-The Hindu “The purpose of a Budget – and the job of a Finance Minister,” P. Chidambaram declared in his speech, “is to create the economic space and find the resources to achieve the socio economic objectives.” Now that the presentation of and the spate of initial responses to the budget are behind us, it may be appropriate to ask how far the Minister went in accomplishing his self-defined task. Mr. Chidambaram...
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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...
More »Neither effective nor equitable-Bharat Bhatti and Madhulika Khanna
-The Hindu The direct cash transfer scheme launched a year ago in Kotkasim for providing kerosene subsidies has pushed legitimate beneficiaries out of the system The nondescript town of Kotkasim in the Alwar district of Rajasthan had its Peepli Live moment after it was chosen for a pilot experiment with “direct cash transfers” of kerosene subsidies. According to the district administration, the scheme led to net savings of 79 per cent in...
More »Rain deficit: Jobs, farming, economy under a cloud-Zia Haq and Gaurav Choudhury
-PTI India’s monsoon, vital for Asia’s third-largest economy, has been 22% deficient till June 26, official data showed, adding to the government’s worries and prompting Prime Minister Manmohan Singh to consult key aides on measures to tone up the economy on Wednesday. In a revised forecast, the Met department predicted the rains would be 96% of the long-term average, lower than its April forecast of 99%. Rainfall is considered normal if...
More »PM sets up monitoring system to fast track projects
-IANS Prime Minister Manmohan Singh Friday approved setting up a monitoring system to fast track implementation of major projects with outlay of over Rs.1,000 crore, a day after the official data showed contraction in manufacturing activities. "In order to address the issue of major investment projects being delayed for a variety of reasons, the Prime Minister has approved setting up of an Investment Tracking System to ensure speedy implementation of such projects,"...
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