Arun Jaitley to present Delhi Budget today; power subsidy may be announced

New Delhi: Union Finance Minister Arun Jaitley will there the Delhi's budget in parliament Friday as the city assembly has been kept below balanced cartoon and the President Rule is in power.

A day ahead of appearance of Delhi's budget by combination Finance Minister Arun Jaitley in assembly, the city unit of BJP on Thursday urged him to give power financial support to customers

Delhi BJP President Satish Upadhyay urged Jaitley to grant Rs 800 crore as power funding saying people are loaded with very heavy power bills.

Sources in Delhi government said the power subsidy may be announced in the budget for those whose monthly expenditure does not surpass 400 units.

"BJP stands dedicated to reducing the power tax by 30 percent as and when it comes to power but we cannot leave the people of Delhi in difficulty today. Hence, we have demanded instant release in the form of subsidy," Upadhyay said.

 

New Delhi: Brushing aside denigration of not having done adequate reforms in the resources, Finance Minister Arun Jaitley has said this was the establishment of the journey and he did all he could do below the given circumstances.

"This is the inauguration of our voyage, not the end. Abhi hum jitna kar sakte the, humne utna kiya hai (Whatever I could do now, I have done). And all the decisions are not in use on day one," Mr Jaitley said.

Mr Jaitley, who accessible his maiden Budget on July 10, is being criticized, particularly by rating agencies, for not repealing the presentation tax alteration and not given that enough sops for the manufacturing.

The Minister, however, has provided relief to the salary earners by sacrificing Rs 22,200 crore in direct taxes. Refuting the disapproval, he said the government has taken chief steps which are needed but not taken in the past 10 years.

Union Budget 2014-15 to be presented in Parliament today amid expectations of tax sops

New Delhi: Finance Minister Arun Jaitley will present his maiden Budget on Thursday after his Bharatiya Janata Party, led by Prime Minister Narendra Modi, won a landslide victory in May to form the first majority government in three decades.

Jaitley's maiden Budget is expected to be a tightrope walk of trying to meet demands for tax sops especially from the middle class and pursuing fiscal prudence to spur investment and growth.

There are high hopes from the new government that it will raise tax slabs and also significantly hike the annual tax exemption limit to provide a much-needed relief to salaried class, which is reeling under the stubbornly high inflation.

Arun Jaitley underlines need to contain inflation, boost growth

New Delhi: Attributing the present monetary woes to a "decade of jobless growth", Finance Minister Arun Jaitley Sunday underlined the need to hold price rise and rush financial reforms to increase low-cost developed.

"Reviving the expansion impetus, containing price rises and varying the prototype of enlargement to profitable employment is today an superseding main concern," he said in his Facebook post summing up his one week in office.

FM meets Sushma, Jaitley on Insurance, DTC Bills

 
Keen to get key reforms bills passed, Finance Minister P Chidambaram has reached out to opposition Bharatiya Janata Party (BJP) to get Parliament approval for the long-awaited Insurance Bill and Direct Taxes Code Bill (DTC) in the Winter session that began on Thursday.

"I met Sushma Swaraj Thursday to discuss the Insurance Bill. BJP said they will consider the bill," Chidambaram said on the sidelines of a function to inaugurate the registered office of Bharatiya Mahila Bank in New Delhi.

Sources said Chidambaram met Swaraj, the Leader of the Opposition in the Lok Sabha (Lower house of Parliament), and her Rajya Sabha (Upper house of Parliament) counterpart Arun Jaitley to discuss the two bills.

However, BJP has not given any assurance of support and conveyed to the Finance Minister that the matter will be discussed within the party and take a call, sources said.

The government is keen on increasing the FDI cap in the insurance sector.

The Manmohan Singh dispensation wants to increase the FDI limit to invite more foreign investment and give a boost to the economy.

There is a broad agreement on the Direct Taxes Code Bill between the government and BJP, but they differ on some aspects. BJP is firm that unless the differences are sorted out the party will not support the Bill.

The Left parties too are opposed to the Insurance Bill and the Direct Taxes Code (DTC) Bill.

The Insurance Bill which seeks to raise the foreign direct investment ceiling in the insurance sector to 49 per cent has been with the Rajya Sabha since 2008. The Cabinet had approved it again in October 2012.

The Standing Committee on Finance had, however, suggested that the cap should be kept at 26 per cent.

The government is now understood to be considering a proposal to raise the FDI cap to 49 per cent without an increase in voting rights.