Budget 2011-12 Highlights

Indiamart | 28/02/2011

  • AC restaurants serving liquor and AC hospitals with more than 25 beds under service tax.
  • Service tax on air travel to be increased.
  • Customs duty on raw silk reduced from 30 to 5 per cent.
  • Legal services to be expanded to business entities.
  • 20% export duty for iron ore.
  • Custom duty on Pet Coke and Gypsum to minimized to 2.5%.
  • No new tax exemption limit for women.
  • Mandatory levy of 10 pct on branded garments.
  • Budget estimates for 2011-12 projects- Rs 9,32,440 crore.
  • No change in Central excise duty rate. Base rate on excise duty raised from 4% to 5%.
  • Surcharge rate reduced from 7.5 percent to 5 percent for domestic companies.
  • Hike in exemption IT limit from Rs 1.6 lakh to Rs 1.8 lakh.
  • New series of coins with new rupee symbol expected.
  • Simplify tax collection procedure.
  • 1 million UID cards to be distributed per day shortly.
  • Targeting to reduce deficit to 4.6% for the upcoming fiscal year.
  • Plan and Non-Plan expenditure to be increased by 23%.
  • BPL pension eligibility age limit reduced.
  • Group formed to monitor corruption;will start implementing from 62 dept. in first phase.
  • Amendment of Indian Stamp Act shortly.
  • Simplified form ‘Sugam’ for small tax payers.
  • Rs 1.64 lakh crore for Defence.
  • Rs 1000 crore to build judicial infrastructure.
  • Group of ministers to sort out Environmental concerns.
  • 1000 crore for improvising judiciary system.
  • Rs 8,000 cr to Northeast.
  • 60 schemes for SC/ST to be implemented.
  • Rs 100 crore for Ladakh.
  • Rs 150 crore for Jammu.
  • Pension amount increased for 80 years and above.
  • Indira Gandhi National Old Age Pension Scheme eligibility revised from 65 to 60 years.
  • Rs 200 cr grant to IIT Kharagpur.
  • Rs 20 crore to IIM Calcutta.
  • 50 Crore to muslim universities in different states.

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Does Inflation Facilitate Foreign Investments in Indian Retail Sector?

If one observes the comments of Indian Prime Minister Dr Manmohan Singh’s, a doubt arises whether the Indian government is going to show rising inflation as an excuse for inviting foreign private investments in Indian retail sector.

The Vice-President of planning commission Mr Montek Singh Ahluvalia has been telling thatManmohan S supply side bottlenecks have been the major cause for the rising inflation in India. Today, speaking at a conference in New Delhi Prime Minister Manmohan Singh expressed concerns over rising inflation adding that inflation is becoming a major obstacle for the growth prospects of India.

An important aspect of Mr Singh was that what he opined for rise in inflation. He said that the farm supply chains needed to be boosted with organised retail chains. This raises doubt that Indian government is going to give permission for foreign entry into retail sector in the name of organized retail chains.

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Mubarak Wants to Resign But Not Now

Mubarak says he wants to resign from his post as he fed up with ten days continuous protests but he fears that the country will run into chaos. Commenting on the calls resign, he said: "I don’t care what people say about me. Right now I care about my country." Doesn’t Egypt mean Egyptians?

It may be reminded that the protesters lead by ElBaradei and Muslim Brotherhood demanded Mubarak to step down by Friday, February 4. Mubarak told Obama that he did not know about Egypt and he did not know what would happen if he stepped down, Mubarak informed to the press. He did not answer directly to a question whether he felt the US betrayed him, Reuters reported.

With the unprecedented challenge to Mubarak’s autocratic rule descending into violence, Washington has been urging Egypt to begin the transition of power and move towards elections. The US officials are quoted as saying that they were weighing different options for Egypt. The New York Times cited U.S. officials and Arab diplomats as saying Washington was discussing a plan for Mubarak to hand over power to a transitional government headed by Vice President Omar Suleiman with the support of the Egyptian military.

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West Relinquishes Mubarak!

Article first published as West Relinquishes Mubarak! on Blogcritics.

Mubarak, who ruled Egypt for 30 years with full backing from all western countries from the US to the EU, appears losing confidence of his western mentors. The clashes, which erupted on Wednesday evening and Thursday morning, have brought in the US and the European Union in support of the agitating anti-government demonstrators. The western states have condemned the violence forced by the pro-government demonstrators prompting Egyptian Prime Minister to offer apology on behalf of the government. The Prime Minister Ahmed Shafiq has apologized for stone pelting and gun shots on peaceful demonstrators pledging to investigate the “fatal error.”

The protests that have been peaceful for Nine days in Cairo and Alexandria, have turned violentMubarak Baradei as thousands of pro-government protesters stepped in throwing stones on anti-government protesters on Wednesday evening. Anti-government protesters have also begun stone pelting and chasing them from the Tahrir Square in a bid to retain the control of the square that has been the main rallying point of the protesters. Meanwhile Muslim Brotherhood and ElBaradei faction denied sitting for talks saying Mubarak’s resignation is the only solution.

The US expressed shock over clashes and the leaders of France, Germany, Britain, Italy and Spain released a joint statement condemning the violence and declaring that the peaceful political transition should immediately be started. Hosni Mubarak could remain in power for 30 years only with the political, economic and military support of the western countries lead by the US.

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Yemen Protests End Incident Free

The planned protests on Thursday by both anti-Saleh and pro-Saleh have concluded peacefully in Yemen’s capital Sanaa. Saleh’s opponents called to observe a “day of rage” onYemen protests Thursday demanding Mr Saleh to step down. Nearly 20,000 people marched in Sanaa asking for political reforms and more rights. They rejected Saleh’s offer of not contesting in 2013 when his tenure ends.

The same numbers of people are reported organizing another rally in another part of the city, Sanaa. They demanded Saleh to remain in power. However, they demand Mr Saleh to fulfill his pledge of carrying out reforms at the earliest. It was reported that the supporters are organized by the government from the nearby villages of the capital Sanaa, after the opponents have called for a “day of rage.”

In an emergency parliament session on Wednesday, Mr Saleh, 64, laid out his plans to move aside, saying he would not seek to extend his presidency when his current term expires in 2013 and pledging not pass on power to his son. The "day of rage" was organised by civil

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Courtesy of David Rosenberg

Source: Lateral Thinking

Obama’s State of the Union 2011:
“Two years after the worst recession most of us have ever known, the stock market has come roaring back. Corporate profits are up. The economy is
growing again.”

Herbert Hoover, May 1st 1930, US Chamber of Commerce Meeting:
“While the crash only took place six months ago, I am convinced we have now passed the worst and with continued unity of effort we shall rapidly recover.”

Obama’s State of the Union 2011:
“Thanks to the tax cuts we passed, Americans’ paychecks are a little bigger today. Every business can write off the full cost of the new investments they make this year. These steps, taken by Democrats and Republicans, will grow the economy and add to the more than one million private sector jobs created last year.”

Herbert Hoover, October 22, 1932, campaign speech in Detroit:
“It can be demonstrated that the tide has turned and that the gigantic forces of depression are today in retreat. Our measures and policies have demonstrated their effectiveness. They have preserved the American people from certain chaos. They have preserved a final fortress of stability in the world.”

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BRENT OIL : 100 $


Brent crude oil futures surged above $100 a barrel for the first time in 28 months on Monday on concerns that anti-government protests in Egypt could create instability across the Middle East, possibly disrupting oil shipments through the Suez Canal.

Every time that OIL has passed  $100 a barril in the past it has caused damage to the Global economy…Will it happen again ¿?¿?

Source: Lateral Thinking | 31 Jan 2011 | 08:48 AM PST