The Hindu Business Line : Wednesday, February 27, 2008

BUDGET
Relax norms for advances against commodities
While the exchanges play their part in stimulating liquidity in relevant commodities and educate the physical market participants on the benefits of participating on a futures platform, yet their participation is a function of their felt ... More

Provide special concessions for SMEs
SMEs are playing great role in terms of providing employment, export, contribution to GDP. However, one should note that all the SMEs are not running profitably. Even in major industrial estates, large number of SMEs is found to be defunct. I ... More

Discard Central sales tax
Reduce corporate and individual tax from 33 per cent to 10 per cent and reduce it in long-run to 5 per cent. So that every citizen will contribute for the nations development. While deciding this, do not compare with other countries rate of tax. ... More

Withholding tax on biotech sector needs review
For the Indian biotech sector to flourish it is important that Indian companies enter into collaborative research programmes and import/licence platform technologies, thereby permitting Indian companies to expand their existing skill base and ... More

Allow FIIs to participate in commodity derivatives
Allow foreign institutional investors and domestic financial institutions like banks to participate in commodity derivatives. This will facilitate wider participation and development of the commodity markets. Warehouse development to be given ... More

Grain merchants seek tax waiver
The Tamilnadu Foodgrains Merchants Association, in a pre-budget memorandum submitted to the State Government, has sought exemption from tax for basic commodities. The Association Secretary, Mr P. Subash Chandra Bose, pointing out that the ... More

Exempt senior citizens from filing returns
Exempt all senior citizens from filing income-tax returns, and allow us to live the rest of our lives in peace with whatever savings we have. Health insurance is also not available to us. The high salaries and spending power of the present ... More

Raise fixed deposit rates for senior citizens
Medical and hospital expenses ever in increasing order and senior citizens have to spare more money to take care of their health. The medi-claim insurance policy premium is also increasing and no-claim bonus is withdrawn. Any diagnostic charges ... More

Levy corporation tax on companies
Encourage debt-free companies and levy corporation tax @ 25% where interest paid or payable is zero without netting and discourage companies which don’t use their funds including borrowed for their own business and hence levy corporation ... More

Radio broadcasting should be removed from service tax
We expect reduction in service tax, especially given that the radio industry is still at its infancy and has great employment and media opportunities in the semi-urban and rural markets. In addition, we need a lowering of income-tax rates to the ... More

54EA/ 54EB investment must be made unrestricted
With a view to channelising investment into priority sectors of the economy and to give impetus to the capital markets, Sections 54EA and 54EB of the Income-tax Act, 1961, were introduced by the Finance Act, 1996. Under the provisions of these ... More

Set up sovereign fund to raise investments
The key policy initiatives that I would like to see in Budget 2008 would be that India set up a sovereign fund of $50 billion like China, Singapore to increase investments in domestic and foreign funds/companies and enable foreign funds to set up ... More

Standard deduction is required for salaried class
From the assessment year 2006-07 standard deduction has been removed. There is no deduction available to the salaried class. Individuals having business have to pay income-tax on their net income after allowing related business expenditure. For ... More

Adopt proactive policies on education & training
India is in urgent need of adopting proactive and progressive policies on education and training. As per industry surveys India is likely to face a 3.1 million talent shortage by 2010 and one million leadership talent shortage by 2015. Now is the ... More

Reduce dividend distribution tax
As Rs 1 lakh ceiling for eligible investments for tax saving under Section 80C is easily breached in the case of assesses in the upper middle and higher tax slabs, the existing ceiling should be raised to Rs 2 lakh to stimulate higher saving and ... More

Create stability in duty structure
There is a growing competition from imports due to appreciating rupee. This keeps the local manufacturer on their toes. Therefore, create stability in duty structure and fiscal regime. I wish no changes in the current duty structure in PC and ... More

Banks, MFs must be allowed in futures markets
Revoking the ban on futures trading of wheat, rice, tur and urad which will clarify the long-term intentions of the Government and send the right message to the commodity industry stakeholders. Client-wise limits should be increased ... More

Re-introduce standard deduction
The Finance Minister should grant standard deduction to the salaried class. Before standard deduction was introduced, salaried tax-payers were allowed separate deductions for employment-related expenses such as expenditure on purchase of books, ... More

Export-oriented units should have flexible labour laws
Reduce excise duty from the present 16 per cent level to a moderate level in relation to ASEAN rates. The excise duty + VAT combined makes the duty incidence at 31% as compared to ASEAN rates ranging between 15 per cent and 17 per cent. This is ... More

Scrap sales, service taxes on online advertising
The economic growth and prosperity of any country is enabled greatly by the breadth and depth of its communication networks. Without a doubt, at least a few points of current India’s GDP are thanks to explosion of mobile phones, good roads, ... More

Accord ‘infrastructure industry’ status to construction
The construction industry may be accorded the “Infrastructure Industry” status, as it is expected to account for 12 per cent of GDP by 2012. Under Section 35AB(2) of the Income Tax Act, a weighted deduction of the expenses ... More

Give more incentives for food processing
The current Budget has a lot of expectation for the “aam aadmi” with regards to price rise, agriculture, income tax benefits and infrastructure development. The present tax level could be enhanced to at least Rs 1.5-1.75 lakh. ... More

Reduce personal tax
Announcements in relation to fringe benefit tax payable in favour of the employer will be a welcome step. This could be in the direction of some exemptions if not abolishment. Any reduction on personal tax and service tax is always welcome. ... More

CEMENT
Freight cut on fly-ash buoys cement cos
Mumbai, Feb 26 Reduction in freight charges on fly ash appears to have enthused cement companies. This apart, industry also welcomed the proposal to set up new bulk handling facilities for cement transportation with private participation and ... More

ECONOMY
‘India immune to global slowdown’
Mumbai, Feb. 26 Leading investment bank Lehman Brothers said on Monday that among Asian economies, India is the most immune to global slow down and there is no major threat seen to the Indian growth story.Investment demand in Indian ... More

FOREIGN TRADE
India, China bilateral trade
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PSU
CAG finds fault with working of TTP
Heavy losses suffered due to indiscriminate production More

PETROLEUM
Oil marketing cos to save Rs 90 cr on lower freight
Retail prices may remain same More

RIL gas find in Mahanadi basin block
Reliance Industries Ltd announced on Tuesday that it had struck gas in the NEC-OSN 97/2 (NEC-25) block located in the NEC-Mahanadi offshore basin, off the Orissa coast in Bay of Bengal. This shallow water block covers an area of 10,755 ... More

POWER
Kerala looking to avoid load-shedding this summer
To fully utilise power generated from hydel projects, Central pool More

STEEL
‘Boost for stainless steel industry’
“We do not see any reduction in freight charges and the announcement to go in for stainless steel coaches by 2010-2011 is definitely a boost to the industry,” said Mr Seshagiri Rao, Director Finance, JSW Steel Ltd. However, Mr Rao ... More

TAXATION
Duty cut on set top boxes proposed
New Delhi, Feb 26 The Telecom Regulatory Authority has asked the Ministry of Information and Broadcasting to push for a reduction of Customs and Excise duties on set top boxes, their spare parts and digital head end equipments to be brought ... More

RADIO/TV
ESPN STAR Sports gets Australian Open rights for 7 more years
New Delhi, Feb. 26 ESPN STAR Sports (ESS) has a new seven-year contract for TV broadcast rights of the Australian Open till 2014. The new contract signed between ESS and Tennis Australia covers the entire region for 2008, including ... More

ITV is editorial advisor to NewsX
New Delhi, Feb. 26 INX News has appointed Mr Karan Thapar’s company ITV as editorial advisor for its soon-to-be-released English News Channel, NewsX.ITV has done work for the BBC, Channel News Asia, CNBC TV18, CNN-IBN and ... More

EDUCATION
‘New entrants should focus on acquiring skills’
Chennai, Feb. 26 Acquiring skills should be the prime concern of a beginner; it should take precedence over concerns about the returns one gets from one’s employer.At the entry stage, acquiring skills is very critical, according ... More

IIM-K launches mentorship programme
Kochi, Feb. 26 The Indian Institute of Management, Kozhikode (IIMK) has launched a mentorship programme targeted at IIM aspirants and those who are preparing for the second stage of CAT, which consists of group discussions and personal ... More

Greycells18 educational channel
New Delhi, Feb. 26 Greycells18 has announced the launch of Topper, India’s first curriculum-based education television channel. The channel will combine TV and Internet as its medium of education. Starting with classes IX to XII, ... More

AUTOMOBILE COMPONENTS
Slowdown in global OEMs sourcing plans
Vendor capacity, exchange rate clause issue More

INDUSTRY ASSOCIATIONS
CEO Club to open AP chapter
Hyderabad, Feb. 26 The US-based international corporate club chain, CEO Club, will launch its Andhra Pradesh chapter here soon. The club will be formally launched on March 7 in the presence of over 25 chapter heads from across the ... More

Chambers hail Budget as good for ‘aam aadmi’
Welcome steps to boost infrastructure in NE region More

Chambers give the thumbs up to proposals
New Delhi, Feb. 26 India Inc rated the Railway Budget 2008 high, with the Confederation of Indian Industry (CII) welcoming the scope for public private partnership and the Federation of Indian Chambers of Commerce and Industry (FICCI) ... More

SCIENCE & TECHNOLOGY
`Discovery' bags national award
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MINERALS
Rlys earnings from iron ore traffic may rise 44.56% this fiscal
New Delhi, Feb. 26 The Government’s official stance is aimed at discouraging iron ore exports, but this has turned out a bonanza for Indian Railways. IR expect the earnings from moving iron ore to touch Rs 3,948.14 crore (as per the ... More

FOREIGN DIRECT INVESTMENT
37 FDI proposals in broadcasting sector cleared
New Delhi, Feb. 26 Thirty-seven FDI proposals pertaining to the information and broadcasting sector were approved by the Foreign Investment Promotion Board during 2007, Mr P.R. Dasmunsi, Minister of Information and Broadcasting, told the Lok ... More

RURAL DEVELOPMENT
SHG takes to power laundry
Deviating from traditional ventures, a women’s self-help group (SHG) at Dindigul, comprising 12 members, has taken to power laundry to cater to the needs of the population in the urban area. Set up under a special Central Government ... More

EVENTS
Intex to begin in Delhi from March 2
Coimbatore, Feb. 26 Intex, India’s only international trade show for fabrics and accessories for the apparel industry, will be held at Pragati Maidan in New Delhi from March 2 to 5. The show will be held concurrently with the ... More

ENTREPRENEURSHIP
FAPI seeks Rs 5-cr loan
The Andhra Pradesh Government, which has recently announced a programme to secure Rs 5-crore loan to prospective SC/ST entrepreneurs in the State without collateral security, should extend the scheme to all entrepreneurs, according to Mr B.V. ... More

EXPORTS & IMPORTS
Jewellery exports to US decline 4% on global cues
Exporters turn to domestic market for succour More

TOURISM
Attracting tourists
More