-The Asian Age Sonia Gandhi’s economic and political ideology may have apparently triumphed over that of Manmohan Singh. The neo-liberal finance minister Palaniappan Chidambaram may be conveying an impression that he’s turned socialist with a vengeance by increasing taxes on the rich in the run-up to the 16th general elections. But the truth is that Mr Chidambaram has made certain assumptions about subsidies, inflation and the expected growth of gross domestic product...
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Budget 2013: CPI(M) Slams Tax 'Concessions' to the Rich
-Outlook The CPI(M) today castigated the government for foregoing over Rs 5.73 lakh crore as tax revenues by granting tax concessions to the rich, saying the amount was Rs 53,000 crore more than the fiscal deficit. "The budget proposals will further enrich the rich and impoverish the poor," senior CPI(M) leader Sitaram Yechury told reporters while reacting to the 2013-14 Budget. Quoting data presented in the budget, he said the aggregated revenue foregone...
More »Budget 2013: UIDAI's plan spending doubled to Rs 2,620 cr in 2013-14
-PTI The Plan spending of the Unique Identification Authority of India (UIDAI), responsible for issuing Aadhaar numbers to residents, has been almost doubled to Rs 2,620 crore in 2013-14 from the revised estimates in the current fiscal. The authority's revised estimates of Plan expenditure in the current fiscal stands at Rs 1,350 crore compared to the budget estimates of Rs 1,758 crore. The actual Plan expenditure of the authority was 1,187.53 crore in...
More »Ramesh Promises Corrective Measures on Poor Spending
-Outlook Rural Development Ministry could spend only Rs 55,000 crore out of the budget estimate of Rs 75,000 crore for its various flagship programmes in the current fiscal and Minister Jairam Ramesh says he owns responsibility for it. Despite the poor spending, Finance Minister P Chidambaram today allocated Rs 80,000 crore to the key social sector Ministry in this year's budget. Ramesh blamed "serious administrative weaknesses in the poorest states of India"-- Bihar,...
More »Budget 2013: Super rich to pay more but no changes in income tax rates or slabs
-CNN-IBN Finance Minister P Chidambaram plans to get more income for the government by taxing the super-rich and the corporate sector even though he left untouched income tax rates and slabs. Chidamabaram allowed some relief for those who earn between Rs 2-5 lakh per year by announcing that they would be granted a tax credit of Rs 2000 and left most of the items untouched by not tinkering too much with...
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