Union Budget
Well after much fuss the UNION BUDGET 2008 is finally out...What are the important features of it ??? I don't know but some of the initiatives that really caught my eye are
NEHRU YUVA KENDRA the funding has been increased happy days for sports people.
Three new IIT'S in Andhrapradesh , Bihar and Rajasthan.
Two IISC'S in Trivandrum and Bhopal
INSPIRE-I don't really know everything about that but from what Finance minister said “It is Science Pursuit for Inspired Research (INSPIRE) that will include scholarships for young people in Science, this is by far the most intelligent fund. When I was a fresh biotech graduate I hoped someone would support science but there was absolutely no support what so ever then, that made me change my career ambition, but now there is a Initiation, a ray of hope atlast!! I think there are two age sets IF I heard right It must be 17-22yrs and 22-30 yrs for awarding of scholarships.
Another brilliant idea is a so called knowledge highway,there by digitally connecting important universities in India.
Health allocation increased by 15%
desalination plant in CHENNAI-relief thank god for that, Chennai had some severe water shortages in the past (dry college days) hehehe.
Finance minister said” I propose to establish the Irrigation and Water Resources Finance Corporation (IWRFC) with an initial capital of Rs.100 crore contributed by the Central Government. State Governments and other financial institutions will be invited to contribute to the equity. It is our intention to mobilize the very large resources that will be required to fund major and medium irrigation projects. I hope to be able to incorporate IWRFC as a company before March 31, 2008.” This is the right way forward we need to incorporate water into a resource category .Bravo for finance minister for setting up a finance corporation now it is for the corporation to produce the results for what it is setup for.
TALK OF THE TOWN
well I am part of the town as well
When I heard about the unprecedented Rs 60.000 crore farmer loan waiver I was just wondering where are we ever going to get that much liquity from?? Then that eerie feeling of a someone pointing the finger towards me...you my friend . The middle class, Salaried and Tax paying Indian is gonna shell out a major part of this waiver if not all . So the TAX money from a tax payer is going into a waiver...Whether the money spent is for the good or bad I dont know, Is my money, my tax money is used correctly ??All that I can think is more than the TAX money being used wrongly the message that such a Waiver sends is very very damaging, So what about the farmer who has paid his Loan in the time ,now he looks stupid for doing the right thing.I think waiver is good it helps farmers but we should have a credit record like US so that we can rethink before giving the next loan to a farmer who has failed to pay the loan and give a reward or something for a farmer who has paid the loan in time....This the main political masterstroke in this budget but doesn't make any economic sense but it sure does some political sense.But as a human being I like the farm waiver but when I have my economists cap on the picture looks bleak. You end up asking yourself so what's next?.
Here are the major highlights from a news channel:
- Personal income tax exemption hiked to Rs 1.5 lakh
- Senior citizens threshold tax limit increased from Rs 1,95,000 to Rs 2,25,000
- Tax exemption for women increased to Rs 1.8 lakh
- New tax slabs: 10 per cent for 1,50,000 to 3,00,000, 20 per cent for 3,00,000 to 5,00,000 and 30 per cent above 5,00,000
- Excise on packaged softwares to be lower from 8% to 12%
- No excise duty on refrigerating equipments
- Anti-Aids drug exempted from excise duty
- Small cars to become cheaper
- Reduced excise duty on two, three wheelers
- Excise duty on hybrid cars cut from 24 pct to 14 pct
- Excise on small cars cut to 12 pct from 16 pct
- Rs 50 cr for tiger conservation
- Sixth Pay Commission report by March 2008
- Defence allocation up by 10% from Rs 96,000 cr to Rs 1,56,000 cr
- 22 Sainik schools get Rs 44 crore
- Rs 624 cr for Commonwealth Games
- PAN sole identification in securities market
- Debt waiver scheme and relief to small and marginal farmers
- Duty reduced on life saving drugs
- Rs 750 crore for upgradation of 300 ITIs in 25 districts.
- No change in peak customs duty
- Central sales tax cut from 3% to 2%
- Govt withdraws banking transaction tax
- Revenue implication of Indirect taxation to be 5900 cr
- Direct taxation changes to be revenue neutral
- Levy on STT only on option premiums
- Commodities transaction tax introduced like STT
- Short term capital gains to be taxed at 15%
- No change in surcharge of corporate tax
- Money changers and people running gains of chance and tour operators to be brought under service tax net
- Revenue Deficit is Rs 55,184 cr at 1% of GDP and fiscal deficit is Rs 1,33,287 cr at 3.1% of GDP
- Estimated planned expenditure at Rs 2,43,086 cr and non-panned expenditure Rs 57,409 cr
- Central Plans Scheme monitoring system under Plan Panel to be unveiled
- Non-agri peak rates for customs raises to 10% from 2% in 2004
- Tax to GDP ratio at 9.2% in 2004 up by 12.5% in 2007-08
- Custom duty on steel scrapped
- Set-top boxes to become cheaper
- Custom duty on vitamin pre-mixes to lower from 30% to 20%
NEHRU YUVA KENDRA the funding has been increased happy days for sports people.
Three new IIT'S in Andhrapradesh , Bihar and Rajasthan.
Two IISC'S in Trivandrum and Bhopal
INSPIRE-I don't really know everything about that but from what Finance minister said “It is Science Pursuit for Inspired Research (INSPIRE) that will include scholarships for young people in Science, this is by far the most intelligent fund. When I was a fresh biotech graduate I hoped someone would support science but there was absolutely no support what so ever then, that made me change my career ambition, but now there is a Initiation, a ray of hope atlast!! I think there are two age sets IF I heard right It must be 17-22yrs and 22-30 yrs for awarding of scholarships.
Another brilliant idea is a so called knowledge highway,there by digitally connecting important universities in India.
Health allocation increased by 15%
desalination plant in CHENNAI-relief thank god for that, Chennai had some severe water shortages in the past (dry college days) hehehe.
Finance minister said” I propose to establish the Irrigation and Water Resources Finance Corporation (IWRFC) with an initial capital of Rs.100 crore contributed by the Central Government. State Governments and other financial institutions will be invited to contribute to the equity. It is our intention to mobilize the very large resources that will be required to fund major and medium irrigation projects. I hope to be able to incorporate IWRFC as a company before March 31, 2008.” This is the right way forward we need to incorporate water into a resource category .Bravo for finance minister for setting up a finance corporation now it is for the corporation to produce the results for what it is setup for.
TALK OF THE TOWN
well I am part of the town as well
When I heard about the unprecedented Rs 60.000 crore farmer loan waiver I was just wondering where are we ever going to get that much liquity from?? Then that eerie feeling of a someone pointing the finger towards me...you my friend . The middle class, Salaried and Tax paying Indian is gonna shell out a major part of this waiver if not all . So the TAX money from a tax payer is going into a waiver...Whether the money spent is for the good or bad I dont know, Is my money, my tax money is used correctly ??All that I can think is more than the TAX money being used wrongly the message that such a Waiver sends is very very damaging, So what about the farmer who has paid his Loan in the time ,now he looks stupid for doing the right thing.I think waiver is good it helps farmers but we should have a credit record like US so that we can rethink before giving the next loan to a farmer who has failed to pay the loan and give a reward or something for a farmer who has paid the loan in time....This the main political masterstroke in this budget but doesn't make any economic sense but it sure does some political sense.But as a human being I like the farm waiver but when I have my economists cap on the picture looks bleak. You end up asking yourself so what's next?.
Here are the major highlights from a news channel:
- Personal income tax exemption hiked to Rs 1.5 lakh
- Senior citizens threshold tax limit increased from Rs 1,95,000 to Rs 2,25,000
- Tax exemption for women increased to Rs 1.8 lakh
- New tax slabs: 10 per cent for 1,50,000 to 3,00,000, 20 per cent for 3,00,000 to 5,00,000 and 30 per cent above 5,00,000
- Excise on packaged softwares to be lower from 8% to 12%
- No excise duty on refrigerating equipments
- Anti-Aids drug exempted from excise duty
- Small cars to become cheaper
- Reduced excise duty on two, three wheelers
- Excise duty on hybrid cars cut from 24 pct to 14 pct
- Excise on small cars cut to 12 pct from 16 pct
- Rs 50 cr for tiger conservation
- Sixth Pay Commission report by March 2008
- Defence allocation up by 10% from Rs 96,000 cr to Rs 1,56,000 cr
- 22 Sainik schools get Rs 44 crore
- Rs 624 cr for Commonwealth Games
- PAN sole identification in securities market
- Debt waiver scheme and relief to small and marginal farmers
- Duty reduced on life saving drugs
- Rs 750 crore for upgradation of 300 ITIs in 25 districts.
- No change in peak customs duty
- Central sales tax cut from 3% to 2%
- Govt withdraws banking transaction tax
- Revenue implication of Indirect taxation to be 5900 cr
- Direct taxation changes to be revenue neutral
- Levy on STT only on option premiums
- Commodities transaction tax introduced like STT
- Short term capital gains to be taxed at 15%
- No change in surcharge of corporate tax
- Money changers and people running gains of chance and tour operators to be brought under service tax net
- Revenue Deficit is Rs 55,184 cr at 1% of GDP and fiscal deficit is Rs 1,33,287 cr at 3.1% of GDP
- Estimated planned expenditure at Rs 2,43,086 cr and non-panned expenditure Rs 57,409 cr
- Central Plans Scheme monitoring system under Plan Panel to be unveiled
- Non-agri peak rates for customs raises to 10% from 2% in 2004
- Tax to GDP ratio at 9.2% in 2004 up by 12.5% in 2007-08
- Custom duty on steel scrapped
- Set-top boxes to become cheaper
- Custom duty on vitamin pre-mixes to lower from 30% to 20%
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nice post
can i cut copy paste for my college article ? ;)
liked the tagline a lot especially abt "little things that matter the most "
very true