Allocation of funds for the science and technology sector in the Union Budget for 2012-13 appears far from adequate, considering that Prime Minister Manmohan Singh had just over two months ago emphasised the need for a major increase in investment in research and development. Inaugurating the 99th annual session of the Indian Science Congress on January 3, he had lamented that the current spending on R&D was “too low and stagnant”...

The Centre on Saturday asserted that adequate funds were available during the2012-13 financial year to meet job demands by below poverty line (BPL) households under the Mahatma Gandhi NREGS. Union Minister of Rural Development Jairam Ramesh underlined that he has recommended reallocation of funds for rural development, especially fordrinking water and sanitation projects, to ensure inclusive growth and reflect the percolation of the high growth rate to the rural side. At the...

Finance Minister Pranab Mukherjee maintained on Sunday that the Budgetary proposal to amend the Income Tax Act with retrospective effect from 1962 to assert the government's right to levy tax on merger and acquisition (M&A) deals involving overseas companies with business assets in India is not Vodafone “case specific,” but an enabling provision to protect the fiscal interests of the country and avert the chances of a crisis. Faced with all-round...

Parliament has the power and jurisdiction to clarify, enact law or bring amendments to a law with retrospective effect to remove the basis or defects in a judgment, say legal experts. Under the proposed amendment to the Income Tax Act announced by Finance Minister Pranab Mukherjee in the Budget, to come into effect from April 1, 1962, all persons, resident or non-resident, having business connection in India will have to incur...

The second green revolution found a mention in the Union Budget as a big achievement for the government. But, while paddy production went up manifold in eastern India, did it help its producers? In Finance Minister Pranab Mukherjee’s home state of West Bengal, there was agony everywhere in the last few months, as paddy and potatoes were selling cheap and pauperised cultivators were killing themselves. The government was nowhere to procure...