The finance ministry has asked public sector banks to devise products for Indian farmers to ensure they get adequate funding in emergencies. The government, the majority owner of such banks, wants them to roll out products such as emergency loans to farmers that will be linked to savings accounts, a weather index-based insurance product, and set up a credit guarantee fund that will aid farmers in the event of crop losses...

Token relief to individual taxpayers will cost the exchequer Rs. 4,500 crore In a “pragmatic and domestic growth-oriented” budgetary exercise aimed at shoring up investor confidence and investment, Union Finance Minister Pranab Mukherjee on Friday sought to tap indirect taxes, especially service tax, to rake in an additional Rs. 45,940 crore into his kitty. Presenting the budget for 2012-13 in Parliament, Mr. Mukherjee provided a token relief to individual taxpayers that will cost...

Mass leaders in India have a tradition of broaching BSP —bijli, sadak and pani — issues to strike a chord during election rallies. However, in almost each of her 150-plus rallies across the state in the election season, Mamata Banerjee deviated from the conventional mix and squeezed into her speech phrases like debt burden, public finance and economic recovery. Whether such esoteric terms found resonance or not, Mamata did get across the...

Just reclassified Rs 1.46 lakh crore of spending as capital investment. Finance Minister Pranab Mukherjee’s Budget for 2011-12 seems to have used a new accounting system to make a virtue of necessity. Committed to provide funds to run the Mahatma Gandhi National Rural Employment Guarantee Scheme or MGNREGS, Mukherjee has transferred the entire financial allocation for the scheme under a head that will now help him take credit for a reduced effective...

“Budget is more than a document of income and expenditure. People expect it to tackle the twin problems of poverty and social injustice while ensuring better income and standard of living.” Country’s first woman Finance Minister of any state government, Upinderjit Kaur, said this while presenting her first budget and last of the present Akali-BJP government on Monday. With the state slated to go to polls early next year, the Rs...