Bussines News

Ahmedabad, Feb 29 (IANS) The Gujarat Chambers of Commerce and Industry (GCCI) Friday said the state was 'missing' from the 2008-09 union budget, although it has outlined many good proposals.

New Delhi, Feb 29 (IANS) Petroleum Minister Murli Deora has welcomed the proposal in the union budget to replace six percent of ad valorem excise duty on unbranded petrol and diesel with an equivalent specific duty of Rs. 1.35 per litre.

New Delhi, Feb 29 (IANS) Finance Minister P. Chidambaram's announcement in his budget speech Friday that the government would soon set up a 'permanent institutional mechanism' to coordinate the fight against climate change drew mixed reactions from India's NGO community.

New Delhi, Feb 29 (IANS) Doctors, health entrepreneurs and activists Friday welcomed an increased allocation for the health sector in the budget but said 'the designated allocation is inadequate'.

New Delhi, Feb 29 (IANS) The Indian IT and ITeS industry across all sectors Friday felt let down by the national budget for 2008-09, finding little in it to boost growth prospects.

New Delhi, Feb 29 (IANS) Although Finance Minister P. Chidambaram said that India will through its arts and culture be projected as 'soft power' and allocated Rs.750 million ($18 million) for the purpose, the media and entertainment industry was not so happy with the budget.

Bhopal, Feb 29 (IANS) Lauding the union budget for 2008-09, Madhya Pradesh's main opposition Congress Friday said it would check inflation but the state's ruling Bharatiya Janata Party (BJP) criticised it saying it would only add to the common man's woes.

New Delhi, Feb 29 (IANS) Finance Minister P. Chidambaram Friday announced Rs.14.55 billion for the development of the northeastern region in the 2008-09 budget.

New Delhi, Feb 29 (IANS) Finance Minister P. Chidambaram Friday allocated Rs.1,111.81 crore (Rs.11.12 billion/$280 million) as the total sports budget for 2008-09, with a special provision of Rs.624 crore (Rs.6.24 billion/$156 million) for preparations for the 2010 Commonwealth Games.

New Delhi, Feb 29 (IANS) Finance Minister P. Chidambaram Friday enhanced the budgetary allocation for Scheduled Castes (SC), Scheduled Tribes (ST) and Other Backward Classes (OBCs) substantially.

New Delhi, Feb 29 (IANS) India will spend Rs.7.5 billion ($187.5 million) for carrying out research in oceanography and meteorological science, Finance Minister P. Chidambaram said Friday.

Raipur, Feb 29 (IANS) Chhattisgarh Chief Minister Raman Singh flayed the union budget presented Friday, saying there was no provision for a joint action-plan to deal with the Maoist problem, which Prime Minister Manmohan Singh had identified as the biggest internal security threat.

New Delhi, Feb 29 (IANS) Income tax payers in India stand to gain at least Rs.4,000 per year with Finance Minister P. Chidambaram proposing to raise the exemption limit from Rs.110,000 to Rs.150,000 as he presented the 2008-09 budget here Friday.

Bangalore, Feb 29 (IANS) This was one reaction that might stun Finance Minister P. Chidambaram who has announced Rs.600 billion ($15 billion) farm loan waiver in his 2008-09 union budget presented in Parliament Friday.

Chandigarh, Feb 29 (IANS) Leaders and workers of the ruling Congress party in Haryana hailed the union budget presented Friday by bursting crackers, distributing sweets and doing the traditional 'bhangra' dance.

New Delhi, Feb 29 (IANS) Promising to spur growth with equity, India's Finance Minister Palaniappan Chidambaram Friday unveiled a Rs.7,508 billion/$185-billion national budget that includes a massive loan waiver for farmers and hikes social sector spending, all aimed at winning popular support for impending elections.

Lucknow, Feb 29 (IANS) The union government's decision to wave off agriculture loans to the tune of Rs.600 billion ($15 billion) is unlikely to alleviate the sufferings of the poverty-ridden population of Bundelkhand region of Uttar Pradesh, said a World Bank consultant.

New Delhi, Feb 29 (IANS) P. Chidambaram is a smart man who blends his Tamil sartorial taste with an appetite for economic reforms. As he presented his fifth and last budget of the United Progressive Alliance (UPA) government, he was, just for the whole of this day, what Shah Rukh Khan is to the people of India the rest of the year.

Ahmedabad, Feb 29 (IANS) The Rs.600 billion ($15 billion) farm loan waiver announced by Finance Minister P. Chidambaram in the union budget Friday was a 'retrograde step' when it came to the corporate governance of banks, an expert with the Indian Institute of Management, Ahmedabad (IIM-A) said.

Mumbai, Feb 29 (IANS) The tourism and hospitality industry was disappointed with the national budget for 2008-09, saying it has ignored this booming sector completely.