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Consumers will have to pay more for petrol, diesel, cars, TVs, cigarettes, tobacco, air-conditioner, gold and silver as the government on Friday announced hike in excise duty as part of a partial roll back of stimulus measures announced for reviving the economy.
On the other hand, mobile accessories, medical equipment energy efficient CFL lamps, set top boxes, compact disc, toys and books will be cheaper on account of some tax concessions offered on these items by Finance Minister Pranab Mukherjee in the Union Budget for 2010-11.

"Symptoms of economic recovery are widespread and more clear now," he said.

Before announcing the tax measures, Mukherjee substantially cut income tax rates along with other direct tax concessions that would result in a net loss of Rs 26,000 crore to the exchequer.

The government on Friday allocated Rs 4,500 crore (Rs 45 billion) to Social Justice and Empowerment Ministry for 2010-11, marking a substantial increase of 80 per cent over last year.

Announcing the hike in the ministry's outlay while presenting the budget in Lok Sabha, Finance Minister Pranab Mukherjee [ Images ] said this would help the social sector to focus more on the welfare of the Scheduled Castes and Scheduled Tribes and Other Backward Classes, as well as the physically challenged.

The finance minister said the increased budgetary allocation would help the ministry in enhancing scholarship amount for students belonging to the backward classes.

"The allocation will allow the ministry to expand the various schemes it is running for the welfare of physically challenged and also for those belonging to SCs, STs and OBCs," Mukherjee said.

The government on Friday hiked excise duties by 2 per cent to 10 per cent on all non-oil products as part of withdrawal of stimulus measures with Finance Minster Pranab Mukherjee saying the economy was on the recovery path.

Excise duty was cut by six per cent in two phases since December 2008 from a peak of 14 per cent earlier to perk up the economy, which came under the impact of deepening financial crisis.

However, Mukherjee, in the Budget for 2010-11, retained service tax at the level of 10 per cent.

The tax was cut by two per cent from 12 per cent as part of stimulus. The tax proposals will pave the way for introduction of Goods and Services Tax by levelling both exise duty and service tax to 10 per cent.

Interestingly, the increase in excise duty came on a day when economic growth slips to six per cent in the third quarter from stunning 7.9 per cent in the preceeding quarter of this fiscal.

As a result of partial withdrawal of stimulus measures, the government would stand to gain about Rs 46,500 crore (Rs 465 billion) from changes in the indirect taxes, mainly excise.

On other hand, Mukherjee announced major direct tax sops including income tax concessions, which will result in a revenue loss of Rs 26,000 crore (Rs 260 billion).

Besides, Mukherjee hiked excise duty on petrol and diesel by Re 1 a litre, a move that would make the motor fuel costlier.

Allocation to the power sector has been doubled to Rs 5,130 core in Budget 2010. In his Budget speech, Finance Minister Pranab Mukherjee says the government will set up a coal regulatory authority and launch competitive bidding for captive coal mining. The move will help expedite the process of allocation mining resources to consuming firms.

This has come to the rescue of the power sector, which is grappling with financial closure of key projects coupled with a delay in allocation of coal linkages. This has made power companies cautious in bidding for new projects as the setting up of a 1 mw power plant requires roughly Rs 4-5 crore. This failure was apparent as the government, time and again, misses its ambitious targets set in Five Year Plans by sufficient margins.

Solar energy also found a special mention in the Union Budget. The government proposes to establish a national clean energy fund and is targeting the setting up of 20,000 MW of solar power by 2022. Allocation for renewable energy has been increased to Rs 1,000 crore. A separate sum of Rs 500 crore has been allotted for the setting up of solar and small hydro power units.

The move is likely to help light up around 300-400 million Indians which still have no access to power. Per capita consumption is 700 units per annum (1 unit = 1 KwH or the power consumed by using a 40 watt tube for 250 hours) as against the first world average of around 1,000 units per month. Under the power for all by 2012 mission, the government needs an installed generation capacity of at least 200,000 mw by 2012 from the present 144,564.97 mw. Power requirement will double by 2020 to 400,000 mw.

However, the industry demand for the corporatisation of state electricity boards on a war-footing, reining in of transmission and distribution losses, and withdrawal of cap on the sale price of merchant power in the open market has not been addressed. Merchant power is surplus or excess power with power companies, which is not attached to any long-term power purchase agreements (PPA).

Taxes: Impetus for cleaner fuel
A cess of Rs 50 per tonne has been levied on coal. Power producers had sought a reduction in duties on coal imports. Import duty on coal stands at 5% at present. In India, more than half the power plants are coal-fired and domestic coal supply is scarce.

Excise duty has been hiked to 10% from 8%. This should not come as a surprise as the industry expected a two percentage points in excise duty, which was lowered from 12% to 8% under the stimulus package. The move will help bridge the government's fiscal deficit.

Reiterating the government's cleaner energy focus, the Finance Minister has exempted inputs for making rotor-blades from excise in his Budget speech.

Excise duty on photo-voltaic and solar panels has been waived while central excise on LED lights have been cut to 4%.

Giving in to the demand of domestic power equipment manufacturers, the Finance Minister has levied a duty of 5% on project imports. Recently, a government panel report suggested the imposition of a 14% duty on imported power equipment to safeguard interests of domestic manufacturers. However, private power plant owners say domestic generation equipment are in short supply and a duty on imports will penalise them if they source from overseas. The move, they say, will jeopardise the massive capacity addition programme.

Sectors/stocks to benefit:
- NTPC, Reliance Power, and Adani Power to benefit from the doubling of power allocation.

- Setting up of a coal regulatory authority positive for cement and steel companies.

- Increase in the refinancing by India Infrastructure Finance Company (IIFCL) is positive for infrastructure companies.

- Suzlon and Jaiprakash Hydro are likely to gain from the setting up of a national clean energy fund.

- Excise exemption on inputs used for making rotor-blades is positive for Suzlon.

- Cut in excise duty for photo-voltaic units is positive For Moser Baer.

- Tata Power is likely to be affected by the clen energy cess.

- Increase in import duties on power equipment would benefit companies like L&T, BHEL among others.

What the sector wanted?
- Expected increased spending on the government's flagship schemes -- Rajiv Gandhi Grameen Vidyutikaran Yojana (RGGVY) and Restructured Accelerated Power Development and Reforms Programme (R-APDRP) -- to spur growth.

- Developers sought an extension of income tax exemption under clause 80 IA beyond 2010-11. This is likely to go through given the government’s thrust on reducing aggregate technical and commercial losses. The move would also shorten the pay-back period for utilities.

- Setting up a single window clearance system in order to avoid potential delays and expedite the approval process.

- Restoration of the 100% accelerated deprecation for solar energy projects. This will help promote use of renewable energy.

- Extension of long-term loans at 2.5% to industry and individuals for investing in solar energy applications.

- Incentive to indigenous manufacturing of wind turbine gensets. Import duty should be increased or otherwise conditions as regards to the indigenization of wind turbine gensets by using 70% of local components should be implemented in the windmill sector. The move will boost domestic manufacturing and curb dumping by way of imports from countries like China.

- Award mega power status to thermal projects above 500 mw. If implemented, it would lower the cost of power.

Expectations are running high for the Budget 2010 to do many things -- maintain growth, provide employment, reduce fiscal deficit, take steps to shift to the new Direct Taxes Code, take measures to implement Goods and Services Tax, reduce inflation and increase revenue for the government.

All this has to be done with the idea of being popular enough to have voters on the government's side. It's a tall order and Finance Minster Pranab Mukherjee has a job that very few will envy.

Major issues to tackle: Reducing the deficit

Although there are several problems to be addressed, the major issues that the finance minister will need to tackle in the short term are the problems of reducing the deficit and increasing the revenues for the government.

Reducing the deficit that is running wild is not an easy job. If we had had the same deficit during the year 2000, the World Bank (if not the whole world) would have been up at arms against the Indian government. But the global financial meltdown has made governments to take the task of reviving the economies on their shoulders and today almost every government in the world is running huge deficits that are hardly making headlines.

However, governments are aware -- no one more so than the Indian finance minister -- that this is not sustainable.

Mukherjee's push to have the 3G spectrum auctioned before March 2010 showcases the urgency to bridge the deficit.

The Income Tax department is ready with two-page Saral-2 return forms for individual salaried assesses.

Finance Minister Pranab Mukherjee said this while presenting the Union Budget for 2010-11 in the Parliament on Friday.

Kirit Parekh report on fuel price deregulation will be taken up by Oil Minister Murli Deora in due course, said Finance Minister Pranab Mukherjee [ Images ].

Mukherjee presented the Union Budget in the Parliament on Friday.

Details soon. . .

The government on Friday announced loans at a subsidised interest rate of five per cent -- two per cent less than market rate -- for farmers who pay their dues in time.

Announcing this in his Budget speech for 2010-11, Finance Minister Pranab Mukherjee [ Images ] also said that the credit target for the agriculture sector has been increased to Rs 3,75,000 crore for the next fiscal from Rs 3,25,000 crore 2009-10.

"In the last budget, I provided an additional one per cent interest subvention as an incentive to those farmers who repay their short-term crop loan as per schedule. I propose to raise this subvention for timely repayment of crop loan from one per cent to two per cent for 2010-11. Thus, the effective rate of interest for such farmers will now be five per cent per annum," he said.

Farmers get short-term crop loan of up to Rs 3 lakh at seven per cent interest rate. Mukherjee also said the Rs 71,000 crore farm loan waiver scheme, announced during 2008-09 budget, would be extended till June 2010 as it expired on December 31 2009.

The scheme, which covered four crore farmers, is on extension since June 2009 and the latest extension is on account of poor monsoon and drought-like conditions faced by farmers for most of last year.

New Features of New Union Budget 2010-11 are as follows :

    *  FM prunes tax rates:
      Income up to Rs 1.6 lakh - nil Income above Rs 1.6 lakh and up to Rs 5 lakh - 10 per cent
      Income above Rs 5 lakh and up to Rs 8 lakh - 20 per cent
      Income above Rs 8 lakh - 30 per cent.
    * Income Tax department ready with two-page Saral-2 return forms for individual salaried assesses.
    * New tax rates would offer relief to 60 per cent of tax-payers.
    * Government's net borrowing to be Rs 3,45,010 crore for 2010-11.
    * Additional deduction of Rs 20,000 allowed on long term infrastructure bonds for income tax payers; this is above Rs one lakh on saving instruments allowed already.
    * A unique identity symbol would be provided to the Indian Rupee in line with US Dollar, British Pound Sterling, Euro and Japanese Yen.
    * Fiscal deficit seen at 4.8 per cent and 4.1 per cent in 2011-12 and 2012-13 respectively.
    * Total expenditure pegged at Rs 11.8 lakh crore, an increase of 8.6 per cent.
    * Gross tax receipts pegged at Rs 7,46,656 crore for 2010-11, non-tax revenues at Rs 1,48,118 crore.
    * FM appeals to "misguided elements" (left wing extremists) to eschew violence and join the mainstream.
    * Planning Commission to prepare integrated action plan for Naxal-affected areas.
    * Defence allocation pegged at Rs 1,47,344 crore in 2010-11 against Rs 1,41,703 crore in the previous year. Of this, capital expenditure would account for Rs 60,000 crore.
    * Fiscal deficit pegged at 6.9 per cent in 2009-10 as against 7.8 per cent in the previous fiscal.
    * Finance Minister to continue giving cash subsidy for fuel and fertiliser instead of previous practice of bonds.
    * Non-plan expenditure pegged at Rs 37,392 crore and Plan expenditure at Rs 7,35,657 crore in budget estimates. 15 per cent increase in plan expenditure and six per cent in non-plan expenditure.

      MICA ANNOUNCES FELLOW PROGRAMME IN MANAGEMENT – COMMUNICATIONS (FPM-C)
Deadline for Applications:April 22, 2010

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On the 50th Anniversary year of the Indian Independence, the Government of National Capital Territory of Delhi has instituted the Delhi Subordinate Services Selection Board. The Board has been incorporated with the purpose of recruiting capable, competent, highly skilled individuals by conducting written tests, professional tests and personal interviews wherever as desired. The Board shall hereby committed to develop selection and recruitment procedures that confirm to the global standards in testing, and promise selections by all fair means, of the most competent, capable, and skilled individuals for user departments. 

THE SECRETARY
Delhi Subordinate Services Selection Board (DSSSB)
FC-18, INSTITUTIONAL AREA, KARKARDOOMA,
{NEAR RAILWAY RESERVATION CENTER}
DELHI-110092
ENQUIRY TELEPHONE : 011-22370237

Email: dsssb-secy@nic.in

Bachelor's Degree with at least 40% marks or equivalent CGPA awarded by any of the Universities incorporated by an act of the central or state legislature in India or other educational institutions established by an act of Parliament or declared to be deemed as a University under Section 3 of the UGC Act, 1956, or possess an equivalent qualification recognized by the Ministry of HRD, Government of India.

CMAT Bulletin and Form can be bought by sending a demand draft of Rs. 950/- (Rs. 50/- is levied as courier charges). The DD must be in  favour of "Career Forum  Ltd" and payable at Pune. Ensure that you send a covering letter with the following    details:    Name,    email, telephone   number   and    address with the pin code. Address : Career Forum Ltd. 110/10, 111/10, Baner Road, Pune 411045.

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The following Durontos would run in the day time:
1. Chandigarh -Amritsar
2. Chennai - Coimbatore
3. Puri - Howrah
4. Howrah- Digha

 Rail Budget, Rail Budget 2010,  Rail Budget 2010 Expectations, Indian Rail Budget 2010, Mamta Banerjee Rail Budget 2010, 2010 Rail Budget, Rail Budget 2010 Private Participation, Rail Budget 2010 New Train List, Rail Budget Train Timings, Rail Budget Train Services, Additional Trains in Rail Budget

What is the latest news about Railway Budget 2010 Highlights, Check Railway Budget 2010, Mamata Banerjee Presents Railway Budet Today, Railway Budget 2010 Here is full Detail Given Below:

Mamata Banerjee today has presented Rail Budget 2010-11. India’s rail budget is to encourage private investment along with social commitment but without privatisation. Mamta banerjee in Railway Budget 2010 – 2011 has announced 101 new suburban trains for Mumbai.

    * No hike in passenger fare
    * Free travel for cancer patients in Third AC and sleeper class; 75 percent concession for companion
    * A special task force to be set up to clear investment proposals within 100 days.
    * Railway exams to be conducted in Hindi, English and Urdu languages
    * Considering that bottled water turns out to be expensive for the passengers, Mamata Banerjee proposed 6 bottling plants that would help provide clean and fresh water at much cheaper rates. Plant locations – Ambala, Thiruvananthapuram, Farakka, Amethi and Nasik
    * No privatization of railways
    * Rs 1300 Crores to be allocated for amenities for passengers
    * Improvement of security of women passengers
    * 5 sports academies to be set up
    * RFID technology for freight transport
    * Launching of Double Decker trains (pilot launch)
    * Ex-servicemen to be inducted to RPF (Mamata announced this after quoting Lata Mangeshkar’s song  Zara yaad karo qurbaani)
    * Insurance facility for licensed porters
    * Women’s RPF wing to be formed
    *
      Railways to set up Rabindra Museum in Howrah, Geetanjali Museum in Bolpur

    * Bharat Tirth train to mark Rabindranath Tagore’s 150th birth anniversary
    * Special train during Commonwealth Games
    * 101 new suburban trains in Mumbai
    * New suburban trains in Chennai
    * New train service to Bangladesh
    * No increase in freight tarriff
    * High-speed dedicated passenger corridors
    * Freight reduction on foodgrains and kerosene
    * Houses for railway employees of 10 years
    * 10 new Duronto trains
    * 54 new trains in 2010
    * New tourist trains on tourist routes
    * 80000 new wagons
    * New Janmabhoomi train between Ahmedabad and Udhampur
    * New Karmabhoomi train for working class
    * Matribhoomi special trains for women
    * Service charge on AC fares to be Rs 20 instead of Rs 40
    * Mobile e-ticketing facility at hospitals, courts, universities, IITs, IIMs
    * Design, Development and Testing centre to be set up at Bangalore
    * Railway research centre at IIT Kharagpur
    * 13000 unmanned level crossings to be converted to manned level crossings

Advt. No. 04/2008
Power Grid invites Online application for the following posts of Executive Trainees :

    * Executive Trainee (Electrical)  : 63 posts (UR-28, OBC-18, SC-13, ST-4) (PH-6), Age Limit : 28 Years as on 25/02/2010, Qualification : Full time B.E / B.Tech / B.Sc (Engg.) / BE (Power Engg.) / AMIE in Electrical Discipline from recognized University/Institute with a minimum 65% marks.
    * Executive Trainee (Finance) : 27 posts (UR-13, OBC-8, SC-4, ST2) (PH-5), Age Limit : 28 Years as on 25/02/2010, Qualification : CA/ICWA from Institute of Chartered Accountants of India / Institute of Cost & Works Accountants of India.


Selection Process : Selection will be through written Interview and GD.

Fee : a fee of Rs. 400/- through a Bank DD in favour of "Power Grid Corporation of India Ltd." payable at New Delhi for from SBI only for General and OBC candidates only.

How to apply: Application will be received through ON-LINE SYSTEM only. On submission of valid application, the system will generate ‘Resume’ with registration number, which has to be downloaded, printed, signed, photograph affixed and sent to Power Grid through ordinary post to the The Advertiser (PG),  Post Bag No. 9248, Krishna Nagar Head Post Office, New Delhi - 110051along with Demand Draft in an envelope super scribed "Application for the post of Executive Trianee" so as to reach latest by the Last Date.

Important Dates:

    * Opening Date of Application Submission : 13/02/2010
    * Last Date of Online Application Submission : 25/02/2010
    * Last Date and Time of Hard Copy Application Receipt : 12/03/2010

Please visit http://www.powergridindia.com/POWERGRID/Applications/RECTT07/et15advt.aspx for detailed information.

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