When it comes to quoting from literary masterpieces in Budget speeches, Finance Minister Pranab Mukherjee today made a quantum leap to quote the great modern-era playwright Shakespeare, after invoking words of ancient Indian economist Kautilya at least thrice in the past.

From Kautilya to Shakespeare: Budget gets modern on quotes

Press Trust of India

The steel sector has plenty to cheer in the Budget 2012-13, as it has proposed increasing the import duty on flat-rolled steel to 7.5% and reducing duty on plant and machinery imports for iron ore beneficiation to 2.5%.

Budget provides impetus to steel with import duty cuts

The government played it safe in unveiling its Union Budget on Friday, pledging reforms but setting only modest targets for trimming a ballooning fiscal deficit, disappointing investors and sending bond yields surging.

Experts see Budget as populist and modest

Reuters 

The Information and Broadcasting Ministry saw an increase of 5% in its budgetary allocation for fiscal 2012-13, with Finance Minister Pranab Mukherjee allocating it Rs 2,737.32 crore as against the last year's Rs 2,604.78 crore.

I&B Ministry gets allocation of Rs 2,737 cr, up 5%

The government today proposed setting up a Rs 5,000 crore venture fund with SIDBI to enhance availability of equity to micro, small and medium enterprises.

Govt proposes Rs 5,000-cr venture fund for MSMEs

BS Chat: TN Ninan & AK Bhattacharya discuss Budget 2012

Business Standard

The government's dependence on debt has gone up from 27 paise in the previous Budget to 29 paise in the coming year, reflecting the pressure on revenue collections.

Govt to borrow 29 paise for every rupee

On the lines of the proposed Direct Taxes Code (DTC), the government plans to come out with a Common Tax Code (CTC) for service tax and central excise duty to harmonise the two indirect levies.

Common tax code proposed for service tax, excise duty

India's headline inflation will ease to about 6.5% by the end of this month, and will further ease to about 6% or below over the year, the Prime Minister's chief economic adviser C Rangarajan said on Friday.

Inflation to ease to about 6%: Rangarajan

Mandatory reporting of assets held by individuals abroad and re-opening of I-T returns fillings up to 16 years were few of the many measures that Finance Minister Pranab Mukherjee today announced to rein in black money. Mukherjee said the government will also bring a white paper on the subject in the current session of Parliament.

Govt to make overseas assets disclosure mandatory

Budget allocation for central government hospitals in the capital has been increased for the coming fiscal, with AIIMS getting Rs 1,124 crore which is nearly 6% more as compared to the last year's Rs 1,062.35 crore.

Budget allocation for city govt hospitals increased

Under the proposed amendment, all persons, whether resident or non-residents, having business connection in India will be required to deduct tax at source and pay it to the government even if the transaction is executed on a foreign soil.

Govt proposes taxing Vodafone-like deals retrospectively

The government today sought to make trading in capital markets less costlier and simpler, with the first-ever tax benefit for direct investments in stocks and lowering of securities transaction tax, along with various other measures to boost equity, commodity and bond markets.

Booster for markets on lower STT, equity tax-breaks

Tata Motors will increase prices of all its commercial and passenger vehicles with immediate effect, the company said, in amounts proportionate to the increase in excise duty announced in the FY13 budget on Friday.

Tata Motors to hike prices after budget

The Home Ministry today got Rs 54,449 crore in the General Budget, a 2% cut than last year, with an emphasis to provide new residential quarters and barracks for Central Armed Police Forces personnel.

Home Ministry gets Rs 54,000 cr

The Finance Minister reiterated need for significant investment in various Infrastructure Sectors. The government&rsquo;s dependence on private sector for augmenting the investment through PPP route was also restated. To this effect, FM widened the ambit of VGF Scheme by including&nbsp; new infrastructure areas.

FM has showcased commitment to core sector development: Deloitte

The infrastructure sector was one of the thrust areas in the Budget, as Finance Minister Pranab Mukherjee announced a slew of proposals, including allowing financial institutions and others to raise about Rs 60,000 crore from tax-free bonds and envisaging a greater private participation.

Infra sector one of thrust areas in Budget

The Union Budget has taken some steps forward towards fiscal consolidation, although somewhat less than&nbsp; our expectations. Revenue raising through an increase in the excise duty and service tax rate from 10% to 12%, and broad-basing the service tax was pragmatic and in line with expectations. The move to a negative list on services tax, and the harmonising of the service and excise tax at a higher rate are steps in the right direction.

A few good steps, not enough on subsidies: Bharti AXA Life

Lower tax revenues and poor disinvestment receipts have pushed up the government's fiscal deficit for 2011-12 to 5.9% of the GDP, as against the target of 4.6%.

FY12 deficit shoots up to 5.9%, seen at 5.1% in FY13: FM

There is a strong case for lowering interest rates in India following a significant drop in the core inflation, R Gopalan, secretary of economic affairs in the ministry of finance, said on Friday.

Drop in core inflation makes case for rate cut

The Budget proved to be a 'high-on-intent but low-on-action' affair and this was magnified on account of the huge expectations that India Inc had built from it.

High on intent, low on action: Dun & Bradstreet

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