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Old 8th July 2004, 14:31   #1
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Hey guys, just felt that this probably is the hottest thing to discuss today. The FM has given plenty for me to rejoice - the farming community

So how has it made a diff to u guys out there !!!

cheers
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Old 8th July 2004, 14:54   #2
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Chidambaram rocks!! I'm with him all the way.

Am still not absolutely certain if the Budget will benefit me, but one thing I know for sure is that it will benefit our beloved country!! For those who arent aware - P Chidambaram is a Harvard educated genius. His father was a prominent industrialist while P Chidambaran carved his own route as one of the topmost lawyers in the country. An absolute reformist, this man is tough as nails when it comes to work but yet extremely simple in the mind. Simply put, there is no better Finance Minister than "Sir" Chidambaram.

India couldnt have had it better than this

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Old 8th July 2004, 15:20   #3
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GTO, I couldn't agree with u more. Even the '97 budget was revolutionary, though this time he has been slightly more conservative. But I guess he's walking the tight rope due to the alliance -- wish he had a totally free hand. The mar '05 budget I'm sure will rock even more.
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Old 8th July 2004, 16:31   #4
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it`s definately a grt revolution !!!

a grt example is sensex has already jumped 41 pts

The government on Thursday raised the income tax exemption limit to Rs 100,000 while imposing a 2 per cent education cess on taxable income.

The FM said that the Budget would aim seven to eight per cent growth, focus on agriculture and fiscal consolidation.

TAXATION
I-T exemption limit raised to Rs 100,000
1.4 crore tax assessees to go out of the net as a result.
No change in tax slabs, says FM
Section 80(DD) and Section 80 (U) will be given to persons suffering from autism, cerebral palsy and multiple disability.
Section 80(DD) and Section 80 (U) will be given to persons suffering from autism, cerebral palsy and multiple disability.
Contributions to Contributory Pension Scheme exempted form tax. Terminal Tax to be paid at the time of receipt.
Loopholes in gift tax exemption to be plugged.
Encouragement to the automobile sector. Industry to be provided 150 per cent exemption for in-house research and development.
Rural hospitals with 100 beds to be get 80(I)(B) concessions.
Capital Gains Tax revamped on securities. Long-term capital gains tax abolished.
Tonnage tax introduced for shipping industry but will have option to pay either tonnage tax or corporate tax.
Equity related Mutual Fund will continue to be exempt from Dividend Tax.
TDS and TCS being extended to more activities.
Companies doing research on bio-technology to get 100 per cent tax exemption for ten years.
0.15 per cent tax on transaction on securities will be levied.
20 per cent tax on corporate unit holders of mutual funds.
Peak rate of Customs Duty to continue at 20 per cent.
The concession of tax exemption of new industries in J and K extended by one more year to April one, 2005.
Reduction in customs duty in non-alloy steel from 15 per cent to ten per cent, excise duty raised from eight per cent to 12 per cent.
Number of concessions on excise duty for agriculture.
Tractors will be fully exempted from excise duty against existing 16 per cent.
Dairy machinery also fully exempted. Spades and shovels also fully exempted.
Health sector to be provided a number of concessions.
In the health sector, braille, braille typewriters, braille computers fully exempted from customs duties.
All ambulances to be exempt from customs duty.
Diagnostic kits for all types of epidemics exempted from Income-Tax.
Proposed to levy excise duty on contact lens in a bid to promote CENTVAT.
Complete exemption of excise duty on crutches and wheel chairs.
All types of hepatitis kits will be exempt from duty.
For matches made in the mechanised sector excise duty has been raised to 16 per cent without centvat rates from eight per cent with CENTVAT rates.
Platinum import duty reduced from Rs 550 for 10 gms to Rs 200.
Full exemption of excise duty for computers.
Family pension for widows of armed forces and para-military forces killed in operations are exempted from Income-Tax.

OTHER HIGHLIGHTS
In addition to gross budgetary support of Rs. 1,31,000 crore provided in the interim budget, the Budget has decided to allocate Rs 3,000 crore.Planning Commission will reorient its approach to planned development.
Government proposes to wipe out revenue deficit by 2007/08 against 2008/09 target set in the Fiscal Responsibility and Budget Management Act.
No change in existing interest rates on small savings. But senior citizens to get a new savings scheme with a rate of 9 per cent.
The government would draw a five-year road map for implementing the Common Minimum Programme to achieve growth and equity.
Government would ensure that a child remains in school for at least eight years and does not go hungry.
The Government will ensure that adequate funds are made available for universalisation of primary education for all children.
It will also provide funds ensuring availability of drinking water.
It proposes to launch new food for work programme to step up employment in rural areas. Rs 6,000 crore is provided under various schemes and more funds would be made available if needed.
Rs 3,500 crore subsidy for Antodaya scheme under which, foodgrains would be provided for the poorest of the poor.
Micro finance to be stepped up. Micro enterprises by self help groups to be encouraged.
Work has started on the national employment guarantee programme to provide 100 days work for one member of family.
Proposed to increase allocation for checking AIDS and other epidemics from Rs 6,000 crore (Rs 60 billion) to over Rs 7,000 crore (Rs 70 billion).
Boosting Agricultural growth and diversifying production is one of the aims.
Sustain an overall annual growth of 7-8 per cent and double the growth of agriculture in three years.
Proposed to hold each sponsor bank of RRBs responsible for the performance in stepping up agriculture credit to farmers.
Rs 50 crore (Rs 500 million) additional allocation for providing special attention to minorities education.
Task Force to be set up to examine the cooperative banking system in the agriculture sector. It would submit its report by October 31 this year.
Irrigation programmes to be restructured to complete the projects. Rs 2300 crore (Rs 23 billion) provided for accelerated rural development programme.
The Budget aims at doubling agriculture credit in three years.
While aiming to considerably enhance investment in public and private sector, fiscal prudence and financial discipline would be maintained.
The cess on education will realise Rs 4000 crore (Rs 40 billion) to Rs 5000 crore (Rs 50 billion) in a year and Rs 3057 crore (Rs 30.57 billion) at this moment.
To face the "crisis of water", proposal of an ambitious massive scheme to repair, renovate and restore all the water-bodies.
All water bodies to be restored to original health using assistance from multi-lateral agencies.
For farmers belonging to scheduled castes and tribes, the government will start a massive nationwide water-harvesting scheme.
One lakh irrigation units will be revamped using assistance from NABARD. Fifty per cent subsidy will be provided for such schemes.
VAT to be implemented on Apr 1, 2005
There will be a food security system for the poor.
On scheduled castes welfare programme, an allocation of Rs 1,180 crore has been proposed, marking an increase of Rs 1,137 crore.
For welfare programmes of Scheduled Tribes, allocation of Rs 1,146 crore has been proposed. It marks an increase of Rs 1,087 crore.
Drinking water for all. Minor irrigation, water harvesting to be encouraged.
More housing for the poor.
Electricity for all.
More ITIs to be set up. Government proposed to launch a programme to upgrade 500 ITIs in the country.
The now operational Universal Heatlh Insurance Scheme, which is skewed against the poor, is proposed to be redesigned.
Budget proposes to increase the subsidy under the Health Insurance Scheme. For individuals it has been raised to Rs 200, Rs 300 for a family of five, and Rs 400 for a family of seven.
Foodgrain production to be stepped up to 300 million tonnes by 2011-12.
A new health insurance scheme being launched. Premium will be Rs 120 for Rs 10,000 cover.
The allocation for prevention of AIDS will be Rs 259 crores.
Fiscal instruments will be used to enhance investment in agriculture.
Allocation of Rs.1,000 crore provided for utilisation of biotechnology for agriculture development.
Commercial banks have now agreed to waive the requirement of collateral upto Rs 750,000 from the existing Rs 400,000.
Task force to examine reforms in cooperative sector. It would submit its report by October 31.
National Agriculture Insurance Scheme to be redesigned by LIC. * * * * * *
Rs 8000 crore for Rural Infrastructure Development fund to be provided.
Proposal to launch National Horticulture Mission on the Anand model of cooperatives.
Airports, sea ports and tourism would be the focus of growth in the infrastructure sector.
Weather Insurance Scheme to be implemented on a trial basis in 20 districts.
Rs 40,000 crore to be provided by major banks for rural development programme. Necessary additional capital to SFAC for encouraging agri-businesss. The M S Swaminathan Research foundation has identified 13 districts for implementation.
Allocation for Accelerated Rural Development Programme stepped up to Rs 2,600 crore against Rs 2,226 crore previously.
Government proposes insurance cover for both farming and lifestocks.
Equity support of Rs 14,194 crore and loan of Rs 2132 crore to be given to the PSEs including the Railways during 2004-05.
Investment Commission will be established to make India an attractive destination for investment.
Investment commission to suggest measures to woo domestic and foreign investment.
Proposed to raise sectoral caps on FDI on telecom from 49 per cent to 74 per cent, civil aviation from 40 per cent to 49 per cent and insurance from 26 per cent to 49 per cent.
Basic health care, Sarvashiksha Abhiyan, investment in agriculture, science and technoogy including bio-technology would be given priority and additional funds.
A board for reconstruction of Public Sector Enterprises to be set up. This will cover those where divestment is also being considered.
Government to divest five per cent of stake in NTPC.
85 items to be removed from the reserved list of SSIs.
A compensation formula for any loss of revenue to states with the introduction of VAT will be worked out.
Commerce Minister will soon introduce a Bill to regulate Special Economic Zones. The New Trade Policy to be unveiled by this month-end will contain strategy for boosting exports including SEZs.
Bihar to be provided a package of Rs 3,225 crore for development.
Poor to have first charge on Plan panel resources
Rs 5,823 crore to be invested in schemes in North-Eastern states and Sikkim.
Government to provide special assistance to J and K. Grant of Rs 300 crore to transit from the current overdraft facility with the J and K Bank for Baglihar project.
Rs 100 crore (Rs 1 billion) fund to be set up for encouraging cottage industries and the disbursal of this fund will be done in consultation with the concerned industries.
PPF/GPF and Special Deposit scheme will have eight per cent interest.
National Institute of Public Finance and Policy has been asked to prepare a report on better targeting of subsidies.
States share of Union duties will go up to Rs 82,000 crore (Rs 820 billion) from Rs 63,752 crore (Rs 637.52 billion).
Loans to states from the Centre will attract an interest rate of 9 per cent from 10.5 per cent.
Backward state grant fund to be set up with a corpus of Rs 25,000 crore to be provided over a period of five years. Fund will be operational from 2005-06.
Defence allocation to be raised to Rs 77000 crore as against Rs 65300 crore in budget estimates 2004-05. Capital expenditure increased to Rs 33,403 crore against
Rs 20953 crore Budget estimates of 2004-05.
Non-Plan expenditure lowered to Rs 3,32,239 crore as against Rs3,49,785 crore.
Revenue deficit pegged at 2.5 per cent of GDP as against 3.5 per cent last year. Fiscal deficit pegged at 4.4 per cent of GDP at Rs 1,37,407 crore.

Source: Budget 2004

>>>>>>>>>>>>&g t;>>>..


a long post though, still pocket friendly..

2f2f



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Old 8th July 2004, 16:35   #5
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darn....after all that...still no reduction in the duty on auto/bike imports!!

grrrrrrrrr...

Rt

P.s. thats just me being selfish...I guess this is good for the countryoverall!
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Old 8th July 2004, 16:43   #6
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I had wished for the same but I guess thats still left as a dream, mayb next time !!!
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Old 8th July 2004, 19:03   #7
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Hey 2f2f,

Could you please provide the source from where you got that information.
(If you typed all that yourself, sorry and wow!.... but if not..source please)

R
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Old 8th July 2004, 19:33   #8
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Quote:
Originally Posted by [b
Quote[/b] (Rehaan @ July 08 2004,17:33)]Hey 2f2f,

Could you please provide the source from where you got that information.
(If you typed all that yourself, sorry and wow!.... but if not..source please)

R
hey rehaan,

don`t worry i am not at all a economy lunatic

*but surely a lazy bone *

Budget 2004 <<<<<<< the source


2f2f
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Old 8th July 2004, 22:03   #9
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Quote:
Originally Posted by [b
Quote[/b] ] grt example is sensex has already jumped 41 pts
well the sensex ended 112points down at the end of the day.
I'm not sure if this budget is anything extraordinary except for the agriculture sector
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Old 8th July 2004, 22:07   #10
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Quote:
Originally Posted by [b
Quote[/b] (GTO @ July 08 2004,13:24)]this man is tough as nails when it comes to work but yet extremely simple in the mind.
& extremely corrupt !
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Old 9th July 2004, 10:39   #11
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Quote:
Originally Posted by [b
Quote[/b] (rjkulkarni @ July 08 2004,20:37)].
& extremely corrupt ! * *[/quote]
why ?
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Old 9th July 2004, 11:19   #12
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Quote:
Originally Posted by [b
Quote[/b] (rjkulkarni @ July 08 2004,20:37)]
Quote:
Originally Posted by [b
Quote[/b] (GTO @ July 08 2004,13:24)]this man is tough as nails when it comes to work but yet extremely simple in the mind.
& extremely corrupt ! * *
c`mmon yaar... we indians must have to trust someone !!!


2f2f
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Old 9th July 2004, 12:15   #13
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Quote:
Originally Posted by [b
Quote[/b] ]& extremely corrupt !
You are kidding, right? Chidambaram is among the best FM's that India could have ever had. I havent heard of one unbiased allegation against him - or are you just generalising all Indian politicians as being corrupt. If thats the case, I'd suggest some good research.

GTO
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Old 10th July 2004, 06:39   #14
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I dont know if I "Feel Good" about the budget..but I dont think its bad..but it doesnt seem to be the best at this point in time..I know there needed to be a good reform way for the poorer/farming ppl, but still a lot needs to be done for the overall growth of this country, which I personally feel has not been captured here..May be chidambaram would have wanted that but then there are so many factors which could stop him from doing that...a lot of influences..anyhow..I think a big time spark needs to be given to the growing economy, we can do much better just need to have the right reforms in place..a lot of restrictions need to be removed I feel..anyhow..I would see how many of us would really feel good when the VAT comes into place..I dont know how much percentage that would be..but if its something like the UK, we r screwed..

on a dearer issue..of custom duties..I again dont feel that what the govt is doing is not good..not alone cars man..there needs to be much quicker reduction required..we have given much more than enuf time for the indian car companies to grow now its time for some good competition..agreed..duties discourage a lot od bad and all..but look at the bright side..knowing the potential..other comapnies could eventually set up factories if they can sell their cars from ouside..there would be a time when the comapnies would have to say..that the demand can not be met..lets setup a factory here..

I dont know... a lot of things in this budget..makes this budge a thumbs down for me..

btw I didnt know Our FM was from harvard..now I have new found respect for him in general..thats awesome..

cheers



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