BUDGET 2009:Killer Machine Emerges with HUMAN Face to Hold On the DEMOGRAPHIC Readjustment for VOTE BANK Mobilisation with Slogan Inclusive Growth and Non Plan Expenditure, Fiscal Deficit, NAREGA and Betraying Social Commitment Whereas ROAD Map of DIVESTMENT,Economic REFORMS, BAIL OUT, STIMULANT An Hidden AGENDA of MASS DESTRUCTION are COVERED Up with SURGICAL Precision in Accordance with ELITE Bengali Scientific Manusmriti CO OPTION! RBI, FINMIN and Extra Constitutional Elements COMPETENT Enough to By Pass Parliamentary, Constitutional and Political Barriers in the HIGHWAY of ZIONIST Americanisation! EXCELLENT Strategic SHOCK ABSORBER for APPEASEMENT Meanwhile.
Troubled Galaxy Destroyed Dreams, Chapter 277
Palash Biswas
Bank of Japan says economic slump easing
6 Jul 2009, 1315 hrs IST
Japan's economy has started to stop deteriorating, the central bank said Monday, upgrading its assessment of the country's nine regions for the first time since 2006.
RBI, Sebi turf war likely as policy makers root for single regulator
6 Jul 2009, 0600 hrs IST, Sangita Mehta, ET Bureau
MUMBAI: A policy proposal, somewhat lost in the numerous tables in the Economic Survey, could stoke an old, simmering turf war between two financial
market regulators — RBI and Sebi. The survey 2008-09 released last week has suggested that all financial market regulations should be brought under the Securities & Exchange Board of India to “encourage integrated development.”
While policy recommendations in the survey, made by economists and technocrats in the government don’t necessarily translate into policy shifts, it has the potential to spark a debate.
A few years ago, the central bank had resisted moves that could have eroded its hold on the debt market — a market for government securities and corporate bonds. The bank had argued that retaining control on this segment of the market is a prequisite for efficient conduct of the monetary policy. The movement of bond yields influences interest rate, which is a basic monetary policy tool. Chances are that the present proposal in the survey may not go down well with RBI.
At present, Sebi regulates segments of financial markets such as equities and listed corporate bonds while RBI regulates the money market and foreign exchange market
, besides acting as a banker to the Centre and state governments.
Similar suggestions on transfer of regulations to the market regulator have been made by earlier committees, and one of the reasons why it could revive now is because of the initiative taken by the government to set up a debt management office that would decide the issuances of government bonds. However, sections in the market think that the government should not rush through any transfer of regulatory powers.
“Care is necessary while contemplating any changes in regulatory structure so that core competencies of various regulators are not unnecessarily altered,” said Mridul Saggar, chief economist of Kotak Securities. Mr Saggar, who was a former RBI official, feels: “It’s important to keep in view that control over interest rates and monetary policy efficacy is preserved and if that requires segmentation of debt market regulation, it’s not such a bad thing when we already have entity wise regulation in place.”
Over the years, the financial market has seen the emergence of new products and a proposal to shift regulatory powers would have to grapple with other issues. For instance, exchange-traded foreign currency derivative has been introduced and exchanges are believed to be at an advanced stage on the launch of interest rate futures. While over-the-counter market on foreign exchange, predominantly dominated by authorised dealers such as banks, is regulated by RBI, which also intervenes in this market, both regulators have a say in the exchange-traded currency futures market.
However, financial intermediaries and institutions have long been demanding a single regulator. More recently, sections within the ruling party have demanded that FMC, the commodity market regulator, should be brought under Sebi. “To have a single regulator is a good idea. A super regulator would be better positioned to plug such gaps. In fact, many developed economies are looking at a single super regulator. But whether the onus should be on RBI or Sebi is a call that the government needs to take,” said Naresh Takker, MD and CEO of ICRA.
http://economictimes.indiatimes.com/News/Economy/Policy/RBI-Sebi-turf-war-likely-as-policy-makers-root-for-single-regulator/articleshow/4742450.cms
Govt to introduce Food Security Bill soon
6 Jul 2009, 1225 hrs IST, PTI
NEW DELHI: The government on Monday said it will soon introduce a Bill to enact a Food Security law that will provide 25 kg of rice and/or wheat at
Rs 3 to each family below the poverty line - a key poll promise of the Congress that heads the ruling coalition.
Presenting the Union Budget 2009-10, Finance Minister Pranab Mukherjee said, the Bill will soon be introduced after consultation with different stakeholders.
A draft Food Security Bill will be put up on the website of the Ministry of Food and Public Distribution for public debate on this issue, he added.
President Pratibha Patil had, on June 4, said a National Food Security Act would be formulated whereby each BPL family would be entitled by law to get 25 kg of rice or wheat per month at Rs 3 a kg, a promise made by the Congress before general elections 2009.
At present, the Centre provides 35 kg of rice or wheat per month to each BPL family. Wheat is supplied at Rs 4.15 per kg while rice at Rs 5.65 a kg to over four crore families living below the poverty line.
The Centre has enough foodgrain in its buffer stock to implement this law. On the back of bumper foodgrain output and higher minimum support prices, the government has procured a record of over 250 lakh tonnes of wheat and over 300 lakh tonnes of rice till July 3 this marketing season.
NEW DELHI: The government on Monday said it will soon introduce a Bill to enact a Food Security law that will provide 25 kg of rice and/or wheat at
Rs 3 to each family below the poverty line - a key poll promise of the Congress that heads the ruling coalition.
Presenting the Union Budget 2009-10, Finance Minister Pranab Mukherjee said, the Bill will soon be introduced after consultation with different stakeholders.
A draft Food Security Bill will be put up on the website of the Ministry of Food and Public Distribution for public debate on this issue, he added.
President Pratibha Patil had, on June 4, said a National Food Security Act would be formulated whereby each BPL family would be entitled by law to get 25 kg of rice or wheat per month at Rs 3 a kg, a promise made by the Congress before general elections 2009.
At present, the Centre provides 35 kg of rice or wheat per month to each BPL family. Wheat is supplied at Rs 4.15 per kg while rice at Rs 5.65 a kg to over four crore families living below the poverty line.
The Centre has enough foodgrain in its buffer stock to implement this law. On the back of bumper foodgrain output and higher minimum support prices, the government has procured a record of over 250 lakh tonnes of wheat and over 300 lakh tonnes of rice till July 3 this marketing season.
SOURCE
TI
BUDGET 2009
Market
NSE|BSE
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SENSEX 14168.40 -744.65
NIFTY 4236.35 -187.90
NASDAQ 1796.52 -49.20
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RS/$ 47.99 0.20
*
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Expand Collapse Budget Highlights
1244 hrs IST
Indirect Tax changes to yield Rs 2000 crore in 2009/10
1243 hrs IST
2009/10 gross market borrowing seen at Rs 4.51 trillion
1238 hrs IST
Full exemption for branded gold, silver jewellery from excise duty
1238 hrs IST
Construction industry gets full exemption for concrete slabs
1237 hrs IST
Some law services brought under service tax
1215 hrs IST
Surcharge on personal Income Tax slashed by 10%
1231 hrs IST
Small businesses exempt from advance tax
1231 hrs IST
MAT hiked to 15% of book profit
1214 hrs IST
Hike in IT exemption to Rs 2,40,000 for senior citizens
1235 hrs IST
Custom duty on set-top boxes is now 5%
1217 hrs IST
Commodity transaction tax is abolished
1216 hrs IST
GST to come into effect from April 01, 2010
1214 hrs IST
Corporate tax unchanged
1213 hrs IST
Fringe benefit tax to be scrapped
1212 hrs IST
10% surcharge on direct taxes has been removed
1202 hrs IST
Fiscal deficit seen at 6.8% in FY-10
1200 hrs IST
Total subsidy element is Rs 1,11,276 cr. Defence gets Rs 1,41,732 cr
1158 hrs IST
Estimates for FY-10: Total expenditure is Rs10, 20, 800 crore
1156 hrs IST
Some 46 lakh BPL families will be covered under a new health insurance plan
1155 hrs IST
Unique ID project to roll out in 12-18 months
ET Portfolio Wizard:Track and juggle your investments and watch your money grow.
Market cuts losses; Sensex down 500 points
6 Jul 2009, 1339 hrs IST, ET Bureau
Markets were off lows but still under pressure as the budget disappointed on many fronts. Gainers: BSE ( A, B ), NSE | Losers: BSE ( A, B ), NSE I 52 Week: High, Low
* Govt scraps Commodity Transaction Tax; Com bourses hail move
Indian carmakers cashing in on Europe's green drive
6 Jul 2009, 0742 hrs IST, CHANCHAL PAL CHAUHAN,ET Bureau
India is reaping the benefits of incentives offered by Germany, France & UK to people exchanging their old cars for new fuel-efficient ones. Similarities: Nano and Indica
* Auto makers may not get discounts from parts cos
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Blogs: Private dispute over national property|Who will benefit from raw sugar imports?
Investor's Guide
Nifty companies to report marginal improvement in June quarter Railways continues to lose ground to competitors
Railways could miss opportunity of high oil prices to reclaim its old glory. BULL'S EYE: Rolta India, Tata Steel, Max, Cairn, Aditya Nuvo
* Pre-Budget anxiety I Sectors surviving odds | Adlabs Films
* Techno Wrap: Sluggish uptrend | Increase EMI or loan tenure?
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India finmin sees econ growth at 9 pct in next FY
Mon Jul 6, 2009 4:38am EDT
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Market News
Asia stocks slip as safety favored
Oil falls towards $64 on economic gloom
India deficit to widen on spending; markets fall
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NEW DELHI, July 6 (Reuters) - India can return to economic growth of 9 percent per annum in the next fiscal year, as its economic fundamentals remain strong, the finance minister said on Monday.
"Today India is on the path of high growth syndrome. Of course, there has been a blip this year," Pranab Mukherjee said. "But next year, I do hope we get back to 9 percent of GDP growth."
India's economy grew 6.7 percent in the fiscal year that ended on March 31, its slowest in the last six years.
For a complete coverage of the budget, please click here (Reporting by Surojit Gupta)
Finance Minister Pranab Mukherjee presented the 2009-10 Union Budget in the Parliament on Monday. Following are the key highlights:
CHALLENGES
· To lead economy to high GDP growth rate of 9 per cent per annum at the earliest
· To deepen and broaden the agenda for inclusive development to improve delivery mechanisms of the government.
OVERVIEW OF THE ECONOMY
· Growth rate of Gross Domestic Product dipped from an average of over 9 per cent in the previous three fiscal years to 6.7 per cent during 2008-09.
· Whole sale price index rose to nearly 13 per cent in August, 2008 and had an equally sharp fall to zero per cent in March, 2009.
· The structure of India’s economy changed over the last ten years with contribution of the services sector to GDP at well over 50 per cent and share of merchandise trade doubling to 38.9 per cent of GDP in 2008-09.
Finance Minister Pranab Mukherjee on Monday proposed to increase the Income Tax exemption limit for senior citizens by Rs 15,000, for
Tax
Tips to lower your tax bill
Plan tax investments early
women and others by Rs 10,000 each, while keeping the corporate tax rate
unchanged.
Finance Minister Pranab Mukherjee began presenting India's budget for this fiscal in the Lok Sabha on Monday, promising all that his government can do to ensure inclusive growth and address the growing aspirations of the country's young population.
Dressed in a spotless white bandgala suit, the 73-year-old politician said the United Progressive Alliance (UPA) government would push forward an agenda that will ensure 12 million new jobs each year and reduce poverty by half by 2014.
"The government recognises the challenges," he said, referring to the global slowdown and the decline in India's high growth rate in the past year to 6.7 per cent from over 9 per cent in the preceding three years.
"The first challenge is to bring back the GDP (gross domestic product) growth rate to over 9 per cent per annum," he said, setting the tone of what is his fourth career budget.
"There are signs of an economic recovery."
He said the other challenges included better governance and to ensure that the fruits of development reached across regions to touch the lives of every citizen.
The exemption limit will now be Rs 240,000 for senior citizens, Rs 190,000 for women and Rs 160,000 for others. The 10% surcharge on personal Income Tax has also been slashed.
For women the exemption limit has been raised to 190,000 and for others the exemtion limit has been raised by Rs 10,000 to 160,000.
He has also gone ahead and abolshed the fringe benefit tax. The Budget has also abolished the Commodities Transaction Tax.
Killer Machine Emerges with HUMAN Face to Hold On the DEMOGRAPHIC Readjustment for VOTE BANK Mobilisation with Slogan Inclusive Growth and Non Plan Expenditure, Fiscal Deficit, NAREGA and Betraying Social Commitment.
In tune with the poll promises made by the Congress and reflecting the pressures of the global financial crisis, Finance Minister Pranab Mukherjee on Monday presented the Budget for 2009-10 that contained a series of measures that could be termed popular.
The government today announced a slew of tax sops, including an additional Rs 10,000 personal income tax exemption and scrapping of 10 per cent surcharge, while announcing cheaper loans to farmers and incentives for export and infrastructure to attain nine per cent growth.
Beginning with incentives for individual tax payers that included an additional exemption of Rs 15,000 for senior citizens and Rs 10,000 for women and others, Mr. Mukherjee also abolished Fringe Benefit Tax that could ease pressure on employers in giving benefits to the workers, but there was no change in corporate tax as also the rates for customs, excise and service tax.
The stock market, however, tanked, with BSE benchmark plunging by over 700 points.
India Inc on Monday welcomed the focus on reviving economic growth to 9 per cent as also the indications for bold tax reforms, but
expressed regret that the Minimum Alternate Tax was raised and Security Transaction Tax was let to continue.
"Finance Minister Pranab Mukherjee's efforts to revive the economy back to nine per cent (growth) is in the right direction," ICICI Bank MD and CEO Chanda Kochhar said today.
"I am happy on behalf of the whole industry that Fringe Benefit Tax has been abolished, but I am a little bit unhappy about MAT," top industrialist Rahul Bajaj said.
The MAT rate was hiked to 15 per cent from 10 per cent. Kochhar felt that the Securities Transaction Tax too should have caught the government's attention.
"Health care sector has been ignored. We had been expecting a boost for the health care infrastructure, but nothing has been said. Budget was mute. We are disappointed," Shivinder Mohan Singh of Fortis said.
The stock market tanked 700 points mid-way during Mukherjee's Budget speech, but recovered partially at 1315 hrs.
The industry also welcomed restoration of seven year tax break on natural gas production, saying it will help attract foreign bidders for NELP-VIII.
"This was always there. It is not a new benefit. We are very happy about the clarification as it ends the ambiguity," said P M S Prasad, President and CEO (Oil & Gas), RIL.
The government will work towards simplifying the tax structure in the next four years, Finance Minister Pranab Mukherjee said while presenting the union budget for 2009-10 in the Lok Sabha on Monday. The income tax department has also been asked to introduce the simplified version of the tax filing form Saral, called Saral 2.
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). This is a hike of 144 percent," Finance Minster Pranab Mukherjee said while presenting the budget for fiscal 2009-10 in the Lok Sabha.
"NREGA is a magnificent success. The government is committed to providing a wage of Rs.100 a day to rural households in convergence with other schemes for rural areas. One hundred and fifteen pilot districts have been identified for these convergence schemes. The details will be given by the minister for rural development," Mukherjee added.
The finance minister said the government would soon publicise a draft food security (guarantee) bill and seek comments from everybody before finalising the bill. In its election manifesto earlier this year, the Congress had promised 25 kg of rice or wheat a month at Rs.3 per kg to families below the poverty line.
Whereas ROAD Map of DIVESTMENT,Economic REFORMS, BAIL OUT, STIMULANT An Hidden AGENDA of MASS DESTRUCTION are COVERED Up with SURGICAL Precision in Accordance with ELITE Bengali Scientific Manusmriti CO OPTION!
RBI, FIMIN and Extra Constitutional Elements COMPETENT Enough to By Pass Parliamentary, Constitutional and Political Barriers in the HIGHWAY of ZIONIST Americanisation!
EXCELLENT Strategic SHOCK ABSORBER for APPEASEMENT Meanwhile.
Government on Monday outlined measures to speed infrastructure development and unveiled increased spending for farmers and the poor in
its first budget since Prime Minister Manmohan Singh's government was reelected by a resounding margin in May. Finance Minister Pranab Mukherjee, sticking to the theme of "inclusive growth" espoused by the Congress party-led government, unveiled breaks for exporters hard-hit by the global downturn and direct subsidies for farmers.
He also urged a return to fiscal responsibility targets as soon as possible. "The first challenge is to return the GDP growth rate of 9 percent per annum at the earliest," Mukherjee said. "The second challenge is to deepen and broaden the agenda for inclusive development." Bond yields rose rose after the announcement of additional spending, while stocks were down by 1.37 per cent.
The first budget of Singh's new administration is seen as a roadmap for how he will govern for the next five years after his Congress party-led coalition was reelected by an unexpectedly decisive margin. Mukherjee called on states to remove bottlenecks for infrastructure projects, and outlined plans for more flexible financing for infrastructure and development of long-distance gas pipelines.
Unconstrained by its previous alliance with leftist parties, Singh's new government has a freer hand to implement economic liberalisation measures to drive expansion but has also promised "inclusive growth" to support social programmes and rural development. At the same time India is hobbled by a fiscal deficit that ballooned to 6.2 per cent in the financial year that ended in March, with the bond market pricing in expectations that the figure could creep higher this year to as much as 6.5 per cent.
Including off-balance sheet items like subsidies for fuel and food, as well as state-level shortfalls, country's overall fiscal deficit for the year that ended in March was about 10 per cent of GDP. That compares with less than 3 percent of GDP for China and more than 12 per cent of GDP for the United States in the latest fiscal years.
Country's economy grew at 6.7 per cent in the most recent fiscal year, held back by the global downturn, after expanding at least 9 per cent for three straight years. The finance ministry said on Thursday that growth could rise to 7 per cent this year -- towards the high end of the range of private forecasts -- and subsequently increase to 8.5 to 9 per cent if the government adopts sweeping reforms and speeds infrastructure development.
With the developed world mired in recession, big emerging economies led by China, which is on track for 8 per cent growth this year, and India account for a rising share of global output and are expected to help drive global recovery. Both economies have been fuelled by stimulus spending to spur domestic demand.
The run-up to annual budget announcement, always subject to fierce jockeying by ministries, industries and other interest groups, was especially frenzied this year given the ruling coalition's decisive electoral win.
Anticipation that the government would unleash sweeping market-oriented reforms sent Indian stocks surging 17 per cent on the first trading day after the election result in May. But that has led market watchers to warn that expectations for the administration's first budget may be unrealistically high.
Stocks jumped by nearly half in the April-June quarter. Last week, the government unexpectedly raised fuel prices by as much as 10 per cent, passing part of the recent surge in global oil prices on to consumers. Friday's railways budget, however, included improved..
IANS adds:
Promising to halve poverty by 2014 and add 12 million jobs each year, Finance Minister Pranab Mukherjee presented India's budget for this fiscal that hikes income tax exemption limit and steps up allocations for welfare schemes and infrastructure, while assuring high growth for the $1.2 trillion economy once again.
The income tax exemption limit for senior citizens was sought to be hiked by Rs.15,000, while that for women and others was stepped by Rs.10,000. The 10 percent surcharge on personal income tax also sought to be removed in Mr. Mukherjee's budget presented in the Lok Sabha.
New incentives to farmers, 45 percent jump in funds for Bharat Nirman, India's flagship rural reconstruction programme, higher spending on urban development, fresh impetus on energy security and revival of the divestment programme were among the highlights of the 100-minute Mr. Mukherjee's budget.
He also announced that the national food security act will be enacted soon promising 25 kg of rice or wheat per month to the poor at Rs.3 per kg, while announcing a new health insurance scheme for those below the poverty line.
For India Inc, the corporate tax rate was kept unchanged, even as the finance minister sought to reduce the burden on industry by abolishing the commodities transaction tax, but hiked the minimum alternate tax to 15 percent of book profits.
Mr. Mukherjee also promised to scrap the fringe benefit tax to please corporates, introduce a pan-India goods and services tax from April next year and gave 100 percent tax deductions to political donations.
Dressed in a smart white bandgala suit, the 73-year-old politician - who had presented his last budget as finance minister in the government of prime minister Indira Gandhi 25 years ago - said the United Progressive Alliance (UPA) government would push forward an agenda that will ensure 12 million new jobs each year and reduce poverty by half by 2014.
"The government also recognises the challenges," he said, referring to the global slowdown and the decline in India's high growth rate in the past year to 6.7 percent from over 9 percent in the preceding three years.
"The first challenge is to bring back the GDP (gross domestic product) growth rate to over 9 percent per annum," he said, setting the tone of what is his fourth career budget watched by Prime Minister Manmohan Singh and UPA chairperson Sonia Gandhi.
He said the other challenges included better governance and to ensure that the fruits of development reached across regions to touch the lives of every citizen - the 'aam admi' (the common man) as he called them.
Mr. Mukherjee said infrastructure would also be a priority, especially in areas like roads, highways and energy. “I, on my part, will ensure that sufficient funds are made available to these sectors.”
The finance minister also said the unique identification plan, approved by the previous UPA government will be operational in 12-18 months and the process begin to hand over biometric smart cards to 1.17 billion citizens.
He said the total central government expenditure for the current fiscal year had been stepped up to Rs.10,20,800 crore, and compared it with Rs.193 crore that was set aside in the country's first budget over six decades ago.
Mr. Mukherjee said with industry still under the grip of global recession, the finance minister said he was providing additional incentives in the form of both direct and indirect taxes.
He enhanced the customs duty on items like set-top boxes, LCD televisions and premium textile goods to encourage domestic production and value addition.
Watch Union Budget: Live
Union Cabinet approves Budget 2009-10
New Delhi (PTI): The Union Cabinet on Monday approved the Budget for 2009-10.
As is customary, the Cabinet met an hour before the presentation of the budget in the Lok Sabha to put its seal of approval.
Govt scraps Commodity Transaction Tax; Com bourses hail move
The government today abolished the Commodity Transaction Tax (CTT) that was announced in the Budget last year, but was yet to be
implemented and the commodity exchanges rejoiced the decision.
Finance Minister Pranab Mukherjee announced the scrapping of the CTT while presenting the Budget for 2009-10. He said the decision is in step with the recommendation of the Prime Minister's Economic Advisory Council.
The government had proposed 0.017 per cent as the CTT (Rs 17 on the transaction value of every Rs one lakh trade on commodity exchanges).
The CTT was announced in line with the Security Transaction Tax (STT) in the 2008-09 Budget by then Finance Minister P Chidambaram but was not notified following stiff opposition from regulators and exchanges.
Reacting to the decision, commodity market regulator FMC Chairman B C Khatua said, "We are very happy for industry."
Expressing satisfaction, a spokesperson with the country's largest commodity exchange MCX said, "Thanks to the government for taking the decision. This will make the domestic market more efficient to compete globally and risk management will become more effective."
Similarly, leading farm commodity exchange NCDEX spokesperson Madan Sabnavis said, "This is a blessing for the entire commodity market. We were eagerly looking for this. It will restore confidence in the market."
Government changes fertiliser subsidy method
India will change the method of subsidising fertiliser prices by shifting to a "nutrient based subsidy regime" from a "product pricing
regime", Finance Minister Pranab Mukherjee announced while presenting the 2009-10 budget in parliament Monday.
So far fertiliser manufacturers have been subsidised so that they sell to farmers at low prices. Mukherjee said the new move would lead to "unshackling of the fertiliser manufacturing sector", and he expected "fresh investments" as well as "direct transfer of subsidies to farmers".
Increased allocations growth-oriented, says industry body
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.
"The increase in allocation of 75 percent towards irrigation sector will boost the agro-industries sector," Kalantri said in a statement after Finance Minister Pranab Mukherjee presented the union budget for 2009-10 in the Lok Sabha Monday.
"AIAI also welcomes the hike in allocation to Market Development Scheme and the Rs.4,000 crore special fund to be operated by banks for SMEs to revive from the recessionary trends," he added.
Stimulus packge for print media extended till Dec 31
The government on Monday extended the economic stimulus package for the print media by six months till Dec 31.
"Since the print media is still passing through difficult times, the stimulus package for the print media is being extended till December 31, 2009," Finance Minister Pranab Mukherjee said while presenting the budget for fiscal 2009-10 in the Lok Sabha.
