Finance Bill passed by Parliament
The Finance Minister announced some concessions to industry today as the Finance Bill was passed in the Lok Sabha. The FM offered service tax relief on construction, air travel and new hospitals. There was also debt relief package for coffee growers.
Finance Minister Pranab Mukherjee said he would like to go in for necessary fiscal correction. "The economy can take fiscal deficit only to an extent," he said.
He said the economy can bear with government borrowing only to an extent. "We may provide much more to agriculture next year."
Commenting on the surging inflation, Mukherjee said, the government has taken several steps to cool prices. "We have indentified steps to protect the weaker sections from inflation."
Currently, Mukherjee said crude oil is being bought at USD 73 per barrel. He said 32% of excise duty on petrol would go to states. "Oil PSUs' under-recoveries to be Rs 85,000 crore next year," he said.
Mukherjee said he had received demands for concessions from the industry. However, he said, it is not possible to comply with all requests. "We cannot go beyond the Fiscal Responsibility and Budget Management (FRBM) targets."
http://www.moneycontrol.com/news/economy/finance-bill-passed-by-parliament_454740.html
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