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Home -> Finance -> News

NATIONAL
Chidambaram withdraws tax exemption on cooperatives
Tax exemptions enjoyed by profit making cooperative banks, financial institutions like NHB, Nabard and Sidbi will be withdrawn.

'Budget ignores farmers, punishes middle class'
The main Opposition BJP today(Feb 28,2006) slammed the Budget for 'ignoring farmers, punishing the middle class and gladdening only the affluent.'

Mauj Telecom consolidates mobile VAS by $10 mn deal
Mauj Telecom (People Infocom Pvt Ltd), India's leading wireless solutions provider announced an investment of $10 million by WestBridge Capital Partners, Intel Capital and Sequoia Capital. Mauj Telecom is India's top mobile entertainment company with focus on mobile music, gaming, mobile commerce and mobile messaging.

PM describes Union Budget as 'pro-common man'
Prime Minister Manmohan Singh today(Feb 28,2006) described the Union Budget as 'pro-common man,' saying it laid special stress on social sectors like healthcare, education and infrastructure.

Fiscal deficit and revenue deficit cut short: FM
The government today (Feb 28 2006) proposed to raise social and infrastructure spending significantly but not at the cost of fiscal discipline, as Finance Minister P Chidambaram pledged to cut deficit from 4.3 to 3.8 per cent of GDP during 2006-07.

Budget: Government increases defence allocation
Government has increased the allocation for Defence from Rs.83,000 crore to Rs.89,000 crore in 2007-07 Budget.

Budget: Investment banker's welcome fiscal proposals
Captains of Indian industry and investment bankers today(Feb 28,2006) lauded Finance Minister P Chidambaram for measures to bring in fiscal discipline and cut deficit but had a mixed view on new tax proposals burdening the capital market.

Aerated drinks, small cars to cost less: 8 pc cut
Aerated drinks and small cars are to cost less following a proposed 8 per cent reduction in excise duty.

Excise cut: Santro prices to drop by Rs 23,000
Minutes after Finance Minister P Chidambaram announced an eight per cent cut in excise duty on small cars, car major Hyundai today(Feb 28,2006) announced a Rs 23,000 cut in prices of its flagship 'Santro' car.

Stock markets starts sliding after Union Budget
The capital markets began melting down soon after the Union Budget 2006-07 announced a transaction tax on securities.

No change in personal income tax rate: Chidambaram
There will be no change in the rates of personal income tax or corporate income tax. Announcing this in Lok Sabha today (Feb 28 2006) while presenting the Budget proposals for 2006-07, Finance Minister P Chidambaram said no new taxes are being imposed.

Budget: Government's aim is to ensure monetary stability
Planning Commission to draw up a programme to reconstruct the damaged infrastructure in calamity-hit areas.

Budget: Customs duty reduces from 15 to 12.5 pc
Peak customs duty for non agricutlure products reduced from 15 to 12.5 per cent.

Sensex touches new peak of 10,354.12 in early trade
The Bombay Stock Exchange Sensex today(Feb 28,2006) shot up by 72 points to touch a new peak of 10,354.12 during morning trading ahead of the presentation of Budget.

Economic growth buoyant at 8.1 pc, hard reforms set
A day ahead of the Budget, the Economic Survey yesterday(Feb 27,2006) prescribed bold initiatives, including hastening of tax and labour reforms and measures to push infrastructure development, while projecting moderate inflation despite volatile global oil prices.