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Business & Economy
Job scene shining, thanks
to Chidambaram
budget
What is India News Service,
Tuesday, 1 March 2005, 2000 hrs IST
After witnessing a jobless high growth, Indian youth may hope to find millions of jobs in the textile, pharmaceutical, IT and other manufacturing areas. Finance Minister P. Chidambaram
announced a series of measures to boost employment in the manufacturing and agriculture sector.
Claiming to present a growth and employment-oriented Budget, he hoped that new packages for the agriculture, food processing, textile, IT and other sectors would create over three crore jobs in the economy in the next few years.
New jobs will include around one crore in agricultural sector with the increase in area under irrigation by one crore additional hectares, 1.2 crore jobs in the textile sector, 70 lakh jobs in IT sector, and over 12 lakh in the food-processing sector over the next five years.
Besides allocating additional budget for the National Rural Employment Guarantee Scheme, Sarva Siksha Abhiyan and new deal for the rural sector \93Bharat Nirman\94 that are aimed at creating lakhs of jobs, the Budget is likely to give a push to the employment generation.
Finance Minister said the government would allocate funds to create additional one crore hectares\92 irrigation facilities in the rural areas. \93We are hopeful to create jobs with the increase in irrigation facilities supposing that one job will be added per hectare after improved irrigation in the rural areas.\94 Increase in budgetary allocations for the education and health sector is also likely to create lakhs of jobs for the rural youth. Under Sarva Siksha Abhiyan alone, the UP government has given appointment letter to over one lakh youth.
FM emerges winner for \91Indian Idol\92 contest:
The Finance Minister has achieved the difficult task of undertaking huge expenditure for implementing programmes under the Common Minimum
Programme.
Raga of growth, tala of reforms:
What Chidambaram gave by left hand, like in simplifying taxes, he took away by the right, by scrapping standard deduction or levying 0.01 pc tax on withdrawals.
Lawyer\92s, not leader\92s
Budget, says BJP: Describing the Union Budget as a Budget of a \93lawyer\94 and not a \93leader\94, the main Opposition party, the BJP, today said the Budget presented by Finance Minister P. Chidambaram was \93short on candour and high on dissemination\94.
Aam admi slams Govt's dadagiri:
While the industry may be singing paens to the Finance Minister for presenting a 'progressive' Budget, the middle and upper-middle class sees it as an attempt to squeeze its income to a point where right to dignified living is infringed. The middle and upper-middle classes living largely in apartments across the city said that they were back in the era of double-taxation.
Income-tax bonanza for salaried class:
The budget has increased income-tax exemption limit to Rs 1 Lakh, but tax will be levied on five-figure cash withdrawals and fringe benefits.
RBI draws roadmap for foreign banks:
Unveiling the roadmap for banking sector reforms today, the Reserve Bank of India (RBI) has laid out a two-phase programme for presence of foreign banks in the country through wholly-owned subsidiary (WOS) or conversion of existing branches into a WOS and acquisitions.
Mumbai to be made regional financial hub:
The government today proposed a slew of measures for boosting the capital markets and decided to set up an Expert Committee to advise the government to make Mumbai a regional financial
centre.
India Inc stands to save Rs 9,200cr:
Oil companies alone stand to save Rs 5,200cr, but under-recovery will cost them Rs 475cr/month
Tax on cash withdrawal ridiculous: Oppn:
The left too came out with criticism on taxation on withdrawals adding the small scale industry and the unorganised sectors were not given proper attention.
Tax exemption for aviation sector too:
Reacting to the demand from the operators in the country\92s civil aviation sector, Finance Minister P. Chidambaram has decided to extend the exemption available on aircraft lease rentals paid to foreign companies till September 30.
'Cash withdrawal tax not for revenue':
Finance Minister P Chidambaram defends the move as necessary to check black economy.
Cigarette tax to fund health care:
The surcharge on tobacco products will generate revenue for funding health care, Finance Minister said.
Rs 10 levy on bank withdrawals doesn\92t amuse India Inc:
Industrial chambers and trade associations today welcomed the Budget 2005-06 focus
on infrastructure, textiles, manufacturing and rural development saying it would help sustain the growth momentum.
Bangalore
metro rail project benefits from allocation:
The Bangalore metro rail project stands to benefit from the Rs 5,500 crore allocated for
the National urban renewal mission to improve urban facilities for seven mega cities.
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