Business and Economy  

The focus now is moved from North Block to Yojna Bhawan. This is where the UPA priorities such as education, health, agriculture and rural development will see ministries push once again for more money and schemes. The PM's team is cautious as the money at hand is limited. The additional ministry demands alone sums upto Rs 37,000 crores. An addtional Rs 10,000 crore has been added by Chidambram as a gross budgetary support. The Planning Commission will study the backlog, expenditure, success rate and failure of all important schemes before deciding how much to allocate to each sector. 

The agricultural community can heave a sigh of relief as the government will introduce a brand new national biotechnology policy seeking to weave in the farming community, academia and the industry, making it one cohesive unit. The Department of Biotechnology (DBT) has initiated the process, and is hoping that the new policy will provide a new framework for the industry to operate in. Sources say that the new policy will provide solutions to the numerous regulatory stumbling blocks hindering the industry's progress.

As part of the modernisation plan, the ministry of civil aviation allocated a sum of Rs 5,000 crore to upgrade 15 airports in the country. The scheme, however, does not include airports in the metros. Civil aviation minister Praful Patel said the 15 airports would be re-designed to match international standards and would be functional by the end of 2006. This includes the airports of Jaipur, Udaipur and Lucknow.

Day traders were hit as P Chidambaram introduced a 0.15 per cent transaction tax on stock market players. Day traders make a living out of buying and selling stocks in a single day. They obsessively follow the surges and dips of the market, making a few rupees or even paise out of each one. This kind of gambling, day traders claim account for 80 per cent of the volumes on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

Overall:

Budget allocation a month away: This is where the UPA priorities such as education, health, agriculture and rural development will see ministries push once again for more money and schemes.

New Biotech Policy to be introduced: The new policy will provide solutions to the numerous regulatory stumbling blocks hindering the industry's progress.

Rs 5000 crore modernisation plan: As part of the modernisation plan, the ministry of civil aviation allocated a sum of Rs 5,000 crore to upgrade 15 airports in the country.

Day traders hit: As P Chidambaram introduced a 0.15 per cent transaction tax on stock market players.