-The Economist Government borrowing generates inflation, widens the external deficit and crowds out much-needed investment. Can India now overcome its debt addiction? INDIA has grappled with its public finances for long enough. When presenting its first budget after independence in 1947, the finance minister of the day insisted that the country was not living beyond its means. Yet every budget since has failed to produce a surplus. India borrows more heavily...
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Budget 2013: Rs 80,194 crore to Ministry of Rural Development
-The Economic Times Finance Minister P Chidambaram has allocated Rs 80,194 crore to Ministry of Rural Development in Budget 2013. Giving the emphasis on education, Chidambaram said Budget 2013 will allocate Rs 65,867 crore to the HRD ministry. My budget's overarching goal is to create opportunities for our youth, he said. More than the fiscal deficit, Chidambaram said his greater worry is the current account deficit. In his Budget speech, he said the 'passion...
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...
More »Budget 2013-14: Rs. 1,000 crore each for women, youth funds
-The Hindu "To the women of India - we have a collective responsibility to ensure the dignity and safety of women. Recent incidents have cast a long dark shadow on our credentials. As more women enter public spaces...there are more reports of violence against them. We stand in solidarity with our girl children. We pledge to everything possible to keep them swcure. A number of measures are in the works...
More »Union Budget 2013: Food Bill a promise of the UPA government, says Chidambaram
-NDTV Finance Minister P. Chidambaram has earmarked Rs. 10,000 crore as incremental cost to implement the Food Security Bill, which he described as a promise of the UPA government. A centrepiece of the ruling government's campaign in 2009, the Bill was cleared last month by a parliamentary committee. The Bill says 75 per cent of the rural population and 50 per cent of the poor in urban India - about 800 million people...
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