The Hindu Business Line : Tuesday, March 04, 2008

EMPLOYMENT
IIM-B placements from today; realty cos to take part
Bangalore, March 3 Apart from the usual names in consulting, investment banks, IT and global management conglomerates, students of the Indian Institute of Management, Bangalore this year have the option of choosing a career in the real estate ... More

Will badly hit employment generation in IT sector
The contribution of the IT industry to the buoyant Indian economy did not ‘deserve’ excise enhancement on packaged software and imposition of service tax on custom software. The non-extension of tax holiday under STPI scheme in the ... More

NON-CONVENTIONAL ENERGY
Suzlon invests Rs 100 cr to retrofit turbines
Wind turbine manufacturer Suzlon Energy Ltd (SEL) has announced a retrofit programme to resolve blade cracking issues discovered during the operations of some of its S88 turbines in the US. The total cost of the retrofit programme is ... More

AUTOMOBILES
Car sales speed up in Feb, bikes slow down
Four-wheeler performance buoyed by individual models, exports More

BUDGET
Sensex tanks 900 pts on weak global, domestic sentiments
Bank stocks badly hit on uncertainty over farm loan waiver More

‘Loan waiver not to hit banks’
Mumbai, March 3 Mr T.S. Narayanasami, Chairman and Managing Director, Bank of India, said, “There is no need for any apprehension that the profitability of banks will get affected following the proposal to waive off Rs 60,000 crore farm ... More

‘No tax exemption on export profits’
Two-wheeler makers want excise duty cut to 8% More

Decision to exempt incomes of Sikkim subjects hailed
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Good electoral maths
The Union Budget has laid the grounds for the next General elections, subject to a good monsoon this year. With education allocation up 15 per cent at Rs 34,000 crore and health spends up 20 per cent at Rs 16,000 crore, and Rs 31,000 crore ... More

Aam aadmi to ride the auto sector
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An election year Budget
This Budget can easily be described as an election year budget, as the Finaince Minister has taken pains to please almost everybody. I feel the tax on interest earned on deposits should have been taken out of the purview of the tax bracket ... More

Waiver scheme to improve money supply in rural areas
At a macro-economy level, the general ‘Fiscal discipline’ evidenced in containing fiscal deficit and revenue deficit lends stability to the ‘ India Growth story” and benefits all its constituents.At the sector ... More

‘Removal of double tax on dividends boost to infrastructure sector’
The biggest benefit that the latest Budget has conferred on the entire infrastructure sector is the removal of double tax on dividends, says Mr Kuljit Singh, Partner, Ernst & Young. “As infrastructure projects are typically ... More

‘Budget neglects primary education’
Though the Union Budget this year has allocated Rs 34,000 crore for education, an increase of 20 per cent as compared to last year, it has neglected basic issues like corporate-academics inter-linkages and growth of primary education, say some ... More

A boost for automobile sector
The Budget has lot of positives for us as an auto component manufacturing group. Reduction of excise duty on 2 and 3 wheelers should lead to a price reduction and consequent spurt in demand, also waiver of loans to the farm sector can give a ... More

Rural co-op banks despair of recovery
Farm loan waiver to hit fresh disbursals too More

Building knowledge society a welcome move
The emphasis on building India into a knowledge society through a series of proposals –setting up three new IITs, scholarships for Innovation, R&D and a National Knowledge Network to connect Universities – is very welcome.

Focused on common man
As expected, the Budget is focused on the common man. It has a lot to offer on the social sectors such as education, infrastructure and health. The Budget also has a great emphasis on agriculture. It provides some indirect impetus to ... More

Disappointing
The Budget proposals have announced leapfrog changes in indirect taxes, especially addressing long awaited reductions in Cenvat rate to 14 per cent, reduction in excise duty for pharma and automotive sector and selective changes in Customs duty. ... More

Tax collection kitty may swell
Budget 2008-09 brings forth a basket full of flowers, but not without thorns. Middle class taxpayers would be appeased to a great extent by the enhancement in the income-tax exemption limit. Direct tax collection kitty may swell off by March ... More

Emphasise on double-digit growth
Budget for the year 2008-09 largely remained public’s budget in view of coming general election. The Finance Minister has emphasised on double digit growth on industrial sector which is currently on a slow mode. The relevant excise duty ... More

An appeasement Budget
The Finance Minister presented the Budget against a backdrop of wide-spread feeling that the gap between the rich and poor has been growing notwithstanding India’s rapid economic growth over the years. The Scheduled Caste, Scheduled ... More

Nothing for export sector
The export industry which is in a crisis, was pinning its hopes on this Budget to provide comfort to it to relive it from the dark realities of the fall in trade due to simmering of the rupee against the weak dollar. But the Budget had nothing ... More

Temporary relief to farmers
The Finance Minister, with his proposal to write-off farm loans to the tune of Rs 60,000 crores, has given the signal to the farmers that the Government is fully behind them and that the Government wants them (with their votes) to rally behind ... More

Monitoring system a welcome move
The Institute of Cost and Works Accountants of India wholeheartedly welcomes the statement of the Finance Minister during his Budget speech about the introduction of Central Plan Schemes Monitoring System (CPSMS) through Planning Commission. It ... More

Populism vs welfare
The debt waiver and the debt relief programme that relieves the four crore farmers from the excruciating burden of Rs 60,000 crore could be seen as a populist policy aimed at future votes only. Instead of promoting agriculture as a whole, it ... More

Benefits to tax payers could have been better
Except some specific sectors , the corporate houses have not been rewarded for their contribution in the growth of the GDP. Benefits to individual tax payers could have been better and the amount under Setion 80c could have been increased ... More

Extension of TUF scheme a positive step
The extension of TUF to the Eleventh Plan period and enhancement in the provision for TUF is a positive move for the textile industry which will ensure continued investment in the sector despite hard interest rates. The relief given to exporters ... More

Progressive proposals on right track
The Union Budget 2008-09 is balanced and on the expected lines. With primary focus on agriculture, health, education and rural development, the progressive proposals outlined by the Government in the Budget are on the right track. There ... More

Will help beverage industry
The Budget announced by the Finance Minister has not been very advantageous to us as it did not announce any significant or major benefits all round for the beverage (wine) industry. We were expecting wine sector to become a part of the food ... More

Additional technical institutions will bring more talent
We welcome the thrust on education in this year’s Budget. We will have more talent in the area of science and technology with the addition of technical institutions such as the IITs and IISc. IT infrastructure in rural districts will get a ... More

No support to rural infrastructure
With urban infrastructure falling apart, support to rural infrastructure should have been provided. Need of the present times is rebuilding of the rural centres. Provision to build with private participation with special tax sops could have ... More

No mention about apparel industry
It is really disappointing to know that the Finance Minister has not even talked of apparel industry which is used to be till 1990’s a significant foreign exchange earner for the Government. It is really appalling that the Government is ... More

Anomaly in income-tax exemption relief
Normal retirement age for persons is 60 years. The Railways considers the age of 60 as senior citizen. Under the income-tax saving scheme 2004, senior citizen is above 60 years. Only under income-tax exemption limit, the senior citizen is above ... More

Good for the economy

CEMENT
Cement output up in Feb
Mumbai, March 3 Cement production of ACC increased 15 per cent to 1.69 million tonnes (mt) in February against 1.47 mt in the same period last year. Dispatches rose 17 per cent to 1.69 mt (1.44 mt) , the company said.Ambuja Cements, ... More

ECONOMY
Orissa’s annual Plan pegged at Rs 7,500 crore
More

January exports post 20.47% growth
April-Jan trade deficit zooms; oil imports rise 60% in Jan More

Crude oil basket hits new high at $97/barrel
The country’s crude oil basket touched a new high on Friday at $97.16 a barrel. This was $1.74 up from a day earlier ($95.42 a barrel), and the highest for the current fiscal. The international crude prices had struck a record high in ... More

Attention given to education
There is a lot of attention being given to the education in this Budget. The Finance Minister wants to develop India as a Knowledge Society. Rs 100 crore to be given to IT Ministry for knowledge centres, new IITs, Navodaya Vidyalaya’s, ... More

FOREIGN TRADE
SAARC: India prunes negative list to 500 items
For the least developed nations in the grouping More

HOTELS
Parsvnath to develop 40 more hotels at Rs 2,500 cr
In talks with hotel chains; has pact to manage 50 hotels More

PETROLEUM
Oil cos begin selling bonds
Low interest in paper keeps spreads high More

ONGC plea to redesignate Mahanadi block okayed
The Government is understood to have granted ONGC’s request for status change for its oil and gas block in Mahanadi basin from a shallow water block to a deepwater block. This will entitle the company to get additional time to ... More

POWER
REC gets new chief
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PowerGrid chief resigns
More

STEEL
Ministry may form panel to look into steel cos’ problems
To seek PM’s help to remove bottlenecks in capacity expansion More

Tata Steel outlines ‘vision’ 2012
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Mandatory standards for steel products from May
Will help face global competition: BIS More

TAXATION
Turnover tax likely to push up commodity trading costs
Mumbai, March 3 The imposition of commodity turnover tax and service tax on exchange levy in commodity futures trading is likely push up trading cost to 47 per cent from 22 per cent of their margins. Investors feel the additional burden would ... More

Exchanges, broking firms to plead against commodity transaction tax
FMC to take up the issue with Ministry of Finance More

SSI
SSI body keen on implementing DST project
Tiruchi, March 3 The Tiruchi District Tiny and Small Scale Industries Association has expressed readiness to implement the Science and Technology Entrepreneurship Development project, sponsored by the Delhi-based Department of Science and ... More

COAL
Why coal needed a regulator
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RADIO/TV
Sahara One’s Firangi bets on alternative programming
’Shows not to clash with prime time on other channels’ More

TRAI to review foreign investment limits for broadcasting
Sub-limits for FDI, FII within various segments to be established More

CARS
Fiat reduces Palio Stile prices
Fiat India Automobiles Pvt Ltd has announced a reduction in the prices of its flagship model Palio Stile 1.1L. The prices of SL, SLE and SLX versions of Palio Stile have been reduced by around Rs 12,000 . “We welcome this move by the ... More

MEDICAL & SURGICAL EQUIPMENTS
Calipers going global; Thailand keen to import
DRDO eyeing more markets; second production unit planned More

SCIENCE & TECHNOLOGY
Sagar Nidhi launched
More

FOREIGN DIRECT INVESTMENT
LIC development officers plan march to Parliament
New Delhi, March 3 The National Federation of Insurance Field Workers of India (NFIFWI) would be conducting a Parliament march on March 5, protesting the proposed move to hike foreign direct investment (FDI) in the insurance ... More

EVENTS
Budget: The unfinished agenda
The importance of being India in the international domain, as the new gilt-edged “trillion-dollar economy,” was on Monday brought into sharp focus at a seminar here, against the backdrop of the Union Finance Minister, Mr P. ... More

Advertisers’ summit tomorrow
The Indian Society of Advertisers (ISA) is collaborating with the World Federation of Advertisers (WFA) to host a one-day global summit in India on the theme ‘Effective Consumer Engagement’. To be held on March 5 at the Taj Mahal ... More