Ahead of the Budget, Chief Economic Advisor Raghuram Rajan today said bringing down fiscal deficit, lowering current account deficit and restarting stalled projects to revive growth was the top priority of the government

Reducing twin deficit, reviving growth priority: Rajan

Business Standard

The Reserve Bank of India (RBI) today said that inflation in the country is still high despite the WPI (wholesale price index) based inflation falling to a three-year low of 7.18% in December 2012

Inflation still high, says RBI governor

After two terms in office, the Congress led UPA is looking desperately for a magic formula that will help to shrug off anti- incumbency and deliver it a third term. It is hoping that the 2013 budget will go towards doing just that. Party insiders say that while populist schemes will certainly figure in the budget, the UPA at the same time will ensure that it does not stray from the reforms path. The just concluded Congress Chintan Shivir at Jaipur, had laid a roadmap for ensuring â€œinclusive growthâ€ reaching out to the poor as well as the middle class. Opposition BJP on the other hand, has blamed the UPA for the current policy paralysis due to which economic growth has fallen to about 5 per cent. It wants the government to take steps to restore investor confidence and to reverse the trend of jobless growth in the country.

What the Congress and the BJP want from the Budget

State-owned United Bank of India is likely to get Rs 100 crore fund infusion through preferential issue of shares to the government by end of next month

United Bank of India to get Rs 100 cr capital support

What this Budget may herald, and the impact should it happenThe FM has announced the deferral of implementation of the General Anti Avoidance Rules (GAAR) by two years and the grandfathering of investments made before 30 August 2010. This break of two years is expected to provide an opportunity to the tax administration to gear up the machinery to administer the GAAR. One should not forget that even in the absence of statutory GAAR, the judicial GAAR has always been prevalent in India. The business community is keenly waiting for the certainty on interplay between the GAAR and the SAAR (including LOB clause in tax treaties).  The FM has merely announced where GAAR and SAAR are both in force, only one will apply to a given case.Given that the GAAR is now proposed to be deferred and that there is a need to raise more revenue to reduce the fiscal deficit, Budget 2013 may introduce more specific anti-avoidance rules (SAAR) to address the known tax avoidance arrangem

EXPERT VIEW: Rahul Garg

Nineteen days before presenting the Budget, Finance Minister P Chidambaram today used his packed schedule in the countryâ€™s commercial capital to build confidence about the economy. He dismissed the Central Statistical Officeâ€™s (CSO) growth projection and said the economy was already seeing green shoots and was likely to grow at a higher rate of 5.5 per cent this fiscal which would further improve to 6-7 per cent in 2013-14.

FM sees green shoots, 6-7% growth in FY 14

The reduction in personal income tax and introduction of additional investment incentives is a welcome relief for the large IT industry employees. However, the IT industry would have liked to see the extension of the tax benefits under the STPI scheme beyond 2011 and no increase in the MAT. The increase in MAT is likely to impact the SMEs the hardest and was avoidable at least for the IT industry.

'IT industry expected more'

Telecom operators and analysts predict that Finance Minister Pranab Mukherjee will fall short of the Rs 35,000 crore target from the auction of third generation (3G) and broadband wireless access (BWA) licences by Rs 5,000 crore to Rs 10,000 crore on account of waning investor appetite and heightened risk perceptions.

Pranab may fall short of 3G auction revenue

The R&amp;D spend of drug companies could increase to the tune of 25 to 50 per cent thanks to the Budget push, feel Gujarat based pharma majors. This year's Union Budget has increased the weighted deduction for research and development (R&amp;D) expenditure to 200 per cent from 150 per cent, thereby enabling an improved cash flow by reducing the tax burden.

Budget could push R&D spend by 25-50%: pharma players

PricewaterhouseCoopers analyses impact of key tax proposals made in Budget 2010.
Direct Tax
Indirect Tax
What the Budget means for the social sector

I-T revision leads govt reforms agenda

Oil marketing companies (OMCs) like Bharat Petroleum Corporation (BPCL), Indian Oil Corporation (IOC) and Hindustan Petroleum Corporation (HPCL) have declined 2-4% each in otherwise strong market, after the restoration of basic custom duty of 5% on crude petroleum and 7.5% for petrol and diesel.

OMCs continue southbound journey post Budget

&quot;I am confident that the government will be in a position to implement DTC from April 2011... It will be my earnest endeavour to implement GST along with DTC next year,&quot; Finance Minister Pranab Mukherjee said in his Budget speech.

GST, Direct Tax Code from April 2011

Press Trust of India

Subhash Projects, Gammon Infrastructure, Madhucon Projects, MSK Projects and Lanco Infratech have gained more than 2% each on the BSE.

Infrastructure stocks spurt on higher allocation

Finance Minister Pranab Mukherjee today said government will soon come out with a draft of the Food Security Bill.

Food Security Bill draft soon

The government today proposed to extend the concessional export finance regime for select exporters for one more year till March 31, 2011, thus giving the slowdown-hit sector further relief.

'Interest subsidy for exporters extended by one year'

Finance Minister Pranab Mukherjee presented the Union Budget for 2010-11 in the Lok Sabha.

Pranab Mukherjee presents Union Budget for 2010-11

The government today allocated Rs 1,47,344 crore towards defence in 2010-11 budget, a paltry 4 per cent increase from last year's Rs 1,41,703 crore.

Only 4% increase in defence budget

Consumers will have to pay more for petrol, diesel, cars, TVs, cigarettes, tobacco, air-conditioner, gold and silver as the government today announced hike in excise duty as part of a partial roll back of stimulus measures announced for reviving the economy.

Pay more for cigarettes, TVs, ACs and cars

The government on Friday allocated Rs 4,500 crore to Social Justice and Empowerment Ministry for 2010-11, marking a substantial increase of 80 per cent over last year.

80%  jump in Social Justice Ministry budget

The government today increased excise duties by 2 per cent to 10 per cent on all non-oil products, as part of withdrawal of stimulus measures, with Finance Minister Pranab Mukherjee saying the economy was on the recovery path.

Govt starts stimulus rollback, raises excise duty by 2%

News agencies, which fulfil certain criteria, are to be exempted from payment of service tax, Finance Minister Pranab Mukerjee said today.

Service tax exemption for news agencies: Pranab

Budget 2026 News: Get latest news and headlines on India budget 2026. Explore more news on railway budget, healthcare budget, defense budget along with latest income tax slab rates on Business Standard.

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