Plan allocation for agriculture up 300 percent in five years

August 14th, 2009 WASHINGTON - India will get the equivalent of about $4.78 billion as its share of International Monetary Fund's (IMF) Special Drawing Rights (SDR) worth $250 billion to provide liquidity to the recession hit global economic system. IMF will make the general SDR allocation on Aug 28 following formal approval by its board of governors last week of the proposal to allocate SDRs equivalent to $250 billion to provide liquidity to the global economic system by supplementing the Fund's member countries' foreign exchange reserves.

July 6th, 2009 NEW DELHI - Finance Minister Pranab Mukherjee Monday stepped up by 45 percent the budgetary allocation for the flagship Bharat Nirman (Build India) programme that focuses on rural development and poverty alleviation.

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 MUMBAI - The All India Association of Industries (AIAI) has welcomed the hikes in allocations for infrastructure, agriculture and small and medium enterprises (SMEs) for exports in the fiscal 2009-10 budget announced Monday, and termed the move as growth-oriented". According to AIAI president Vijay Kalantri, the increased allocation of Rs.5,000 crore for railways, 23 percent for national highways, higher allocation for gas grid, Rs.7,000 crore for rural electrification and 87 percent increase in the Jawaharlal Nehru National Urban Renewal Mission would generate employment and serve as a growth stimulus.

July 6th, 2009 NEW DELHI - The allocation for the Jawaharlal Nehru National Urban Renewal Mission has been increased by 87 percent to Rs.12,887 crore, Finance Minister Pranab Mukherjee said while presenting the union budget in parliament Monday. Additionally, the Indira Awas Yojna, a housing programme for the poor, has been allocated Rs.2,000 crore, while a Rs.2,000-crore special fund has been set up to finance rural housing projects.

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: - No change in corporate tax rate - Income tax exemption limit for senior citizens increased by Rs.15,000, for women and others by 10,000 each - New indirect tax will be introduced in 45 days - Fringe benefit tax abolished - Goods and services tax (GST) will be introduced April 1, 2010 - An alternative dispute settlement mechanism to be set up to settle tax disputes - Lawyers brought under the ambit of service tax - Tax exemption on profits in the natural gas sector extended - Customs duty on LCD TVs reduced to 5 percent from 10 percent - Five percent customs tax imposed on set-top boxes - Rs.500 crore for the rehabilitation of displaced Sri Lankan Tamils and reconstruction activities in that country - Aligarh Muslim University campuses to be set up in Murshidabad in West Bengal and Malappuram in Kerala - Allocation for the minority affairs ministry raised to Rs.1,740 - Plan expenditure up 34 percent, 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.20,000 crore 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 - 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 - 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

February 15th, 2009 NEW DELHI - Saying a 'threshold has been crossed' with the Mumbai terror attacks, External Affairs Minister Pranab Mukherjee hiked the allocation for defence by 34 percent to Rs.141,703 crore (Rs.1.417 trillion) in the interim budget for 2009-10 he presented in the Lok Sabha Monday. The allocation is nearly 15 percent of the total interim budget of Rs.953,231 crore for the fiscal beginning April 1.

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.

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: * 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 (Rs.700 billion) crore 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.2,500 billion) * 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 * 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 * 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

February 15th, 2009 NEW DELHI - Holding a 'threshold has been crossed' with the Mumbai terror attacks, the Indian government hiked the allocation for defence by 34 percent to Rs.141,703 crore (Rs.1.417 trillion) in the interim budget for 2009-10 External Affairs Minister Pranab Mukherjee presented in the Lok Sabha Monday. The allocation is nearly 15 percent of the total interim budget of Rs.953,231 crore for the fiscal beginning April 1.

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 4th, 2009 HYDERABAD - Andhra Pradesh Finance Minister K. Rosaiah Thursday presented a tax-free revenue surplus vote-on-account for 2009-10 with an overall expenditure of over Rs.1,000 billion (Rs.100,000 crore).