Reform taxes, cut subsidies, says Economic Survey

September 9th, 2009 Fed survey: most of US in economic healing modeWASHINGTON — A new government survey finds the vast majority of the country reporting economic activity is stabilizing or improving, as the worst recession since the 1930s appears to be over. The Federal Reserve's snapshot of economic conditions backs predictions by Fed Chairman Ben Bernanke and most other analysts that the economy has started to grow again in the current quarter.

August 14th, 2009 Obama defends health care plan amid cost questionsBELGRADE, Mont. — At a town hall style meeting, a Montana man bluntly challenged President Barack Obama's contention that he can overhaul health care without raising Americans' taxes to pay for it.

July 2nd, 2009 NEW DELHI - Suggesting some sweeping reforms in areas like foreign direct investment, divestment, taxation and the subsidy regime, India's Economic Survey says the country can achieve 7.75 percent growth this year despite the difficult global circumstances. The economy can even expand much higher than last year's growth if the monsoon rains were normal, said the country's annual economic report card for 2008-09 tabled in parliament Thursday by Finance Minister Pranab Mukherjee.

July 2nd, 2009 NEW DELHI - Finance Minister Pranab Mukherjee presented the Economic Survey 2008-09 to Parliament today. The highlights of the Economic Survey 2008-09 are as follows: 1.

July 2nd, 2009 NEW DELHI - India's Economic Survey for 2008-09 tabled in parliament Thursday has called for decontrolling petrol and diesel prices at the earliest even as the opposition protested the fuel price hike announced a day earlier. The government increased petrol and diesel prices by nearly 10 percent Wednesday, citing as a reason the climbing international oil price which has increased the burden on the state-owned oil marketing companies.

July 2nd, 2009 NEW DELHI - Salient features of a wish list in the Economic Survey for 2008-09 released by Finance Minister Pranab Mukherjee in parliament Thursday: - Cut fuel, food and fertiliser subsidy leakages - Raise foreign investment cap in insurance to 49 percent - Allow 100 percent foreign investment in health, weather insurance - Raise foreign investment cap in defence production to 49 percent and in high tech defence to 100 percent - Raise Rs.25,000 crore from divestment every year - Sell 5-10 percent in profitable non-Navratnas - List unlisted state-owned firms, divest at least 10 percent equity - Auction loss-making state-owned firms - Rationalise dividend distribution tax to avoid double taxation - Review customs duty exemptions - Remove fringe benefit tax - Remove commodity and security transaction taxes - Limit subsidy on cooking gas to six-eight cylinders per household - Kerosene subsidy only for non-electrified, non-cylinder homes - Introduce new income tax code - Provide fertiliser subsidy directly to farmers - Target zero fiscal deficit - Eliminate inverted duty structure - Convert specific textile taxes to ad valorem - Lift price control on all drugs except essentials - Roll back excess liquidity once growth picks up - Decontrol sugar and insurance industries - Auction spectrum and make it freely tradable Taking stock of the country's economic condition, the survey said India could grow by around 7.75 percent in 2009-10 if the US economy "bottoms out" by September. Among other observations it made on the economy are: - Economic growth decelerates to 6.7 percent in 2008-09 - Per capita growth at 4.6 percent - Agricultural growth falls to 1.6 percent from 4.9 percent in 2007-08 - Manufacturing sector grows at 2.4 percent - Ratio of fixed investment to GDP increases to 32.2 percent - Fiscal deficit stands at 6.2 percent - Merchandise export grows at 3.6 percent in dollar terms - Overall import growth at 14.4 percent - Social, agriculture and infrastructure sectors need boost - Rural demand still strong.

July 2nd, 2009 NEW DELHI - The Economic Survey tabled in parliament Thursday has sought the integration of diamond processing sector with jewellery manufacturing so as to boost exports. "Forward integration of the diamond processing sector to jewellery manufacturing, where the value addition achieved is the highest, will help in boosting the export performance once the existing economic downturn passes by, the survey said.

July 2nd, 2009 CHENNAI - Life insurance penetration in India dipped in 2007, first time since the sector was opened up for private players a decade ago, said the country's Economic Survey for 2008-09 released here Thursday. "The life insurance penetration in India increased from 1.77 percent in 2000 to 4.1 percent in 2006, before declining to 4 percent in 2007," the survey tabled in parliament by Finance Minister Pranab Mukherjee said.

July 2nd, 2009 NEW DELHI - There should be a single regulatory body for the transport sector including highways, railways, ports and airports to ensure better cohesion, the Economic Survey for 2008-09 tabled Thursday has suggested. According to the survey, there should be at least one member from each of these sub-sectors and the authority could have specialized groups of professionals in each sector.

June 19th, 2009 Denver airport reaped federal farm subsidiesDENVER — Denver International Airport reaped about $400,000 in federal agricultural subsidies between 1995 and 2003 by leasing up to 18,000 acres of its land to farmers. About two-thirds of the money went to the farmers.

June 18th, 2009 Embarq, Sprint sue government over taxesOVERLAND PARK, Kan. — Embarq Corp.

June 8th, 2009 NEW DELHI - Despite signs of an improving economy, India Inc feels actual recovery will happen only after September, a survey by the Confederation of Indian Industry (CII) has found. According to the survey, conducted by the CII northern region, 96 percent of respondents believe a turnaround would happen only in the second half of 2009-10, thanks to the ongoing global slowdown The survey found 72 percent of respondents expecting the economic growth to be in the range of 5-7 percent this fiscal.

June 4th, 2009 States expect spending drop next yearWASHINGTON — In response to the economic downturn, the nation's governors expect to trim their state budgets by about 2.5 percent through cuts in education, Medicaid and state employee salaries and benefits. In a survey conducted by the National Governors Association and the National Association of State Budget Officers, some governors said they will recommend lower payments for health care providers serving Medicaid patients, while others indicated they may also seek reductions and benefit cuts for state employees.

May 4th, 2009 CHENNAI - Economic reforms will continue unabated even if the Third Front forms the next government at the centre, a top industry official said here Monday. The Third front is an eight-party alliance in which the Left parties, which are generally opposed to the economic reforms, are main constituents.

March 28th, 2009 NEW DELHI - Almost 10 percent of the government's tax receipts come from just 41 companies, a survey has revealed. The report was released here Saturday.