

Rs 13,215 crore to be provided for mid-day meal scheme. #discuss-budget-2013
11:33  Rs 1069 crore allocated to Department of Aryush: FM. #discuss-budget-2013

FM allocates Rs 41,561 crore for SC sub-plan; Rs 24,598 crore for tribal sub plan. #discuss-budget-2013

Additional sum of Rs 200 crore to Women and Child Welfare Ministry to address issues of vulnerable women. #discuss-budget-2013

Rs 110 crore to be allocated to the department of disability affairs, says FM. #discuss-budget-2013

Rs 37,330 crore allocated for Ministry of Health & Family Welfare. #discuss-budget-2013
11:32   At 1130 hours, the Sensex is up 46 points at 19,198.64 and the Nifty is up 10 points at 5,807.25.
11:31  Shaili Chopra on Twitter: Big worry is current account deficit mainly because of oil imports, coal imports, passion for gold - FM #discuss-budget-2013

Murali Jayaraman on Twitter: Food inflation is the most worrisome and we will take all the necessary steps to curb this!  #discuss-budget-2013

IndiaSpend on Twitter: Oil, coal and gold weigh on imports. Exports in slowdown. Hence Current Account Deficit remains high #discuss-budget-2013

Ridhima Tomar on Twitter: Education is definitely getting a lot of budget for various schemes and projects #discuss-budget-2013
11:26  Faced with huge fiscal deficit, I have no choice but to rationalise expenditure: FM. #discuss-budget-2013

We have brought down headline WPI inflation to 7 per cent and core inflation to 4.2 per cent. Food inflation is
worrying: FM. #discuss-budget-2013

Plan expenditure in 12th Five Year Plan revised to Rs 14,30,825 crore or 96 per cent of budgeted expenditure. #discuss-budget-2013

Budget expenditure is Rs 16,65,297 crore and Plan expenditure Rs 5,55, 322 crore: FM. #discuss-budget-2013

The revised expenditure target is Rs 14,30,825 crore or 96 per cent of Budget estimate for this fiscal. In 2013-14,
the budget estimate is Rs 16,65,297 crore. #discuss-budget-2013

One overarching goal to provide education and skills to youth for securing jobs in the 2013-14, says FM. #discuss-budget-2013
11:21  FM: Single women and widows must be able to live with dignity; WCD has been asked to design schemes. #discuss-budget-2013

FM: To allocate Rs 1106 crore for alternative medicine industry. #discuss-budget-2013
11:21  FM: To increase allocation for health, family welfare. #discuss-budget-2013

FM: FY14 expenditure seen at Rs 16.65 lakh crore. #discuss-budget-2013

Budget 2013: To expand medicare facilities for women, differently abled. #discuss-budget-2013

FM: FY14 expenditure seen at Rs 16.65 lakh crore. #discuss-budget-2013

FM: FY14 plan expenditure to be 30% higher. #discuss-budget-2013
11:20  At 1120 hours, the Sensex is up 77 points at 19,229.20 and the Nifty is up 30 points at 5,827.25.
11:19  Budget 2013: FY 14 Total expenditure at Rs 16.65 lakh crores Budget 2013. #discuss-budget-2013

FM: Growth rate under UPA was highest. #discuss-budget-2013

FM: Plan expenditure seen at Rs 5.53 lakh crore. #discuss-budget-2013

FM: My Budget's overarching goal -- to create opportunities for our youth. #discuss-budget-2013

FM: My worry is current account deficit. #discuss-budget-2013
11:17  FM: Plan expenditure seen at Rs 5.53 lakh crore:  India does not have choice between welcoming and spurning foreign investment; it is an imperative: Chidambaram. #discuss-budget-2013
11:16  Current account deficit continues to be high due to excessive dependence on oil, coal and gold imports and slowdown in exports. #discuss-budget-2013
11:14  Complete coverage: Union Budget 2013-14 #discuss-budget-2013
11:12   At 1110 hours, the Sensex is up 121 points at 19,273.86 and the Nifty is up 34 points at 5,831.30.
11:12  Economic space constrains due to high fiscal deficit, lower savings and investment and tight monetary policy: FM. #discuss-budget-2013
11:11  FM says Budget speech would be simple straightforward and short. #discuss-budget-2013

Average economic growth rate in 11th Plan period is 8 per cent, highest ever in any Plan period: FM. #discuss-budget-2013
11:10  Average economic growth rate in 11th Plan period is 8 per cent, highest ever in any Plan period: FM. #discuss-budget-2013
11:08  There is no reason for gloom or pessimism: FM. #discuss-budget-2013
11:07  India can retain it's high growth path: FM. #discuss-budget-2013
11:06  Indonesia and China growing faster than India: FM. #discuss-budget-2013
11:05  Chidambaram's last Budget was in 2008. #discuss-budget-2013
11:05  Global economy slowed, India not affected, says the FM. #discuss-budget-2013 
11:02  The finance minister may consider restricting Rs 1 lakh deduction under section 80C to core investments and allowing separate deduction for expenses incurred for basic needs like education and repayment of housing loan. #discuss-budget-2013
11:02  At 1100 hours, the Sensex is up 132 points at 19,284.88 and the Nifty is up 39 points at 5,835.65. #discuss-budget-2013
10:56  Chidambaram is happy to present his 8th Budgetand he told close friends that he owed this to his Sivaganga voters who reposed confidence in him for 7 times. P Chidambaram is the 7 time MP. #discuss-budget-2013 
10:55  Cabinet clears the Budget for 2013-14. #discuss-budget-2013

FM may have to raise taxes to meet FY14 fiscal deficit target. #discuss-budget-2013
10:53  Investors will watch closely to see whether the three-times finance minister - seen as a possible candidate for prime minister in 2014 - will fulfil his promise of fiscal prudence or sow the budget with vote-winning, but expensive, welfare handouts.
10:52  At 1050 hours, the Sensex is up 121 points at 19,273.68 and the Nifty is up 35 points at 5,832.15. #discuss-budget-2013
10:43   At 1040 hours, the Sensex is up 116 points at 19,268.02 and the Nifty is up 32 points at 5,828.75.
10:42   Ramesh Srivats on Twitter: The Budget is the noble democratic process through which money is transferred from those who work to those who vote. #discuss-budget-2013
10:37  Some ministries are bracing for funding cuts of up to 20-24% from their original 2012-13 targets. #discuss-budget-2013
10:37  Chidambaram has staked his reputation on hitting a fiscal deficit target of 5.3 percent of GDP this year and 4.8% in 2013-14. A no-nonsense, Harvard-educated, lawyer who commands both respect and fear in government, he has squelched opposition from cabinet colleagues worried that spending cuts could ignite a backlash among voters. #discuss-budget-2013
10:35  Government to release Q3 gross domestic product data at 5 PM. #discuss-budget-2013
10:32  Chetan Bhagat: A poor man's budget, no matter how well presented or analyzed, will still remain a poor man's budget.
The nation watches the govt giving budget as if it is daddy setting pocket money rules. Economy and govt shouldn't be so linked. #discuss-budget-2013
10:30  At 1020 hours, the Sensex is up 111 points at 19,263.62 and the Nifty is up 30 points at 5,827.00.
10:29  NDTV: Cabinet under way to give its formal approval to #discuss-budget-2013
10:28  Anand Mahindra: A Big-Bang Budget may be required medicine today,but what we need is small doses of reform administered consistently throughout the year. #discuss-budget-2013
10:26  What experts says on Twitter:  Subramanian Swamy: This Budget will be a dying croak of a bankrupt tottering government. PC is a crooked lawyer and knows zero economics like Sibal in Telecom. #discuss-budget-2013
10:17  J P Morgan says Budget 2013 is a chance to leave 'policy paralysis' behind. #discuss-budget-2013

Petroleum subsidy reduction may make upstream oil majors attractive. #discuss-budget-2013

Will Chidambaram opt for prudence over populism. #discuss-budget-2013
10:12  Widening the scope of section 80C:  The total deductions that a taxpayer can avail on investments have been restricted to Rs 1 lakh for quite a while now. The section 80C basket even includes expenses such as eduction on children's education and tuition fees under its bandwidth and also repayment of interest loan that has severely limited the scope of deductions for taxpayers. #discuss-budget-2013
10:11  Higher tax-free medical reimbursement:  Any medical allowance given to an employee, by an employer, is tax-free in the hands of the employee to the tune of Rs 15,000 per annum. Considering the rising cost of medical expenses, the amount is too low and needs to be reconsidered.
10:09  At 1010 hours, the Sensex is up 118 points at 19,270.32 and the Nifty is up 32 points at 5,828.60.
10:09  What the taxpayers want:  House Rent Allowance

According to Economic Times, the current provisions of the income tax act allow rent paid by the employee as an expense exempt from the income tax subject to a limit of...

50% of the annual basic salary (40% for non-metros) or

Actual HRA received from the employer or

Rent paid over and above 10% of the basic salary

(Lowest of the above three)

With soaring property prices and the rising cost of living, especially in the metros, rentals have also shot up sharply in the past few years, which the current exemption limits on rentals has failed to capture. Expectations are high that the finance minister may give due consideration to this long pending proposal of enhancing the limit of HRA exempt from tax. #discuss-budget-2013
10:06  Key focus on Direct Cash Transfer. #discuss-budget-2013
10:06  Experts ask FM to increase taxes to raise revenue.

10:04  Chidambaram reaches Parliament.
10:03  At 1000 hours, the Sensex is up 106 points at 19,258.61 and the Nifty is up 30 points at 5,826.60.
10:03  What the salaried class expect:  Higher exemption Limit on Interest on Housing Loan

Even as real estate prices are soaring and interest rates continue to remain high the expense on housing loan interest on which there is a tax exemption continues to be pegged at a meagre Rs 150,000 annually, says ET.
09:52  Union Budget 2013-14: Complete coverage
09:51  At 0950 hours, the Sensex is up 120 points at 19,271.95 and the Nifty is up 32 points at 5,828.85.
09:40  At 0940 hours, the Sensex is up 133 points at 19,285.40 and the Nifty is up 35 points at 5,831.85.
09:40  Economists say he may also unveil measures to widen the tax net to boost government revenues, lay the groundwork for a goods and services tax, reduce the government's huge subsidies bill, sell more stakes in state-owned enterprises and raise import duties to dampen demand for gold.
09:39  What Chidambarm is expected to do:  He is expected to announce plans to keep a lid on government spending in fiscal 2013-14, capping it at roughly the same level as the year ending next month, officials told Reuters, despite fears that lower public expenditure risks deepening India's sharpest economic downturn in a decade.
09:30  FM has to curb the twin deficits:  Chidambaram will likely spell out plans to narrow fiscal and current account deficits, which have alarmed ratings agencies and triggered warnings that the country's sovereign bonds could lose their investment grade status and be downgraded to 'junk' if urgent steps are not taken to rein in spending.
09:28  FM is likely to announce plans to keep a lid on govt spending.:  The 2013-14 budget caps an intensive seven-month campaign by the energetic Chidambaram, who was appointed last August, to turn around the fortunes of Asia's third-largest economy after years of policy drift and global economic turmoil.
09:23  Flab from social sectors bills may be cut, says CNBC.
09:23  CNBC says, no one in the mood for flashy budgets.

No one is interested in more subsidies, either.
09:22  Sources say, enough elbow room for food subsidy Bill.
09:22  Youth-oriented schemes may get a push in the Budget.
09:21  FM may announce all-women bank

09:20  Union Budget 2013-14: Live speech, news, views, and much more
09:19  Indian markets open in the positive region:  At 0917 hours, the Sensex is up 142 points at 19,293.99 and the Nifty is up 41 points at 5,837.85.
09:18  The Competition Commission of India is understood to have given its approval to the 111.67 billion rupees deal between
United Spirits Ltd and Diageo Plc, the Hindu Business Line newspaper reported, citing unidentified officials
and lawyers. #discuss-budget-2013
09:17  India's Foreign Investment Promotion Board, a unit of the finance ministry, recommended a planned $1.94 billion investment by Swedish retail giant IKEA for cabinet approval, a government statement said on Wednesday. #discuss-budget-2013
09:09  Pharma:  Mylan Inc said it will buy a unit of Strides Arcolab Ltd for $1.6 billion to expand its presence in the fast-growing injectable drugs market.
09:08  Energy commodities:  Japanese conglomerate YKK Group is in an advanced stage of negotiations to buy out the aluminium extrusion business of
Bhoruka Aluminium, The Economic Times reported, citing two people familiar with the development.
09:05  Finance Minister P. Chidambaram will present one of the most highly anticipated Indian budgets of recent years on
Thursday, a blueprint for austerity that forms the centrepiece of India's efforts to stave off a damaging credit ratings
downgrade.
Standard Chartered Plc is in talks to buy Morgan Stanley's Indian private wealth management unit, which manages about $1 billion including loans, two sources with direct knowledge of the situation said on Wednesday.
Blackstone Advisors India has called off its $111-million deal with Visa Power Ltd, said people aware of the development.
09:05  Factors to watch:  India will unveil the budget for 2013-14
India'x Oct-Dec GDP
India's Jan. infrastructure output
Expiry of Feb. derivative contracts.
09:04  Global market roundup:  Nifty futures on the Singapore Exchange rose 0.9 per cent. The MSCI-Asia Pacific index, excluding Japan rose 1.1 per cent.
Asian shares extended gains for a second day on Thursday as sentiment improved after Federal Reserve Chairman Ben
Bernanke reaffirmed his commitment to strong stimulus, while Italy found investor confidence in its debt despite political turmoil.
US stocks rose on Wednesday, with major indexes posting their best daily gains since early January, Bernanke remained
steadfast in supporting the Fed's stimulus policy and data pointed to economic improvement. 
08:48  At 1045 hours, Chidambaram will open the 2013 Budget secrets before 34 of his Cabinet colleauges. Of course Prime Minister Dr Manmohan Singh knows the contents of the budgetary proposals. Chidambaram will then walk into the Lok Sabha accompanied by Kamal Nath and other senior ministers to present the last budget of UPA-II.
08:45  This is how the Budget 'starts':  At 1015 hrs P Chidambaram will enter Gate number one of Parliament, and pose for journalists along with his two Union Ministers of State Namo Narain Meena and S S Palanimanickam.
08:43  Recommendation on Boeing 787s expected next week:  Experts at the Federal Aviation Administration are expected to say next week whether they recommend accepting Boeing's plan to fix its troubled 787 Dreamliners so the planes can resume flying, the agency head said.
Officials in the FAA office near Seattle that certifies new planes as safe for flight are reviewing a Boeing proposal to revamp the 787's lithium ion batteries to prevent them from catching fire, or to protect the plane in case of fire, Administrator Michael Huerta said.
08:40  All eyes are on the tax announcements he is likely to make:  Finance Minister P Chidambaram as a first official duty shall meet President Pranab Mukherjee to seek permission to present the Union Budget 2013 in Parliament. This is a customary protocol as the President is the authority for consolidated funds and keeper of the economy. President Mukherjee's nod is a must. Senior Congress ministers who are in the know of things said 'chakraviyug poora aagaya' the circle is now complete.

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