Budget 2015: Rs 70000 crore push to infrastructure sector - India Today

A big push for infrastructure sector with a hefty 70,000 crore increase in investment, that's what Finance Minister Arun Jaitley on Saturday announced to pump the economy even though it means postponing by a year to 2017-18 achieving the stiff fiscal deficit target of 3 per cent. "It is no secret that the major slippage in the last decade has been on the infrastructure front. Our infrastructure does not match our growth ambitions.

There is a pressing need to increase public investment," the finance minister said while presenting the Budget.

Listing infrastructure among the five major challenges he has to reckon with, Jaitley said with private investment in infrastructure via the public private partnership (PPP) model still weak, public investment needs to step in to catalyse investment. He also stressed on the need to revitalise the PPP mode of infrastructure development.

The minister said investment in infrastructure will go up by 70,000 crore a year 2015-16 over year 2014-15 from the Centre's funds and resources of Central public sector enterprises.

Jaitley said the government has increased outlays on both the roads and the gross budgetary support to the Railways by 14,031 crore and 10,050 crore, respectively.

The capital expenditure of the public sector units is expected to be 3,17,889 crore, an increase of approximately 80,844 crore over RE 2014-15, he said.

The government also plans to establish a National Investment and Infrastructure Fund (NIIF), and find money to ensure an annual flow of 20,000 crore to it. This, he said, will enable the trust to raise debt and invest in equity of infrastructure finance companies such as the IRFC and NHB and the companies in turn can then leverage this extra equity manifold.

He said permitting tax free infrastructure bonds for projects in rail, road and irrigation sectors is also on the anvil. On public private partnership, the minister said, "The PPP mode of infrastructure development has to be revisited and revitalised. The major issue involved is rebalancing of risk. In infrastructure projects, the sovereign will have to bear a major part of the risk without, of course, absorbing it entirely."

To augment the power generation capacity in the country, Jaitley announced five new ultra mega power projects each of 4,000 MW in the plug-and-play mode. The minister stated that all clearances and linkages will be in place before each project is awarded through a transparent auction system.

"This will unlock investments to the tune of 1 lakh crore," he explained. Jaitley added that the government would also consider this plug-and-play mode for other infrastructure projects as roads, ports, railway lines and airports. To augment power sector, he said, India will set up 5 more ultra mega power projects, entailing investments of around 1 lakh crore.

The government to consider the plug-and-play mode for other infrastructure projects such as roads, ports, railway lines and airports. Pitching for corporatisation of state-run ports in the country, Jaitley disclosed that the government will encourage them to become companies.

"Ports need to attract investment as well as leverage the huge land resource lying unused and, to enable us to do so, ports in the public sector will be encouraged to corporatise and become companies under the Companies Act," the minister explained.

India has 12 major ports including Kandla, Mumbai, JNPT, Marmugao, New Mangalore, Cochin, Chennai, Visakhapatnam, Paradip and Kolkata which handle 61 per cent of the country's cargo.

For the roads sector, Jaitley announced connecting each of the 1,78,000 unconnected habitations by all-weather roads.

This will require completing 1,00,000 km of roads currently under construction plus sanctioning and building another 1,00,000 km of roads, he said. Jaitley also said that there is a proposal for conversion of existing excise duty on petrol and diesel to the extent of 4 per litre into road cess to fund investment in roads and railways.

"An additional 40,000 crore will be made available through this measure for these sectors," he said.

He further said that the Northeast region has been accorded priority in the development process by two visits of Prime Minister and launch of important infrastructure projects.

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Holidays, movies, shopping get costlier: Middle class unimpressed with Budget ... - Firstpost

Kuch toh phool khilaye hai humne, kuch aur khilane hai. Diqqat yeh hai ki raahon mein kai kaante purane hain (I have made some flowers bloom, and many are yet to be bloomed. But I have to negotiate many old thorns that lie strewn on the path) - beginning his Budget presentation with this couplet, Finance Minister Arun Jaitley may have summed up well his challenges and predicament, but the middle class seems to be tired of listening to the same things again and again. It expected a burst of good news in the Budget, but ended up a bit disappointed.

The reaction to the Budget among the middle class was mixed with some calling it ‘forward looking’ which ‘will help the economy in the long run’. The dominant mood, however, was one of dismay.

“It is a forward looking budget with emphasis on skill development and entrepreneurship. It will help people in the long term,” said young businessman Amit Kumar Jha, who runs an online portal to sell Darjeeling tea. But he also added, “Understanding the basic dynamics and constraints, it is not up to the expectations of the middle income group.”

Kamlesh Kumar, a corporate sector employee in the national capital, feels “deceived”. “We have been deceived on every front in the Budget 2015. There is no respite in the form of increased tax slabs that remains unchanged from Rs 2.5 lakh. The hike in Service Tax will cause a bigger hole in the pocket of salaried persons like us,” he said.

The government increased the service tax to 14 percent from the current 12.36 percent to “facilitate smooth transition to levy of tax on services by both the centre and the states”. The revised rate, which will come into effect from a date to be notified, will make costlier a host of activities like air travel, eating out at restaurants, paying mobile and internet bills, visiting beauty parlours, stay in hotels, dry cleaning of clothes, purchasing of branded clothes, cable and DTH services, courier service, credit and debit card related services, asset management and insurance, stock broking and all other things that require availing of service from another party.

The budget 2014-15 presented by the Finance Minister Arun Jaitley is a huge let down on the personal taxation front.

However, the Finance minister spared common people from price hikes on many commonly used day-to-day items by reducing duties.

Khayyam Khan, a businessman who deals in wholesale of mobile handsets and accessories, said, “As Goods and Services Tax is expected to reduce the red tapism involved in Sales Tax, the business community was waiting for key announcements on GST so that inter-state business becomes easy. We are a disappointed lot.”

Although Nupur Das, a Political Science student at Delhi University, is happy that the government has tried to address the concerns of the education sector,t he is not sure how efficient the promises turn out to be. “Mr Jaitley has said in his budget speech that the government will ensure no student misses on higher education due to lack of funds and promised to set up an educational loan scheme for higher education. He has also announced that more educational institution will be set up. It will be interesting to see how efficient these proposals and promises turn out to be,” he said.

Jaitley has announced to set up an IIT in Karnataka and upgradation of Dhanbad’s Indian School of Mines to IIT; AIIMS in Assam, Bihar, Himachal Pradesh, Jammu and Kashmir, Punjab and Tamil Nadu; IIM in Andhra Pradesh and Jammu and Kashmir; University of Disability Studies in Kerala; PG institute of Horticulture in Amritsar and Centre of film production, animation and gaming in Arunachal Pradesh.

For Mansi Sharma, a young professional, it was a “photocopy” budget of the previous regime. “It was a photocopy of UPA government’s budgets and had nothing for poor. Why was Corporate Tax reduced and Service Tax increased? The message is clear: snatch from the poor and feed the rich,” she observed.

Taking a jibe the much talked about ‘achche din’, she said, “After budget speech was made in Parliament, petrol and diesel prices were increased. So much for ‘achche din’!”

Md Reyaz, a research scholar at Jamia Millia Islamia, finds “nothing significant” in the budget. “The country was expecting big bang reforms, but sadly there was nothing extraordinary in the budget. All the proposed reforms are painful for common people like us,” he added.

Satirist Rahul Pandey responded on a lighter note but didn’t forget to be offensive. “Those in high offices should increase their security cover as leather shoes has been made cheaper. But the service will be a little costly as the tax rate has been hiked,” he said.

Another such comment came from Sandeep Kumar who said, “Shayad, angrezi budget bhashan padhne wale Arun Jaitleyji ko yeh pata nahin tha ki ‘Babaji Ka Thullu’ ko English men kya kahte hain, warna woh saaf saaf bata dete (Perhaps, Arun Jaitley, who delivered budged speech in English, did not know how to translate into English ‘Babaji Ka Thullu’- a famous punchline of a comedy show being hosted by actor Kapil Sharma that means for when you do something in hopes for reward, you get nothing at all – otherwise he would have made it clear.”

Self-employed Rakesh Maloo warned the Modi government of the same fate as the Manmohan Singh-led UPA’s if the former continued with its “pro-rich” policies.

“The BJP will be wiped out from Bihar in the upcoming assembly elections there and it will have to sit on the Opposition if it does not stop fooling people in the name of development and bringing back economy on right track. Its pro-rich policies make the government lose the ground support it had garnered ahead of general elections 2014,” he added.

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BJP hails budget, opposition calls it pro-rich - BILKUL

Bilkul News, New Delhi, March 1: The NDA government Saturday hailed the Union Budget 2015-16 with Prime Minister Narendra Modi calling it "progressive and practical" while the opposition slammed it for being "pro-rich".

Modi, commenting on the budget presented by Finance Minister Arun Jaitley, said it had a "clear vision".

"It is a budget that is progressive, positive, practical, pragmatic and prudent," he tweeted.

Modi said the budget has "distinct focus on farmers, youth, poor, neo-middle class and the aam nagrik (common man). It delivers on growth, equity and job creation" while also being "investment-friendly and removes all doubts on tax issues".

Bharatiya Janata Party (BJP) leaders joined Modi in appreciating the budget, and Home Minister Rajnath Singh called it "pro-farmer, pro-poor, and pro-unemployed youth budget that will make India a modern nation".

Defence Minister Manohar Parrikar said he would give the budget "9.5 marks out of 10".

The opposition parties, however, slammed the budget for being pro-rich.

Former prime minister Manmohan Singh, an eminent economist, Saturday criticised Jaitley's budget, saying it has good intentions but no adequate roadmap.

Speaking to NDTV news channel, Manmohan Singh, who was prime minister of the Congress-led UPA government for 10 years, said the NDA government has not been able to capitalise on the advantages, like low crude prices and of other commodities.

"I had hoped that he would use this lucky phase to give a real big boost to stabilise the economy, strengthen the macroeconomic framework... with all the nitpicking, the net tax revenue will increase by only Rs.15,000 crore. What is Rs.15,000 crores in a budget which runs into Rs.15-16 lakh crores?" he said.

Former finance minister and senior Congress leader P. Chidambaram slammed the budget as against the poor with "cruel cuts" in allocations for weaker sections but favouring corporates.

Trinamool Congress leader Derek O'Brien spoke on similar lines.

"This budget is not for the people, not for the poor and not for the middle class. Lots of talk on giving more to the states, but this is untrue. Last year, gross output to states was 61.88 percent, this year it is 62," he said.

Bihar Chief Minister Nitish Kumar, of the Janata Dal-United, said there was nothing specific for poor and common people in the budget.

The Communist Party of India-Marxist (CPI-M) denounced the union budget as pro-rich and said it will only widen "the already large income and wealth inequalities" in the country.

"This budget, while providing a rich bonanza for the rich - foreign and domestic corporates - ensures further widening of the already large income and wealth inequalities," it said in a statement.

"So much for the slogan of 'achhe din aanewale hein'," the CPI-M said.

Bahujan Samaj Party chief Mayawati said the budget is "impractical" and "only for corporates and not for the poor".

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India's chance to fly: Budget 2015 sets stage for a new economic order - Firstpost

It would seem Finance Minister Arun Jaitley was well aware of the huge burden of expectations he was carrying on his shoulders this time, when he rose to present the Budget for 2015-16.

Taking off from the view that the world now thinks it is “India’s chance to fly”, Jaitley put together a Budget which, if one joins the dots, sets the stage for a new economic order in India. Alongside, acutely aware of the need to push growth despite the new GDP calculations, the finance minister has taken the route of pushing public investment for the purpose while veering slightly away from the fiscal consolidation path for the moment.

Finance Minister Arun Jaitley.

In many ways, Jaitley has presented a Budget which does not disappoint those who had placed their faith in this being a much more substantive vision statement than the one he presented just after the Narendra Modi government took charge in 2014.

Budget 2015 operates on some clear themes, and Jaitley has taken pains to explain not just the challenges he faces but also the key ideas he is banking on. Declining agricultural income, the need for increasing investment in infrastructure, the need to remain on the fiscal consolidation path, a perceptible decline in manufacturing and the impact of the greater devolution of taxes to states have been highlighted in his Budget speech as his major challenges.

The balancing act

In that context, Budget 2015 is nothing short of an efficient balancing of imperatives and a roadmap for reform despite pressures.

As expected by some quarters, he has eased the fiscal consolidation target a bit announcing that the 3 percent fiscal deficit target will now be met in three years, rather than two. The FY16 target is now at 3.9 percent, rather than the earlier 3.6 percent, though he has managed to stick to the 4.1 percent target for FY15, even as he reiterated the government’s resolve of not wavering from the fiscal consolidation path. Alongside, infrastructure spends have been hiked by way of higher outlays for roads and railways and an increase in the capex spends of state-owned enterprises. The Rs 20,000 crore corpus National Investment and Infrastructure Fund (NIIF), the proposal to have tax-free bonds for roads, rail and irrigation sectors and the accent on public-private partnerships for boosting infrastructure are steps aimed at making sure that the relaxation in the fiscal deficit target is targeted towards investment in infrastructure. The disinvestment target for FY16 has been pegged at Rs 69,500 crore, which will be crucial for public spending.

Reformist thrust

Jaitley has not disappointed on the reforms front. A number of the broad proposals – be it on creating a job-creating economy rather than a job-seeking one or in making the capital markets more efficient or even on the banking front – would rank as important steps in creating a new economic framework. Sample some of the steps. The Forward Markets Commission has been merged with Sebi, a Public Debt Management Agency will be set up to bring external and domestic borrowings under one roof and section 6 of FEMA will be amended. There are several steps to ensure better monetization of gold and foreign investments in alternative investment funds have been allowed.

A number of initiatives have been announced on the ease of doing business and the skilling side too, an aspect which has been at the centre of pre-Budget debate in connection with the government’s Make in India programme. The setting up of the MUDRA Bank to refinance the microfinance institutions and the entire initiative of ‘funding the unfunded’ also aims at addressing a major gap which existed for micro and small enterprises which struggle to access funds.

Perhaps one of the most important elements of the Budget is the move to rein in the parallel economy. Through a series of steps, Jaitley has aimed at addressing the black economy which includes the creation of a new law on black money and tough measures to bring offenders to book.

There are some other big moves as well. The General Anti Avoidance Rules (GAAR) a bugbear for quite some time, has been deferred by two years, the Goods and Services Tax timetable is now clear, the accent has moved from reducing subsidies to plugging subsidy leakages through what the Budget calls the Jan Dhan, Aadhaar and Mobile (JAM) trinity for direct benefits transfer and the tax structure is being sought to be simplified and made predictable. All these were key concerns expressed by India Inc and the markets ahead of the Budget.

For the corporate sector, the broad roadmap is to reduce corporate tax from 30 percent to 25 percent over the next four years beginning next year. And the Budget also has enough for the individual taxpayer as well. Predictably, despite the markets being choppy through the day owing to some concerns on aspects of the fine print, the overall reaction from Corporate India has been one of cheer.

Says KPMG India CEO Richard Rekhy: “The Finance Minister has come out with a pragmatic Budget which is directionally focused at achieving growth and keeping the fiscal prudence in mind. The focus is on ease of doing business in India and increased infrastructure spend. Measures like New Bankruptcy legislation, startup entrepreneur’s funds, GST rollout by FY 2016, deferral of GAAR will definitely support the cause of ease of doing business in India.”

Adds Rajiv Lall, executive chairman, IDFC: “It’s a development oriented budget and not a populist budget. A welcome shift in direction.”

However, BMR Advisors chairman Mukesh Butani expresses mixed reactions. “From a policy standpoint, the FM has engineered the Budget around the Prime Minister’s initiatives such as ‘Make in India’, ‘Swachh Bharat’, and ‘Skill in India’. The focus on black money and curing the economy of this menace seems to have taken centrestage. The impetus to infrastructure, agriculture and education sectors is laudable though the much expected big bang reforms are yet in the waiting.”

Impact under watch

With the overall macro situation now benign and inflation coming under control, Jaitley realizes this was his best chance to lay the broad reform framework in place, and execute the various elements over time. However, what will be keenly watched is how the Budget initiatives play out in the days and months ahead and whether Jaitley’s gamble on growth actually pays off.

As BMR’s Rajiv Dimri points out: “Much of the reforms process outlined in the budget proposals needs to be realized through tangible steps over the year. It remains to be seen how reforms unfold and take shape in terms of GST implementation and TARC recommendations. Impact on prices would be interesting to watch with budget proposals withdrawing service tax exemptions on construction of airports and ports, government services, increase in service tax rates and higher additional duties on petrol and diesel.”

While the ultimate test for Jaitley will be in how the various Budget proposals are implemented, the finance minister does deserve full marks this time round for putting forward a Budget which aims to address multiple challenges. As a statement of intent, it gets full marks. And that is a pretty good beginning.

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India's chance to fly: Budget 2015 sets stage for a new economic order - Firstpost

It would seem Finance Minister Arun Jaitley was well aware of the huge burden of expectations he was carrying on his shoulders this time, when he rose to present the Budget for 2015-16.

Taking off from the view that the world now thinks it is “India’s chance to fly”, Jaitley put together a Budget which, if one joins the dots, sets the stage for a new economic order in India. Alongside, acutely aware of the need to push growth despite the new GDP calculations, the finance minister has taken the route of pushing public investment for the purpose while veering slightly away from the fiscal consolidation path for the moment.

Finance Minister Arun Jaitley.

In many ways, Jaitley has presented a Budget which does not disappoint those who had placed their faith in this being a much more substantive vision statement than the one he presented just after the Narendra Modi government took charge in 2014.

Budget 2015 operates on some clear themes, and Jaitley has taken pains to explain not just the challenges he faces but also the key ideas he is banking on. Declining agricultural income, the need for increasing investment in infrastructure, the need to remain on the fiscal consolidation path, a perceptible decline in manufacturing and the impact of the greater devolution of taxes to states have been highlighted in his Budget speech as his major challenges.

The balancing act

In that context, Budget 2015 is nothing short of an efficient balancing of imperatives and a roadmap for reform despite pressures.

As expected by some quarters, he has eased the fiscal consolidation target a bit announcing that the 3 percent fiscal deficit target will now be met in three years, rather than two. The FY16 target is now at 3.9 percent, rather than the earlier 3.6 percent, though he has managed to stick to the 4.1 percent target for FY15, even as he reiterated the government’s resolve of not wavering from the fiscal consolidation path. Alongside, infrastructure spends have been hiked by way of higher outlays for roads and railways and an increase in the capex spends of state-owned enterprises. The Rs 20,000 crore corpus National Investment and Infrastructure Fund (NIIF), the proposal to have tax-free bonds for roads, rail and irrigation sectors and the accent on public-private partnerships for boosting infrastructure are steps aimed at making sure that the relaxation in the fiscal deficit target is targeted towards investment in infrastructure. The disinvestment target for FY16 has been pegged at Rs 69,500 crore, which will be crucial for public spending.

Reformist thrust

Jaitley has not disappointed on the reforms front. A number of the broad proposals – be it on creating a job-creating economy rather than a job-seeking one or in making the capital markets more efficient or even on the banking front – would rank as important steps in creating a new economic framework. Sample some of the steps. The Forward Markets Commission has been merged with Sebi, a Public Debt Management Agency will be set up to bring external and domestic borrowings under one roof and section 6 of FEMA will be amended. There are several steps to ensure better monetization of gold and foreign investments in alternative investment funds have been allowed.

A number of initiatives have been announced on the ease of doing business and the skilling side too, an aspect which has been at the centre of pre-Budget debate in connection with the government’s Make in India programme. The setting up of the MUDRA Bank to refinance the microfinance institutions and the entire initiative of ‘funding the unfunded’ also aims at addressing a major gap which existed for micro and small enterprises which struggle to access funds.

Perhaps one of the most important elements of the Budget is the move to rein in the parallel economy. Through a series of steps, Jaitley has aimed at addressing the black economy which includes the creation of a new law on black money and tough measures to bring offenders to book.

There are some other big moves as well. The General Anti Avoidance Rules (GAAR) a bugbear for quite some time, has been deferred by two years, the Goods and Services Tax timetable is now clear, the accent has moved from reducing subsidies to plugging subsidy leakages through what the Budget calls the Jan Dhan, Aadhaar and Mobile (JAM) trinity for direct benefits transfer and the tax structure is being sought to be simplified and made predictable. All these were key concerns expressed by India Inc and the markets ahead of the Budget.

For the corporate sector, the broad roadmap is to reduce corporate tax from 30 percent to 25 percent over the next four years beginning next year. And the Budget also has enough for the individual taxpayer as well. Predictably, despite the markets being choppy through the day owing to some concerns on aspects of the fine print, the overall reaction from Corporate India has been one of cheer.

Says KPMG India CEO Richard Rekhy: “The Finance Minister has come out with a pragmatic Budget which is directionally focused at achieving growth and keeping the fiscal prudence in mind. The focus is on ease of doing business in India and increased infrastructure spend. Measures like New Bankruptcy legislation, startup entrepreneur’s funds, GST rollout by FY 2016, deferral of GAAR will definitely support the cause of ease of doing business in India.”

Adds Rajiv Lall, executive chairman, IDFC: “It’s a development oriented budget and not a populist budget. A welcome shift in direction.”

However, BMR Advisors chairman Mukesh Butani expresses mixed reactions. “From a policy standpoint, the FM has engineered the Budget around the Prime Minister’s initiatives such as ‘Make in India’, ‘Swachh Bharat’, and ‘Skill in India’. The focus on black money and curing the economy of this menace seems to have taken centrestage. The impetus to infrastructure, agriculture and education sectors is laudable though the much expected big bang reforms are yet in the waiting.”

Impact under watch

With the overall macro situation now benign and inflation coming under control, Jaitley realizes this was his best chance to lay the broad reform framework in place, and execute the various elements over time. However, what will be keenly watched is how the Budget initiatives play out in the days and months ahead and whether Jaitley’s gamble on growth actually pays off.

As BMR’s Rajiv Dimri points out: “Much of the reforms process outlined in the budget proposals needs to be realized through tangible steps over the year. It remains to be seen how reforms unfold and take shape in terms of GST implementation and TARC recommendations. Impact on prices would be interesting to watch with budget proposals withdrawing service tax exemptions on construction of airports and ports, government services, increase in service tax rates and higher additional duties on petrol and diesel.”

While the ultimate test for Jaitley will be in how the various Budget proposals are implemented, the finance minister does deserve full marks this time round for putting forward a Budget which aims to address multiple challenges. As a statement of intent, it gets full marks. And that is a pretty good beginning.

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Mufti Mohammad Sayeed to take oath as Jammu and Kashmir CM today - Hindustan Times

From two-storey chief minister residence on Jammu’s Wazarat Road to the Civil Secretariat, the tectonic political shift is visible in the power corridors of the state as people swarm the city to witness historic swearing-in ceremony of the Bharatiya Janata Party (BJP) Peoples Democratic Party (PDP) alliance government on Sunday.

Former chief minister Omar Abdullah has already vacated the Wazarat Road residence in Jammu, likely to be taken over by PDP patron Mufti Muhammad Sayeed. Abdullah’s staff had to carry humongous exercise to shift truckloads of furniture, furnishings and other things from the CM residence after six-year long term.

“He (Abdullah) has cleared the residence. He can take No Objection Certificate anytime now as all items of the Estates department are intact,” Estates department director Sheikh Fayaz told the Hindustan Times.

The two-storey multi-bedroom bungalow on the Wazarat Road is house to antique and priceless walnut furniture and carpets, many from pre-47 era with intricate works and unmatched exquisite wood-work.

Sources said the Estates department has asked close aides of Sayeed to pick up fresh furniture and furnishings before he shifts to the bungalow, the power corridor in winter capital Jammu. It will take some time before Sayeed can shift to the historic bungalow.

Just a few kilometres away from the CM residence, the staff of Jammu’s Civil Secretariat is busy dusting rooms, last-minute disposing of cases and necessary paperwork to welcome new ministers of the BJP-PDP coalition, with around 50% likely to be firsttimers. “It is a different exercise to brief first timers. It takes time for them to adjust to the system,” said a top bureaucrat on the condition of anonymity.

The Civil Secretariat phones kept ringing in the past 24 hours, sources said, from the would-be ministers’ aides. Sources said many would-be ministers have expressed desire to keep their rooms as close as possible to the chief minister and the deputy chief minister’s room.

Many top PDP leaders are haggling to stay close to Sayeed, to be sworn in on Sunday morning at Jammu’s General Zorawar Singh Auditorium at 11am on Sunday, with Prime Minister Narendra Modi joining too, and followed by a joint press conference later around 3pm. The would-be ministers of the PDP and the BJP, 12 from each party, have one grudge. The two-month long negotiations and uncertainty over government formation provided them no time to stitch D-day dresses. “It is Saturday afternoon, there is no word on portfolios. How would one get clothes stitched when no one was sure if the government will be formed or not for all the two months,” said a PDP leader on the condition of anonymity.

Tailors and big-brand shops are swarmed by the family members of the would-be ministers now. “Most politicians prefer Bandhgalla, formal suits and waste coats,” said Sunil Sharma, a shopkeeper in Jammu’s posh area of Gandhi Nagar housing bungalows of most leaders.

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India's chance to fly: Budget 2015 sets stage for a new economic order - Firstpost

It would seem Finance Minister Arun Jaitley was well aware of the huge burden of expectations he was carrying on his shoulders this time, when he rose to present the Budget for 2015-16.

Taking off from the view that the world now thinks it is “India’s chance to fly”, Jaitley put together a Budget which, if one joins the dots, sets the stage for a new economic order in India. Alongside, acutely aware of the need to push growth despite the new GDP calculations, the finance minister has taken the route of pushing public investment for the purpose while veering slightly away from the fiscal consolidation path for the moment.

Finance Minister Arun Jaitley.

In many ways, Jaitley has presented a Budget which does not disappoint those who had placed their faith in this being a much more substantive vision statement than the one he presented just after the Narendra Modi government took charge in 2014.

Budget 2015 operates on some clear themes, and Jaitley has taken pains to explain not just the challenges he faces but also the key ideas he is banking on. Declining agricultural income, the need for increasing investment in infrastructure, the need to remain on the fiscal consolidation path, a perceptible decline in manufacturing and the impact of the greater devolution of taxes to states have been highlighted in his Budget speech as his major challenges.

The balancing act

In that context, Budget 2015 is nothing short of an efficient balancing of imperatives and a roadmap for reform despite pressures.

As expected by some quarters, he has eased the fiscal consolidation target a bit announcing that the 3 percent fiscal deficit target will now be met in three years, rather than two. The FY16 target is now at 3.9 percent, rather than the earlier 3.6 percent, though he has managed to stick to the 4.1 percent target for FY15, even as he reiterated the government’s resolve of not wavering from the fiscal consolidation path. Alongside, infrastructure spends have been hiked by way of higher outlays for roads and railways and an increase in the capex spends of state-owned enterprises. The Rs 20,000 crore corpus National Investment and Infrastructure Fund (NIIF), the proposal to have tax-free bonds for roads, rail and irrigation sectors and the accent on public-private partnerships for boosting infrastructure are steps aimed at making sure that the relaxation in the fiscal deficit target is targeted towards investment in infrastructure. The disinvestment target for FY16 has been pegged at Rs 69,500 crore, which will be crucial for public spending.

Reformist thrust

Jaitley has not disappointed on the reforms front. A number of the broad proposals – be it on creating a job-creating economy rather than a job-seeking one or in making the capital markets more efficient or even on the banking front – would rank as important steps in creating a new economic framework. Sample some of the steps. The Forward Markets Commission has been merged with Sebi, a Public Debt Management Agency will be set up to bring external and domestic borrowings under one roof and section 6 of FEMA will be amended. There are several steps to ensure better monetization of gold and foreign investments in alternative investment funds have been allowed.

A number of initiatives have been announced on the ease of doing business and the skilling side too, an aspect which has been at the centre of pre-Budget debate in connection with the government’s Make in India programme. The setting up of the MUDRA Bank to refinance the microfinance institutions and the entire initiative of ‘funding the unfunded’ also aims at addressing a major gap which existed for micro and small enterprises which struggle to access funds.

Perhaps one of the most important elements of the Budget is the move to rein in the parallel economy. Through a series of steps, Jaitley has aimed at addressing the black economy which includes the creation of a new law on black money and tough measures to bring offenders to book.

There are some other big moves as well. The General Anti Avoidance Rules (GAAR) a bugbear for quite some time, has been deferred by two years, the Goods and Services Tax timetable is now clear, the accent has moved from reducing subsidies to plugging subsidy leakages through what the Budget calls the Jan Dhan, Aadhaar and Mobile (JAM) trinity for direct benefits transfer and the tax structure is being sought to be simplified and made predictable. All these were key concerns expressed by India Inc and the markets ahead of the Budget.

For the corporate sector, the broad roadmap is to reduce corporate tax from 30 percent to 25 percent over the next four years beginning next year. And the Budget also has enough for the individual taxpayer as well. Predictably, despite the markets being choppy through the day owing to some concerns on aspects of the fine print, the overall reaction from Corporate India has been one of cheer.

Says KPMG India CEO Richard Rekhy: “The Finance Minister has come out with a pragmatic Budget which is directionally focused at achieving growth and keeping the fiscal prudence in mind. The focus is on ease of doing business in India and increased infrastructure spend. Measures like New Bankruptcy legislation, startup entrepreneur’s funds, GST rollout by FY 2016, deferral of GAAR will definitely support the cause of ease of doing business in India.”

Adds Rajiv Lall, executive chairman, IDFC: “It’s a development oriented budget and not a populist budget. A welcome shift in direction.”

However, BMR Advisors chairman Mukesh Butani expresses mixed reactions. “From a policy standpoint, the FM has engineered the Budget around the Prime Minister’s initiatives such as ‘Make in India’, ‘Swachh Bharat’, and ‘Skill in India’. The focus on black money and curing the economy of this menace seems to have taken centrestage. The impetus to infrastructure, agriculture and education sectors is laudable though the much expected big bang reforms are yet in the waiting.”

Impact under watch

With the overall macro situation now benign and inflation coming under control, Jaitley realizes this was his best chance to lay the broad reform framework in place, and execute the various elements over time. However, what will be keenly watched is how the Budget initiatives play out in the days and months ahead and whether Jaitley’s gamble on growth actually pays off.

As BMR’s Rajiv Dimri points out: “Much of the reforms process outlined in the budget proposals needs to be realized through tangible steps over the year. It remains to be seen how reforms unfold and take shape in terms of GST implementation and TARC recommendations. Impact on prices would be interesting to watch with budget proposals withdrawing service tax exemptions on construction of airports and ports, government services, increase in service tax rates and higher additional duties on petrol and diesel.”

While the ultimate test for Jaitley will be in how the various Budget proposals are implemented, the finance minister does deserve full marks this time round for putting forward a Budget which aims to address multiple challenges. As a statement of intent, it gets full marks. And that is a pretty good beginning.

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Mufti Mohammad Sayeed to take oath as Jammu and Kashmir CM today - Hindustan Times

From two-storey chief minister residence on Jammu’s Wazarat Road to the Civil Secretariat, the tectonic political shift is visible in the power corridors of the state as people swarm the city to witness historic swearing-in ceremony of the Bharatiya Janata Party (BJP) Peoples Democratic Party (PDP) alliance government on Sunday.

Former chief minister Omar Abdullah has already vacated the Wazarat Road residence in Jammu, likely to be taken over by PDP patron Mufti Muhammad Sayeed. Abdullah’s staff had to carry humongous exercise to shift truckloads of furniture, furnishings and other things from the CM residence after six-year long term.

“He (Abdullah) has cleared the residence. He can take No Objection Certificate anytime now as all items of the Estates department are intact,” Estates department director Sheikh Fayaz told the Hindustan Times.

The two-storey multi-bedroom bungalow on the Wazarat Road is house to antique and priceless walnut furniture and carpets, many from pre-47 era with intricate works and unmatched exquisite wood-work.

Sources said the Estates department has asked close aides of Sayeed to pick up fresh furniture and furnishings before he shifts to the bungalow, the power corridor in winter capital Jammu. It will take some time before Sayeed can shift to the historic bungalow.

Just a few kilometres away from the CM residence, the staff of Jammu’s Civil Secretariat is busy dusting rooms, last-minute disposing of cases and necessary paperwork to welcome new ministers of the BJP-PDP coalition, with around 50% likely to be firsttimers. “It is a different exercise to brief first timers. It takes time for them to adjust to the system,” said a top bureaucrat on the condition of anonymity.

The Civil Secretariat phones kept ringing in the past 24 hours, sources said, from the would-be ministers’ aides. Sources said many would-be ministers have expressed desire to keep their rooms as close as possible to the chief minister and the deputy chief minister’s room.

Many top PDP leaders are haggling to stay close to Sayeed, to be sworn in on Sunday morning at Jammu’s General Zorawar Singh Auditorium at 11am on Sunday, with Prime Minister Narendra Modi joining too, and followed by a joint press conference later around 3pm. The would-be ministers of the PDP and the BJP, 12 from each party, have one grudge. The two-month long negotiations and uncertainty over government formation provided them no time to stitch D-day dresses. “It is Saturday afternoon, there is no word on portfolios. How would one get clothes stitched when no one was sure if the government will be formed or not for all the two months,” said a PDP leader on the condition of anonymity.

Tailors and big-brand shops are swarmed by the family members of the would-be ministers now. “Most politicians prefer Bandhgalla, formal suits and waste coats,” said Sunil Sharma, a shopkeeper in Jammu’s posh area of Gandhi Nagar housing bungalows of most leaders.

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Mufti Mohammad Sayeed to take oath as Jammu and Kashmir CM today - Hindustan Times

From two-storey chief minister residence on Jammu’s Wazarat Road to the Civil Secretariat, the tectonic political shift is visible in the power corridors of the state as people swarm the city to witness historic swearing-in ceremony of the Bharatiya Janata Party (BJP) Peoples Democratic Party (PDP) alliance government on Sunday.

Former chief minister Omar Abdullah has already vacated the Wazarat Road residence in Jammu, likely to be taken over by PDP patron Mufti Muhammad Sayeed. Abdullah’s staff had to carry humongous exercise to shift truckloads of furniture, furnishings and other things from the CM residence after six-year long term.

“He (Abdullah) has cleared the residence. He can take No Objection Certificate anytime now as all items of the Estates department are intact,” Estates department director Sheikh Fayaz told the Hindustan Times.

The two-storey multi-bedroom bungalow on the Wazarat Road is house to antique and priceless walnut furniture and carpets, many from pre-47 era with intricate works and unmatched exquisite wood-work.

Sources said the Estates department has asked close aides of Sayeed to pick up fresh furniture and furnishings before he shifts to the bungalow, the power corridor in winter capital Jammu. It will take some time before Sayeed can shift to the historic bungalow.

Just a few kilometres away from the CM residence, the staff of Jammu’s Civil Secretariat is busy dusting rooms, last-minute disposing of cases and necessary paperwork to welcome new ministers of the BJP-PDP coalition, with around 50% likely to be firsttimers. “It is a different exercise to brief first timers. It takes time for them to adjust to the system,” said a top bureaucrat on the condition of anonymity.

The Civil Secretariat phones kept ringing in the past 24 hours, sources said, from the would-be ministers’ aides. Sources said many would-be ministers have expressed desire to keep their rooms as close as possible to the chief minister and the deputy chief minister’s room.

Many top PDP leaders are haggling to stay close to Sayeed, to be sworn in on Sunday morning at Jammu’s General Zorawar Singh Auditorium at 11am on Sunday, with Prime Minister Narendra Modi joining too, and followed by a joint press conference later around 3pm. The would-be ministers of the PDP and the BJP, 12 from each party, have one grudge. The two-month long negotiations and uncertainty over government formation provided them no time to stitch D-day dresses. “It is Saturday afternoon, there is no word on portfolios. How would one get clothes stitched when no one was sure if the government will be formed or not for all the two months,” said a PDP leader on the condition of anonymity.

Tailors and big-brand shops are swarmed by the family members of the would-be ministers now. “Most politicians prefer Bandhgalla, formal suits and waste coats,” said Sunil Sharma, a shopkeeper in Jammu’s posh area of Gandhi Nagar housing bungalows of most leaders.

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Mufti Mohammad Sayeed to take oath as Jammu and Kashmir CM today - Hindustan Times

From two-storey chief minister residence on Jammu’s Wazarat Road to the Civil Secretariat, the tectonic political shift is visible in the power corridors of the state as people swarm the city to witness historic swearing-in ceremony of the Bharatiya Janata Party (BJP) Peoples Democratic Party (PDP) alliance government on Sunday.

Former chief minister Omar Abdullah has already vacated the Wazarat Road residence in Jammu, likely to be taken over by PDP patron Mufti Muhammad Sayeed. Abdullah’s staff had to carry humongous exercise to shift truckloads of furniture, furnishings and other things from the CM residence after six-year long term.

“He (Abdullah) has cleared the residence. He can take No Objection Certificate anytime now as all items of the Estates department are intact,” Estates department director Sheikh Fayaz told the Hindustan Times.

The two-storey multi-bedroom bungalow on the Wazarat Road is house to antique and priceless walnut furniture and carpets, many from pre-47 era with intricate works and unmatched exquisite wood-work.

Sources said the Estates department has asked close aides of Sayeed to pick up fresh furniture and furnishings before he shifts to the bungalow, the power corridor in winter capital Jammu. It will take some time before Sayeed can shift to the historic bungalow.

Just a few kilometres away from the CM residence, the staff of Jammu’s Civil Secretariat is busy dusting rooms, last-minute disposing of cases and necessary paperwork to welcome new ministers of the BJP-PDP coalition, with around 50% likely to be firsttimers. “It is a different exercise to brief first timers. It takes time for them to adjust to the system,” said a top bureaucrat on the condition of anonymity.

The Civil Secretariat phones kept ringing in the past 24 hours, sources said, from the would-be ministers’ aides. Sources said many would-be ministers have expressed desire to keep their rooms as close as possible to the chief minister and the deputy chief minister’s room.

Many top PDP leaders are haggling to stay close to Sayeed, to be sworn in on Sunday morning at Jammu’s General Zorawar Singh Auditorium at 11am on Sunday, with Prime Minister Narendra Modi joining too, and followed by a joint press conference later around 3pm. The would-be ministers of the PDP and the BJP, 12 from each party, have one grudge. The two-month long negotiations and uncertainty over government formation provided them no time to stitch D-day dresses. “It is Saturday afternoon, there is no word on portfolios. How would one get clothes stitched when no one was sure if the government will be formed or not for all the two months,” said a PDP leader on the condition of anonymity.

Tailors and big-brand shops are swarmed by the family members of the would-be ministers now. “Most politicians prefer Bandhgalla, formal suits and waste coats,” said Sunil Sharma, a shopkeeper in Jammu’s posh area of Gandhi Nagar housing bungalows of most leaders.

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Budget 2015: Arun Jaitley reiterates his promise of rolling out GST from April 1 ... - Economic Times

Finance Minister Arun Jaitley may have avoided giving definite milestone for implementation of various components of goods and services tax (GST), but his Budget for 2015-16 clearly laid the ground for the new levy that will replace multiple central and states taxes.

Jaitley also reiterated his promise for rolling out GST from April 1, 2016, ending any further doubts about the timelines for this ambitious tax reform. Increase in service tax rate, subsuming education cess with excise duty and pruning items on the exempted list of items are among the important steps in the progression towards GST.

Though a significant increase in service tax to 14% —16% if 2% Swachh Bharat cess is imposed on all services — from 12% may pinch the aam aadmi in the immediate term, it prepares him for higher incidence of tax on services under the GST regime. Going by the increase in service tax rate, the case for government opting for a high 16% GST rate (8% for states and 8% for the centre) or even higher has strengthened.

Businesses would also face some pain in the intervening period until the GST is implemented due to divergence in excise duty and service tax rates as it could lead to a pile of input tax credit. But, this pain may short-lived, for a year, as the government has promised to launch GST by April next year. GST seeks to subsume a plethora of state-level and central taxes into one and thereby reduce effective taxation of goods and also create a seamless national market in the country.

It was to be rolled out starting April 1, 2010, but got delayed as some states were reluctant to give assent to the plan for fear of losing tax revenue. The Narendra Modi-led NDA government has tabled a constitutional amendment bill in Parliament to pave the way for GST. While raising the tax rate, the government has also opted for a cleanup of exemptions, not just in service tax but also in excise duty. The negative or exempted list has been pruned and exemptions cut in line with the thinking that the base of services taxation needs to be widened.

A similar philosophy has been adopted in excise duty, where rationalisation has been focused on reducing exemptions as well as addressing the issue of inverted duty structure. Steps have been taken to incentivise manufacturing. Special additional duty has been exempted for most electronics goods, and halved to 2% for a number of chemical products in line with the Make in India philosophy.

In line with making India an easier place to do business, the Budget has unveiled a number of facilitation measures such as acceptance of digital invoices and quick registration. Tax experts term the Budget as a mixed bag and seek more clarity on timelines for implementation of GST. "On the indirect taxes front, the Budget proposals are a mixed bag. Proposals towards widening of the tax base by pruning exemptions, abolition of the education cess and rationalisation of the tax rates take the current tax regime a step closer to GST," said R Muralidharan, senior director at Deloitte in India.

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The Crack(down) on Black - The New Indian Express

Action against illegal stash in off-shore accounts was one of the biggest promises of Narendra Modi’s 2014 poll campaign and one of the points that the government was cornered on by the Opposition in recent weeks. So, in its first full-fledged Budget, the Modi government not only unveiled a slew of tough measures to crackdown on hidden assets, it also introduced a new law that could see hoarders getting up to 10 years of imprisonment.

Hard cash was almost made a bad word, to disincentive use of cash, and for any transaction-sale or purchase-above `1 lakh henceforth, PAN details will have to be furnished. The rigorous and long prison term is also aimed at bringing down cash dealings and tax evasion in real estate and similar high-value transactions.

Finance Minister Arun Jaitley announced, and it could be called one of the key points of Budget 2015, framing of new legislations to strike at the root of black money generation and stashing. The government, he said, will also take steps to incentivise use of credit and debit cards and put a cap on cash transactions.

“Quoting of PAN is being made mandatory for any purchase or sale exceeding the value of `1 lakh. The third party reporting entities would be required to furnish information about foreign currency sales and cross border transactions,” the FM said.

The thrust of his tax proposal seemed to be enacting “a new law to effectively deal with the problem of black money which eats into the vitals of our economy and society’’ and “to this end’’ he proposed “to introduce a Bill in the current Session of Parliament.” Under the proposed law, Jaitley explained concealment of income and assets and evasion of tax in relation to foreign assets will be prosecutable with rigorous imprisonment of up to 10 years.

In addition to a prison term, the offence will be made “non-compoundable” and “offenders will not be permitted to approach the Settlement Commission”. So, no legal recourse if anyone is found to be on the wrong side of the fence.

Any moratorium, therefore, is out of question. On curbing domestic black money, a new and more comprehensive Benami Transactions (Prohibition) Bill will be introduced in the current session. “This law will enable confiscation of “benami” property and provide for prosecution, thus blocking a major avenue for generation and holding of black money in the form of benami property, especially in real estate,” Jaitley said. He also proposed to amend the Income-Tax Act to prohibit “acceptance or payment” of an advance of `20,000 or more in cash for purchase of property.

Problems of poverty and inequity, the FM said, cannot be eliminated unless generation of black money and its concealment is dealt with effectively and forcefully. So, black money could be seen as the centrepiece of all initiative to address financial woes.

The proposed new law will entail penalty of 300 per cent for concealment of income and assets, while not giving offenders permission to approach the Settlement Commission.

Also enforcement agencies will be given power to attach and confiscate unaccounted assets held abroad and launch prosecution against persons indulging in laundering black money.

Jaitley said the Foreign Exchange Management Act, 1999, would also be amended.

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Budget 2015: Arun Jaitley reiterates his promise of rolling out GST from April 1 ... - Economic Times

Finance Minister Arun Jaitley may have avoided giving definite milestone for implementation of various components of goods and services tax (GST), but his Budget for 2015-16 clearly laid the ground for the new levy that will replace multiple central and states taxes.

Jaitley also reiterated his promise for rolling out GST from April 1, 2016, ending any further doubts about the timelines for this ambitious tax reform. Increase in service tax rate, subsuming education cess with excise duty and pruning items on the exempted list of items are among the important steps in the progression towards GST.

Though a significant increase in service tax to 14% —16% if 2% Swachh Bharat cess is imposed on all services — from 12% may pinch the aam aadmi in the immediate term, it prepares him for higher incidence of tax on services under the GST regime. Going by the increase in service tax rate, the case for government opting for a high 16% GST rate (8% for states and 8% for the centre) or even higher has strengthened.

Businesses would also face some pain in the intervening period until the GST is implemented due to divergence in excise duty and service tax rates as it could lead to a pile of input tax credit. But, this pain may short-lived, for a year, as the government has promised to launch GST by April next year. GST seeks to subsume a plethora of state-level and central taxes into one and thereby reduce effective taxation of goods and also create a seamless national market in the country.

It was to be rolled out starting April 1, 2010, but got delayed as some states were reluctant to give assent to the plan for fear of losing tax revenue. The Narendra Modi-led NDA government has tabled a constitutional amendment bill in Parliament to pave the way for GST. While raising the tax rate, the government has also opted for a cleanup of exemptions, not just in service tax but also in excise duty. The negative or exempted list has been pruned and exemptions cut in line with the thinking that the base of services taxation needs to be widened.

A similar philosophy has been adopted in excise duty, where rationalisation has been focused on reducing exemptions as well as addressing the issue of inverted duty structure. Steps have been taken to incentivise manufacturing. Special additional duty has been exempted for most electronics goods, and halved to 2% for a number of chemical products in line with the Make in India philosophy.

In line with making India an easier place to do business, the Budget has unveiled a number of facilitation measures such as acceptance of digital invoices and quick registration. Tax experts term the Budget as a mixed bag and seek more clarity on timelines for implementation of GST. "On the indirect taxes front, the Budget proposals are a mixed bag. Proposals towards widening of the tax base by pruning exemptions, abolition of the education cess and rationalisation of the tax rates take the current tax regime a step closer to GST," said R Muralidharan, senior director at Deloitte in India.

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Bihar Niwas was washed with 'Ganga jal' for Nitish Kumar stay: Jitan Ram Manjhi - Economic Times

PATNA: Former Bihar Chief Minister Jitan Ram Manjhi today stoked a controversy by alleging that Bihar Niwas in New Delhi was washed with 'Ganga jal (water)' after his visit so that his successor Nitish Kumar could stay there.

"I went to Bihar Niwas and found out that it was being washed with Ganga jal as I had stayed there earlier. How could Kumar stay at such a place where others have stayed? He is of such kind of mentality," Manjhi said, speaking at the launch of the Hindustan Awam Morcha (HAM).

The former chief minister said he did not take the floor test to prove his majority in the Assembly because he did not want to jeopardise the life and career of MLAs who were "weak and poor".

He also called for a probe into the origin of money that was spend to take JD(U) MLAs to Delhi and keep them at a five-star resort.

"Kumar accused me of indulging in horse-trading, but actually it was he who indulged in it by spending large amount of money on airfares and hotel bills," he said.

Reacting to reports of his ties with BJP, Manjhi said, "I met Prime Minister Narendra Modi to discuss a canal from Ganga near Chunar in Uttar Pradesh to southern districts of Bihar, it was touted as my crossing over to BJP. But when Kumar shakes hands with Modi then nothing is said."

On the developments that led to his resignation from the chief minister's post on February 20, Manjhi said, "I had repeatedly said if Nitish Kumar told me that I had been doing anything wrong, I would immediately step down. But, he never said anything and instigated his supporters to say nasty things about me."

"When they (junior ministers and leaders) were abusing and advising me, Kumar never said a word to them. Had he even had a bit of sympathy towards me, he would have said something to them or stopped them. He kept quiet so all these things happened," Manjhi added.

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Budget 2015: Big print promises, small print chips away - Times of India

NEW DELHI: The applause for the finance minister had barely died down when it became apparent that the reduction in corporate tax from 30% to 25%, over the next four years, will actually have companies shelling out more — not less — next year because of the rise in surcharge. The phased reduction in corporate tax rates will kick in only from April 1, 2016.

The surcharge for large corporate tax payers having more than Rs 10 crore as taxable income stands increased from 10% to 12%, resulting in an effective tax rate of 34.60% (33.99% currently). Mid-tier companies with taxable income between Rs 1 crore and Rs 10 crore will cough up a surcharge of 7% (5% earlier), raising corporate tax rate from 32.45% to 33.06%. As in earlier years, there is no surcharge imposed on companies with taxable income of less than Rs 1 crore.

"The reduction of corporate tax rate from the basic of 30% to 25% over four years is welcome. But it will be interesting to understand how the exemption will be phased out. Only then one will be able to assess the impact on India Inc, especially as existing exemptions are to be withdrawn," says Girish Vanvari, national tax head, KPMG.

The hike in surcharge will also impact Minimum Alternate Tax with the rate for large companies rising to 21.34% from the current 20.96%. Surcharge hike is also bad news for shareholders, as there is a rise in dividend distribution tax (DDT), which means reduced cash for dividend payouts.

The good news is investments into India will get a boost, owing to the clarifications on indirect transfer of a capital asset situated in India. "Tax on indirect transfer cases will apply only where the value of Indian assets is 50% or more of the total assets in the overseas company. Even if this threshold is exceeded, only the proportionate amount of capital gains would be taxable in India and not the entire capital gain. Exempting minority shareholders holding less than 5% stake is commendable and will ensure that transactions in overseas listed companies (which have an underlying subsidiary in India) are not routinely subject to this tax," explains Pranav Sayta, partner, EY.

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Budget 2015: One-time chance on black money or 10 yrs in jail - Times of India

NEW DELHI: The government is working on a plan to provide a one-time opportunity to those who have black money abroad to pay taxes and repatriate their stash even as finance minister Arun Jaitley unveiled a raft of stringent measures in the Budget to crack down on offenders. He is likely to announce this facility when he introduces a comprehensive legislation to curb black money in this session of Parliament. The severity of punishments proposed may prompt those with unaccounted money to come clean. Inadequate disclosure or evasion related to foreign assets will be punishable by jail terms up to 10 years.

Find all budget-related stories here

Violation of the Foreign Exchange Management Act may result in imprisonment up to five years. In addition to jail time, penalty will be levied at 300% of the tax due for concealing income and assets. Black money in foreign accounts will be non-compoundable and offenders will not be permitted to approach the Settlement Commission.

READ ALSO: No big bang, but Budget goes for growth, investment

"Tracking down and bringing back the wealth which legitimately belongs to the country is our abiding commitment," Jaitley said. His tough talk will give help blunt criticism that the government has been dragging its feet on the issue of black money. A separate bill will be brought to deal with domestic black money, primarily through benami transactions in real estate. It will allow for confiscation of benami property and provide for prosecution, blocking a major avenue for generation of black money. The Finance Bill also includes a proposal to prohibit payment or receipt of cash advances of Rs 20,000 or more for purchase of immovable property.

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Budget 2015 — Sops ka saath, sabka vikas: Jaitley combines growth and give ... - Times of India

The headline-grabbing big bang measures might have been missing in finance minister Jaitley's maiden full-year Budget on Saturday, but it sought to diligently create an enabling platform, block by block, for future economic growth. At the same time, the FM announced a series of pro-poor measures to blunt the growing criticism about the Modi government being pro-rich. In the process, he might have just pulled off a rare feat of combining a pro-growth budget with welfarist measures.

As it happened: Union Budget 2015

Find all Budget-related stories here

Going beyond the accountant's task, Jaitley has used his budget to achieve two political objectives. He has tried to fight off the impression that the NDA government is indifferent to the poor by announcing a number of measures for them: housing for all, a rupee-a-month accident insurance cover aimed at unorganized labour, and extension of financial inclusion by making post offices payment banks. He has also announced the harshest penalty yet for those with unaccounted wealth.

While Jaitley may face criticism for relaxing the fiscal goals by pushing back the deadline by a year to cut the deficit to 3% of GDP, he has used the additional room to allocate an additional Rs 70,000 crore for infrastructure and has cleaned up the processes for investments to flow in, mainly for roads, railways, ports and power. Five new ultra mega power projects of 4,000mw are to be set up. Like the existing UMPPs, these will be in the 'plugand-play' mode, meaning all clearances would be in place before they are put up for bidding by the private sector.

The FM also promised 24-hour power, clean drinking water and toilets for all homes, at least one job for each household, connecting all habitations by allweather roads, electrifying all villages, and good health and education facilities in every town and village. The deadline for these goals — in line with the 'sabka saath, sabka vikas' motto of the Modi government — is 2022, which is the 75th year of India's independence and three years after the term of the current government ends. The FM also said the Jan Dhan programme would be moved further to a Jan Suraksha programme to create a "universal security system for all Indians, especially the poor".

Middle class sops it, cops it

For the middle class, eagerly anticipating some relief on the personal tax front, Jaitley's budget came as a bit of a dampener. While he hasn't taken away from them, there were no changes in the basic exemption limit or in tax slabs. However, he has allowed for more tax savings on health insurance, transport allowance and investments in infrastructure bonds and pension funds. But an increase in service tax from 12% to 14% will make everything from haircuts and telephone bills to eating out and watching a cricket match a little bit more expensive.

For the super rich, there is an additional surcharge on incomes above Rs 1 crore a year — from 10% to 12% — which means about Rs 70,000 more in taxes for every crore they earn. Together with this imposition, Jaitley abolished the wealth tax, which he said yielded very little revenue. Businessmen would be enthused by the promise of corporate tax being cut from 30% to 25% over the next four years, but they might be wary of celebration as all exemptions will be withdrawn.

Five months ago, Prime Minister Narendra Modi presented 'Make in India' as the centrepiece of his grand vision to boost manufacturing, foster innovation, attract investment, cut red tape, create jobs, and turbo-charge the economy. It's now been nine months since he took over as PM. Does this Budget deliver on the promise of restoring the nation's pride? Will it help India prove its mettle, and bring the shine back? Will it unleash animal spirits? While the elephant has traditionally represented the Indian economy, the lion is a symbol of Modi's home state and of his ambitious initiative; it also inspired our national emblem. We all know of the tiger economies; will the world now hear the roar of a sher economy? Can we be king of the jungle, ready to pounce on new opportunities (and we are tempted to add, steel the show)? Fans of English films would say, 'Enter, the Lion'. Us desis are rooting for 'Singham Returns'... (Imaging: Chanchal Kumar Mazumdar)

But what's the bigger picture? Is this budget great for the economy or a please all attempt? Any budget speech in India is part bare bones accounting of the government's income and spending for the year and part vision document for the future. Jaitley's budget was no different and any evaluation, therefore, should take both into account.

The FM promised that the government would rise to the challenge of boosting public investment to fill the void created by lagging private investment while ensuring the fiscal situation remained healthy. Whether the current year's outlays can be considered in line with this grand vision depends on what we measure them against. In most cases, there is a significant rise over the revised estimates for 2014-15 but little or no increase over what Jaitley himself had budgeted for in July last year. Thus total capital expenditure, which is an indicator of how much is being spent in creating assets for the future, is up an impressive 25.5% in 2015-16 over the revised estimates for 2014-15, but only 6.5% higher than the promised outlay for 2014-15. A similar pattern holds across many schemes and sectors.

READ ALSO:

Jaitley's tough talk: Black money abroad? Be ready for jail, huge fines

Budget 2015: What goes up, what down

There is clearly a conscious effort to promise something for every section. For senior citizens there's a slew of benefits including tax breaks and a welfare fund by utilising unclaimed money lying in the Employees' Provident Fund and the Public Provident Fund. For the minorities there is the 'Nai Manzil' scheme which promises to provide those without formal education both education and better job opportunities. For the farmers, the budget promises that credit to them will reach Rs 8.56 lakh crore this year. For small businesses, owned largely by SCs, STs and OBCs, a 'MUDRA (micro units refinance agency) Bank' will ensure that the "unfunded are funded".

The criticism of the government's efforts in reining in black money seem to have triggered the announcement of stringent laws to deal with undisclosed incomes held abroad and in India. The fact that among the provisions of the proposed law was one that allows for 10 years of imprisonment seemed to send some jitters down the spines of many businessmen with 'draconian' being one of the words freely tossed around.

On the other hand, business will welcome the merging of caps on foreign direct investment (FDI) and foreign institutional investment (FII) into a single cap on foreign investments in Indian businesses. The assurance that tax administration would be simplified would be welcome too as would be the abolishing of wealth tax.

Disinvestment was another major plank of the budget, with the FM targeting Rs 69,500 crore from this source, including by way of strategic divestments, last done in the Vajpayee government.'

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Union Budget 2015 is 'pro-industrialist', not meant for poor: Congress - Zee News

New Delhi: Congress leader Mallikarjun Kharge on Saturday slammed the Union Nudget saying it was "pro-industrialist", "pro-corporate" and not meant for the poor.

He said the budget was vision document just like the Railway Budget, and was "impractical" in nature.

"The budget is only for big corporate houses and industries. It is for the rich who supported them (the BJP) during the Lok Sabha polls. It is not a pro-poor budget," Kharge told reporters outside Parliament.

Observing that "it was just like the vision document of the railways," he said the budget lacked any substantial investment in the social sector.

"The government got a lot of money because of the fall of prices in the crude oil. But you did not use it for the poor for inclusive development.

The budget was also made keeping in mind the future state elections in Bihar and West Bengal in mind," he said.

Kharge added that there was nothing new in the budget and old schemes were presented with new names.

Speaking about the proposed black money legislation, he said even former Finance Minister Pranab Mukherjee had taken steps to curb illegal money.

"First they (the BJP) say we will get black money in 100 days, then after nine months they bring the bill. By simply screaming loud, you don't get back black money.

"The earlier governments also took steps to bring back the black money, but they (the government and the BJP) are saying this by blowing trumpets," Kharge said.

Asked about the housing scheme in the Budget, Kharge said, "housing programme is a continuous programme. Indira Aawas programme is there. If you want to give something for poor people you could have given money to various sectors. But they feel shy of talking for poor people."

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Bihar Niwas was washed with 'Ganga jal' for Nitish Kumar stay: Jitan Ram Manjhi - Economic Times

PATNA: Former Bihar Chief Minister Jitan Ram Manjhi today stoked a controversy by alleging that Bihar Niwas in New Delhi was washed with 'Ganga jal (water)' after his visit so that his successor Nitish Kumar could stay there.

"I went to Bihar Niwas and found out that it was being washed with Ganga jal as I had stayed there earlier. How could Kumar stay at such a place where others have stayed? He is of such kind of mentality," Manjhi said, speaking at the launch of the Hindustan Awam Morcha (HAM).

The former chief minister said he did not take the floor test to prove his majority in the Assembly because he did not want to jeopardise the life and career of MLAs who were "weak and poor".

He also called for a probe into the origin of money that was spend to take JD(U) MLAs to Delhi and keep them at a five-star resort.

"Kumar accused me of indulging in horse-trading, but actually it was he who indulged in it by spending large amount of money on airfares and hotel bills," he said.

Reacting to reports of his ties with BJP, Manjhi said, "I met Prime Minister Narendra Modi to discuss a canal from Ganga near Chunar in Uttar Pradesh to southern districts of Bihar, it was touted as my crossing over to BJP. But when Kumar shakes hands with Modi then nothing is said."

On the developments that led to his resignation from the chief minister's post on February 20, Manjhi said, "I had repeatedly said if Nitish Kumar told me that I had been doing anything wrong, I would immediately step down. But, he never said anything and instigated his supporters to say nasty things about me."

"When they (junior ministers and leaders) were abusing and advising me, Kumar never said a word to them. Had he even had a bit of sympathy towards me, he would have said something to them or stopped them. He kept quiet so all these things happened," Manjhi added.

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Budget 2015 — Sops ka saath, sabka vikas: Jaitley combines growth and give ... - Times of India

The headline-grabbing big bang measures might have been missing in finance minister Jaitley's maiden full-year Budget on Saturday, but it sought to diligently create an enabling platform, block by block, for future economic growth. At the same time, the FM announced a series of pro-poor measures to blunt the growing criticism about the Modi government being pro-rich. In the process, he might have just pulled off a rare feat of combining a pro-growth budget with welfarist measures.

As it happened: Union Budget 2015

Find all Budget-related stories here

Going beyond the accountant's task, Jaitley has used his budget to achieve two political objectives. He has tried to fight off the impression that the NDA government is indifferent to the poor by announcing a number of measures for them: housing for all, a rupee-a-month accident insurance cover aimed at unorganized labour, and extension of financial inclusion by making post offices payment banks. He has also announced the harshest penalty yet for those with unaccounted wealth.

While Jaitley may face criticism for relaxing the fiscal goals by pushing back the deadline by a year to cut the deficit to 3% of GDP, he has used the additional room to allocate an additional Rs 70,000 crore for infrastructure and has cleaned up the processes for investments to flow in, mainly for roads, railways, ports and power. Five new ultra mega power projects of 4,000mw are to be set up. Like the existing UMPPs, these will be in the 'plugand-play' mode, meaning all clearances would be in place before they are put up for bidding by the private sector.

The FM also promised 24-hour power, clean drinking water and toilets for all homes, at least one job for each household, connecting all habitations by allweather roads, electrifying all villages, and good health and education facilities in every town and village. The deadline for these goals — in line with the 'sabka saath, sabka vikas' motto of the Modi government — is 2022, which is the 75th year of India's independence and three years after the term of the current government ends. The FM also said the Jan Dhan programme would be moved further to a Jan Suraksha programme to create a "universal security system for all Indians, especially the poor".

Middle class sops it, cops it

For the middle class, eagerly anticipating some relief on the personal tax front, Jaitley's budget came as a bit of a dampener. While he hasn't taken away from them, there were no changes in the basic exemption limit or in tax slabs. However, he has allowed for more tax savings on health insurance, transport allowance and investments in infrastructure bonds and pension funds. But an increase in service tax from 12% to 14% will make everything from haircuts and telephone bills to eating out and watching a cricket match a little bit more expensive.

For the super rich, there is an additional surcharge on incomes above Rs 1 crore a year — from 10% to 12% — which means about Rs 70,000 more in taxes for every crore they earn. Together with this imposition, Jaitley abolished the wealth tax, which he said yielded very little revenue. Businessmen would be enthused by the promise of corporate tax being cut from 30% to 25% over the next four years, but they might be wary of celebration as all exemptions will be withdrawn.

Five months ago, Prime Minister Narendra Modi presented 'Make in India' as the centrepiece of his grand vision to boost manufacturing, foster innovation, attract investment, cut red tape, create jobs, and turbo-charge the economy. It's now been nine months since he took over as PM. Does this Budget deliver on the promise of restoring the nation's pride? Will it help India prove its mettle, and bring the shine back? Will it unleash animal spirits? While the elephant has traditionally represented the Indian economy, the lion is a symbol of Modi's home state and of his ambitious initiative; it also inspired our national emblem. We all know of the tiger economies; will the world now hear the roar of a sher economy? Can we be king of the jungle, ready to pounce on new opportunities (and we are tempted to add, steel the show)? Fans of English films would say, 'Enter, the Lion'. Us desis are rooting for 'Singham Returns'... (Imaging: Chanchal Kumar Mazumdar)

But what's the bigger picture? Is this budget great for the economy or a please all attempt? Any budget speech in India is part bare bones accounting of the government's income and spending for the year and part vision document for the future. Jaitley's budget was no different and any evaluation, therefore, should take both into account.

The FM promised that the government would rise to the challenge of boosting public investment to fill the void created by lagging private investment while ensuring the fiscal situation remained healthy. Whether the current year's outlays can be considered in line with this grand vision depends on what we measure them against. In most cases, there is a significant rise over the revised estimates for 2014-15 but little or no increase over what Jaitley himself had budgeted for in July last year. Thus total capital expenditure, which is an indicator of how much is being spent in creating assets for the future, is up an impressive 25.5% in 2015-16 over the revised estimates for 2014-15, but only 6.5% higher than the promised outlay for 2014-15. A similar pattern holds across many schemes and sectors.

READ ALSO:

Jaitley's tough talk: Black money abroad? Be ready for jail, huge fines

Budget 2015: What goes up, what down

There is clearly a conscious effort to promise something for every section. For senior citizens there's a slew of benefits including tax breaks and a welfare fund by utilising unclaimed money lying in the Employees' Provident Fund and the Public Provident Fund. For the minorities there is the 'Nai Manzil' scheme which promises to provide those without formal education both education and better job opportunities. For the farmers, the budget promises that credit to them will reach Rs 8.56 lakh crore this year. For small businesses, owned largely by SCs, STs and OBCs, a 'MUDRA (micro units refinance agency) Bank' will ensure that the "unfunded are funded".

The criticism of the government's efforts in reining in black money seem to have triggered the announcement of stringent laws to deal with undisclosed incomes held abroad and in India. The fact that among the provisions of the proposed law was one that allows for 10 years of imprisonment seemed to send some jitters down the spines of many businessmen with 'draconian' being one of the words freely tossed around.

On the other hand, business will welcome the merging of caps on foreign direct investment (FDI) and foreign institutional investment (FII) into a single cap on foreign investments in Indian businesses. The assurance that tax administration would be simplified would be welcome too as would be the abolishing of wealth tax.

Disinvestment was another major plank of the budget, with the FM targeting Rs 69,500 crore from this source, including by way of strategic divestments, last done in the Vajpayee government.'

http://ift.tt/1mUub5g Budget 2015,Budget 2015

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Budget 'hollow and plain'; its 'dhanwapsi' programme: Oppn - Moneycontrol.com

Opposition on Saturday slammed as "hollow and plain" BJP's first full-year union Budget, saying it lacked the vision and alleged that it was "repayment" by the BJP government to the rich and the corporates. "The Budget is only for big corporates and industries. It is not a pro-poor Budget.

Opposition on Saturday slammed as "hollow and plain" BJP's first full-year union Budget, saying it lacked the vision and alleged that it was "repayment" by the BJP government to the rich and the corporates. "The Budget is only for big corporates and industries. It is not a pro-poor Budget.

This Budget is a repayment by the BJP government to the rich and corporates who had supported them during Lok Sabha polls. The Budget is all about promises," Leader of Congress in Lok Sabha Mallikarjun Kharge said. While Jyotiraditya Scindia termed the Budget as "plain and hollow", Congress leader Jairam Ramesh described the Budget as "dhanwapsi" programme.

"You (BJP) had taken in elections. You are paying back," Ramesh alleged. Criticising the Budget for failing to provide "acche din" to poor, BSP Chief Mayawati said, "Budget is aimed at helping corporates.

It has been made keeping in mind only the rich and big capitalists. It is not in the interests of common man." Giving 2 out of 10 for the Budget, BJD leader in Lok Sabha B Mahtab said it was very disappointing as it did not do much for the formers but significantly, his views were contradicted by his party colleague Jay Panda, who termed the Budget as "big bang" which will "encourage the economy and boost the prospects of industry and manufacturing".

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Budget 2015: Bihar CM Nitish Kumar praises Arun Jaitley for special grant - Economic Times

NEW DELHI: Poll-bound Bihar and politically volatile West Bengal were in for a bonanza in the Union Budget on Saturday, and Finance Minister Arun Jaitley promptly got a surprise pat on the back from Bihar chief minister Nitish Kumar. Kumar, a sworn political enemy of BJP, had raised a few eyebrows when he met both PM Modi and the FM on Thursday.

Special status for Bihar was one of his long-standing claims, and on Saturday, Kumar thanked the FM "for this gesture". "I had personally met Jaitleyji at his official residence, had submitted to him a memorandum detailing some of our demands," he said. Political commentators were quick to point that the preference given to these two states would help BJP in its negotiations with regional parties to soften their resistance to key bills in Rajya Sabha while it will also rejuvenate BJP's political activities in these states.

Taking off from the recent recommendations of the Finance Commission about devolving larger share of tax revenues to states, Jaitley said on Saturday that "both Bihar and West Bengal are going to be amongst the biggest beneficiaries of the recommendations of the Finance Commission."

Jaitley announced a "special assistance to Bihar and West Bengal as has been provided by the Government of India in the case of Government of Andhra Pradesh". Bihar also stands to get another AIIMS, for which too Nitish thanked the FM.

The Budget promises AIIMS campuses to states like J&K, Punjab, Tamil Nadu, Himachal Pradesh and Assam—all states where the party is trying to expand or has allies who need to be impressed upon. For its own party-led governments, only three new National Pharma institutes have also been announced to be set up in Rajasthan and Chhattisgarh, apart from Maharashtra.

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