Pranab talks to Andhra Finance Minister Rosiah over Reddy incidentSeptember 2nd, 2009 NEW DELHI - Union Finance Minister Pranab Mukherjee on Wednesday said he talked to Andhra Pradesh's Finance Minster K.Rosiah regarding the tragic incident of the State CM Y.S.Rajasekhara Reddy. "I have talked to the State Finance Minister.
Union Budget 2009: A People Oriented Budget?July 6th, 2009 The Union Budget 2009-10 presented by the Finance Minister of India, Pranab Mukherjee, proved to be a 'populist' one. The Finance Minister promised to halve the poverty by 2014 as he laid focus on employment, infrastructure and agriculture.
Government to Hold Majority Stake in State-Owned BanksJuly 6th, 2009 CHENNAI - The government will continue to hold at least 51 percent stake in the banks and insurance companies it owns, Finance Minister Pranab Mukherjee said while presenting the union budget for 2009-10 in the Lok Sabha Monday. However, citing the average public float in listed entities - which is less than 15 percent - the finance minister said the government proposed to increase the non-promoter holding in listed companies.
Time not right to raise taxes, says finance secretaryJuly 6th, 2009 NEW DELHI - Tax rates were not raised in the 2009-10 budget proposals as economic conditions remained difficult while tax relief for individuals would help boost consumption, Finance Secretary Ashok Chawla said here Monday. The finance minister has left unchanged the excise and customs duty cuts that were announced following the global economic meltdown because "the time is not yet right to raise any tax rate.
Budget allocates Rs.39,000 crore for rural jobs schemeJuly 6th, 2009 NEW DELHI - The government Monday hiked the allocation for its flagship rural job scheme by 144 percent to Rs.39,000 crores. "I am allocating Rs.39,000 crores for NREGA (National Rural Employment Guarantee Act).
Recovery dependent on global turnaround: MukherjeeJuly 6th, 2009 NEW DELHI - Finance Minister Pranab Mukherjee Monday said recovery of Indian economy in the current fiscal would be difficult unless there were visible improvements in the global economic scenario. Speaking to a television channel after presenting the union budget for 2009-10, Mukherjee said the economy would likely recover in the third quarter of 2009-10, but if the western economies did not improve, we will take a longer period.
Service tax revenue to be flat in 2009-10July 6th, 2009 NEW DELHI - India's service tax revenue is estimated to be flat at Rs.65,000 crore ($13.4 billion) this fiscal, Finance Minister Pranab Mukherjee said Monday while presenting the budget for 2009-10 in the Lok Sabha. The revised estimates of the service tax revenue for 2008-09 stands at Rs.65,000, while the government earned Rs.51,301 crore from the tax in 2007-08.
Budget gives fillip to R&D in scienceJuly 6th, 2009 NEW DELHI - Research and development (R&D) programmes in science and technology were in focus in the union budget presented Monday, with special emphasis on nano technology and earth and atmospheric sciences. The government has allocated Rs.577 crore (Rs.5.77 million) for research and development programmes in emerging areas of science and technology, Finance Minister Pranab Mukherjee said in parliament.
Government allocates Rs.12,000 crore for rural roadsJuly 6th, 2009 NEW DELHI - The government has increased its outlay for rural roads by 57 percent to Rs.12,000 crore ($2.5 billion) in the budget presented by Finance Minister Pranab Mukherjee Monday in parliament. "Rural roads have been identified as one of the six components of Bharat Nirman with the goal to provide connectivity to all villages with a population of 1,000 (500 in the case of hilly or tribal areas) with an all-weather road by 2009," said a finance ministry statement.
Funds for minority welfare up by 74 percentJuly 6th, 2009 NEW DELHI - The budget has increased the outlay for the minority affairs ministry from Rs.1,000 crore last fiscal to Rs.1,740 crore with a focus on educational schemes. The funds have been hiked to implement projects for the welfare of the minorities, Finance Minister Pranab Mukherjee announced while presenting the union budget Monday.
More money for rural health missionJuly 6th, 2009 NEW DELHI - The National Rural Health Mission (NRHM), that aims to provide quality healthcare to villagers, Monday saw its budget allocation increased by Rs.2,057 crore ($411 million). Describing the NRHM as an essential instrument for achieving goal of health for all, Finance Minister Pranab Mukherjee in his budget speech proposed an increase of Rs.2,057 crore over and above Rs.
Mukherjee to state finance ministers: Find ways to bring economy on higher growth pathJune 11th, 2009 NEW DELHI - Union Finance Minister Pranab Mukherjee today appealed to find ways to bring the economy on the higher growth path without increasing fiscal deficit. Addressing a conference of state finance ministers as part of a pre-budget here, Mukherjee said the Central Government would focus on infrastructure, agriculture and employment generating sectors to promote growth and protect jobs.
S. S. Palanimanickam takes charge as MOS FinanceJune 1st, 2009 NEW DELHI - S. S. Palanimanickam joined as Minister of State (MOS) in the Ministry of Finance here on Monday.
India to revisit infrastructure projects: MukherjeeMay 27th, 2009 NEW DELHI - Promising enhanced spending on infrastructure projects, Finance Minister Pranab Mukherjee Wednesday said all such ongoing projects will be revisited, and recalibrated when required, to achieve the desired results. "My government will have to focus on implementing and strengthening the infrastructure investments," the finance minister said in his maiden press conference after taking oath as senior-most minister in Prime Minister Manmohan Singh's cabinet last week.
Chhattisgarh police get Rs.9.4 billion to counter MaoistsFebruary 8th, 2009 RAIPUR - The Chhattisgarh government Monday allocated Rs.9.41 billion (Rs.941 crore), a hike of 22 percent from last year's allocations, for the police force to counter Leftist insurgency in the state. Chief Minister Raman Singh, who also holds the finance portfolio, presented a Rs.222.11 billion budget that levies no new taxes for the fiscal 2009-10.