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Military spending has gone up by 17 per cent, or Rs 28,992 crore, to Rs 1,93,407 crore in the Budget. Finance Minister Pranab Mukherjee said this allocation was based on the needs projected by the defence ministry. For 2011-12, the spend was pegged at Rs 1,64,415 crore, an increase...
NEW DELHI: After the moon mission, Isro’s plans for Mars exploration got a shot in the arm with the government allocating the ambitious programme Rs 125 crore in the Union Budget announced today. The budget documents state that the space agency plans to launch a Mars Orbiter as early...
NEW DELHI: Army chief Gen V K Singh, whose date of birth was mired in a huge controversy, has alleged that “a lot of money” was spent by people within the force to get a “false” birth certificate and tarnish his image as he had stopped their wrongdoings. He...
More than 6,000 enthusiastic Kashmiri youth turned up for recruitment in the Indian Army Friday in south Kashmir and police and army men had a tough time controlling the swelling crowds. The army held a recruitment rally at the High Ground in south Kashmir’s Anantnag district Friday for the...
After two successive crashes that have been pinned down to engine failure, the Indian Air Force (IAF) has grounded its fleet of Mirage 2000 fighters even as a French technical team has arrived to help probe the accidents. The front line fleet of 49 fighters, some of which are...
As usual, the pharmaceutical industry has termed the Union Budget a total disappointment. Though the FM has given a big bonanza to the pharma sector through extension of the 200 per cent weighted deduction for research & development (R&D) expenditure, raise in service tax to 12 per cent from...
After falling short of the disinvestment mop-up targets this financial year as well as in the previous one, the government aims to mobilise 25 per cent less through selling stakes in state-owned companies in the next financial year. “The government will raise about Rs 14,000 crore from disinvestment in...
If Pranab Mukherjee’s earlier Budget focused on addressing the supply-side constraints in pulses, oilseeds and fodder, this year’s Budget was skewed towards solving some of the persistent bottlenecks in the agriculture sector — such as irrigation, seed development and poor post-harvest facilities — by roping in the support of...
The budget has fuelled hopes of a grand revival of the power sector, accelerated road projects, propped up wobbly airlines and given tax breaks to large projects, cheering power and road firms but oil firms seeking market prices for diesel and equipment makers aspiring for tariff protection were disappointed....
The budget presents a realistic assessment of the current political and economic situation. Targeting fiscal deficit at 5.1% and 4.5% of GDP for the next two years, along with subsidy at 2% of GDP, are reassuring for optimists. Sceptics would, of course, like to see execution through steps like...
New Delhi: Against the backdrop of stiff opposition by UPA constituent Trinamool Congress to FDI in retail and rail fare hike, Prime Minister Manmohan Singh on Friday said the government will consult allies and take them on board whenever “tough” decisions are taken. In his reaction to the General Budget...
New Delhi: A special two-judge bench was on Friday constituted by Chief Justice S.H. Kapadia for hearing all cases arising out of 2G spectrum allocation scam. In view of a large number of petitions and applications being filed in the apex court by the Centre, telecom companies and others after...
By Anjan Roy NEW DELHI: Pranab Mukherjee’s budget has sought to deepen and widen the reach of the financial sector by bringing about several changes for participation in markets. The equity market has been made more attractive to the retail small investor by giving 50% income tax deduction to...
In highly volatile movements, the BSE benchmark Sensex on Friday plunged nearly 210 points as the government’s budgetary proposals to raise taxes dampened the market sentiment, even as global stock markets were firm. Sensex saw the day’s high of 17,871 but fell as Finance Minister Pranab Mukherjee unveiled the...
A long wait for the coveted landmark came to an end as Sachin Tendulkar scored his 100th century on Friday against Bangladesh at Dhaka. Iconic Indian batsman Sachin Tendulkar on Friday scripted history by becoming the first cricketer in the world to score 100 international centuries, a phenomenal feat...
By Nantoo Banerjee The Rs. 14.90-trillion crore heavily debt-dependant annual budget for 2012-13 is a road to almost nowhere. From the country’s proverbial Aam Aadmi to the lofty air-conditioned stock exchange tower on Mumbai’sDalal Street, all are confused about the direction of the budget. Stockbrokers, who expected a big-ticket...
By Nitya Chakraborty NEW DELHI: Finance Minister Pranab Mukherjee has done what he was expected to do. In his 2012-13 budget, Pranabbabu has acted as a crisis manager of the second United Progressive Alliance Government and has come out with a policy package which may not be bold or...
Friday, March 16, 2012, New Delhi: The Confederation of Indian Textile Industry (CITI) has welcomed some of the announcements included in the Central Budget presented by Shri Pranab Mukherjee, the Honourable Finance Minister of India today. In a statement here, Shri S.V. Arumugam, Chairman, CITI stated that abolition of...