Mamata Banerjee lauds Rahul Gandhi’s train ride

New Delhi, Sept 17 (ANI): Railway Minister Mamata Banerjee has lauded Congress General Secretary Rahul Gandhi’s train ride as part of his party’s austerity drive.

Mamata Banerjee, who inaugurated the newly spruced up terminal of New Delhi railway station in the capital along with Delhi Chief Minister Sheila Dikshit on Tuesday, lauded the austerity act.

Gandhi travelled in an air-conditioned chair car of the Swarn Shatabdi Express on Tuesday, a day after his mother Sonia Gandhi travelled in an economy class flight from New Delhi to Mumbai.

Rahul travelled from New Delhi to Ludhiana to inaugurate a four-day camp of young Congressmen.

Finance Minister Pranab Mukherjee has asked the Congress leaders to observe austerity to cut down expenditure in the wake of draught declared in parts of the country.

Earlier, the Congress Party had decided that its ministers and lawmakers would also take a 20 per cent cut in salaries.

The Congress Party has also urged the government to keep prices of essential commodities in check with special emphasis on oil seeds and pulses. (ANI)

Sonia Gandhi sets an example, flies economy class to Mumbai

New Delhi/Mumbai, Sep.14 (ANI): Congress president Sonia Gandhi on Monday flew by economy class to Mumbai to attend a rally of party workers and also to hold discussions with the leadership of the Sharad Pawar-led Nationalist Congress Party (NCP).

Gandhi’s decision to fly economy class followed a similar act by Finance Minister Pranab Mukherjee and an announcement by External Affairs Minister S. M. Krishna that he would be undertaking official trips to Belarus and Turkmenistan.

He has also decided to cut down his delegation from 20 to two members for the trip.

Krishna further said that he would not travel first class in commercial airliners during his official trips.

The decision to fly economy class comes in the wake of Mukherjee’s appeal for a need for ministers and lawmakers to observe austerity in their lifestyle and official functions as the country is facing a crisis caused by drought. (ANI)

FM to inaugurate annual Conference of Chief Commissioners and Directors General of Customs and Central Excise

New Delhi, Sep.9 (ANI): Finance Minister Pranab Mukherjee will inaugurate the two-day All India Annual Conference of the Chief Commissioners and Directors General of Customs and Central Excise here today.

The Conference is being organized by the Central Board of Excise and Customs, Department of Revenue, Ministry of Finance from September 8 to 9 in the national capital.

The conference will focus on the functioning of the Department and the emerging challenges before it.

It will have a session on administering the Goods and Service Tax (GST), the present status and the Department’s preparedness for its implementation.

Besides, it will also deliberate on other important issues such as IT initiatives, Audit controls, Revenue Collections, and Border management.

The conclave will also discuss the initiatives to fine-tune the tax administration and measures to improve compliance levels in Indirect Taxation.

The conference will act as a catalyst for strengthening the Indirect Tax administration. It will also provide an opportunity to the Chief Commissioners and Directors General to interact with each other and discuss issues of general and common nature.

The Minister of State for Finance (Revenue) S.S. Palanimanickam will preside over the valedictory function. (ANI)

Vocational training programme for unemployed youth in Himachal

Kufri, Sep. 6 (ANI): Unemployed youth in Kufri region of Himachal Pradesh are delighted after a special vocational course has been introduced at a Hotel Management Institute to enable them earn livelihood in tourism sector.

Introduced under the Central Government, the tourism and hospitality requires candidates to have had school education till standard eight as minimum eligibility.

The tourism-based course, which can be completed within six to eight weeks of training, is aimed to enable the local youths to get into jobs.

The enrolled students obtain free training, uniform and stipend of rupees 1,500 to 2000 at the institute.

“They (unemployed youth) after doing this course whose entire expense is being met by government including education, uniform, training equipments can explore job opportunities. We will also provide certificates after the completion of the course. Moreover, industrial training for a brief period so that after they pass out from this they can have employment opportunities,” said Dipankar Mukherjee, Principal, Institute of Hotel Management, Kufri.

The local youth are enthusiastic to pursue this course. The students are being trained in cooking, catering apart from other nuances of the trade.

“This course will be very helpful. Even though in 8 weeks time you can’t learn everything but the course will help to get job opportunities,” said Poonam Sharma, a student.

Even graduates are showing interest in this special course, as they know it will prepare them for many employment opportunities.

“This course assures job for us. There are job opportunities in tourism sector as hundreds of tourists come to visit Himachal…. We are not only learning cooking and catering but also this course is teaching us the real sense of hospitality… this will tell us how to help and guide tourists,” said a graduate trainee.

Tourism is an important employment generating sector in Himachal Pradesh and it is the mainstay in Kufri which attracts large number of tourists to enjoy snow falls. By Hemant Chauhan (ANI)

India needs to regulate financial market: Pranab Mukherjee

Washington, Sep 5 (ANI): Finance Minister Pranab Mukherjee has said that there is a need to regulate the financial market, but it should not be used to devise any kind of protectionism.

In an interview to CNN, Mukherjee said: “We have to strike a balance. There is a need of regulating the financial market. We shall have to keep in view the federal reserves-the larger social interests – interests of the society as a whole, not fragmented and fractured internally.”

Saying that there is no consensus among major economies on the lessons learnt from the current global economic crisis, the Finance Minister said, ” If we look at the way G-20 responded, we have ourselves been made to address only those issues where there is the possibility of consensus.”

Mukherjee further said that the G-20 should not pick up those issues where consensus is elusive. It should not be too much constructionist policies in the grab of another form of protectionism,” he added.

Mukherjee further said that said that India should have to come back to the fiscal conservatism.

“I am ending the year with a 6.8 percent of fiscal… but I will come around to 5.5 and four percent in the next two years,” he added. (ANI)

Pranab talks to Andhra Finance Minister Rosiah over Reddy incident

New Delhi, Sept.2 (ANI): Union Finance Minister Pranab Mukherjee on Wednesday said he talked to Andhra Pradesh’s Finance Minster K.Rosiah regarding the tragic incident of the State CM Y.S.Rajasekhara Reddy.

“I have talked to the State Finance Minister. We are very sad about the incident,” said Mukherjee to reporters.

Meanwhile, former Andhra Pradesh Chief Minister Chandrababu Naidu in a press conference in Hyderabad said: “We are all concerned. I also appeal to nearby villagers to help with the rescue.

The situation is being monitored.” (ANI)

Star-cast of ‘Mohandas’ visits Rajghat

New Delhi, Aug. 28 (ANI): The star cast of the upcoming Bollywood film ‘Mohandas’ visited Rajghat, the memorial of Father of Nation Mahatma Gandhi here on Friday.

The movie is the directorial debut of cinematographer Mazhar Kamran who has been part of the creative teams of famous Bollywood films such as ‘Satya’ and ‘Jhankar Beats’.

The film is about identity theft, and the simpler escapades of a man who shares the Mahatama’s name ‘Mohandas’, and has to deal with this unusual situation.

Bollywood actor Nakul Vaid plays the protagonist.

“The film is about theft of identity. There are many layers in the film…we talk about the system, about ideologies and many related issues, but the main story is on identity,” said Nakul.

Although the movie is not a biographical saga of Mahatma Gandhi, it only derives inspiration from his thoughts.

“It is not directly about Gandhi, but his ideologies and thinking reflect in the movie in various ways. Gandhi is not physically present in the movie, it is not biographical,” noted Kamran.

The film talks about various contemporary issues, existential and otherwise.

“It is about identity crisis, it is about the corruption, not in our country but generally amongst human beings, it is about identity crisis…it is about how confused we are to be ourselves,” opined actor Sonali Kulkarni, playing the role of a journalist, Meghna, in the film.

‘Mohandas’ also features talented actors like Sushant Singh, Sharbani Mukherjee, Sameer Dharmadhikari and Govind Namdeo

There have been both Hollywood and Bollywood movies made earlier, based either on the life of Mahatama Gandhi or inspired by his philosophy of Ahimsa and non-violence.

The most famous amongst these was Richard Attenborough’s ‘Gandhi’ and Rajkumar Hirani’s ‘Munnabhai MBBS’ and ‘Lage Raho Munnabhai’. (ANI)

Farm production could fall by 15-20 percent, Mukherjee

New Delhi, Aug 27 (ANI): Union Finance Minister Pranab Mukherjee predicted on Thursday that country’s farm production in the Kharif season could fall by 15 to 20 per cent due to poor monsoon.

Over 250 districts across 10 states, are facing drought situation due to poor monsoon.

Speaking at Federation of Indian Chambers of Commerce and Industries (FICCI) Mukherjee said, “For impact of production on the Kharif crop, exact quantum will be known only when the harvesting starts. But from the picture of sowing, one can easily estimate that there is likelihood of a shortfall to the extent of 15-20 per cent.”

He added, “We have certain areas of concern like drought, inflationary pressure, government borrowing and its consequences on long term funding of corporate sector.”

Earlier Union Agriculture Minister Sharad Pawar had said the rice production could fall by 10 million tonnes in Kharif season.

During the last monsoon season country’s food basket was filled with 117.7 million tonnes of food grains. (ANI)

India’s top priority is to mitigate impact of scanty rains, says Pranab Mukherjee

New Delhi, Aug. 25 (ANI): India has withstood global financial storm and mitigating the impact of scanty rains is government’s top priority, said Finance Minister Pranab Mukherjee here today.

“Despite the global economic crisis, we grew by 6.7 per cent last year. This year, we are getting mixed signals and indicators are good as far as industrial production data and business demand and investor confidence are concerned. The government, however, was not in a position to lower its guard, given the uncertainties continuing in the global economic scenario.

“At this juncture, delayed monsoon has impacted many parts of the agrarian economy. Mitigating the impact of deficient monsoon is a high priority,” he told a private TV channel.

Mukherjee said the process of economic reforms, which began in early 1990s, would continue in the right earnest so that the economy returns to a growth of over 9 percent at the earliest.

Commenting on the disinvestment programme, the Finance Minister said it was aimed at expanding people’s participation in the public sector units, and gathering resources was not the main objective.

Speaking on government’s borrowing plan, he said it would not crowd out private sector investments.

“In this regard government and the RBI are in continuous touch,” Mukherjee said.

The government has plans to borrow nearly 4,00,000 crore rupees from markets during 2009-10, a rise of about 50 percent over what it borrowed a year ago, to fund the widening fiscal deficit necessitated after stimulus doses for the economy. (ANI)

PM to address Second Heads of Missions meeting today

New Delhi, Aug 24 (ANI): Prime Minister Dr. Manmohan Singh will address the conference of Heads of Indian Missions abroad here today.

Besides Prime Minister Dr. Manmohan Singh, the conference will also be addressed by External Affairs Minister S.M.Krishna, Finance Minister Pranab Mukherjee, Agriculture Minister Sharad Pawar, Commerce and Industry Minister Anand Sharma, Minister of Overseas Indian Affairs Vyalar Ravi, National Security Advisor M.K.Narayanan, Dr. Kapila Vatsyayan, MP, and other senior government ministers and officers.

The HOMs will also have an interaction with Vice President Hamid Ansari.

Various high level sessions during the conference will cover inter-alia the global financial crisis, the Indian economy and climate change.

A new feature of this year’s conference will be the interactive sessions with some special topical themes. This will enable the Heads of Missions to provide the government with their own experiences gained during the last one year of implementing foreign policy in different countries and regions.

The conference will provide an opportunity for the government to give directions to the envoys on major foreign policy objectives.

This annual interaction between the Government of India and its envoys will help to ensure that the latter are well equipped to shoulder the complex responsibilities that are required to be fulfilled in a rapidly changing global environment.

This is the second such meeting, the first being in December last year in the backdrop of the 26/11 Mumbai attacks when India was on a “diplomatic offensive” against Pakistan. (ANI)

Nepal, India review bilateral ties

New Delhi, Aug 20 (ANI): Visiting Nepal Prime Minister Madhav Kumar Nepal met Prime Minister Dr. Manmohan Singh at Hyderabad House last evening.

Both leaders discussed and reviewed progress in bilateral relations between the two countries.

According to official sources, the intensification of economic partnership between the two countries remained the focus of the discussions. Investment in the hydro power sector was also considered.

The issue of using Nepal’s territory for anti-India activities is also believed to have come up duirng the talks.

The meeting, lasted for about an hour, and was attended by External Affairs Minister S. M. Krishna, Home Minister P. Chidambaram, Finance Minister Pranab Mukherjee and National Security Advisor MK Narayanan.

Later, Prime Minister Singh hosted a banquet in honour of Nepal Prime Minister.

Earlier, the Nepalese Prime Minister invited Indian industry to invest in his country, saying his government would give due priority to such moves.

He assured them of providing a conducive atmosphere for industrial growth.

Candidly admitting to the state of political flux in his country earlier this year, he said he would make sure that the investment from India is given due priority.

He identified hydropower, roads, bridges, and infrastructure, construction, and tourism, agro-processing and financial services as potential areas for investment.

Nepal arrived in New Delhi on Tuesday at the head of a 64-member delegation, including the Finance, Tourism, Commerce, Industry and Energy Ministers. He will leave for Kathmandu on Saturday. (ANI)

Nepal PM visits Rajghat

New Delhi, Aug.19 (ANI): Nepal Prime Minister Madhav Kumar Nepal, who is on a five-day official visit to India, visited Rajghat, the memorial dedicated to Mahatma Gandhi, on Wednesday.

Later, Nepal will meet External Affairs Minister S.M.Krishna at the Hotel Oberoi. He will proceed to meet President Pratibha Patil for about 30-minutes.

He will also attend and address a business luncheon meeting hosted jointly by the Confederation of Indian Industry (CII), the Federation of Indian Chambers of Commerce and Industry (FICCI) and the Associated Chambers of Commerce and Industry (ASSOCHAM).

On Wednesday evening, he will call on Vice President Mohammad Hamid Ansari at the latter’s official residence and will meet UPA Chairperson Sonia Gandhi at her 10, Janpath residence.

Thereafter, he will proceed to Hyderbad House for delegation level talks with Indian Prime Minister Manmohan Singh. A signing of bilateral agreements will follow the meeting. Although the Pancheshwar multi-purpose project will be discussed, no specific agreement will be signed.

The main opposition CPN (Maoist) has warned the government not to sign any agreement related to the Pancheshwar project without a consensus.

On Thursday, Nepal will meet Finance Minister Pranab Mukherjee and Union Home Minister P. Chidambaram.

In the evening, he will address a meeting of intellectuals and academia at the India International Centre.

He will leave for a day-long visit to Mumbai on Friday and will return to Kathmandu on Saturday afternoon.(ANI)

Centre constitutes GoM to monitor drought situation

New Delhi, Aug 13 (ANI): In view of the severe drought and growing prices of essential commodities, Prime Minister Manmohan Singh has constituted a crisis management group of Ministers (GoM) for monitoring the situation on a day-to-day basis.

The decision was taken after a high level meeting chaired by Singh. Chairman of the 13th Finance Commission Vijay Kelkar, Planning Commission Secretary Sudha Pillai also attended the meeting.

Sources said, Union Finance Minister Pranab Mukherjee would head the crisis management group,

The GoM comprises Union Agriculture Minister Sharad Pawar, Railway Minister Mamata Banerjee, Petroleum Minister Murli Deora and Power Minister Sushil Kumar Shinde sources added.

The main task of the GoM will be to minimise the damaging impact of drought on food prices and to improve the condition of farmers affected by the adverse monsoon situation.

The GoM will also try to devise ways to contain the damages done by the failure of the Kharif season.

As many as 161 districts across the country have been declared drought-hit.

Earlier, expressing concerns over the situation, Mukherjee said the drought would affect the country’s economic growth, which is expected to be below 6% this year. (ANI)

Government set to spend more to boost economic growth: Mukherjee

New Delhi, July 11 (ANI): Union Finance Minister Pranab Mukherjee on Saturday said that the government would resort to more borrowings to increase ‘public expenditure’ for a higher economic growth.

The minister said this while addressing the Central Board of Directors of the Reserve Bank of India here in the national capital on Saturday.

“Obviously I choose to come back to the path of our growth trajectory. And as the private investment cannot be expected to meet the full requirement in immediate time, that’s why it was decided to step up the public expenditure and it had to be depended heavily on larger borrowing, but we will manage it with the cooperation and support and competence of RBI,” Pranab Mukherjee said.

“There should not be any apprehension that private sector would be crowded out. We will meet requirements of the private sector from the market and government borrowing will be managed in such a manner that there is no deception in the market in favour of government’s borrowings,” he added.

Earlier on July 2, the finance ministry had said that growth could rise to 7 percent this year-towards the high end of the range of private forecasts-and subsequently increase to 8.5 to 9 percent if the government adopted sweeping reforms and accelerated infrastructure development.

The government had slashed factory duties and stepped up public spending to pump the economy as the growth rate tripped to 6.7 percent in 2008-09 from 9 percent or more seen in the previous three years. (ANI)

Mukherjee to address RBI Directors today

New Delhi, July 11(ANI): Union Finance Minister Pranab Mukherjee will address the Central Board of Directors of the Reserve Bank of India, this morning.

This is the post budget customary meeting of the Central Board of Directors with the Finance Minister.

Mukherjee is likely to discuss macro economic picture as well as the interest rates with the Board Of Directors.

The directors are expected to discuss ways and means of facilitating the government’s large borrowing programme.

In the recent budget, Mukherjee announced the borrowing of four lakh crore, from different financial institutions.

Officials of the Finance Ministry and the RBI are scheduled to meet on July 17 to draw the road map for Government’s borrowing.

The RBI sources said it would ensure that the needs of productive credit would be met. And the RBI is reviewing the situation and would use available instruments to conduct the borrowing programme in a non-disruptive manner.

Corporate world has expressed its fear about the large scale borrowing of the Government form the financial institutions within the country. (ANI)

Narayana Murthy praises General Budget

Bangalore, July 7 (ANI): Chairman and chief mentor of the Infosys Technologies Ltd NR Narayana Murthy has said the General Budget will bring the economy back on rails.

Addressing reporters here on Monday, Murthy expressed confidence that the budget was pro-growth.

“Given the fact that they have increased allocation to the National Rural Employment Guarantee Act scheme, to national food security scheme, to highways, to education, they have something for everybody, something in every area. So, I do think this has pretty good chance of bringing economy back on rails,” Murthy said.

The government ramped up spending for this fiscal year to support a fragile economic recovery, spooking stock and bond markets with plans for record borrowing and the biggest budget deficit in 16 years.

Investors had hoped the new government would use a strong re-election mandate to push through pro-market reforms, but the budget it unveiled lacked major policy changes and focused on increased borrowing and spending to aid farmers and the poor.

Stocks tumbled nearly six per cent, bond yields spiked and the rupee fell 1.4 per cent after Finance Minister Pranab Mukherjee, sticking to the Congress Party’s theme of “inclusive growth”, said the fiscal deficit for the year ending March 2010 would increase to 6.8 percent of gross domestic product (GDP). (ANI)

UPA’s General Budget draws flak of opposition parties

New Delhi, July 6 (ANI): As Finance Minister Pranab Mukherjee presented the first General Budget under UPA Government’s second inning, various opposition parties opted to highlight its loopholes in their own way.

Senior Bharatiya Janata Party leader Murli Manohar Joshi described the General Budget as highly defocused and the worst ever witnessed in his Parliamentary career so far.

“The budget neither addresses inclusive growth, nor refers to employment, nor talks of health and agriculture,” said M.M.Joshi, senior BJP leader.

Communist Party of India (Marxist) criticised the Congress-led UPA Govt. for doing precious little for the common man and only catering to certain sections of the country.

“The UPA Government, the Congress party, went into this whole budget exercise with the slogan of inclusive growth. But as far as we can make out, from what the budget figure shows where is the inclusive growth for ‘Aam Aadmi’, the allocation for social sector, is so pathetic. For example, the unorganised sector workers, what are they given? Hundred crore rupees increase in the Budget, as far as unorganised sector workers are concerned, for Right to Education. What have they given, practically, no money at all. So is there going to be another budget? Is there going to be special allocation for right to education? We don’t know,” Brinda Karat, senior CPI (M) leader.

Senior Janata Dal (U) leader and Bihar Chief Minister Nitish Kumar criticised the budget and called the “inclusive growth” claims of the Finance Minister as hollow.

“The General Budget presented by honourable Finance Minister is very disappointing and the claim made by him that he wants an inclusive growth in the country is a hollow claim,” said Nitish Kumar, Bihar Chief Minister.

However, External Affairs Minister S.M.Krishna lauded fellow congressman and Finance Minister Pranab Mukherjee on presenting a Budget that meets the aspirations and promises made by the Congress party during recent parliamentary elections.

“It has been a fairly good budget under most difficult circumstances that we are facing. There is a global recession and India itself cannot escape from the impact of the global realities and more particularly the global economic realities. The Finance Minister has done an excellent job in trying to meet substantially the aspirations and the promises the Congress party has made in the last elections,” said Krishna.

While presenting the budget in the Parliament, Pranab Mukherjee had said that first challenge is to return the GDP growth rate of 9 percent per annum at the earliest. The second challenge is to deepen and broaden the agenda for inclusive development. (ANI)

India Inc. disappointed with Mukherjee’s budget for 2009-10

New Delhi/Mumbai, July 6 (ANI): India Incorporated on Monday reacted with disappointment to the proposals for Budget 2009-10 introduced by Union Finance Minister Pranab Mukherjee.

It said that Mukherjee had remained silent on key points like the revamp of fuel policy, corporate tax, and the disinvestment roadmap.

The Bombay Stock Exchange (BSE) benchmark Sensex suffered the biggest fall on any Budget day and in the year too by plunging over 869 points on the BSE on concerns at the high fiscal deficit (6.8 percent) set by the Union Budget.

The Sensex, which started coming down soon after the announcement of budgetary proposals, dipped below the 14,000-point level before closing 869.65 points down at 14,043.40, surpassing the hefty fall of 749 points on January 7.

The key index had touched the day’s low of 13,959.44 as all the heavyweight stocks led by Reliance Industries suffered a heavy loss 6.53 per cent. Besides the fiscal deficit, trading sentiment also affected as European stocks dipped to a seven-week low on worries that economic recovery might still be far way off. The 50-share National Stock Exchange index Nifty also tumbled by 258.55 points to 4,135.70, after hitting the day’s low of 4,133.70.

Banking sector stocks suffered the most, losing 8.17 per cent to 7,768.63, as ICICI Bank tumbled by 10 per cent and HDFC Bank by 5.88 per cent among lenders as the Budget did not have measures to open up the industry and on concerns that the borrowing plan will reduce the value of bond holdings, brokers said.

Apart from the fiscal deficit, the other worry for captains of industry was the hike in Minimum Alternate Tax from ten to fifteen percent.

The Nifty also gave a thumbs down to the budget announcements.

Mukherjee left the corporate tax, customs and excise duty structure unchanged. He abolished the Fringe Benefit Tax which was the bugbear of the industry. Also, the deadline for Corporate India’s demand for a rollout of Goods and Services Tax has been set as April 2010.

He left the Securities Tax unchanged but scrapped the Commodities Transaction Tax. (ANI)

Senior citizen’s income tax exemption limit increased by Rs.15,000

New Delhi, July 6 (ANI): Finance Minister Pranab Mukherjee on Monday proposed an increase in the personal income tax exemption limits by Rs. 15,000 for senior citizens from Rs. 2.25 lakh to Rs.2.40 lakh.

Further, he proposed to raised the exemption limits by Rs.10,000 from Rs.1.80 lakh to Rs.1.90 lakh for women taxpayers and from Rs.1.50 lakh to Rs.1.60 lakh for all other categories of individual tax payers.

Mukherjee also said that he proposes to increase the deduction under Section 80-DD to Rs.1 lakh from the present limit of Rs.75,000 in respect of maintenance including medical treatment of a dependent who is a person with severe disability.

The Minister recognized that surcharge of direct taxes should be removed as the Government has set out National Calamity Contingency Fund to build up resources to meet emergency situations.

Underlining that such removal has to be balanced with the revenue needs of the Government, Mukherjee said that in the first instance he propose to phase out the surcharge on direct taxes by eliminating the surcharge of 10 per cent on personal income tax.

Further, to make the process of income tax return form simple and user friendly, Mukherjee has asked his department work on SARAL II form for early introduction. (ANI)