Hurray ! We got richer by Rs 4207 per annum per person

Finally IT'S OFFICIAL !! Indian have grown richer by rupees 4207 per annum per person . Thanks to growing economy from the last 3 years or so and still growing although slowed down due to ongoing economic crises through out the world.

Let me tell you about the news of increase in per capita income in some more detail,

An average indian or a normal indian's annual income has increased by INR 4207 per annum, the news were told in parliament today that means the annual per capita income of indian has reached a figure of Rs 37490, that sounds nice but in reality much of the growth in annual income is restricted to bigger cities where as cities of bihar , UP are still underdeveloped and average income is much lower then this figure of rupees 37490 annually.

According to data released by the Central Statistical Organisation, the per capita income of people has increased by over one-third from Rs 26,003 in 2005-06 to Rs 37,490 in 2008-09. The per capita income was Rs 33,283 in 2007-08 so there is a growth in indian economy however the pace of growth has slowed down when compared to previous financial year.

Top 10 most admired companies of world

Here is the list of top 10 companies of the world which are most admired across the globe No indian company features in the prestigeous list-

RANK 1 - APPLE Inc (of USA)

RANK 2 - BERKSHIRE HATHWAY - incorporated by legendary billionaire investor Warren Buffett

RANK 3 - TOYOTA MOTOR

RANK 4 - GOOGLE Inc (Search engine Marketing)

RANK 5 - JOHNSON & JOHNSON ltd

RANK 6 - PROCTER and GAMBLE

RANK 7 - FED EX

RANK 8 - SOUTH WEST AIRLINES

RANK 9 - GENERAL ELECTRIC Ltd

RANK 10 - MICROSOFT Inc

OOPS!! looking for some indian companies.... no one is there...may be in future some indian company would make into it..

Govt invests to bring dead PSU's to life again WILL IT HELP?

Looks like our government is very keen to revive the already dead PSU's like Hindustan Machine Tool, National Instruments Ltd, Cement Corporation of India ltd to name 3 out of the 15 PSU's shortlisted for revival by infusing a whopping 7128 crores of rupees put together. The first impression which cam to my mind after reading this news was that WILL IT REALLY HELP? and the answer i got from my brain was that probably ministers would earn a lot from the granted money and would purchase land and fill their bank accounts...

The PSU's which are already dead was because there was no good leaders to make it a profitable investment the employees of these PSU's were doing their job thinking that it's a government job so they need not work...(typical attitude of a government employee in india).. Companies doesn't work like this at all.. PSU's can only come in profit if it's employees think and work like it is their own company not by thinking that it's a government enterprise so it's a social company rather then a business enterprise.

PSU's like Air India is already begging for funds and what more the third biggest employer BSNL recently showed results and there was a whopping 97 % decline in profits from 2700 crores to meager 102 crore so in next six month BSNL (PSU) will also be running in loss (THAT IS REAL SHAME FOR THE GOVERNMENT AND THE EMPLOYEES OF BSNL) .

There is a similarity in working of the PSU's at time when there was no other such enterprise , i am just going back to pre economic liberalisation era of Economy of India all the PSU's were in profit , the reason for profit however was that people of India did not have any other choice take example of BSNL earlier there was no AIRTEL, Essar, Spice telecom, IDEA cellular etc and BSNL was enjoying it's monopoly in telecom sector employees didn't work at that time too... but customers had no other option so the number of subscribers went on increasing... things changed when Indian Economy was liberalized there were more choices for the people and alltogether competition between PSU's and Private companies increased , but PSU employees didn't change change their way of working and are still sleeping This was the time when Private companies ate up PSU's share and overtook almost all the PSU's in terms of revenue and profitability.

So according to me accompanied with the history of working of PSU's this funding to revive the PSU's will not be beneficial and the scenario and outlook for PSu's would not change at all. THEY ARE ON A STEADY DECLINE and would eventually vanish one day... that's the HARD TRUTH...which we all have to admit until the employees of these PSU's do not change their attitude towards working.

- Himanshu Sharma

Foreign Direct Investment (FD|) drops whopping 47 percent

Foreign direct investment (FDI) in India dipped by about 47 per cent to $2.1 billion in May due to the global recession and the trend is likely to continue for some more months, so it means recession is still at it's best and it looks US stock markets are also behaving in the similar fashion ie still the beast is out there roaming freely across the globe. OR IS IT NOT?

In present situation Indian economy is looking promising as government plans some one crore job oppurtunities in ongoing fiscal THATS GREAT NEWS i'hve heard after a long time from our government but still i wonder how these oppurtunities would be created...

During the same month last year, FDI was $3.9 billion so that's a difference of a good US$ 1.8 billion. However it can be recalled that FDI in 2008-09 was $27.3 billion against $24.5 billion in 2007-08.

India's Forex reserves drop by about $560 million Wk o wk

India's foreign exchange reserves fell to $263.917 billion as on July 10, from $264.477 billion a week earlier. The main reason for decline was mainly because of Changes in foreign currency assets, expressed in dollar terms, include the effect of appreciation or depreciation of other currencies held in its reserves such as the euro, pound sterling and yen

16 FDI proposels given green signal by Government

Government of India cleared total of 16 Foreign Direct Investment Proposals(FDI) totalling to INR 825 crores including on hydro power project in state of sikkim.

The Government, however, revoked all foreign collaboration approvals for ByCell Telecom on concerns over the Switzerland registered company's funding sources.

Among cleared proposals, Teesta Urja will bring in Rs 547.20 crore for developing 1,200-MW hydro power project in Sikkim.

The Government also allowed IL&FS Trust Company to hold two per cent stake in Multi Commodity Exchange of India, that will bring in Rs 108 crore of FDI.

Govt would require to borrow 120 billion rupees per week

The Government official said today that the borrowing in the closing weeks of September could be 110 billion rupees or less.

Earlier, a central bank deputy governor said the government would borrow an additional 1.1 trillion rupees ($22.6 billion), taking the total to 2.99 trillion between April and September, a central bank deputy said on Thursday.

The additional borrowing excludes 120 billion rupees of bond sale scheduled for Friday.

Wholesale price index Weekly Inflation at (-1.21 %) - July 4/09

Weekly whole price index rose from -1.55% to -1.21 % for week ended july 4 as government increased the price of fuel in corresponding week which led to increase in whole sale price index or inflation.

Following the government decision to raise fuel prices effective July 1, prices of naphtha rose 15 per cent, furnace oil 11 per cent, petrol 10 per cent, high-speed diesel 7 per cent and light diesel oil by 4 per cent.

However consumer price index is still alarming high

Finance Minister assures about Economic Reforms pace

Finance Minister Pranab Mukherjee replied to opposition questions "...there is no question of diluting the process of economic reforms. Reform is a continuing process, whichever government comes they continue to do so," Finance Minister Pranab Mukherjee told Rajya Sabha in reply to debate on the Budget 2009-10.

He said disinvestment is not the only indicator of economic reforms. It is part of the government programmes.

If he has not given the list of public sector companies to be disinvested, some believe heavens have fallen. "I do not subscribe to this view", the minister said.

Top 10 economies of world in trade - friendliness

Indian economy is growing by over 6 percent from last 3-4 years so has our economy become more trade friendly, well if I compare it with era before 1990`s then the answer to this question is `yes`, After the liberalisation of Indian economy in the 90`s thanks to the present Prime Minister for bringing the reforms. Still I think a lot of work needs to be done as our Indian economy is still not the most trade friendly economy of the world, as i saw the list of top 10 economies in their trade friendliness and Indian Economy doesn`t feature in the list.

Following is the list of top 10 economies (country) of the world :

Rank 1 - SINGAPORE

Rank 2 - HONG KONG

Rank 3 - SWITZERLAND

Rank 4 - DENMARK

Rank 5 - SWEDEN

Rank 6 - CANADA

Rank 7 - NORWAY

Rank 8 - FINLAND

Rank 9 - AUSTRIA

Rank 10 - NETHERLANDS

3837 crores lies unclaimed in EPFO and is unusable

Government of India's Employees Provident Fund Organization (EPFO) which has
accumulated to the tune of Rs 3,837 crore, even as EPFO is making efforts to trace those who have not taken their dues.

"As the money, lying in the inoperative accounts belongs to the members or their heirs, and is payable at any time when claims are received. It cannot be utilised for any other purpose," Minister of State for Employment Harish Rawat said in the Lok Sabha. He said that as of March 31, 2008, money to the tune of Rs 3,837 was lying unclaimed in the inoperative accounts of Employees Provident Fund.

In a written reply in the House he said instructions have been issued to all field officers of EPFO to scrutinise the claims of the inoperative account holders and release the amounts only to the rightful claimants.

EPFO on its part is also making efforts to trace out the beneficiaries through advertisements in newspapers and inviting those who have not preferred their claims for more than three years after leaving their job.

Indian Government not to monetise debt

The Government on Tuesday categorically said that it has "no intention" to monetise its debt, which implies that it will not directly borrow from the Reserve Bank of India.

"Government has no intentions of monetising its debt," Finance Minister Pranab Mukherjee told Lok Sabha in his reply to the debate on Union Budget (read budget highlights).

He said during the first half of 2009-10, the Government plans to borrow Rs 2.41 lakh crore from the market and RBI is supporting it through its Open Market Operations (OMO), through which the central bank releases or sucks money from the market against government securities.

"OMO should not be confused with monetisation of debt," Mukherjee said. Monetisation of the Government debt would be when RBI directly subscribes to the Government paper.
(read budget highlights).
As fiscal deficit is projected to be at 6.8 per cent of GDP this fiscal and the Government has pegged its market borrowings at around Rs 4 lakh crore for 2009-10.

Mukherjee also dispelled fears that higher government borrowings would leave little resources for the private sector and would increase cost of borrowings, as also apprehensions that the private sector will be elbowed out due to this.

Govt rules out possibility of banning of meat export

The government on Monday ruled out banning the export of meat and said doing so would not be in the interest of the livestock sector.(read budget highlights).

"Considering the overall development of livestock sector, the government is not in favour of ban on the export of meat," Minister of State for Commerce and Industry Jyotiraditya Scindia said in a written reply to Lok Sabha.

Scindia said representations were received from Maharaja Kumarapal Jeevadaya Trust, Munoth House and Dhahraj Baid Jain College for imposing ban on the export of meat.

"However, export of cow and veal meat from India is banned," he said.

According to official data, in April-January 2009, India exported about Rs 2.86 crore meat and meat products, against Rs 2.65 crore in the corresponding period last year.

The country, on June 5, banned import of live stock and its products for a period of six months in the wake of Swine flu.(read budget highlights).

courtesy - economictimes.com

INR slips to 8 week low

The rupee weakened in afternoon trade towards eight-week lows on Friday tracking the domestic share market which dropped more than 2 percent and on sharp overseas gains in the dollar versus majors.(read budget highlights).

The dollar index, a gauge of the U.S. unit's performance against majors, was up 0.7 percent.

FII'S have bought about $1 billion of stocks so far this month, taking net inflows in 2009 to nearly $6 billion, a key factor in its rise from a record low of 52.2 in March.

In the currency futures market, the most traded near-month contract on the National Stock Exchange and MCX-SX were quoting at 48.9350 and 48.93 respectively, with the total traded volume on the two exchanges at about $1.26 billion.

Agriculture contribution in GDP declines at 16.6 perc

India's agriculture sector has accounted for only 16.6 per cent of its gross domestic product so far this plan period (2007-12) despite record production of farm commodities in the 2007-08 season, according to the latest government estimate.

The share of the farm sector in the GDP is down to 16.6 per cent from a whopping 46.3 per cent during the First Plan period (1951-56), according to the data presented by Minister of State for Agriculture K V Thomas in a written reply in the Rajya Sabha today.

The sector contributed 17.8 per cent to the overall GDP in the last Plan period (2002-07), The declining share of the sector in the GDP can be a major cause of concern for policy makers this year as the forecast of a "below-normal monsoon" during the on-going Kharif has cast a gloom on production.

Moreover, the dependence on farming has not dipped that dramatically. About 65 per cent of the world's second-most populous nation still depends upon farming for livelihood.

Even though the country has witnessed record foodgrain production of 230.78 million tonnes in the 2007-08 season followed by another year of bumper output of the grains at 229.85 million tonnes, the share of the sector in the GDP has not shown any improvement.

courtesy - economictimes

Indian rupee at 2 week low thanks to FII for taking out USD from indian markets

Indian National Rupee or poupularly known as INR touched two week low today at 48.88 / US $ since foreign investor's took out much investment which they made in indian markets over past couple of months due to which SENSEX ans Nifty also closed down today(read full report).

The details about the weak rupee is as follows (ovser past 2 days) :

The partially convertible rupee ended at 48.88/89 per dollar, 0.9 per cent below Tuesday's close of 48.45/46 per dollar. It is down 2 per cent so far this week. It hit a low of 48.9450 in intraday deals.

One-month offshore non-deliverable forwards were quoting at 48.97/49.07 per dollar in late Indian trade.

The dollar was steady while the yen climbed on Wednesday as uncertainty about the global economic outlook reined in investor risk-taking.

According to barclay's indian rupee will trade between 48.5 to 49.5 against a single US dollar.

Govt of India awaits more then half of fiscal deficit from disputes

Believe it or not the government is yet to receive over Rs one trillion in taxes from corporate and other entities and add to it other arrears worth about Rs 47,000 crore, the total outstanding equals more than half of the total revenue deficit this year.

Also read
Budget 2009-10 highlights

At about Rs 150,000 crore, the unrealised tax and non-tax revenue is 53 per cent of the total revenue deficit of over Rs 282,000 crore projected by Finance Minister Pranab Mukherjee in his Budget for 2009-10.

The arrears outstanding at the end of reporting year 2007 -08 pertain to a period of up to ten years or more and also include interests from state governments and PSUs.

In totality, the arrears that the government is still awaiting are held up in litigation, or are due for some other reasons. If realised, they could have substantially reduced the Centre's borrowings, pegged at over Rs 4,00,000 crore for the current fiscal.

Bulk of the tax arrears is caught under disputes and amounts to over Rs 64,000 crore, while the amounts not under dispute total at about Rs 40,000 crore also include cases pending for adjudication.

Economic Estimates assumed for Budget 2009-10

For Reading full Finance Budget highlights (click here)

BUDGET ESTIMATES FOR 2009/10:

* Total receipts seen at 10.21 trillion rupees

* Revenue receipts seen at 6.14 trillion rupees

* Capital receipts seen at 4.06 trillion rupees

* Borrowings and other liabilities seen at 4.01 trillion rupees

* Total expenditure seen at 10.21 trillion rupees

* Plan expenditure seen at 3.25 trillion rupees

* Non-plan expenditure seen at 6.96 trillion rupees

* Fiscal deficit seen at 4.01 trillion rupees, or 6.8 percent of GDP

* Revenue deficit seen at 2.83 trillion rupees, or 4.8 percent of GDP

Fiscal deficit reaches alarming high at 6.8 percent of GDP

Indian economy's fiscal deficit is projected to widen to an 18-year high of 6.8 per cent of GDP in the current fiscal as the government continues to provide stimulus to the economy, necessitating higher market borrowings at around Rs 4 lakh crore.

Also read -
Union Budget 2009-10 highlights

With states also allowed to borrow from markets even if their fiscal deficit increases to 4 per cent of their GDP against the current limit of 3.5 per cent, the combined fiscal deficit of India will easily touch the double-digit mark.

However, Finance Minister Pranab Mukherjee committed to return to fiscal consolidation part at the earliest, even as the 13th Finance Commission is seized of the issue of setting up new targets for fiscal deficit.

"I intend to... return to the FRBM target for fiscal deficit at the earliest and as soon as the negative effects of the global crisis on the Indian economy have been overcome," he said.

Analysts noted that fiscal deficit at 6.8 per cent is within the expectation and they will wait for the Finance Commission report likely in October to comment further.

Also read -
Union Budget 2009-10 highlights

Fiscal deficit is projected to widen against 5.5 per cent expected in the Interim Budget for 2009-10 and 6.2 per cent witnessed in 2008-09 as the Centre's expenditure expanded to an all-time high of over Rs 10 lakh crore and tax income taking a hit due to stimulus packages.

FBT and Commodity transaction tax abolished

Finally Bowing to the long standing demand of India Inc, finance minister Pranab Mukherjee has abolished the fringe benefit tax and commodity transaction tax. in union budget 2009 - 10 which he presented today in parliament (see budget highlights)

However, Minimum Allocation Tax (MAT) on book profits has been increased from 10 percent to 15 percent, but with a provision of carrying forward the tax credit on MAT to 10 years from the current seven years.

Union Finance budget 2009-10 highlights

Finance minister Pranab Mukherjee presented union finance budget for fiscal year 2009-10 and looks like BSE is not happy with the budget as it nosedived by over 850 pts, This year's budget is rather short of reforms, major highlights of the budget are as follows :

* Govt plans to bring back economy to high growth of 9%

* GDP growth dipped to 6.7% in FY'09

* FM to make pre-budget talks with state FMs annual affair

* Fiscal deficit up from 2.7% to 6.8% of GDP

* Return to fiscal prudence at the earliest

* 'Aam admi' is focus of all programmes and schemes.

* IT exemption limit raised; Rs 15,000 for Sr.citizens .

* Limit raised by Rs 10,000 for tax payers, including women

* 10% surcharge on personal income tax scrapped

* Fringe Benefit Tax abolished

* No change in corporate tax

* Defence gets Rs 1,41,703 cr, up 34%

* Total fiscal stimulus in 2008-09 amounts to Rs 1,86,000 cr

* IIFCL to evolve mechanism for increased funding of infra

* IIFCL to re-finance commercial bank loans up to 60 per cent in critical projects through PPP to tune of Rs 1,00,000 cr

* Allocations for highways being stepped up by 23 per cent

* Funds for housing, amenities for urban poor up Rs 3,973 cr

* Funds for JN Urban Renewal Mission up 87% to Rs 12,887 cr

* Assistance for storm-water drainage project up by Rs 300 cr

* Farm credit target up at Rs 3,25,000 cr from Rs 2,87,000 cr

* Interest rates incentive to farmers to repay loans on time

* Additional Rs 1,000 crore for accelerated irrigation scheme

* Export Credit Guarantee scheme extended till March 2010 * 2% interest subvention (IS) scheme extended till March 2010

* IS scheme to cover 7 job-oriented sectors, including textile, handicrafts and handlooms.

* Commodity Transaction Tax abolished

* New pension system trust exempted from STT; DDT

* Minimum Alternate Tax hiked to 15% from 10%

* Tax holiday on petro sector extended to natural gas

* 100% tax deduction on political donation

* Stimulus for print media for another six months

* Fertiliser subsidy to be nutrient-based, not price

* Expert Grp to form viable pricing for imported petro goods

* Banks and insurance firms to remain in public sector

* Rs 100 cr one-time grant to expand banks in unbanked areas

* Govt committed to provide Rs 100 a day as wages under NREGA

* Allocation of Rs 39,100 cr to be made for NREGA

* NREGA coverage increased to 4.74 crore households in FY'09

* Work National Food Security scheme has begun

* Allocation for Bharat Nirman being raised by 45 per cent

* Rs 2,000 cr rural housing fund under National Housing Bank

* Mission for female literacy with focus on minorities, SC/ST

* 50% of all rural women to be brought into SHG programmes

* Full interest subsidy for students in select institutions

* Five lakh students to benefit

* Modernisation of national exployment exchanges

* Action for social security to unorganised sector workers

* New pension benefits for 12 lakh jawans and JCOs from July

* One lakh dwelling units for paramilitary forces personnel

* Unique Identification Card to citizens in 12-18 months

* Provision of Rs 120 crore for UIC project

* Rs 2,113 crore allocated for IITs and new IITs

* Rs 3472 cr for Commonwealth Games from Rs 2112 cr

* Customs, excise and service tax base rates unchanged

* For Indira Awas Yojana, allocation increased 63%

* IT returns to be made simpler

* 8 missions being launched under Plan on climate change

* Allocation for market development assistance scheme up 148%

* Allocation for Rural Health Mission raised by Rs 257 cr above interim budget

* Rs 500 cr for rehabilitation of Sri Lankan Tamils

* Rs 1,000 cr for infrastructure in cyclone-hit area in WB

* Total expenditure crosses Rs 10 lakh cr for first time

* Share of direct taxes in revenue increased to 56% in FY'09

India's business in gulf shrinks by 20 percent

Indian companies with interest in the Gulf have witnessed their business in the region decline by 20 percent.

Also, direct and indirect subsidies to domestic companies there have made it more difficult for Indian businesses to offset their losses, FICCI said in a statement.

This may be due several Gulf states still lacked transparency in trade promotion policies. Bureaucratic hurdles and red tape were two other areas of concern for Indian businesses.

The United Arab Emirates (UAE), despite being hard hit by the slowdown, followed by Oman, is the most-preferred investment destination for Indian businesses, FICCI said.

India can export wheat but in limit - Govt

It may be called as a good news for both govt wheat exporters as well as private firms or may be not, because there will be no subsidy from government this time around, so the wheat exporters might be dissapointed by this as they can't lower the selling price of wheat when compared to US wheat. Indian wheat would cost more than $240 a tonne in Southeast Asia and the Middle East, or $20-$30 more than Black Sea and U.S. wheat.

The government has allowed the export of 900,000 tonnes of wheat by state-run firms and 650,000 tonnes of wheat products by private trade as monsoon rains revived after a dry spell.export of wheat products was viable but the government had to give details of how it would monitor exports.

Analysts said the move had been anticipated by the market as a panel of federal ministers decided early this year to allow exports of two million tonnes of wheat and wheat products.

Forex reserves rises by $932 million

Indian Foreign reserves rose $932 mn during the week ended June 26, partly on account of cross currency revaluation and also some mop up of inflows by the central bank. While the government has vacated their ways and means advances (WMA) with the central bank. So foreign institutional investor's are showing confidence in indian economy amidst economic crises.

According to the latest data released by the Reserve Bank of India in its weekly statistical supplement (WSS), total foreign exchange reserves including gold and special drawing rights (SDR - currency with the International Monetary Fund) rose $932 mn to touch $264.58 bn during the week ended June 26.

Almost the entire growth in reserves was on account of the rise in foreign currency assets, which went up $924 mn, while the reserves with the IMF rose $8 mn.

Railway Budget - 50 world class stations to be brought up

Railway Minister Mamata Banerjee today said that about 50 stations are to be developed into world class stations with international level facilities.

Banerjee said that these stations would be developed through innovative financing and in Public Private Partnership mode.

Some of these stations are: CST Mumbai, Pune, Nagpur, Howrah, Sealdah, Bhubaneswar, New Delhi, Lucknow, Varanasi, Amritsar, Kanpur, Guwahati, Jaipur, Chennai Central, Tiruvananthapuram Central, Secunderabad, Tirupati, Bangalore City, Baiyapanahali (Bangalore), Ahmedabad, Bhopal, Habibganj, Gaya Jn., Agra Cantt., Mathura Jn., Chandigarh, Kolkata, New Jalpaiguri, Majerhat, Mangalore, Porbandar, Anand Vihar, Brijwasan, Ajmer and Puri. Banerjee also announced the construction of Multi-Functional Complexes (MFCs) in station premises for providing rail users facilities like shopping, food stalls and restaurants.

The MFCs will also have book stalls, PCO/STD/ISD/Fax booths, medicine, budget hotels and underground parking.

She said that during this year, 50 such railway stations would be developed in places of pilgrimage, industry and tourist interest.

"The responsibility for development of Multi-functional Complexes would be entrusted to IRCON and Rail Land Development Authority (RLDA)," she added.

The 49 identified stations to be developed as MFCs are: Alipurduar, Allahabad, Anandpur Sahib, Banspani, Bikaner, Bilaspur, Cuttack, Darjeeling, Dehradun, Digha, Durg, Ernakulum, Gandhidham, Ganga Sagar, Ghatsila, Gwalior, Hajur Sahib, Hubli, Hyderabad, Indore, Jabalpur, Jammu Tawi, Jasidih, Jhansi, Jodhpur, Kanyakumari, Kathgodam, Katra, Khajuraho, Madurai, Manmad, Mysore, Nanded, Nasik, Palakkad, Parasnath, Raebareily, Raipur, Rajgir, Rameshwaram, Ranchi, Shirdi, Silchar, Tarapith, Tiruchirapalli, Udaipur, Ujjain, Vadodara and Visakhapatnam.

so we can expect some good railway stations in five years or more from now because generally such development work takes minimum five years.

Railway Budget - List of new trains to be started

Following is list of new trains and their routes with frequency as announced by railway minister Mamta Banerjee -

1. Vishakhapatnam – Secunderabad – Mumbai Superfast (Bi-weekly).

2. Sriganga Nagar – Delhi – Nanded Superfast (Weekly)

3. New Jalpaiguri – Sealdah Superfast (Tri-weekly)

4. Bangalore – Hubli – Solapur Superfast (Tri-weekly)

5. Howrah – Bangalore Superfast (weekly)

6. Pune – Daund-Solapur Superfast (Daily)

7. Ranchi-Howrah (3 days via Ghatshila-Kharagpur and 3 days via Asansol) Intercity (6 days a week)

8. Kamakhya-Puri Express (Weekly)

9. Jabalpur-Ambikapur Express (Tri-weekly)

10. Gandhidham-Howrah Superfast (Weekly)

11. Delhi-Sadulpur Express (Tri-weekly)

12. Ajmer-Bhopal Express (by intergration of 9655/56 Ajmer-Ratlam and 9303/04 Ratlam- Bhopal express trains) (Daily)

13. Bilaspur-Tirunelveli Jn. (Thiruvananthapuram) Superfast (Weekly)

14. Mumbai-Karwar Superfast (Tri-weekly)

15. Durg-Jaipur Express (Weekly)

16. Dibrugarh Town-Chandigarh Express (Weekly)

17. Delhi-Farakka Express (Bi-weekly)

18. Hazrat Nizmmudin-Bangalore Rajdhani Express (Tri-weekly) via Kacheguda

19. New Jalpaiguri-Delhi Express (Bi-weekly) via Barauni

20. Mumbai-Varanasi Superfast (Daily)

21. Mysore-Yesvantpur Express (Daily)

22. Koraput-Rourkela Express (Daily) via Rayagada

23. Agra-Ajmer Intercity Superfast (Daily)

24. Mumbai-Jodhpur-Bikaner Superfast (Bi-weekly)

25. Agra-Lucknow Junction Intercity (Daily)

26. Hapa-Tirunelveli Jn. Superfast (Bi-weekly) via Thiruananthapuram

27. Gwalior-Bhopal Intercity Express (5 days a week) via Guna

28. Kanyakumari-Rameshwaram Express (Tri-weekly) via Madurai

29. Howrah-Haridwar Superfast (5 days a week)

30. Varanasi-Jammu Tawi Superfast (Daily)

31. Gorakhpur-Mumbai Superfast (Daily)

32. New Delh-Guwahati Rajdhani Express (Weekly) via Muzaffarpur

33. Veraval-Mumbai Link

Service (Daily)

34. Ranchi-Patna Jan Shatabadi Express (Daily)

35. Jhansi-Chhindwara Express (Bi-weekly) via Bina-Bhopal

36. Mumbai-Jodhpur Express (Weekly)

37. Jamalpur-Gaya Passenger (Daily)

38. Jhajha-Patna MEMU (Daily)

39. Kanpur-New Delhi Shatabdi Express (6 days a week)

40. Bhopal-Lucknow-Pratapgarh Superfast (Weekly)

41. Lucknow-Rae Bareli-Bangalore Superfast (Weekly)

42. Shimoga-Bangalore Intercity Express (Daily)

43. Mdurai-Chennai Express (Bi-weekly)

44. Guwahati-New Cooch Behar Express Intercity (Daily)

45. Balurghat-New Jalpaiguri Express (Daily) via Kishanganj

46. Alipurduar-New Delhi Jalpaiguri Express Intercity (Daily) via Siliguri

47. Dharmanagar-Agartala Fast Passenger (Daily)

48. Rewari-Phulera Passenger (Daily) via Ringus

49. Shoranur-Nilambur Road Passenger (Daily)

50. Coimbator-Shoranur Passenger (Daily)

51. Mathura-Kasganj Passenger (Daily)

52. Farakka-Katwa-Azimganj-Nawadwip Dham Express (Daily)

53. Bangalore-Kochuveli Superfast (Weekly)

54. Kolkata-Rampurhat Express (Daily)

55. New Jalpaiguri-Digha Express (Weekly)

56. Purulia-Howrah Express (Bi-weekly)

57. Kolkata-Bikaner Express (Weekly) via Nagore

Inflation at -1.3% for week june 13 - june 20

India's wholesale price index fell 1.3 percent in the 12 months to June 20, compared with the previous week's annual decline of 1.14 percent, government data showed on Thursday.

The fall was marginally smaller than a median forecast of a 1.35 percent fall, according to a Reuters poll.

The annual inflation rate was 11.91 percent during the corresponding week of 2008.

The wholesale price index is more closely watched than the consumer price index, which is published monthly, because it covers a higher number of products and is released weekly.

Budget session 2009-10 starts

Budget session for fiscal year 2009-2010 started today and Mamta Banerjee (trinamool congress) will present the railway budget after 9 years, and looks like she is all set to present a people friendly budget,

The buzz is that one can expect passenger amenities to figure high on her rail budget platter with mention of affordable, economic 'janta' food being available at key stations across the Indian Railways system.

Ms Banerjee is likely to favour more public private partnerships (PPPs) to boost growth in railway infrastructure. Pending projects will receive special attention. The rail coach factory at Rae Bareli will receive the minister’s attention. More significantly, the ambitious Dedicated Freight Corridor Project will be taken up on a serious note.

There is also a lot of expectation in Kolkata that the city's iconic Howrah station may get a fresh boost as part of Railways' bid to convert it into a world class station. New Delhi and Patna stations too are also on the initial list of 22 stations that will be converted into world class stations by the Railways, a move that was initiated by Lalu Prasad. There is speculation that Sealdah too will be included this year.

Next week finance minister pranab mukherjee would present Union finance budget for fiscal year 2009-10

Govt of India approves India-Korea trade pact

The government today approved signing of a Comprehensive Economic Partnership Agreement (CEPA) with South Korea paving the way for an eventual duty free trade of goods and services between the two countries.

The approval was granted by the Union Cabinet at its meeting presided over by Prime Minister Manmohan Singh.

Briefing reporters after the Cabinet meeting, Information and Broadcasting Minister Ambika Soni said,"India's exclusion and sensitive lists includes agriculture, textile and auto components."

She said while South Korea's offer to break duty barriers include items of India's export interest, New Delhi has taken enough care to protect its sensitive industries and the farm sector.

The CEPA comprises six agreements relating to opening up of trade in goods, services and customs, and trade facilitation.

Signing trade pacts with South Korea and Association of South East Asian Nation (ASEAN) are part of the 100-day agenda of the UPA government in its second term.

The CEPA negotiations had started in March 2006 and was concluded in September 2008.

courtesy economictimes

Indian economy account deficit becomes thinner at 1.3 percent

Here is good news for all the indian,s - India's current account deficit this fiscal is likely to narrow down to 1.3 per cent of GDP as the trade gap shrinks and FDI inflows pick up on the back of positive election mandate.

In 2008-09, the current account deficit was 2.6 per cent of the country's gross domestic product (GDP) at $29.8 billion, against $17 billion a year ago.

Goldman Sachs said the deficit is lower than their expectation of 3.5 per cent, mainly due to rapid fall in imports in the January-March quarter of 2008-09.

The firm also said that domestic demand and its expectations of the output gap closing rapidly, are likely to support a strengthening rupee.

India's external debt at $ 230 billion

India's external debt rose 2.4 per cent or $5.3 billion to $229.9 billion for the fiscal ended March 31, the Reserve Bank of India (RBI) said on Tuesday.

India, which has an external debt equivalent to 22 per cent of its gross domestic product, was already the fifth most indebted country in the world in 2007, the central bank said in a statement.
The current account - which includes components like external trade deficit and remittances from overseas - had a deficit of $29.82 billion for last fiscal, compared to a deficit of $17.03 billion in the previous period.

The capital account - which comprises items like foreign investment, external loans and foreign assistance - had a surplus of $9.15 billion for 2008-09 compared to a surplus of $107.94 billion in the year-ago period.

Goods & Service tax can fill govt pockets by $15 billion

India could gain $15 billion a year by implementing the Goods and Service Tax (GST) as it would boost exports, raise employment and spur growth, the head of a government panel said on Monday.

Finance Minister Pranab Mukherjee is expected to lay a roadmap for the launch of the ambitious tax reform in his budget speech next Monday. It is expected to be implemented across the country from April, 2010.

The new tax system, which will replace all major central and state taxes, is expected to lower tax rates by broadening the tax base and minimise exemptions, Vijay Kelkar, Chairman, of the 13th Finance Commission said.

Kelkar said implementation of GST had raised Canada's GDP by 1.4 per cent and would help India redistribute the tax burden equitably between manufacturing and services.

"In India we can expect a similar kind of positive impact. This means gains of about $15 billion annually," he was quoted as saying in speech, a copy of which was made available by the finance ministry.

The panel, which has been set up to determine the devolution of federal taxes to states for five years, is expected to submit its report soon.

Referring to opposition to GST by some state governments, Kelkar said the panel could provide a compensation package to states and help speed up the implementation of a "flawless" GST.

Deflation is not a threat for India

India is not threatened by a deflation spiral that could derail economic development, the economic intelligence arm of global rating agency Moody's said today.

"Deflation is generally unwelcome by policymakers as it encourages consumers to delay purchases and businesses to postpone investment, which would eventually hurt GDP growth," Sherman Chan, an economist with Moody's Economy.com said.

"Lower prices may in fact boost consumption volumes, especially in poor regions. Meanwhile, cheaper input costs may also present a good opportunity to speed up construction of much needed infrastructure," Chan addded.

For the first time since the new wholesale price index (WPI) series started in 1995, India's annual rate of inflation has turned negative, falling to minus 1.61 percent for the week ended June 6. This has led to fears that this would lead to hoarding of food articles and a consequent rise in prices.

The inflation rate, which was 0.13 percent in the previous week, had last turned negative in 1977.

Where does Indian Metro's stand in reality NOWHERE !!

Just came for surfing on net after a day long tedious job... really software job is too blood sucking.... net surfing act as a Rejuvenation factor for me saw a link showing top 25 cities to live in.. looks kind of weird as a person living in a remote place but doesnot require anything from rest of world is by far the luckiest person and that place is the best place to live in.

We'll saw the list for some top 20 spots and then closed the link as couldn't find a single indian metro city in whole list forget about tier two cities of the country felt bad as lot of homework still needs to be done if we want any of our metro cities in the prestigious list (i am giving priority to Metro's as the tier 2 cities will follow), The infrastructure however still lies pathetic but after analyzing the last 5 years i can say that a lot of good has happened and next 20 years or so may be bangalore or New Delhi will figure in the list i am not very sure about the other metro's like mumbai and kolkata, The list of top 25 best places to live was majorly covering the european cities but may be 20 years from now we might see some of indian cities name in the list if not many. so i thought to show the list to the readers here it is :

1 - ZURICH

2 - COPENHAGEN

3 - TOKYO

4 - MUNICH

5 - HELSINKI

6 - STOCKHOLM

7 - VIENNA

8 - PARIS

9 - MELBOURNE

10 - BERLIN

11 - HONOLULU

12 - MADRID

13 - SYDNEY

14 - VANCOUVER

15 - BARCELONA

16 - FUKUOKA

17 - OSLO

18 - SINGAPORE

19 - MONTREAL

20 - AUCKLAND

23 - AMSTERDAM

24 - GENEVA

25 - LISBON

India's April fiscal deficit at $11 billion

India's fiscal deficit in April was at 541.58 billion rupees ($11 billion), or 16.3 percent of the full-year target, the government said in a statement on Tuesday. Tax receipts were at 74.62 billion rupees while expenditure were at 662.17 billion rupees for the first month of 2009/10 fiscal year.

India's GDP may average 7.2 pc over next 5 yrs

India's real GDP growth will average at 7.2 per cent over the next five years even as risks to the global economy continue to remain high, the Economist Intelligence Unit (EIU) has said.



The world's second-fastest growing economy may also see negative inflation for the next 3-6 months triggering expectation of rate cuts by banks, the research arm of London-based Economist added.

"Emerging Asia will be the world's fastest-growing region over the next five years (2010-13), but this mainly reflects a relatively strong growth performance by India and China. The EIU expects India's real GDP growth to average 7.2 per cent over the next five years," it said.

Global share prices have been boosted on expectations that the worst of the global economic meltdown is over, however, a sustainable recovery is distant, it maintained.

There may be more green shoots of recovery in the global economy as fiscal and monetary stimulus packages start to have an impact, but "growth over the next two years will be marked by a high degree of volatility", Vohra said. There will be a substantial slowdown in quarter-on- quarter growth rates once the stimulus fades, he added.

courtesy economictimes

Indian Economy is resistant to ongoing recession

Economic recession has effected almost all of the major economies of the world whether developed or developing, economies which don't have strong fundamentals are effected the most like the US economy(which happens to be the largest economy of the world presently). So what has made indian economy safer even in these tough times?

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According to me it's the government's hold on the economy in place and the good thing about indian government is that it takes a very conservative approach because it keeps people's interest on high priority and consider the ill effects of one economic decision rather then talking about the corresponding positives this has acted as a firewall from the ongoing economic crises which is biggest after the 1929 great depression which i read in my history book in tenth grade.

It may be noted that still in india government has a very strong hold on the economic activities ( a lot of restrictions were removed in the 90's when Manmohan singh was Finance minister under PV Narsimha Rao government) had it been still like early 90's indian economy would have been completly shielded from the crises but an economy can rise only if it takes off some of restrictions and let the business congloramates go beyond the physical boundaries and compete globally as majority of indian companies are currently doing that's very good according to me.

If Indian government had lifted all of the retrictions in 90's no doubt our economy would have been much bigger today but would have been as affected as USA presently with pink slips all around and companies following hire and fire policies huh...thank god Manmohan Singh was there to think about it at that time...really SINGH is KING!!

The point described above by me is made clear by following figures that in the month of May itself we had $2 billion of FII money into our country, this is because of the stability and strength of the Indian economy, which is reassuring to the Indian investor.

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ok now i am logging off will keep you guys updated in next post coming soon

- Himanshu Sharma

Govt may remove FBT & Service tax on exporters

Removal of Fringe Benefit Tax(FBT) and service tax exemption for exporters in the Budget are under active consideration of the Finance Ministry, a highly placed official said.

Commerce Secretary Rahul Khullar today met Finance Secretary Ashok Chawla and is believed to have pressed for several fiscal incentives for exporters, who are suffering due to the ongoing recession in major markets.

India's exports have been contracting for the last seven months in a row, costing millions of jobs in labour oriented sectors like gems and jewellery and textiles, industry estimates suggest. In 2008-09, exports grew by a meager 3.4 per cent to USD 168.7 billion.

Khullar met Chawla a day after he had a meeting with a delegation of the Federation of Indian Export Organisations.

The exporters have been demanding removal of the FBT on the ground that the business promotion expenses should not be treated as fringe benefits and should not be taxed.

The other major demands, including outright removal of service tax on exporters, is also under consideration of the government, the official said.

At present exporters get reimbursement for the service tax but it involves several procedural hassles. They want total removal of this tax.

courtesy - economictimes

PM says Indian economy faced crises very well

Returning home after attending the summits of Shanghai Cooperation Organisation (SCO) and Brazil-Russia-India-China (BRIC), where the global financial crisis was the main theme, Singh said there was a need for reforming the present systems of global governance and international financial system.

He hoped the BRIC would not remain a "talk-shop" and the member countries would work together so that their voice is heard in the global arena.

"We live in times of rapid economic changes when the BRIC economies are a factor of stability and growth," Singh told accompanying journalists while returning from Yekaterinburg in Russia.

"India has borne the global economic crisis well, though we have not been unaffected," he said.

Talking about the BRIC Summit, he said the leaders discussed the need to intensify cooperation among the four nations and international economic downturn and how to prepare for the forthcoming G-8 and G-20 Summits.

INR falls 39 paise against US $

Indian rupee closed above the crucial 48 level against the dollar for the first time in five weeks in tandem with a sharp slide in local stocks, raising fears of capital outflow from equity.

Resuming lower at 47.84/85 a dollar, the domestic unit later moved in a range of 48.16 and 47.81 before ending the day at 48.13/14 against the dollar, cheaper by 39 paise from its last close of 47.74/75 a dollar.

Dealers at the Interbank Foreign Exchange (forex) market said continued capital outflows in the week weighed on rupee sentiment.

Foreign institutional investors pulled out nearly USD 193.60 million in the last two days. They were believed to be heavy sellers in equity today.

The Indian benchmark Sensex plunged by 435 points or 2.91 per cent following dramatic sell-off by foreign funds.

Meanwhile, the dollar, which was buoyant in the overseas market in the last few days, was little changed against the basket of currencies.

BRIC's maiden summit to discuss about economic crises

Leaders of Russia, China, India and Brazil will discuss the reform of international financial institutions at their debut summit on Tuesday in the Russian city of Yekaterinburg.

It said in a statement that the four countries, known by the BRIC acronym, would discuss "prospects for dialogue between the Group of Eight and traditional partners" on reform ahead of the G8 summit in Italy in early July.

BRIC countries want to increase their representation in the IMF, where the majority of quotas are currently controlled by developed nations. They are aiming for an agreement on IMF reforms by January 2011. Russia currently has 2.7 per cent of IMF votes, and is unlikely to see its quota increased even under a proposed reform. China holds 3.7 per cent, Brazil 1.4 per cent and India 1.9 per cent.

BRIC states are trying to strengthen their clout as the producers of 15 per cent of global gross domestic product by building up the grouping into a powerful world player. The Kremlin said the four will issue a communique after the summit.
The four are also among the world's seven biggest holders of international reserves. They have expressed worries about the economic stimulus programs in developed nations, fearing they may threaten their savings by driving up future inflation.
Kremlin foreign policy adviser Sergei Prikhodko said on Sunday that BRIC countries were unlikely to discuss a new reserve currency but the reform of the IMF is closely linked to the currency discussion.
China said it is willing to contribute up to $50 billion to the IMF through a purchase of IMF bonds, non-tradable securities which will likely be denominated in the IMF's Special Drawing Rights (SDRs).
Brazil and Russia said they will buy $10 billion each. The debt issue will boost the role of SDRs in international finance.
The statement said the four will also discuss a response to the economic crisis and exchange views on international policy issues, including regional crises, the fight against terrorism, energy and food security.
BRIC will also discuss further steps aimed at "strengthening collective and legal foundations in global policy." The Kremlin said the communique will "reflect common vision of the current stage of global development."

courtesy economictimes

Plan outlay may swell by Rs 1,00,000 cr in Budget

Plan expenditure may see a quantum jump of about Rs one lakh crore due to likely increased allocation for the UPA's flagship programmes such as NREGA, Bharat Nirman as well as concessional foodgrains to the poor.

This is likely to take total Plan expenditure to Rs 3.85 lakh crore against Rs 2.85 lakh crore in the interim Budget, tabled in February, sources told media.



Higher Plan expenditure may cause increase in the fiscal deficit for 2009-10 to over six per cent of gross domestic product (GDP) from 5.5 per cent projected in the interim budget.

President Pratibha Patil in her address to the joint sitting of Parliament had expressed the government's commitment to flagship schemes including the NREGA and Bharat Nirman, besides food security, among other programmes.

"Ministries have sought more allocation to implement flagship schemes, including social sector programmes and new schemes. This may result in the Plan expenditure pegged at 2.85 lakh crore during the interim budget to swell by about Rs one lakh crore," a source said.

Ministries seeking higher allocation in view of the government's commitment for flagship schemes and strengthening infrastructure include rural development, railways, power, urban development, water resources and human resource development among others, the sources said.

Sector-wise plan allocation for education may go up over Rs 15,000 crore, rural development Rs 4,000 crore, urban development about Rs 4,000 crore, power Rs 8,000 crore and health Rs 4,000 crore.

Indian Union Finance budget on July 3rd

Finance Minister Pranab Mukherjee is expected to present the 2009/10 budget on July 3, an official said today.

"Parliament's budget session is proposed from June 29 to August 7 and the budget could be presented on July 3," an official in the Parliamentary Affairs Ministry, who did not wish to be named, told reporters.



He said the Economic Survey, an annual report on the state of economy, was likely to be presented on July 2 and the railways' budget on July 1.

The proposed dates need to cleared by the Cabinet and notified by the President's office, he said.

The government presented an interim budget for the 2009/10 (April/March) year in February ahead of national elections in April and May.


courtsy economictimes

UPA government's Agenda

UPA government has been elected to power for second time in a row and it has huge hurdles to overcome on the path of development of the nation which are clearly top priority of this goverment here are few important issues in UPA government Agenda.

1. Major shift in governance practices :

one, ongoing, independent evaluation and public reporting of progress in implementing government schemes; two, big strides in e-governance; three, decentralisation and empowerment of panchayats and non-government organisations to implement and monitor government schemes; four, breaking barriers between departments and schemes to achieve synergy, integration and better utilisation of existing resources;

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five, innovative regulation of health, education and provision of public services; six, liberal use of technology in welfare transfers and achieving public awareness; and, seven, institutionalisation of the government’s basic commitments by requiring all Cabinet notes to specify how their proposals would enhance the goals of equity or inclusion, innovation and public accountability.

2. Disinvestment, FDI lead reforms roadmap:

The government will push ahead with economic reforms, pursue disinvestment, encourage FDI and increase public spending without giving up fiscal prudence. It will also provide tailor-made booster packages for specific sectors to pull the economy out of the slow lane of growth. “Our immediate priority must be to focus on management of the economy that will counter the effect of the global slowdown by a combination of sectoral and macro-level policies. This must be accompanied by measures to achieve a counter-cyclical expansion in public investment in infrastructure sectors,” President Pratibha Patil said.

Disinvestment of up to 49% in state-run companies will be key to removing those funding constraints. The government will ride piggyback on IPOs by PSUs to offload its shares to public.

3. Zero tolerance for terror :

The second Administrative Reforms Commission (ARC) had earlier recommended UIC for checking illegal immigration and terrorist infiltration. In fact, a pilot project for a Multi-purpose National Identity Card (MNIC) has already been implemented in 13 districts.

“The scheme will be implemented in three years, overseen by an Empowered Group. This will serve the purpose of identification for development programmes and security,” Patil said. According to the ARC, the card is imperative also for delivery of services to citizens. Patil said the government had already prepared a detailed plan to address internal security challenges which would be implemented in a time-bound manner.

4. Food security act :

The government committed itself to coming true on its ‘aam aadmi’ poll agenda with the President promising a national food security Act backed by a new BPL survey which could alter the ambit of those under food schemes.

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While the UPA government has been at work to revamp the method of identifying below poverty line beneficiaries for various social sector programmes, its move to provide 25 kilogrammes of rice or wheat at Rs 3 per kg could heighten the need to redo the list systematically.

5. One rank-one pension report :

After tying itself in knots over the long-standing demand for one rank-one pension (OROP) for armed forces during the run-up to the general elections, the UPA government has promised to resolve the contentious matter by this month-end. President Pratibha Patil said the committee headed by cabinet secretary K M Chandrasekhar had ‘‘already commenced its work and expects to complete it by the end of June 2009’’.

The UPA government, however, is promising only a partial implementation of OROP at best, with the defence ministry acknowledging that full implementation is simply not feasible ‘‘administratively’’.

6. Home stretch for urban poor :

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The government plans to take a slew of measures to uplift the living conditions of the poor in fast-expanding cities. A major thrust on affordable housing is on the cards, President Pratibha Devisingh Patil said. She said the government will propose Rajiv Awas Yojana for slum dwellers and the urban poor on the lines of Indira Awas Yojana for the rural poor.

Over 15-lakh homes are being made for the urban poor. Meanwhile, the housing ministry has asked developers to list the sops they expect from the government for building low-cost houses. The ministry is keen on reviving tax benefits for real estate developers who construct houses for the economically-weaker sections (EWS). The scheme was discontinued last year.

7. Realistic power generation goals :

The government has pared the target for increasing power generation to make it more achievable but that may put paid to its poll promise of making electricity available to all Indians by 2012. By the end of the Eleventh Five Year Plan (2007-12), the government plans to add 52,000 MW new capacity, a 34% drop from the original target of 78,600 MW.

“The effort would be to see that at least 13,000 MW of generating capacity is added each year through a mix of sources—coal, hydel, nuclear and renewables,” President Pratibha Patil said. Total capacity addition in the first two years of the 11th Plan was 12,700 MW, virtually half of the targeted 23,100 MW. The government’s performance was dismal in 2008-09, when a mere 3,500 MW was added, 68% less than the target of 11,061 MW.

8. Women’s quota bill :

Government would hold consultations with all political parties to get around the resistance from the OBC outfits which have held up implementation of the landmark measure insisting on a separate quota for OBCs and Muslims within the larger women’s quota.

9. Right to education law on anvil :

Along with the formulation of a “brain gain” policy, work on the National Council for Higher Education will be initiated in the first 100 days. Other areas of concerted action include enactment of the Right to Free and Compulsory Education Bill, setting up of a National Female Literacy Mission, strengthening of the scholarship and education loan provisions.

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The focus is on higher education. The efforts will not be limited to mere expansion, but reform in the regulatory framework. There is a proposal to attract talent from across the globe — the “brain gain” policy will find expression through 14 new universities that are being set up over the Eleventh Plan period.

Direct tax receipts up by 5.8% in April/May 09

(Direct tax collection updates) - India's April-May direct tax receipts grew by 5.77 per cent from a year earlier to Rs 241.58 billion, the Central Board of Direct Taxes said in a government statement on Friday.

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Corporate tax receipts rose 5.56 per cent to Rs 85.78 billion rupees in the first two months of 2009/10, while income tax collections were up by 5.92 per cent to Rs 155.59 billion, it said.

"Growth during the month of May 2009 was 16.88 per cent at Rs 11,919 crore (119.19 billion) against Rs 10,198 crore, as against a negative growth of 3.19 per cent for the month of April 2009," it added.

Govt to focus on recession hit sectors says President Pratibha Patil

Presenting the agenda of the second UPA government at the joint session of Parliament, Patil said the new regime will develop a roadmap for listing public sector units, co-ordinate with other countries to bring back illegal money stashed in secret bank accounts, recapitalise public sector banks, and bring in the pension reforms bill.

"The current financial year is expected to see a slowing down of growth on account of the global recession... Our immediate priority must be to focus on management of the economy that will counter the effect of the global slowdown by a combination of sectoral and macro-level policies," she added.

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The new Government, the President said, will focus on sectors like small and medium enterprises (SMEs), exports, textiles, commercial vehicles, infrastructure and housing as they are adversely hit by the global financial meltdown.

The UPA government, the President, said will enact the National Food Security Act to provide 25 kg of rice or wheat at Rs three a kg per month to families below the poverty line, a promise made in the Congress election manifesto.

"This legislation will also be used to bring about broader systemic reforms in the public distribution system," she said.

The immediate priority of the government, Patil said, must be to focus on managing the economy to counter the effect of the global slowdown through a combination of sectoral and macro-level policies.

The efforts, she added, should be accompanied by an expansion of public investment in infrastructure sectors, besides encouraging public-private partnerships.

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"Financing the investment will be a critical constraint and my government is determined to ensure that innovative steps are taken in this area, consistent with medium term strategy of prudent fiscal management," the President said.

with - extracts from econnomictimes

Annual inflation at 0.48 per cent on May 23

(May 2009 inflation updates) Wholesale price index rose 0.48 per cent in the 12 months to May 23, lower than previous week's annual rise of 0.61 per cent, government data showed on Thursday.



It was below a median forecast of 0.56 per cent in a poll of analysts. The annual inflation rate was 8.90 per cent during the corresponding week of the previous year

$ v/s INR daily updates -June 2009

This post gives daily INR v/s US$ updates for the month of June 2009 the comparison is at closing of the indian stock markets. and enteries are in cronological order -


PS - the order of each daily entry is as follow:

Rs v/s US$ | price of 1 us$ in INR | change wrto previous day | remarks/analysis

Enteries in red color show INR weakening and green color entery shows stronger INR wrto $.

June 25/2009 - Rs v/s $ updates
RS v/s $ | 48.53 | 0.38 | Up^38 paise wrto $

June 19/2009 - Rs v/s $ updates
RS v/s $ | 48.06 | -0.15 | Down(-15) paise

June 18/2009 - Rs v/s $ updates
RS v/s $ | 47.91 | -0.15 | Down(-15) paise

June 8/2009 - Rs v/s $ updates
RS v/s $ | 47.08 | 0.08 | Up^8 paise wrto $

June 5/2009 - Rs v/s $ updates
RS v/s $ | 47.16 | -0.32 | Down(-32) paise

June 4/2009 - Rs v/s $ updates
RS v/s $ | 46.84 | -0.30 | Down(-30) paise

June 2/2009 - Rs v/s $ updates
RS v/s $ | 46.99 | 0.30 | Up^30 paise

No change in retail policy - FDI still not allowed

(2/6/09 Retail policy updates) - Ruling out any "review" of the foreign direct investment policy, Commerce and Industry Minister Anand Sharma has said there are in-built safeguards against FDI finding its way into multi-brand retail and breaching caps in broadcasting and defence production.

Sharma, who took charge of the nodal ministry for FDI on May 29, said there is no need for a relook at the policy amended in February by the Department of Industrial Policy and Promotion (DIPP).

"At this stage, we don't see that the time has come for any comprehensive review . it is too early in the day . we will see how the new policy is working," Sharma told in an interview.

There are safeguards against FDI in sensitive sectors like broadcasting and defence production, while the policy does not allow overseas investment in retail, he said. The "misunderstanding" on FDI being allowed indirectly in multi-brand retail "is not well placed at all", he said.

He said there were "effective, inbuilt safeguards when it comes to the sectoral caps, particularly in those sectors which have been sensitive, and (going) by the new policy those areas remain protected ..."

While the policy does not allow overseas inflow into this sector, the changes in February were perceived to be opening the sector to FDI up to 49 per cent in an Indian firm that has a downstream subsidiary firm in retailing.

inflation updates - Annual inflation at 0.61 percent

(28/5/09 - Inflation updates) - The wholesale price index rose 0.61 percent in the 12 months to May 16, matching the previous week's annual rise, government data showed today.

It was below a median forecast of 0.74 percent in a Reuters poll of analysts. The annual inflation rate was 8.66 percent during the corresponding week of the previous year.

It may be noted that The wholesale price index is more closely watched than the consumer price index, which is published monthly, because it covers a higher number of products and is released weekly.