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Friday, February 29, 2008

Indian Finance Budget 2008-09 HIGHLIGHTS!!

Highlights of the Union Finance Budget as it is being presented by Mr. P. Chitambaram :

Thursday, February 28, 2008

Is Govt sucking blood of 5% taxpayers to run whole country of 125 crores??

Finance Minister Mr. P Chitambaram would present the General Union Finance Budget tomorrow in the Parliament House. It would be seventh budget presented by P. Chitambarm as the finance minister . he presented the first budget in year 1997 some 11 years ago.

It is strongly indicated that there would not be any tax rates cut in tomorrow's budget . India's population is 125 crores and it is horrible to know that the total percent of tax payers is still in single digits ~ 5 percent . There can be hike in taxes in order to compensate for this year's budget deficit.

However the policies of government need to be changed rather then such financial reforms. It is not at all good for the country like India which sucks taxes from only 5% of the population in order to subsidise or feed the rest of the population which is a huge number in excess of 100 crores.

Finance Minister has to bring more industries under the tax knife so as the burden which is imposed on 5% of population to feed the other 95% is reduced as government clearly earns from taxes and import duties which are applicable to just 5% of the total population.

Some of the individuals who are into agri business i.e. the farmers, agricultural land owners of excess then 50 acres does not pay any amount of tax to the government however they earn profits in crores which simply becomes black money which these farmers never show to government.

So Mr. P Chitambaram kindly wake up and rather then sucking blood of 5% of populaion increase the domain of tax payers by bringing the rich farmers who own more then 50 acres of cultivable land under the taxable individuals so that there remains unbiased growth of all sectors .

Indian Economy growth target is again pegged at 9% this year which would be however impossible to sustain as the year runs by. because government has stopped thinking about agricultural sector and is concentrating on the services sector which is more governed by the US economy rather then Indian Economy. Its a bitter truth anyways!!

Monday, February 25, 2008

Indian Union Railway Budget 2008-09 HIGHLIGHTS!!

Lalu Prasad yadav presented a traveller friendly railway budget yet again.
Highlights of the Union Railway Budget 2008-09 are:

Lalu Prasad Yadav presents railway budget in parliament (Updates)

Union Railway Minister lalu Prasad Yadav presented the railway budget for the year 2008-09 in parliament house today ie 26/2/2008 dressed in traditional Lalu style attire he looked cool and composed in his own way. He made common man happy once again as the railway budget consisted of no price hikes in any of the fares rather there were even more trains proposed this year.

It can be noted down that since Lalu Prasad became Railway minister there has been complete turn around in the fortunes of indian railways as once railways were a burden on government as it was running in huge losses from last 5-6 decades but after Lalu taking oath as the railway minister some 3 years back it has been in profit since then and that too in tune of INR 20000 crores which is a whopping amount atlast Lalu can be proud of his great achievement.

In the railway budget for year 2008-09 sops were given for students, senior citizens and common man as there was no rise in the fares and other taxes of the railways. However their is still enough slack in Indian railways that can be exploited to increase revenue without increasing the fares and taxes. Cash surplus projections of the railway budget 2008-09 stand at Rs 21578 crores. Hats off to Mr Lalu.!

Re: Hit Sector feeling Good- Govt to announce Excise Sops in Budget

The main sectros which are greatest hit by the rising rupee including: Textiles, Rubber Sector, Handlooms, Handicrafts, Leather sector and Marine sector are breathing easy as the budget 2008-09 would provide excise duty waivers and extension of the interest rates, It can be noted that these six sectors are highly labour intensive and were greatest hit by the appreciating value of indian rupee in international market, Duty is to be cut on certain sectors like leather, marine sector.

All of these sectors were witnessing a negative growth in exports from the start of the previous fiscal and the local demand also declined due to cheap imports from the other countries to India, So the small business groups of textile hubs like Ludhiana, Jallandhar, Moradabad can see a hope as these cities saw a lot of closures in the past one year.