In foreign media reports India is shining. Even India’s biggest English daily has begun a campaign called India Poised. But India’s leaders know that a deepening crisis facing India’s multitude of farmers threatens to spoil the party in Mumbai and Bangalore. India’s Minister of Finance Palaniappan Chidambaram put agriculture at the center of India’s [...]

The slogans with which Finance Minister P Chidambaram wanted to impress everyone in his speech for the Union Budget for 2007-08 were about inclusive growth, top priority for agriculture and second green revolution.
A close scrutiny of the Budget reveals that he has not put money on the issues of concern that he mouthed in [...]

The income-tax department is planning to recover tax arrears of Rs 13,501 crore during 2007-08. The Central Board of Direct Taxes (CBDT) has prepared an action plan for collection of arrears. The net collectible demand as on April 1, 2007 is Rs 12,539 crore. The department expects to recover at least 85% (Rs 10,658 [...]

India Inc has hailed the Indian Railway Budget 2007-08 as promising and progressive. They feel measures, especially those on containers and freight services, will not only help the industry but benefit the general public as well. Railway Minister has bet his budget on a buoyant economy and the fact that he has cut passenger [...]

Budget for the year 2007-08 has come up without marking any significant change the tax scenario of the country. No changes are being marked particularly in the direct tax rates. The tax scenario in the General Budget 2007-08 is as follows:
Direct Tax:
No Change is being marked in the direct tax rates. The threshold limits [...]

The first budget of Independent India was presented on November 26, 1947 by India’s first Finance Minister Sir R.K. Shanmugham Chetty. Since then, 28 Union Finance Ministers have been presenting the budget every year. Initially, much attention was given to the agricultural sector but as later on, the focus shifted to the other sectors [...]

* GDP growth rate estimated at 9.2% in 2006-07.
* Manufacturing growth rate estimated at 11.3%.
* Saving rate of 32.4%, investment rate of 33.8% will continue.
* Tax as % of GDP at 11.4%
* Gross domestic capital formation up 23%.
* Fiscal deficit to be 3.7% in the current year and revenue deficit 2%.
* Fiscal deficit for [...]