In agriculture, credit flow of Rs. 3,25,000 crore targeted for 2009-10

August 18th, 2009 NEW DELHI - The government will infuse fresh capital into the regional rural banking system to increase credit flow to the farm sector, Finance Minister Pranab Mukherjee said here Tuesday. "The non-performing assets (NPA) levels of the regional rural banks (RRBs) are within acceptable limits.

July 6th, 2009 NEW DELHI - The government has extended the debt relief scheme for farmers from June 30 to the end of the year, Finance Minister Pranab Mukherjee announced Monday. "The time given to the farmers having more than two hectares of land to pay 75 percent of their overdues under Debt Waiver and Debt Relief Scheme has been extended from June 30 to Dec 31, 2009," a government spokesperson announced.

July 6th, 2009 NEW DELHI - The government has earmarked Rs.700 crore for the ministry of culture with more allocations for zonal cultural centres, the Sangeet Natak Akademi, Lalit Kala Akademi, Sahitya Akademi, the National School of Drama, the Asiatic Society, the National Gallery of Modern Art and the Archaeological Survey of India. In the 2009-10 budget presented by Finance Minister Pranab Mukherjee in parliament Monday, Rs.36.1 crore has been earmarked for the building projects of attached and subordinate offices of the ministry of culture.

July 6th, 2009 NEW DELHI - Highlights of the union budget for the current fiscal presented by Finance Minister Pranab Mukherjee in the Lok Sabha Monday: - Tax department to work on early introduction of Saral 2 forms - Stimulus for print media extended from June 13 to Dec 31 - Rs.1,000 crore to accelerate irrigation projects - Agriculture development fund increased from Rs.2.87 lakh crore to Rs.3.25 lakh crore - Market development assistance scheme for exporters increased by 148 percent to Rs.124 crore - Pre-shipment interest subvention set at 2 percent for textile exporters - Will make sufficient funds for infrastructure development - Allocation for national highways development stepped up by 23 percent - Allocation for urban poor schemes to be raised to Rs.39,730 crore in 2009-10 - LNG infrastructure to be expanded - Allocation for Jawaharlal Nehru Urban Renewal Mission raised by 87 percent to Rs.12,887 crore There's a lot of exciting revelations speculated this afternoon, do stay with us to get the latest news, views and incisive details. and bookmark the following link: Indian Budget 2009-10 We are updating every minute.

July 6th, 2009 NEW DELHI - Highlights of the union budget for the current fiscal presented by Finance Minister Pranab Mukherjee in the Lok Sabha Monday: - Plan expenditure up 34 percent to Rs.1,025,838 crore, non plan spend up 37 percent - Total spending increased to Rs.10.2 lakh crore - Rs.420 crore for new IITs and NITs - Commonwealth Games allocated Rs.3,472 crore - National unique identification numbers to start rolling out in 12-18 months - Paramilitary forces such as CRPF to get 100,000 homes - Banking services in under-banked areas to be increased, scheme allocated Rs.100 crore - Agriculture debt waiver extended by six months - Outlay for national rural health mission increased by Rs.2,057 crore from the Rs.12,070 crore provided in the interim budget - Allocation towards National Rural Employment Guarantee Act increased by Rs.39,100 crore - Allocation for Bharat Nirman scheme increased by 45 percent - Rs.20 billion for rural housing - Rural electrification scheme to get Rs.7,000 crore more - Tax department to work on early introduction of Saral 2 forms - Stimulus for print media extended from June 13 to Dec 31 - Rs.1,000 crore to accelerate irrigation projects - Agriculture development fund increased from Rs.2.87 lakh crore to Rs.3.25 lakh crore - Market development assistance scheme for exporters increased by 148 percent to Rs.124 crore - Pre-shipment interest subvention set at 2 percent for textile exporters - Sufficient funds for infrastructure development - Allocation for national highways development stepped up by 23 percent - Allocation for urban poor schemes to be raised to Rs.39,730 crore - LNG infrastructure to be expanded - Allocation for Jawaharlal Nehru Urban Renewal Mission raised by 87 percent to Rs.12,887 crore

July 6th, 2009 NEW DELHI - In keeping with the United Progressive Alliance (UPA) government's inclusive growth mantra, Finance Minister Pranab Mukherjee Monday announced a slew of schemes for the aam aadmi (common man). The major measures announced in his union budget for 2009-10 are: - Allocation towards National Rural Employment Guarantee Act increased by Rs.39,100 crore - Agriculture debt waiver extended by six months - Outlay for national rural health mission increased by Rs.2,057 crore from the Rs.12,070 crore provided in the interim budget - Allocation for Bharat Nirman scheme increased by 45 percent - Rs.20,000 crore for rural housing - Rural electrification scheme to get Rs.7,000 crore more - Agriculture development fund increased from Rs.2.87 lakh crore to Rs.3.25 lakh crore - Allocation for urban poor schemes to be raised to Rs.39,730 crore - LNG infrastructure to be expanded - National Housing Bank to get Rs.2,000 crore for rural housing funds - Higher education outlay increased by Rs.2,000 crore over interim budget - Income tax exemption limit for senior citizens increased by Rs.15,000, for women and others by 10,000 each - Duties on life saving drugs reduced - Allocation for the minority affairs ministry raised to Rs.1,740 crore - Banking services in under-banked areas to be increased, scheme allocated Rs.100 crore - Rs.1,000 crore to accelerate irrigation projects - Allocation for Jawaharlal Nehru National Urban Renewal Mission raised by 87 percent to Rs.12,887 crore

July 6th, 2009 NEW DELHI - Highlights of the union budget for the current fiscal presented by Finance Minister Pranab Mukherjee in the Lok Sabha Monday: - Agriculture debt waiver extended by six months - Outlay for national rural health mission increased by Rs.2,057 crore from the Rs.12,070 crore provided in the interim budget - Allocation towards National Rural Employment Guarantee Act increased by Rs.39,100 crore - Allocation for Bharat Nirman scheme increased by 45 percent - Rs.20 billion for rural housing - Rural electrification scheme to get Rs.7,000 crore more - Tax department to work on early introduction of Saral 2 forms - Stimulus for print media extended from June 13 to Dec 31 - Rs.1,000 crore to accelerate irrigation projects - Agriculture development fund increased from Rs.2.87 lakh crore to Rs.3.25 lakh crore - Market development assistance scheme for exporters increased by 148 percent to Rs.124 crore - Pre-shipment interest subvention set at 2 percent for textile exporters - Will make sufficient funds for infrastructure development - Allocation for national highways development stepped up by 23 percent - Allocation for urban poor schemes to be raised to Rs.39,730 crore in 2009-10 - LNG infrastructure to be expanded - Allocation for Jawaharlal Nehru Urban Renewal Mission raised by 87 percent to Rs.12,887 crore

July 6th, 2009 NEW DELHI - Union Finance Minister Pranab Minister on Monday presented the General Budget 2009-10 in the Parliament. The highlights of the General Budget 2009-10 are as follows: 1.

July 2nd, 2009 NEW DELHI - The flow of credit to the farm sector increased to Rs.264,455 crore ($55 billion) last fiscal from Rs.254,657 crore in 2007-08, India's Economic Survey for 2008-09 released Thursday said. But agriculture growth fell sharply to 1.6 percent from 4.9 percent the year before.

May 28th, 2009 NEW DELHI - Auto major Mahindra and Mahindra (M&M) Thursday reported a 22.2 percent decline in its net profit for 2008-09 at Rs.858.7 crore, down from Rs.1,103.3 crore reported the year before. This is despite a 14.5 percent jump in the company's annual turnover to Rs.13,364.02 crore last fiscal from Rs.11,671.6 crore in 2007-08, the company said in a regulatory statement.

April 25th, 2009 THIRUVANANTHAPURAM - Banks in Kerala have posted a marginal growth of 6.3 percent in advances from Rs.80,131 crore in June 2008 to Rs.85,174 crore as on Dec 31, according to the State Level Bankers Committee (SLBC). The SLBC in a meeting here said loans given to the education sector reported the biggest jump when it went up from Rs.2,920 crore in June to Rs.4,049 crore in December.

February 15th, 2009 NEW DELHI - Claiming that the United Progressive Alliance government has given 'focussed attention' to farmers, Minister for External Affairs Pranab Mukherjee Monday said the plan outlay for the agriculture sector was hiked 300 percent between 2003-04 and 2008-09. Presenting the interim budget for 2009-10 in parliament, Mukherjee said the agriculture credit disbursement has also gone up to Rs.2.5 trillion (Rs.250,000 crore) last fiscal from Rs.870 billion in 2003-04.

February 15th, 2009 NEW DELHI - Following are the highlights of the interim budget presented by Minister for External Affairs Pranab Mukherjee in the Lok Sabha Monday: * Plan expenditure for 2009-10 pegged at Rs.952,231 crore (Rs.9.52 trillion) * Budgetary support for 2009-10 at Rs.2,85,149 crore (Rs.2.85 trillion), 17.16 percent * Additional plan expenditure between 0.5 percent to 1 percent of GDP may be considered * Fiscal deficit forecast 5.5 percent of GDP for 2009-10 * Revenue deficit forecast 4 percent of GDP for 2009-10 * Subsidy for food, fertiliser and petroleum at Rs.95,579 crore * Defence allocation increased to Rs.141,703 crore (Rs.1.417 trillion) * Urban renewal spending pegged at Rs.11,842 crore (Rs.118.42 billion) * Rural sanitation spending at Rs.1,200 crore (Rs.12 billion) * National rural health mission spending at Rs.12,070 crore (Rs.120.7 billion) * Rural infrastructure development outlay at Rs.14,000 crore (Rs.140 billion) * Midday meal scheme spending at Rs.8,000 crore (Rs.80 billion) * India remains second-fastest growing economy in the world * Economy expected to grow 7.1 percent this fiscal * Need to make economic growth inclusive * Government spent Rs.70,000 crore (Rs.700 billion) on 37 infrastructure projects in 2008-09 * Under public-private partnership (PPP), 54 central infrastructure projects approved * Total expenditure of PPP projects estimated at Rs.67,700 crore (Rs.677 billion) * India Infrastructure Finance Company to raise Rs.10,000 crore (Rs.100 billion) by end-March * India has weathered inflation crisis, but no room for complacency * Country's agriculture outlook is encouraging * Focussed attention to agriculture * Plan allocation for farm sector hiked 300 percent in past five years * Three-fold increase in short-term agriculture credit to Rs.250,000 crore (Rs.2.5 trillion) * Farm debt worth Rs.65,300 crore (Rs.653 billion) waived * Government will continue to provide additional subsidy to farmers * Corpus of Rural Infrastructure Development Fund hiked to Rs.14,000 crore (Rs.140 billion) from Rs.5,500 crore (Rs.55 billion) * Outlay for higher education hiked 900 percent for 11th Five Year Plan * Country's social security net will be strengthened * New scheme unveiled for young widows in the age group of 18-40 * New disability pension scheme introduced for age group of 18-40 * 15 point programme for welfare of minorities set up * Record foreign direct investment of $32.4 billion attracted * Global economic situation not encouraging * Extraordinary situation merits extraordinary measures * Need to consider additional fiscal measures in regular budget * Financial sector reforms need to be accelerated * Non-performing assets (NPAs) of public sector banks have declined * State-run banks see NPAs drop from 7.8 percent to 2.3 percent in four years * Number of loss-making state-run units down from 73 to 58 * Profit-making units up from 143 units to 158 units * In past three years, India grew by average of over 9 percent * Per capita income expanded by 4.7 percent per annum * Fiscal deficit was brought down from 4.5 percent to 2.7 percent * Revenue deficit was cut from 3.6 percent to 1.1 percent * Exports increased 26.4 percent per annum * Foreign trade increased from 27.3 percent to 35.5 percent * Tax to gross domestic product ratio expanded by 9.2 to 12.5 percent * Agriculture grew by 3.7 percent per annum * Revised estimates for 2009-09 peg plan expenditure at Rs.282,957 crore (Rs.2.83 trillion) * Central plan increased for host of areas like telecom, rural development * Tax collections expected to fall to Rs.627,949 crore (Rs.6.28 trillion) * Revised revenue deficit is 4.4 percent of GDP against 1 percent * Revised fiscal deficit at 6 percent of GDP against 2.5 percent

February 15th, 2009 NEW DELHI - Following are the highlights of the interim budget presented by Minister for External Affairs Pranab Mukherjee in the Lok Sabha Monday: * Total expenditure for 2009-10 pegged at Rs.953,231 crore (Rs.9.52 trillion) * Plan expenditure for 2009-10 at Rs.2,85,149 crore (Rs.2.85 trillion) * Non-plan expenditure at Rs.668,082 crore (Rs.6.68 trillion) * Provision for subsidy on food, fertiliser and petroleum at Rs.95,579 crore (Rs.955.79 billion) * Defence allocation increased to Rs.141,703 crore (Rs.1.417 trillion) * Urban renewal spending pegged at Rs.11,842 crore (Rs.118.42 billion) * 2009-10 gross budgetary support at Rs.2,85,000 crore (Rs.2.85 trillion) * Substantial relief of about Rs.40,000 crore (Rs.400 billion) due to tax cuts in 2008-09 * Rural job schemes to get Rs.30,100 crore (Rs.301 billion) in 2009-10 * Rural sanitation spending at Rs.1,200 crore (Rs.12 billion) * National rural health mission spending at Rs.12,070 crore (Rs.120.7 billion) * Rural infrastructure development outlay at Rs.14,000 crore (Rs.140 billion) * Midday meal scheme spending at Rs.8,000 crore (Rs.80 billion) * India remains second-fastest growing economy in the world * Economy expected to grow 7.1 percent this fiscal * Need to make economic growth inclusive * Government spent Rs.70,000 crore (Rs.700 billion) on 37 infrastructure projects in 2008-09 * Under public-private partnership (PPP), 54 central infrastructure projects approved * Total expenditure of PPP projects estimated at Rs.67,700 crore (Rs.677 billion) * India Infrastructure Finance Company to raise Rs.10,000 crore (Rs.100 billion) by end-March * India has weathered inflation crisis, but no room for complacency * Country's agriculture outlook is encouraging * Focussed attention to agriculture * Plan allocation for farm sector hiked 300 percent in past five years * Three-fold increase in short-term agriculture credit to Rs.250,000 crore (Rs.2.5 trillion) in 2007-08 * Farm debt worth Rs.65,300 crore (Rs.653 billion) waived of 360 million farmers. * Government will continue to provide additional subsidy to farmers * Corpus of Rural Infrastructure Development Fund hiked to Rs.14,000 crore (Rs.140 billion) from Rs.5,500 crore (Rs.55 billion) * Outlay for higher education hiked 900 percent for 11th Five-Year Plan * Country's social security net will be strengthened * New scheme unveiled for young widows in the age group of 18-40 * New disability pension scheme introduced for age group of 18-40 * 15-point programme for welfare of minorities set up * Record foreign direct investment of $32.4 billion attracted * Global economic situation not encouraging * Extraordinary situation merits extraordinary measures * Need to consider additional fiscal measures in regular budget * Financial sector reforms need to be accelerated * Non-performing assets (NPAs) of public sector banks have declined * State-run banks see NPAs drop from 7.8 percent to 2.3 percent in four years * Number of loss-making state-run units down from 73 to 58 * Profit-making units up from 143 units to 158 units * In past three years, India grew by average of over 9 percent * Per capita income expanded by 4.7 percent per annum * Fiscal deficit was brought down from 4.5 percent to 2.7 percent * Revenue deficit was cut from 3.6 percent to 1.1 percent * Exports increased 26.4 percent per annum * Foreign trade increased from 27.3 percent to 35.5 percent * Tax to gross domestic product ratio expanded by 9.2 to 12.5 percent * Agriculture grew by 3.7 percent per annum * Revised estimates for 2009-09 peg plan expenditure at Rs.282,957 crore (Rs.2.83 trillion) * Central plan increased for host of areas like telecom, rural development * Tax collections expected to fall to Rs.627,949 crore (Rs.6.28 trillion) * Revised revenue deficit is 4.4 percent of GDP against 1 percent * Revised fiscal deficit at 6 percent of GDP against 2.5 percent

February 15th, 2009 NEW DELHI - Following are the highlights of the interim budget presented by Minister for External Affairs Pranab Mukherjee in the Lok Sabha Monday: * Plan expenditure for 2009-10 pegged at Rs.953,231 crore (Rs.9.52 trillion) * Budgetary support for 2009-10 at Rs.2,85,149 crore (Rs.2.85 trillion), 17.16 percent * Additional plan expenditure between 0.5 percent to 1 percent of GDP may be considered * Subsidy for food, fertiliser and petroleum at Rs.95,579 crore (Rs.955.79 billion) * Defence allocation increased to Rs.141,703 crore (Rs.1.417 trillion) * Urban renewal spending pegged at Rs.11,842 crore (Rs.118.42 billion) * Gross market borrowing estimated at Rs.3,62,000 crore in 2009-10 (Rs. 3.62 trillion) * 2009-10 gross budgetary support at Rs.2,85,000 crore (Rs.2.85 trillion) * Substantial relief of about Rs.40,000 crore (Rs.400 billion) due to tax cuts in 2008-09 * Rural job schemes to get Rs.30,100 crore (Rs.301 billion) in 2009-10 * Rural sanitation spending at Rs.1,200 crore (Rs.12 billion) * National rural health mission spending at Rs.12,070 crore (Rs.120.7 billion) * Rural infrastructure development outlay at Rs.14,000 crore (Rs.140 billion) * Midday meal scheme spending at Rs.8,000 crore (Rs.80 billion) * India remains second-fastest growing economy in the world * Economy expected to grow 7.1 percent this fiscal * Need to make economic growth inclusive * Government spent Rs.70,000 crore (Rs.700 billion) on 37 infrastructure projects in 2008-09 * Under public-private partnership (PPP), 54 central infrastructure projects approved * Total expenditure of PPP projects estimated at Rs.67,700 crore (Rs.677 billion) * India Infrastructure Finance Company to raise Rs.10,000 crore (Rs.100 billion) by end-March * India has weathered inflation crisis, but no room for complacency * Country's agriculture outlook is encouraging * Focussed attention to agriculture * Plan allocation for farm sector hiked 300 percent in past five years * Three-fold increase in short-term agriculture credit to Rs.250,000 crore (Rs.2.5 trillion) in 2007-08 * Farm debt worth Rs.65,300 crore (Rs.653 billion) waived of 360 million farmers.