Union Budget 2012

Discussion in 'Economy & Infrastructure' started by sob, Feb 16, 2012.

  1. sob

    sob Moderator Moderator

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    With the Assembly elections getting over now the focus is slowly shifting to the Union Finance Budget which will be presented by the Union Finance Minister on the 16th of March.

    This is a time when the FM calls on Bankers and Industrialists for a round of consultations/ for their demands to be incorporated in the Union Budget.

    Here in DFI we have a fairly Diverse Group, let us put down our list of expectations in this budget.

    My wish list would be

    1.Tax Savings ceiling to be raised to Rs. 1.5 Lakhs
    2.Tax Exemption under the Housing Loan to be raised to Rs. 3 Lacs from the present Rs. 1.5 Lacs
    3.A road map with fixed dates to lower the fiscal deficit below 3% of the GDP
    4.Reorganisation and downsizing of the Government. ( Unnecessary Ministries like Sports, I&B, Coal, Steel, Space, Science & Technology to be done away with.
     
    Last edited: Feb 16, 2012
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  3. SPIEZ

    SPIEZ Senior Member Senior Member

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    As a common man, what should I look forward to ?
     
  4. Ray

    Ray The Chairman Defence Professionals Moderator

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    Nothing.

    The crucial election is over.

    Now get ready for the hand press!

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  5. sob

    sob Moderator Moderator

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    As a common man you can look forward to lower Tax Rates, Lower Fiscal Deficit ( Directly leads to lower inflation), More investment in Irrigation and Farming.

    And if you are planning to buy a diesel car then , no extra cess on Diesel Cars.
     
  6. sob

    sob Moderator Moderator

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    Ray Sir,

    Most of these equipment s were used against the Ruling Class after the French Revolution.
     
  7. sob

    sob Moderator Moderator

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    Memo to FM: 10 reforms we need to see in the next budget | Firstpost

    But what really should act as a 1000 Volt jolt to Pranab Da is

     
  8. Bangalorean

    Bangalorean Stars and Ambassadors Stars and Ambassadors

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    I want interest rates to be cut. I want availability of loans and capital to be easier.
     
  9. SPIEZ

    SPIEZ Senior Member Senior Member

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    I thought they would keep in mind the up coming elections too. Sorry my bad.

    that's in broad terms. however there is one issue I would like to see, lower education loan rates, Although it wouldn't apply to me sadly.
     
  10. sob

    sob Moderator Moderator

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    Bangalorean and Spiez: If the fiscal deficit is in control and inflation is also under control, we shall have lower interest rates.

    With the current economic outlook for India you can look forward to lowering of interest rates. RBI should have acted in January but the fiscal in discipline of the GOI made them deffer their decision on rate cut.
     
  11. Ray

    Ray The Chairman Defence Professionals Moderator

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    Those elections are no big deal compared to UP!

    He who controls UP, controls India - old Political Jungle staying! :rofl:
     
  12. nrj

    nrj Stars and Ambassadors Stars and Ambassadors

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    High probability of slash in interest rates due to pressure from various quarters.

    2012 budget will miss most of the previous year's targets. I will add more later.
     
  13. sob

    sob Moderator Moderator

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    In the last budget Pranab Mukherjee hid the oil subsidy levels and they have come back to haunt the economy.
     
  14. Vyom

    Vyom Seeker Elite Member

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    1) Increase the price of luxuries commodities and decrease the prices of common goods

    2) Tax the rich more and the poor less

    3) For even development, push for industrialization/corporatization of states like Bihar, Jharkhand, NEs, Chattisgarh, etc
     
  15. sob

    sob Moderator Moderator

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    What is a luxury commodity -- Refrigerator, washing machine, AC.

    These are all old socialist mindset ideas, which have been proved wrong.. When the maximum tax was 65%+ do you think people were better off then or now when the peak taxes are 33%.
     
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  16. Vyom

    Vyom Seeker Elite Member

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    With time, the list of commodities that could come under the category of luxury would normally change, and based on that we can group them from time to time. Besides, fridge and AC are products that people don't buy too often and can very well afford to pay 500 or 1000 extra for that.
     
  17. sob

    sob Moderator Moderator

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    People can pay Rs. 100 extra for an LPG Cylinder. After all a family of four-five would be consuming just 5-6 cylinders per year, so the burden would be only Rs. 500 per family, but the impact on the Union Budget would be much more than raising taxes on these so called luxury items.
     
  18. SPIEZ

    SPIEZ Senior Member Senior Member

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    What is a fiscal, and what are the other terms I need to know ?
    Raising/limiting the no of the LPG prices would be the biggest mistake I presume.
     
  19. sob

    sob Moderator Moderator

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    Fiscal relates to the finances of the govt. if there is a negative gap between the revenus of the govt. and the expenditure then there will be fiscal deficit.

    Regarding LPG cylinders I did not advocate any cap on number of cylinders. My point was that an average middle class family consumes between 5 to 6 cylinders per year so if the price is raised by Rs. 100 per cyl. Then the annual increase would be just Rs. 600 but for the govt. it would mean a reduction in subsidy of nearly Rs. 10,000 crores . This is a huge cut in subsidies for the govt. and a very small burden on the Aam aadmi.
     
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  20. mylegend

    mylegend Regular Member

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    It does make sense to invest more on Agriculture for India, India have so much potential that sector, it has about the same or more arable land than China, however, the harvest is less than 1/2 of China.

    Food grain production of China in 2011 is 571.21 million ton according bureau of statistic. The data based on 2009 FAO(Food and Agriculture Organization of the United Nations) data is 483.680 metric ton.
    国家统计局:今年中国粮食产量创历史新高 突破5.7亿吨 - 新闻中心 - 新华网
    Food grain production of India in 2010 according to FAO(Food and Agriculture Organization of the United Nations) data below is 246.774 metric ton. ISo China does not product three time as much as food grain as India, it product between 2-3 time as much grain as India. The number feed almost same as much population due to Indian eat way less meat compare to Chinese. From data I read from Indian Depart of Agriculture, India produce 241.5 metric ton of food crop in 2011.

    UN FAO Data on crop production.
    http://www.fao.org/docrep/015/am081m/PDF/am081m00b.pdf

    India's agriculture has great potential.
     
    Last edited: Feb 17, 2012
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  21. anoop_mig25

    anoop_mig25 Senior Member Senior Member

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    i think instead of lpg gov must prompt piped delivery of gas . in certain parts of mumbai it has been done and from what i here from my friends there bill has been reduce since it is biiled how much you consumed. in my aera it has yet not been done.du u think piped delievery of gas can reduce gov fiscal . other then that i want gov to reduce fiscal deficit. none of the promise of MR FM on fiscal deficit has come true. and yes also get out of doing business
     

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