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Railway Budget 07-08 Highlights

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H

hariharan1972

Guest
  • AC first class fare will be reduced.
  • Reduction in fares by Re 1 per passenger in non-suburban tickets.
  • Superfast surcharge levied on second class tickets reduced by 20 per cent.
  • Train to Kashmir Valley will get priority.
  • 500 kms of new rail lane envisaged.
  • Smart rail travel cards to be introduced.
  • 23 train routes to be extended.
  • 800 new wagons to be introduced; 20,000 km of high-density network to be laid; new trains for cement transportation.
  • Chair to be set up at IIM-A to study the management of Railways.
  • Lalu against privatisation in Railways. Wants private partnership on his terms.
  • CCTVs to be installed in sensitive stations.
  • All TTEs to be provided palm tops.
  • Rail electrification to be done across the country right from Kashmir to Kanyakumari.
  • Rail locomotive production to be increased.
  • 32 new trains and 8 new Grib Raths this year.
  • Suburban train services in Mumbai to be increased.
  • Mumbai Urban Transport Project to be speeded up to help suburban commuters. Rs 5,000 crore to be allocated during the next Five-Year Plan for this.
  • Feasibility study to be conducted for ultra-high speed trains with speed up to 250-300 km per hour.
  • Separate coach for vendors, milkmen and petty traders in passenger trains.
  • Fifty per cent fare concession for UPSC and other official examinees.
  • Tickets to be sold at petrol pumps and ATM centres.
  • Number of berths to be increased from 72 to 84 in sleeper coaches.
  • Work on dedicated freight corridor to begin in 2007-08. The corridor will be completed after investing Rs 30,000 crore.
  • 2007-08 will be observed as Railways cleanliness year.
  • 300 more stations to be turned into model stations.
  • 6,000 automatic ticket vending machines to be installed in major cities.
  • Railways to set up call centres. Customers can dial 139 at local rates anywhere in India and get routed to Railway call centres. Passengers can also get alerts through SMS.
  • For handicapped persons, specially designed coaches will be used. 1,250 bogies created for this so far. All mail expresses will have such designed coaches by next year.
  • Senior citizen and ladies above 45 years of age will have greater quota in AC and second class sleeper coaches.
  • Unreserved compartments will increase from four to six compartments in every train this year.
  • Production of wooden seats will be stopped.
  • Uncushioned seats to be replaced by 2007-2008 in unreserved second class compartments.
  • Efforts to increase container traffic five - fold to 100 million tonnes by 2011-12.
  • Lalu claims container train experiment has been successful.
  • Will invest massively in container operations over the next 5 years.
  • Plan to start three-storey container trains.
  • High surplus recorded without load on common man.
  • Cement steel traffic up by 20 to 30 per cent.
  • Freight: Incremental loading of 60 million tonnes this year.
  • Fund balance at Rs 16,000 crore.
  • Each zone will have a SP grade officer to look into consumer complaints.
  • All customer complaints to be disposed in three months.
  • 20- 30 per cent increase in passenger traffic.
  • Railways record Rs 20,000 crore profit in 2006-07.
 

NARAS

Well-known member
  • AC first class fare will be reduced.
  • Reduction in fares by Re 1 per passenger in non-suburban tickets.
  • Superfast surcharge levied on second class tickets reduced by 20 per cent.
  • Train to Kashmir Valley will get priority.
  • 500 kms of new rail lane envisaged.
  • Smart rail travel cards to be introduced.
  • 23 train routes to be extended.
  • 800 new wagons to be introduced; 20,000 km of high-density network to be laid; new trains for cement transportation.
  • Chair to be set up at IIM-A to study the management of Railways.
  • Lalu against privatisation in Railways. Wants private partnership on his terms.
  • CCTVs to be installed in sensitive stations.
  • All TTEs to be provided palm tops.
  • Rail electrification to be done across the country right from Kashmir to Kanyakumari.
  • Rail locomotive production to be increased.
  • 32 new trains and 8 new Grib Raths this year.
  • Suburban train services in Mumbai to be increased.
  • Mumbai Urban Transport Project to be speeded up to help suburban commuters. Rs 5,000 crore to be allocated during the next Five-Year Plan for this.
  • Feasibility study to be conducted for ultra-high speed trains with speed up to 250-300 km per hour.
  • Separate coach for vendors, milkmen and petty traders in passenger trains.
  • Fifty per cent fare concession for UPSC and other official examinees.
  • Tickets to be sold at petrol pumps and ATM centres.
  • Number of berths to be increased from 72 to 84 in sleeper coaches.
  • Work on dedicated freight corridor to begin in 2007-08. The corridor will be completed after investing Rs 30,000 crore.
  • 2007-08 will be observed as Railways cleanliness year.
  • 300 more stations to be turned into model stations.
  • 6,000 automatic ticket vending machines to be installed in major cities.
  • Railways to set up call centres. Customers can dial 139 at local rates anywhere in India and get routed to Railway call centres. Passengers can also get alerts through SMS.
  • For handicapped persons, specially designed coaches will be used. 1,250 bogies created for this so far. All mail expresses will have such designed coaches by next year.
  • Senior citizen and ladies above 45 years of age will have greater quota in AC and second class sleeper coaches.
  • Unreserved compartments will increase from four to six compartments in every train this year.
  • Production of wooden seats will be stopped.
  • Uncushioned seats to be replaced by 2007-2008 in unreserved second class compartments.
  • Efforts to increase container traffic five - fold to 100 million tonnes by 2011-12.
  • Lalu claims container train experiment has been successful.
  • Will invest massively in container operations over the next 5 years.
  • Plan to start three-storey container trains.
  • High surplus recorded without load on common man.
  • Cement steel traffic up by 20 to 30 per cent.
  • Freight: Incremental loading of 60 million tonnes this year.
  • Fund balance at Rs 16,000 crore.
  • Each zone will have a SP grade officer to look into consumer complaints.
  • All customer complaints to be disposed in three months.
  • 20- 30 per cent increase in passenger traffic.
  • Railways record Rs 20,000 crore profit in 2006-07.

sir - even mr. 'cho' has said that the credit for most of the 'achievements' of lallu should go to the policies and effective implementation of these policies by previous NDA regime!!!
 
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kashyap

Active member
free tickets for those who keep cows and those chew paan and spit in the compartment

I heard that the tickets are free for those who keep cows and those chew paan and spit in the compartments. Is this true?
icon5.gif
 
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hariharan1972

Guest
Cmon Sir !

I heard that the tickets are free for those who keep cows and those chew paan and spit in the compartments. Is this true?
icon5.gif

Cmon Sir,

Let us not be so cynical. Agreed Lalu may not come across as a suave, metro sexual guy but he isn't too bad.

He has definitely turned around Railways.

He has embraced technology like no other minister has done ever before and he has the chutzpah to combine modernisation with a rural touch (Kulhars etc..)

He is rustic but we needn't hold it against him especially in the wake of what he has done with Railways.

The lectures he has delivered at IIMs, foreign MBA students etc.. apart from being publicity stunts, i believe, are genuine appreciations for the efforts of a man who by common perception believed to be a simpleton.

He is far better than the "roll back Finance Minister" Yeshwant Sinha, from the same land of Bihar.

I dunno whether you said this in jest, if so, it's fine. But i would request you to evaluate him fairly without the common bias one holds against him.

Delivering Rs. 20 billion profit is no joke, even if you run a monopoly.
 

kashyap

Active member
Cmon Sir,

Let us not be so cynical. Agreed Lalu may not come across as a suave, metro sexual guy but he isn't too bad.

He has definitely turned around Railways.

He has embraced technology like no other minister has done ever before and he has the chutzpah to combine modernisation with a rural touch (Kulhars etc..)

He is rustic but we needn't hold it against him especially in the wake of what he has done with Railways.

The lectures he has delivered at IIMs, foreign MBA students etc.. apart from being publicity stunts, i believe, are genuine appreciations for the efforts of a man who by common perception believed to be a simpleton.

He is far better than the "roll back Finance Minister" Yeshwant Sinha, from the same land of Bihar.

I dunno whether you said this in jest, if so, it's fine. But i would request you to evaluate him fairly without the common bias one holds against him.

Delivering Rs. 20 billion profit is no joke, even if you run a monopoly.


icon7.gif
Was kidding.

Still this whole story reminds me of a proverb-- "kaakkaa okkara panambazham vizhundha maadhiri"

It is not lalu who did it all alone. Scores of managers and employees did it. We cannot just comapre with yashwant and say becos he was bad lalu is good. Also the times now are when the economy is on the upswing and railways is also beenfiting.

Besides I heard Nitish kumar had doen a commendable job before lalu and lalu just followed what nitish had done and reaped the fruits of nitish's tenure.
 
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hariharan1972

Guest
Lalu is first among equals

icon7.gif
Was kidding.

Still this whole story reminds me of a proverb-- "kaakkaa okkara panambazham vizhundha maadhiri"

It is not lalu who did it all alone. Scores of managers and employees did it. We cannot just comapre with yashwant and say becos he was bad lalu is good. Also the times now are when the economy is on the upswing and railways is also beenfiting.

Besides I heard Nitish kumar had doen a commendable job before lalu and lalu just followed what nitish had done and reaped the fruits of nitish's tenure.

I would give an "unequal" share of credit to Lalu for turning around Railways. I refuse to believe that such a huge turnaround in the fortunes of Railways can be accidental. It HAS to be by DESIGN.

Ofcourse agree to you that the credit for executing Lalu's & Railway Board's plans goes to the managers & employees. No disputing that.

But if you notice Lalu has been extremely smart in using the "economy upsurge" to his advantage. Which Rail Minister has had the gall to "reduce fares" & increase revenues ? Which Rail minister had the forethought to adopt technology ? Internet booking is such a big hit & even I ticket which is normal ticket home delivered by courier is such a big success. He has rationalised freight fares, introduced pvt participation in containers, initiated modernisation efforts, increased speeds of trains.

The biggest area of success is his master stroke of making the higher class travel affordable. He is giving the low cost airlines a run for their money. Also kindly note, all these things are not very easy to push thru the Indian system because of the legacy that is attached with anything Government.

I am only saying that given what was "expected" out of Lalu - which was nothing short of him being a disaster or a 'dole monger' - he has come out with flying colours. In fact British Railways are studying the Indian railways about it's turnaround.

I am told on the first meeting of his senior officials, Lalu told them that "If you have a Jersey cow, you have to milk it completely. If you don't milk it fully, you are not doing the cow any favour but only harming the cow". This example was well received and now efforts are fully on to make realise the potential of railways & make rail travel a much much better experience than never before.

However challenges lie ahead for Lalu, to make rail travel more safe & secure. But for the moment, Indian railways is in good hands.

Others have definitely contributed but Lalu is surely First Among Equals.:usa2:
 
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silverfox

Active member
Friends:
Please enlighten this ignorant person! What was bad about Lallu Prasad Yadav? Was he a rowdy before he became a minister?
 

kashyap

Active member
Friends:
Please enlighten this ignorant person! What was bad about Lallu Prasad Yadav? Was he a rowdy before he became a minister?


http://en.wikipedia.org/wiki/Fodder_scam

http://news.bbc.co.uk/1/hi/world/south_asia/3514292.stm

he is a confirmed casteist and minority ( muslim, christian) appeaser.
Corruptionist par excellence. Gained CMship of bihar by following such practices but lost the same again due to over doing such policies. He initially villified the brhamins and projected himself as the messiah of the downtrodden. But once in power he favoured his own family and his yadav caste folks more and so the rest of the OBCs and SC/ST got together to trounce him in the elections.
 

jaisriram

Member
TN reservation court case status

State seeks exemption from directions on `creamy layer'

J. Venkatesan
Tells court that it has difficulties in identifying it among BCs

"Non-exclusion has not affected the needy"
State's SLP seeking exemption pending


New Delhi: Tamil Nadu on Monday informed the Supreme Court of the difficulties in identifying the `creamy layer' among the Backward Classes for exclusion from reservation for jobs and in educational institutions. The State sought exemption from the directions given by the court in the Mandal case on `creamy layer.'
In its response to a petition filed by senior advocate K.M. Vijayan of Voice (Consumer Care) Council seeking exclusion of the `creamy layer,' Tamil Nadu submitted that the special leave petition filed by the State for exemption from the directions given in the Mandal case judgment was still pending in the apex court. In these circumstances the petitioner's allegation that the State had not so far identified the `creamy layer' to exclude them from reservation "deserves no consideration."
A Bench of Justice C.K. Thakker and Justice V.S. Sirpurkar, before whom the petition came up for hearing, granted two weeks to the petitioner to file his rejoinder. Voice in its petition submitted that Tamil Nadu by not identifying the creamy layer for more than a decade had literally affected the reservation for the needy lower strata.
The State had done great injustice to the really Backward Class citizens as the affluent classes in such Backward Class communities were taking away the reservation benefits in the field of education and appointments in State services.
Refuting the contention, the State said that the petitioner's allegation that failure to identify the creamy layer had worked against the really needy persons in the Backward and the Most Backward Classes was purely imaginary.
"No one in the list of Backward Classes and Most Backward Classes of this State has represented to this government that the non-exclusion of creamy layer affects their interest in getting the reservation benefit. The benefits are not denied to the needy classes in the fields of education and appointment in public services as alleged by the petitioner," the State said.
"It is incorrect to say that the State has not implemented the directions of this court in respect of exclusion of the creamy layer. In obedience to the directions [in the Mandal judgment], the State had approached this court to get exemption from the said directions."
On the allegation that a majority of the castes in the State had been included in the Backward Classes, the State said communities and castes were included on the recommendations of the Backward Class Commission after proper identification. On the allegation that 80 per cent of the seats in professional colleges were being taken away by the Backward Class candidates, the State said such an averment was not substantiated by facts.
 

NARAS

Well-known member
http://en.wikipedia.org/wiki/Fodder_scam

http://news.bbc.co.uk/1/hi/world/south_asia/3514292.stm

he is a confirmed casteist and minority ( muslim, christian) appeaser.
Corruptionist par excellence. Gained CMship of bihar by following such practices but lost the same again due to over doing such policies. He initially villified the brhamins and projected himself as the messiah of the downtrodden. But once in power he favoured his own family and his yadav caste folks more and so the rest of the OBCs and SC/ST got together to trounce him in the elections.

sir - yes! a confirmed casteist, communalist and charge sheeter. he has so many cases pending against him in courts. ironically, the same govt. which has made him a minister, is arguing in courts against him in these cases! so even this gvt. knows that the fellow is a criminal! still because of his powerful yadav-muslim votebank he continues to survive! lallu is the quatorocchi of indian politics. whether it be quatorocchi or lallu, if you are a criminal, you can get close to sonia maino easily!!!

narendra modi has done and is doing a very good job in gujarat, inspite of not getting any support from central govt. but 'secularists' will not commend modi, because MR. MODI is 'communal'! but inspite of being a criminal, lallu is being commended by 'secularists', because lallu is 'secular'!!!

in 2004, under pressure from lallu, chidambaram allocated thousands of crores for bihar in 2004 budget. but UPA lost in bihar twice. not only that, the after effects of this misplaced allocation is being felt even now, as many taxes have been increased to foot the bihar bill. price rise, inflation, stock market crash, loss of revenue due to reduction in taxes on petrol, loss for govt. oil companies due to reducton in petrol prices by govt. - all are going to affect people and indian economy.

Mr. cho has promised to publish proofs and evidences from reliable quarters to establish that it was because of the efforts of previous NDA regime that railways is in a good shape today. so let us wait for some more time, before penning hosannas to lallu in haste!!!
 
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hariharan1972

Guest
Lalu !!!!

Friends:
Please enlighten this ignorant person! What was bad about Lallu Prasad Yadav? Was he a rowdy before he became a minister?

SF,
You don't have "rowdys" in Bihar. You only have criminals, that too of 3 varieties

a) Criminal b) Hardened Criminal c) State Sponsored Hardened Criminal.

There are qualification norms for each of them & a career path for progression.

Lalu is a living proof for many things

a) Indian Democracy - where anyone could be elected
b) Power corrupts & Absolute power corrupts absolutely
c) Running of Kitchen Cabinet

His community has been in the forefront of oppression against the SC/STs & the DK clan would do well to note this. Lalu positions himself as a champion of the downtrodden but he is casteist to the core. The caste equation based politics has resulted in Bihar being one of the least developed States in the country.

Ofcourse he is a wonderful crowd puller, has a rustic sense of humour - none better than the fact that he sired 9 children since he was opposed to Congress & hence their "small family programme". Howz this for ingenuity ?

He has named one of his daughters as "MISA" which is the abbreviation for Maintenance of Internal Security Act, the act under which he was arrested during emergency i guess.

He has many scams to his credit a fact typified by his wife's name 'Robbery' (Rabri) Devi. One look at her & you will sympathise with lalu & appreciate his "efforts" to sire 9 children with her !!!!

I believe in giving credit where it is due (no pun intended). His performance as Railway Minister has been extremely good especially in the backdrop of the fact that he was expected to be a disaster.

He has prime ministerial aspirations & only time will tell whether he succeeds.

A laugh about lalu :

Japanese were very impressed with Bihar's natural resources & they offered to Lalu - 'Give us Bihar for 3 years, we will make it the next Japan'. Lalu replied - 'Give me Japan for 3 days, i will make it into Bihar' !!!!!!
 
L

lotus_quartz

Guest
Declaring guilty without giving a fair trial? Tch... Tch... Not expected from this august gathering.

There are very few things in recent history of India which have touched the lives of common man and have benefited him immensely. Even any uneducated person or pathological cynic would also agree that these things include:

1. Well run Railways including ease in getting reservations, more trains and in general , better service ;
2. Mass computerisation and ATM s by SBI, the 'laggard PSU Cow' ;
3. Telecom revolution, making my milkman and vegetable vendor able to afford mobile phone.

These things just did not happen on their own -it was a result of pragmatic politics, technological revolution and guts to take bold steps knowing fully well that you could lose your trousers if schemes failed.
 

kashyap

Active member
PVN did it all!

Declaring guilty without giving a fair trial? Tch... Tch... Not expected from this august gathering.

There are very few things in recent history of India which have touched the lives of common man and have benefited him immensely. Even any uneducated person or pathological cynic would also agree that these things include:

1. Well run Railways including ease in getting reservations, more trains and in general , better service ;
2. Mass computerisation and ATM s by SBI, the 'laggard PSU Cow' ;
3. Telecom revolution, making my milkman and vegetable vendor able to afford mobile phone.

These things just did not happen on their own -it was a result of pragmatic politics, technological revolution and guts to take bold steps knowing fully well that you could lose your trousers if schemes failed.



Of course these did not happen on its own. These were started by P.V.Naraismha Rao --the best PM we have ever had. He mandated Manmohan Singh, Chidambaram and Montek Singh Ahluwalia to set in motion the liberalisation. Not even Rajiv did it and before PVN came the country was bankrupt and we had to mortgage our gold to handle BOP crisis.
PVN showed the acumen , courage and strategic thinking to liberalise India and launch it on the fast growth trajectory. It is akin to bringing in the Ganga from the heavens. Now if someone washes the clothes in that river and claim that he is the Bhageeratha , then we can only laugh at him, isn't it?

Anyway Lalu is reforming I hope. But the success of railways is again not due to him. It happened to succeed when lalu became the minister and hearing all the praises, he has started behaving. Besides the loss in Bihar would have rectified him to some extent. Still let us not overdo things. let us say good job lalu but not make him into a great CEO or mgt guru etc etc.
Give me a break!
 
L

lotus_quartz

Guest
Budget-2007

Any guesses what the budget-2007 going to be like? Is petrol going to be cheaper? What about Excise duty on Automobiles, household durables ?
Income tax benefits?

Site administrators may please give cyber credit points to anyone who guesses most accurately!
 
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hariharan1972

Guest
Budget 07-08 Highlights

ECONOMY
* GDP growth seen 9.2% in FY07.
* Average GDP growth rate 8.6% in three years of UPA coalition govt.
* Agriculture sector average growth 2.3% in 10th Plan, below targeted 4%.
* Foreign trade growing at double of domestic growth.
* Gross domestic capital formation up 23.7%.
* Savings rate estimated at 32.4% in FY07.
* Apr-Jan FDI at $12.5 bln; outpaces portfolio investment.
* 1.65 trln rupees investment by central PSUs FY08.
.
GOVT FINANCES
* Govt targets FY08 revenue deficit 1.5% of GDP
* Govt targets FY08 fiscal deficit 1.5 trln rupees
* FY08 non-plan expenditure seen 4.35 trln rupees
* Govt targets FY08 fiscal deficit 3.3% of GDP
* FY08 total spend 2.05 trln rupees
* FY07 fiscal deficit aim revised to 3.7% of GDP
* Plan spend 32% of total spend
* FY07 revenue deficit aim revised to 2% of GDP
* Gross budget support 2.05 trln rupees FY08 vs 1.73 trln.
* Central FY08 plan allocation 1.55 trln rupees vs 1.31 trln.
* Faster, more inclusive growth main 11th Plan objective.
* VAT has been an unqualified success, says Chidambaram
* Centre to give 1.42 trln rupees to states in FY08
* 1.10 trln rupees state debt consolidated
* Consolidated 1.10 trln rupees of states' debt

TAX PROPOSALS
* Senior citizen tax exemption threshold up at 195,000 rupee
* 5-yr income tax holiday for new 2-,3-, 4-star hotels
* Co-op banks to get same tax benefits as PSU banks on M&A
* Removes surcharge on corporate income up to 10 mln rupee
* Medical insurance premium I-T exemption up at 15,000 rupee
* No change in corporate income tax.
* Income tax threshold limit raised by 10,000 rupees.
* To give some relief to personal income tax payers
* Service tax exemption for tech business incubators
* Drug testing clinical trials exempt from service tax
* Service tax on rental of property for commercial use
* Service tax on works' contract services
* Ups cement excise with MRP +190 rupee/bag to 600 rupee/tn
* Cuts cement excise for MRP 190 rupee/bag to 350 rupee/tn
* Excise duty on pan masala without tobacco cut to 40%
* Excise duty on pan masals without tobacco cut to 40%
* Non-electric water filters fully exempt from excise
* To reward cement makers who hold prices of cement
* Umbrella, footwear excise duty cut to 8% vs 16%
* Bio diesel, food processing exempted from excise duty.
* SSI excise exemption raised to 15 mln rupees vs 10 mln.
* Excise on plywood cut to 8% from 16%.
* General customs duty on medical equipment 5%
* Petrol, diesel ad valorem excise duty cut to 6% vs 8%.
* Customs duty on animal feed cut to 20% vs 30%.
* CENVAT unchanged.
* Pvt players to pay 3% duty on import of aircraft.
* Customs duty on watch dials, umbrella cut to 5% vs 12.5%
* Coking coal exempt from customs duty.
* Customs duty on cut, polished gems cut to 3% from 5%
* Customs duty on PFY cut to 7.5% from 10%
* Crude, refined edible oils to be exempt from customs duty
* Customs duty on steel cut to 12% vs 20%
* General customs rate on medical equipent 5%
* Cut customs duty on DMT/PTA to 7.5%
* Customs duty on drip irrigation cut to 5% vs 7.5%
* Cut custom on cut and polished gems to 3% from 5%
* Customs duty on polyester fibre yarn cut to 7.5% vs 10%
* Fully exempts coking coal from customs duty
* To cut peak rate for non-farm pdts to 10% vs 12.5%
* Govt targets FY08 revenue deficit 714.78 bln rupees
* Tax to GDP ratio now 11.4% from 9.9%
* Tax-GDP ratio up 11.4% in 2006-07
* Intend to keep tax rates moderate, stable
* States agreed to National General Goods and Svcs tax 2010
* Cuts central sales tax to 3% from 4%
* 4.5 bn rupees allocated to Commonwealth Games

BANKING SECTOR
* Bank credit Apr 1-Feb 2 expanded 29.6% on year.
* Banks credit to small firms up at 1.7 trln rupees as of Dec.
* NHB to start policy for senior citizens.
* RRBs permitted to accept deposits from NRIs under NRE, FCNR schemes.
* 400 bln rupees for govt to acquire RBI stake in SBI.
* Banks asked to get credit rating for small, medium enterprises.
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INFLATION
* Average inflation in this financial year estimated 5.2-5.4%.
* Govt confident inflation can be moderated.
* Govt will take more steps to combat inflation.
* Global commodity prices pushing local prices up.
* Notes supply constraints in wheat, pulses, edible oil.
* Monetary trends pressurised prices, govt committed to monetary stability.
* Notes PM said state govts' role important to tame inflation.
* Notes UPA govt curbed inflation in initial years.
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INFRASTRUCTURE
* 12,198 km rural roads completed up to December.
* 15,054 villages provided phones up to December.
* Allocated 40 bln rupees for rural roads.
* Separate window for rural roads under RIDF to continue.
* Giving 120 bln rupees FY08 for Rural Infrastructure fund.
* Consider Parekh panel advise on infrastructure financing.
* Scheme to use forex reserve for infrastructure development.
* MFs to launch dedicated infrastructure funds.
* National highway plan to get 106.7 bln rupees FY08.
* Rajiv Gandhi Vidyutikaran Yojana allocation 39.8 bln rupee.
* Rural electrification allocation at 39.83 bln rupee FY08.
* Imperative to take new steps to up power generation.
* Govt to award 2 more ultra power projects by July.
* 75% growth rate in electricity generation in Apr-Dec.
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AGRICULTURE SECTOR
* Farm sector top agenda for policy makers.
* Draft National Policy for farmers under consideration.
* "No dearth of funds, no dearth of schemes" for agriculture.
* Bank farm loans doubled in 2 years vs 3 year aim.
* FY07 farm credit seen 1.9 trln rupees vs 1.75 trln target.
* 5.3 mln farmers brought under credit system until Dec.
* 150 mln families into farming.
* Farm loan target 2.25 trln rupees in FY08.
* Farm credit growing at satisfactory rate.
* To create additional irrigation for 2.4 mln ha.
* Pilot project for weather based crop insurance scheme.
* 1 bln rupees given for weather based corp insurance plan.
* Weather based insurance to replace farm insurance scheme.
* Expert panel to study impact of climate change on India.
* Farm insurance scheme stays in FY08, gets 5 bln rupees.
* New insurance scheme for rural landless households.
* FY07 fertiliser subsidy seen 224.52 bln rupees.
* New training programme planned for water harvesting.
* To extend farm technology agency to 300 more districts.
* Allocated 18 bln rupees to NABARD for farmer subsidy.
* NABARD can issue tax-free rural bonds up to 50 bln rupee.
* NABARD bond raising to augment refinance capacity.
* 100% subsidy for small, marginal farmers.
* World Bank lent 21.8 bln rupee to renew 5,763 water bodies.
* Depletion of ground water is a concern.
* 1 bln rupee for development of rainfed programme in FY08.
* Irrigation FY08 outlay 110 bln rupees vs 71.21 bln.
* Special purpose fund for coffee, rubber, spices proposed.
* Panel on farm sector indebtedness to submit report soon.
* Special development programme for oilseeds, maize.
* Separate window for rural roads under RIDF to continue.
* Giving 120 bln rupees FY08 for Rural Infrastructure fund.
* To focus on improving productivity of pulses.

FUTURES TRADING
* No new forward contract in wheat, rice futures.
* Panel set up to probe futures trade in food items.
* Panel on food forward trading to submit report in 2 mos.
.
SOCIAL SECTOR
> Education
* Allocated 323.52 bln rupees to education sector.
* Employment scheme extended to 337 districts from 200.
* FY08 school education allocation up 35% to 231.4 bln rupee.
* Secondary education allocation doubled to 37.94 bln rupee.
* SBI to get corpus to fund new scholarships.
* 3 scholarship programs for minority students.
* Allocated 7.5 bln rupees for upgradation of ITIs.
* To upgrade 300 more ITIs by Aug 2009.
* New plan for manpower development in software industry.
> Health
* FY08 health allocation 99.47 bln rupee, up from 82.07 bln.
* To start National Aids Control Programme-III from FY08.
* 9.69 bln rupees allocated for AIDS control in FY08 .
* Polio immunisation allocation in FY08 up at 12.90 bln rupee.
* Polio eradication strategy revised.
* Health insurance extended to ancillary workers.
> Unorganised sector
* Considering panel report on unorganised sector insurance.
* Social security scheme for unorganised sector soon.
> Women and children
* Govt to expand Integrated Child Development Scheme.
* ICDS allocation up at 47.61 bln rupees from 40.87 bln.
* To expand Anganwadi scheme to cover all mothers.
* To expand Anganwadi scheme to cover children below 6 yrs.
* Spend 169.8 bln rupee under spl plan in 31 districts FY08.
* 50 ministries have gender budgeting cells.
* 87.95 bln rupees for women-specific programmes.
> Physically challenged
* 18 bln rupees for employment of physically challenged.
* Govt to support 100,000 jobs for physically challenged.
* Steps to boost regularised jobs for physically challenged.
> Other social sector steps
* Allocation for SC/STs raised to 32.71 bln rupees in FY08.
* Public distribution system will be computerised.
.
FINANCIAL SECTOR
* To set up an autonomous debt management office.
* Debt management distinct from monetary mgmt world over.
* To release panel report to make Mumbai financial hub.
* IT-PAN to be sole identification for capital mkt investor.
* Allow short selling, settlement by delivery.
* 2 new financial inclusion funds to get 5 bln rupee corpus.
* To establish financial inclusion fund with NABARD.
* Bill to amend insurance laws in Budget session.
* To change law to allow creation of mortgage guarantee cos.
.
EMPLOYMENT
* Allocated 18 bln rupees FY08 for self-employment plan.
* Allocated 120 bln rupees for Rural Employment plan FY08.
.
REGIONAL AND URBAN DEVELOPMENT
* New industrial policy for northeast before March.
* FY08 allocation for North-East region 143.65 bln rupees.
* National Urban Renewal FY08 allocation 49.87 bln rupees.
* FY08 backward region grant fund 58 bln rupees.
 

kashyap

Active member
does this cover the money given to states ?

hari
since you are a CA , I thought I can ask you this. How is the money allocated to states. Does it come under this budget? Is the allocation done as per land area or poppulation size or the contribution from the state?
Under what head is it shown?
Will there be a corresponding credit entry in the state budget?
The inflows for the state budget will also include state level taxes isn't it ?

thanks
 

NARAS

Well-known member
ECONOMY
* GDP growth seen 9.2% in FY07.
* Average GDP growth rate 8.6% in three years of UPA coalition govt.
* Agriculture sector average growth 2.3% in 10th Plan, below targeted 4%.
* Foreign trade growing at double of domestic growth.
* Gross domestic capital formation up 23.7%.
* Savings rate estimated at 32.4% in FY07.
* Apr-Jan FDI at $12.5 bln; outpaces portfolio investment.
* 1.65 trln rupees investment by central PSUs FY08.
.
GOVT FINANCES
* Govt targets FY08 revenue deficit 1.5% of GDP
* Govt targets FY08 fiscal deficit 1.5 trln rupees
* FY08 non-plan expenditure seen 4.35 trln rupees
* Govt targets FY08 fiscal deficit 3.3% of GDP
* FY08 total spend 2.05 trln rupees
* FY07 fiscal deficit aim revised to 3.7% of GDP
* Plan spend 32% of total spend
* FY07 revenue deficit aim revised to 2% of GDP
* Gross budget support 2.05 trln rupees FY08 vs 1.73 trln.
* Central FY08 plan allocation 1.55 trln rupees vs 1.31 trln.
* Faster, more inclusive growth main 11th Plan objective.
* VAT has been an unqualified success, says Chidambaram
* Centre to give 1.42 trln rupees to states in FY08
* 1.10 trln rupees state debt consolidated
* Consolidated 1.10 trln rupees of states' debt

TAX PROPOSALS
* Senior citizen tax exemption threshold up at 195,000 rupee
* 5-yr income tax holiday for new 2-,3-, 4-star hotels
* Co-op banks to get same tax benefits as PSU banks on M&A
* Removes surcharge on corporate income up to 10 mln rupee
* Medical insurance premium I-T exemption up at 15,000 rupee
* No change in corporate income tax.
* Income tax threshold limit raised by 10,000 rupees.
* To give some relief to personal income tax payers
* Service tax exemption for tech business incubators
* Drug testing clinical trials exempt from service tax
* Service tax on rental of property for commercial use
* Service tax on works' contract services
* Ups cement excise with MRP +190 rupee/bag to 600 rupee/tn
* Cuts cement excise for MRP 190 rupee/bag to 350 rupee/tn
* Excise duty on pan masala without tobacco cut to 40%
* Excise duty on pan masals without tobacco cut to 40%
* Non-electric water filters fully exempt from excise
* To reward cement makers who hold prices of cement
* Umbrella, footwear excise duty cut to 8% vs 16%
* Bio diesel, food processing exempted from excise duty.
* SSI excise exemption raised to 15 mln rupees vs 10 mln.
* Excise on plywood cut to 8% from 16%.
* General customs duty on medical equipment 5%
* Petrol, diesel ad valorem excise duty cut to 6% vs 8%.
* Customs duty on animal feed cut to 20% vs 30%.
* CENVAT unchanged.
* Pvt players to pay 3% duty on import of aircraft.
* Customs duty on watch dials, umbrella cut to 5% vs 12.5%
* Coking coal exempt from customs duty.
* Customs duty on cut, polished gems cut to 3% from 5%
* Customs duty on PFY cut to 7.5% from 10%
* Crude, refined edible oils to be exempt from customs duty
* Customs duty on steel cut to 12% vs 20%
* General customs rate on medical equipent 5%
* Cut customs duty on DMT/PTA to 7.5%
* Customs duty on drip irrigation cut to 5% vs 7.5%
* Cut custom on cut and polished gems to 3% from 5%
* Customs duty on polyester fibre yarn cut to 7.5% vs 10%
* Fully exempts coking coal from customs duty
* To cut peak rate for non-farm pdts to 10% vs 12.5%
* Govt targets FY08 revenue deficit 714.78 bln rupees
* Tax to GDP ratio now 11.4% from 9.9%
* Tax-GDP ratio up 11.4% in 2006-07
* Intend to keep tax rates moderate, stable
* States agreed to National General Goods and Svcs tax 2010
* Cuts central sales tax to 3% from 4%
* 4.5 bn rupees allocated to Commonwealth Games

BANKING SECTOR
* Bank credit Apr 1-Feb 2 expanded 29.6% on year.
* Banks credit to small firms up at 1.7 trln rupees as of Dec.
* NHB to start policy for senior citizens.
* RRBs permitted to accept deposits from NRIs under NRE, FCNR schemes.
* 400 bln rupees for govt to acquire RBI stake in SBI.
* Banks asked to get credit rating for small, medium enterprises.
.
INFLATION
* Average inflation in this financial year estimated 5.2-5.4%.
* Govt confident inflation can be moderated.
* Govt will take more steps to combat inflation.
* Global commodity prices pushing local prices up.
* Notes supply constraints in wheat, pulses, edible oil.
* Monetary trends pressurised prices, govt committed to monetary stability.
* Notes PM said state govts' role important to tame inflation.
* Notes UPA govt curbed inflation in initial years.
.
INFRASTRUCTURE
* 12,198 km rural roads completed up to December.
* 15,054 villages provided phones up to December.
* Allocated 40 bln rupees for rural roads.
* Separate window for rural roads under RIDF to continue.
* Giving 120 bln rupees FY08 for Rural Infrastructure fund.
* Consider Parekh panel advise on infrastructure financing.
* Scheme to use forex reserve for infrastructure development.
* MFs to launch dedicated infrastructure funds.
* National highway plan to get 106.7 bln rupees FY08.
* Rajiv Gandhi Vidyutikaran Yojana allocation 39.8 bln rupee.
* Rural electrification allocation at 39.83 bln rupee FY08.
* Imperative to take new steps to up power generation.
* Govt to award 2 more ultra power projects by July.
* 75% growth rate in electricity generation in Apr-Dec.
.
AGRICULTURE SECTOR
* Farm sector top agenda for policy makers.
* Draft National Policy for farmers under consideration.
* "No dearth of funds, no dearth of schemes" for agriculture.
* Bank farm loans doubled in 2 years vs 3 year aim.
* FY07 farm credit seen 1.9 trln rupees vs 1.75 trln target.
* 5.3 mln farmers brought under credit system until Dec.
* 150 mln families into farming.
* Farm loan target 2.25 trln rupees in FY08.
* Farm credit growing at satisfactory rate.
* To create additional irrigation for 2.4 mln ha.
* Pilot project for weather based crop insurance scheme.
* 1 bln rupees given for weather based corp insurance plan.
* Weather based insurance to replace farm insurance scheme.
* Expert panel to study impact of climate change on India.
* Farm insurance scheme stays in FY08, gets 5 bln rupees.
* New insurance scheme for rural landless households.
* FY07 fertiliser subsidy seen 224.52 bln rupees.
* New training programme planned for water harvesting.
* To extend farm technology agency to 300 more districts.
* Allocated 18 bln rupees to NABARD for farmer subsidy.
* NABARD can issue tax-free rural bonds up to 50 bln rupee.
* NABARD bond raising to augment refinance capacity.
* 100% subsidy for small, marginal farmers.
* World Bank lent 21.8 bln rupee to renew 5,763 water bodies.
* Depletion of ground water is a concern.
* 1 bln rupee for development of rainfed programme in FY08.
* Irrigation FY08 outlay 110 bln rupees vs 71.21 bln.
* Special purpose fund for coffee, rubber, spices proposed.
* Panel on farm sector indebtedness to submit report soon.
* Special development programme for oilseeds, maize.
* Separate window for rural roads under RIDF to continue.
* Giving 120 bln rupees FY08 for Rural Infrastructure fund.
* To focus on improving productivity of pulses.

FUTURES TRADING
* No new forward contract in wheat, rice futures.
* Panel set up to probe futures trade in food items.
* Panel on food forward trading to submit report in 2 mos.
.
SOCIAL SECTOR
> Education
* Allocated 323.52 bln rupees to education sector.
* Employment scheme extended to 337 districts from 200.
* FY08 school education allocation up 35% to 231.4 bln rupee.
* Secondary education allocation doubled to 37.94 bln rupee.
* SBI to get corpus to fund new scholarships.
* 3 scholarship programs for minority students.
* Allocated 7.5 bln rupees for upgradation of ITIs.
* To upgrade 300 more ITIs by Aug 2009.
* New plan for manpower development in software industry.
> Health
* FY08 health allocation 99.47 bln rupee, up from 82.07 bln.
* To start National Aids Control Programme-III from FY08.
* 9.69 bln rupees allocated for AIDS control in FY08 .
* Polio immunisation allocation in FY08 up at 12.90 bln rupee.
* Polio eradication strategy revised.
* Health insurance extended to ancillary workers.
> Unorganised sector
* Considering panel report on unorganised sector insurance.
* Social security scheme for unorganised sector soon.
> Women and children
* Govt to expand Integrated Child Development Scheme.
* ICDS allocation up at 47.61 bln rupees from 40.87 bln.
* To expand Anganwadi scheme to cover all mothers.
* To expand Anganwadi scheme to cover children below 6 yrs.
* Spend 169.8 bln rupee under spl plan in 31 districts FY08.
* 50 ministries have gender budgeting cells.
* 87.95 bln rupees for women-specific programmes.
> Physically challenged
* 18 bln rupees for employment of physically challenged.
* Govt to support 100,000 jobs for physically challenged.
* Steps to boost regularised jobs for physically challenged.
> Other social sector steps
* Allocation for SC/STs raised to 32.71 bln rupees in FY08.
* Public distribution system will be computerised.
.
FINANCIAL SECTOR
* To set up an autonomous debt management office.
* Debt management distinct from monetary mgmt world over.
* To release panel report to make Mumbai financial hub.
* IT-PAN to be sole identification for capital mkt investor.
* Allow short selling, settlement by delivery.
* 2 new financial inclusion funds to get 5 bln rupee corpus.
* To establish financial inclusion fund with NABARD.
* Bill to amend insurance laws in Budget session.
* To change law to allow creation of mortgage guarantee cos.
.
EMPLOYMENT
* Allocated 18 bln rupees FY08 for self-employment plan.
* Allocated 120 bln rupees for Rural Employment plan FY08.
.
REGIONAL AND URBAN DEVELOPMENT
* New industrial policy for northeast before March.
* FY08 allocation for North-East region 143.65 bln rupees.
* National Urban Renewal FY08 allocation 49.87 bln rupees.
* FY08 backward region grant fund 58 bln rupees.

ir - budgets will come and budgets will go. but people will remain as they are!!!
 
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hariharan1972

Guest
Feeble attempt at answering !!!!

hari
1. since you are a CA , I thought I can ask you this.
2. How is the money allocated to states. Does it come under this budget?
3. Is the allocation done as per land area or poppulation size or the contribution from the state?
4. Under what head is it shown?
5. Will there be a corresponding credit entry in the state budget?
6. The inflows for the state budget will also include state level taxes isn't it ?

thanks

Hmmm

1. Yes & hope my answers don't make you feel that "All CAs" are like me. Trust me, there are many good ones out there.

2. All Monies that accrue to the GoI (Govt of India) are 'credited' to the Consolidated Fund of India. Any withdrawal from this Fund can only be done with the approval of the Parliament. For emergency relief & other measures monies are used from another fund called contingency fund.

Like GoI has a Central Planning Commission, States have a State Planning commission. Each year the SPC discusses with the CPC & arrives at the State Budget outlay which has 2 components - Central Budgetary Support i.e grant from Central & State component - which State has to mop up on it's own.

The committed amount by the Central Govt is released to the States. Normally the Central support is granted only for the 'Plan Expenditure'. Generally revenue expenditure of States is expected to be met out of State Revenues itself. For shortfall, States borrow from RBI.

So the transfer of the money by Central to State is shown as Plan expenditure in Union Budget.

3. No, the allocation that each State gets is a function of the size of the State plan, more specifically Plan expenditure

4. In Union Budget i think this item is shown under Plan expenditure or Central Support to State Plans.

5. Ofcourse, yes.

(Pirappu nu onnu irundha irappu nu onnu irukkum ; yenga accountant bashaila debit nu onnu irundha credit nu onnu irundhe aaganum. Tiruvalluvar mattum Accounting adigaram yezhudirundha :

"Pirrarkkku Credit murpagal seiyyin;
thamakku debit pirpagal thaame varum" nu yezhudiirukkakoodum)

6. Yes.

Indha forumla olinji irukka kodiya matra CA / CFA / CPA / ICWA nanbargale - yentharo mahanu bavulu, andharikki vandanamulu
 

kashyap

Active member
thanks hari for the enlightenment

Your answers for quite clarifying.
Thanks for taking the risk
icon12.gif
to answer me in this forum ( perhaps teeming with CAs/CPAs etc).

I confer upon you the OBE (Order of the Brahmin Ensemble or Elite) !
icon10.gif
(Don't ask me who gave me the permission to confer this )
 
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hariharan1972

Guest
Budget 2007

I am quite disappointed to note that no comments have been posted on the Budget 2007.

Elite Panel - Lotus Quartz, Mrifan, Kudumi, Kashyap, Pappan, SF, Ramki, Suresh, Kspv, Gurumurthyji - This is just not done !!!!!

If you guys don't get the discussion going, i will be inclined to write to the 'Sivagangai Chettiyar' to impose 'Dis-service tax' on your incomes.
 

kashyap

Active member
esop taxes?

hariji,

my first concern at this point is about esop taxes. its rate? and other details.

Thanks in adv
kashyap
 

kspv

Member
If you guys don't get the discussion going, i will be inclined to write to the 'Sivagangai Chettiyar' to impose 'Dis-service tax' on your incomes.

Boss Hariharan, please don't do it! :lol:

I am presently out of station and travelling. My comments will follow once I am back.
 
L

lotus_quartz

Guest
Skating on thin ice

Bro, asking me to comment on matters fiscal could bring out catastrophic theories!

I am skating on thin ice , when on such issues.

Still, if you insist, given me time to think over it and come back to you.

I am quite disappointed to note that no comments have been posted on the Budget 2007.

Elite Panel - Lotus Quartz, Mrifan, Kudumi, Kashyap, Pappan, SF, Ramki, Suresh, Kspv, Gurumurthyji - This is just not done !!!!!

If you guys don't get the discussion going, i will be inclined to write to the 'Sivagangai Chettiyar' to impose 'Dis-service tax' on your incomes.
 

silverfox

Active member
Dear Hariharan:
I would love to except I am ignorant about Indian budgets, politics; also, it doesn't affect me personally!!!
Maybe the other learned members would care to comment.
 
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hariharan1972

Guest
ESOPs



I am skating on thin ice , when on such issues.


LQ,
That makes it two of us !!!!!

Kashyapji,

PC is yet to announce the "quantum" that would be considered for taxation & the tax rate. I am curious as to how 'double taxation' will be avoided - since you incur a capital gains tax when you sell the securities. This, as i see, is clearly a move to please the Left - who are anti-corporate & anti-IT, except when the investment happens in WB.

While on ESOPs, i was listening to a Bharathiyaar song & i am tempted to quote it here for it's close "linkage to ESOPs". While listening to the song, with each line, i was left wondering what a genius Bharathiyaar is.

The song & it's linkage to ESOP as below

"Manadhil urudhi vendum"
(Be firm in your heart that you aren't leaving the Co till ESOP grant is awarded)
"Vaakinile inimai vendum"
(Be polite to your superiors, boss, project manager just about anyone above you so that he will consider you for the grant)
"Ninaivu nalladhu vendum"
(Be positive in your thinking that the next round of grant will include you)
"Nerungina porul kai pada vendum"
(Not enough if you have grants, you have to stay long enough to vest it)

"Kanavu meippada vendum"
(Your dream of striking a booty between market price & vesting price should realise)
"Kai vasamavadhu viraivil vendum"
(Vesting period should be quick & market should be conducive on vesting)
"Dhanamum inbamum vendum"
(No point in getting a mere grant, you should be able to sell it at much much higher than excercise price in the market)
"Tharaniyile perumai vendum"
(Your exercise price & selling price should be talk of the company if not the town)

"Kan thirandida vendum"
(Boss, pleaseeeeeeeeeee give me the grant)
"Kariyathil urudhi vendum"
(Pester/Cultivate your boss regularly so that you are not missed in the final list)
"Pen viduthalai vendum"
(If your spouse works in Infy / TCS / Wipro, pray that she is included)
"Periya kadavul kaakka vendum"
(M/s Premji, Nandan, Ramadorai should declare fabulous q-o-q results to keep the market momentum going up)
"Man payanura vendum, man payanura vendum"
(Land which i bought with the ESOP gain should appreciate fast enough)

“vanagam ingu then pada vendum”
(hopefully should be able to buy a pent house too)
“Unmai nindrida vendum”
(All the years of hard working/pataoing should give me something in return)

Om Om Om

I couldn’t think of a better poem on ESOPs…...What say ?

PS : meant to be light-hearted, pls don't take any offence. i have great regards for bharathiyaar.
 
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