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Posted in: WishesSunday, February 28, 2010
Hockey World Cup: India win wam up game against Netherlands
New Delhi: India started their Hockey World Cup 2010 campaign on a high note, by beating Argentina and Netherlands in the warm up games. India beat Netherlands 2-1 in a practice match yesterday. The team had beaten Argentina by a similar margin earlier.
In the match against Netherlands, Prabhjot Singh and Deepak Thakur scored the goals for for India, while Taeke Taekema converted a penalty for the Netherlands.
The Hockey World Cup 2010 will begin at Dhyan Chand National Stadium, New Delhi. India will take on arch-rival Pakistan in the first match.
Click Here for the Complete Schedule of Hockey World Cup 2010:
Posted in: SPORTSHockey World Cup: India win wam up game against Netherlands
New Delhi: India started their Hockey World Cup 2010 campaign on a high note, by beating Argentina and Netherlands in the warm up games. India beat Netherlands 2-1 in a practice match yesterday. The team had beaten Argentina by a similar margin earlier.
In the match against Netherlands, Prabhjot Singh and Deepak Thakur scored the goals for for India, while Taeke Taekema converted a penalty for the Netherlands.
The Hockey World Cup 2010 will begin at Dhyan Chand National Stadium, New Delhi. India will take on arch-rival Pakistan in the first match.
Click Here for the Complete Schedule of Hockey World Cup 2010:
Posted in: SPORTSBSNL offers Fastest Broadband Speed up to 24 Mbps
New Delhi: Breaking News! There is a big news for the customers, who want high-speed broadband service to beat the slow and pathetic speed. they witness in their day-to-day life. The state-owned telecom company, BSNL has launched the fastest-everbroadband service in India - up to 24 Mbps speed.
There will be two special packages - 16 Mbps and 24 Mbps. The 16 Mbps speed will be available to the customers, who reside within a distance of up to one km from the BSNL Exchange. It will cost Rs 4,999 per month.
The second one is 24 Mbps speed, which will be available to the customers, who reside within a distance of 500 metres from the BSNL Exchange. The plan will be available at Rs 9,999 per month.
This new high-speed broadband is being made available with Digital Subscriber Loop (VDSL) Technology. Unitl now, BSNL has been offering maximum speeds up to 8 Mbps.
Posted in: offers newsBSNL offers Fastest Broadband Speed up to 24 Mbps
New Delhi: Breaking News! There is a big news for the customers, who want high-speed broadband service to beat the slow and pathetic speed. they witness in their day-to-day life. The state-owned telecom company, BSNL has launched the fastest-everbroadband service in India - up to 24 Mbps speed.
There will be two special packages - 16 Mbps and 24 Mbps. The 16 Mbps speed will be available to the customers, who reside within a distance of up to one km from the BSNL Exchange. It will cost Rs 4,999 per month.
The second one is 24 Mbps speed, which will be available to the customers, who reside within a distance of 500 metres from the BSNL Exchange. The plan will be available at Rs 9,999 per month.
This new high-speed broadband is being made available with Digital Subscriber Loop (VDSL) Technology. Unitl now, BSNL has been offering maximum speeds up to 8 Mbps.
Posted in: offers newsLG launches new Watch Phone at Rs 49,990
New Delhi: Breaking News! One of the leading mobile phone makers, LG has launched its new and stylish Watch Phone - GD910 - in the Indian market, which is priced at Rs 49,990. The cool gadget is meant for the higher class people because of its high price.
The stylish Watch Phone looks very stylish and has come up as an extra advantage to improve the personality of the users. It do
es have a Bluetooth headset and allows smooth communication.
The LG Watch Phone is built up of materials and elements from top brands. It's front has a scratch-proof tempered glass with a high-quality metal casing. The phone has a 13.9mm thick body and has 3G Video Telephony (VT) service and GSM Network capabilities.
The touch-screen enabled LG Watch Phone has a 7.2 Mbps 3G HSDPA, which allows high-speed data transfers and video phone calls with a built-in camera.
Posted in: new launchedLG launches new Watch Phone at Rs 49,990
New Delhi: Breaking News! One of the leading mobile phone makers, LG has launched its new and stylish Watch Phone - GD910 - in the Indian market, which is priced at Rs 49,990. The cool gadget is meant for the higher class people because of its high price.
The stylish Watch Phone looks very stylish and has come up as an extra advantage to improve the personality of the users. It does have a Bluetooth headset and allows smooth communication.
The LG Watch Phone is built up of materials and elements from top brands. It's front has a scratch-proof tempered glass with a high-quality metal casing. The phone has a 13.9mm thick body and has 3G Video Telephony (VT) service and GSM Network capabilities.
The touch-screen enabled LG Watch Phone has a 7.2 Mbps 3G HSDPA, which allows high-speed data transfers and video phone calls with a built-in camera.
Posted in: new launchedpaypal
Mumbai: Breaking News! In a big relief to the millions of IT Firms, Freelancers, Writers, SEOs and IT Developers, world's largest online money transfer service provider, PayPal has announced the resumption of local bank withdrawals to India.
The paypal announcement says that the Reserve Bank of India (RBI) has allowed them to continue local bank withdrawals for settlements for exports of goods and services. All PayPal customers should be able to use the bank withdrawal service from March 3, 2010 onwards.
As part of the changes, the customers will be required to fill out a new field entitled 'Export Code' when they request a withdrawal. This information is required under the current laws of India in order to identify the nature of cross-border merchant transactions.
On Monday, March 1st, PayPal will be back in touch with its customers with specific instructions on how they can move their money into their bank accounts.
RBI has told PayPal that the online money transfer company needs specific approvals to allow personal remittances to India, which they currently do not have.
"Until PayPal gets these approvals, personal payments into India will remain suspended. However, if you are an exporter, you will continue to be able to use the PayPal service for payments of goods and services", said PayPal announcement.
All PayPal customers in India will now get purpose codes for export transactions and FIRCs (Foreign Inward Remittance Certificates). So, the payment and money transfers will become legit and there will be less scope for tax evasion and money laundering.
PayPal's India Head Farhad Irani has apologized for all inconvenience experienced by the customers in the past few weeks.
"We know the past few weeks have been difficult and I would like to assure you that we have been working tirelessly to resolve the situation and restore our service. PayPal’s highest priority is to always ensure we comply with all applicable regulations everywhere we do business around the world", he said.
Posted in: BUSINESS NEWSpaypal
Mumbai: Breaking News! In a big relief to the millions of IT Firms, Freelancers, Writers, SEOs and IT Developers, world's largest online money transfer service provider, PayPal has announced the resumption of local bank withdrawals to India.
The paypal announcement says that the Reserve Bank of India (RBI) has allowed them to continue local bank withdrawals for settlements for exports of goods and services. All PayPal customers should be able to use the bank withdrawal service from March 3, 2010 onwards.
As part of the changes, the customers will be required to fill out a new field entitled 'Export Code' when they request a withdrawal. This information is required under the current laws of India in order to identify the nature of cross-border merchant transactions.
On Monday, March 1st, PayPal will be back in touch with its customers with specific instructions on how they can move their money into their bank accounts.
RBI has told PayPal that the online money transfer company needs specific approvals to allow personal remittances to India, which they currently do not have.
"Until PayPal gets these approvals, personal payments into India will remain suspended. However, if you are an exporter, you will continue to be able to use the PayPal service for payments of goods and services", said PayPal announcement.
All PayPal customers in India will now get purpose codes for export transactions and FIRCs (Foreign Inward Remittance Certificates). So, the payment and money transfers will become legit and there will be less scope for tax evasion and money laundering.
PayPal's India Head Farhad Irani has apologized for all inconvenience experienced by the customers in the past few weeks.
"We know the past few weeks have been difficult and I would like to assure you that we have been working tirelessly to resolve the situation and restore our service. PayPal’s highest priority is to always ensure we comply with all applicable regulations everywhere we do business around the world", he said.
Posted in: BUSINESS NEWSPM Manmohan Singh given a rousing welcome in Saudi Arabia
Riyadh: Breaking News! Prime Minister Dr. Manmohan Singh, who arrived in Saudi Arabia on a state visit, was given a rousing welcome at the King Khaled International Airport, Riyadh. Dr. Singh is the first Prime Minister of India in 28 years to visit Saudi Arabia.
Only two Indian Prime Ministers had visited Saudi Arabia before. Pt. Jawahar Lal Nehru visited the country in 1956 and then former PM Indira Gandhi visited Saudi Arabia in 1982.
The entire Saudi Arabia cabinet was present at the Airport when Dr. Singh's plane landed there. The Saudi team was led by the most powerful man in the cabinet, Crown Prince Sultan bin Abdul Aziz.
Sultan bin Abdul Aziz, who is the brother of King Abdullah,holds the charge of Defence Ministry, Civil Aviation Ministry and also is the first Deputy Prime Minister. Interior Minister and Governor of Riyadh Prince Abdul Aziz bin Mohammed bin Ayaf was also present at the Airport.
Prime Minister Dr. Manmohan Singh will be formally welcomed by King Abdullah on Sunday. When the Saudi King visited India as a Guest for Republic Day in 2006, Dr. Manmohan Singh offered a rare gesture and received him at the Airport.
This is not the first Saudi visit for Dr. Manmohan Singh. He had gone there in 1994 as the Finance Minister to attend a summit. India is looking forward to build a strategic and strong relationship with Saudi Arabia and improve its image in Gulf through the PM's visit.
Posted in: INDIA newsPM Manmohan Singh given a rousing welcome in Saudi Arabia
Riyadh: Breaking News! Prime Minister Dr. Manmohan Singh, who arrived in Saudi Arabia on a state visit, was given a rousing welcome at the King Khaled International Airport, Riyadh. Dr. Singh is the first Prime Minister of India in 28 years to visit Saudi Arabia.
Only two Indian Prime Ministers had visited Saudi Arabia before. Pt. Jawahar Lal Nehru visited the country in 1956 and then former PM Indira Gandhi visited Saudi Arabia in 1982.
The entire Saudi Arabia cabinet was present at the Airport when Dr. Singh's plane landed there. The Saudi team was led by the most powerful man in the cabinet, Crown Prince Sultan bin Abdul Aziz.
Sultan bin Abdul Aziz, who is the brother of King Abdullah,holds the charge of Defence Ministry, Civil Aviation Ministry and also is the first Deputy Prime Minister. Interior Minister and Governor of Riyadh Prince Abdul Aziz bin Mohammed bin Ayaf was also present at the Airport.
Prime Minister Dr. Manmohan Singh will be formally welcomed by King Abdullah on Sunday. When the Saudi King visited India as a Guest for Republic Day in 2006, Dr. Manmohan Singh offered a rare gesture and received him at the Airport.
This is not the first Saudi visit for Dr. Manmohan Singh. He had gone there in 1994 as the Finance Minister to attend a summit. India is looking forward to build a strategic and strong relationship with Saudi Arabia and improve its image in Gulf through the PM's visit.
Posted in: INDIA newsOpposition, UPA Allies want rollback in Fuel Prices
New Delhi: Breaking News! The UPA Government at the Centre, began to feel the heat, as some of its allies echoed the sentiments of the Opposition over the fuel price hike. The UPL allies Trinamool Congress and DMK are upset with the fuel price hike in Union Budget 2010 and want a rollback.
Trinamool Congress has already staged a protest in West Bengal over the fuel price hike. TMC chief Mamata Banerjee has written a protest letter to Finance Minister Pranab Mukherjee, seeking an immediate rollback.
DMK supremo and Tamil Nadu Chief Minister M Karunanidhi shot off letters to Prime Minister Dr. Manmohan Singh and Finance Minister Pranab Mukherjee to reconsider the decision to hike the fuel prices.
The Opposition BJP has already decided to raise the issue both in and outside Parliament and it has the backing of NDA allies, Left, Samajwadi Party, RJD and other political parties.
The Congress is in a dilemma over this issue, as it does not give a chance to the Opposition to hit back. Also, Congress is worried that BJP has received the support from parties like Left, RJD and Samajwadi Party.
On the other hand, Finance Minister Pranab Mukherjee is adamant over his stand. He firmly ruled out any rollback in fuel prices. He has the support of the Prime Minister. It would be interesting to see if the Congress can afford to lose the support among the political parties and common people or force the FM to rollback the fuel prices.
Posted in: AndhraPradesh NEWSOpposition, UPA Allies want rollback in Fuel Prices
New Delhi: Breaking News! The UPA Government at the Centre, began to feel the heat, as some of its allies echoed the sentiments of the Opposition over the fuel price hike. The UPL allies Trinamool Congress and DMK are upset with the fuel price hike in Union Budget 2010 and want a rollback.
Trinamool Congress has already staged a protest in West Bengal over the fuel price hike. TMC chief Mamata Banerjee has written a protest letter to Finance Minister Pranab Mukherjee, seeking an immediate rollback.
DMK supremo and Tamil Nadu Chief Minister M Karunanidhi shot off letters to Prime Minister Dr. Manmohan Singh and Finance Minister Pranab Mukherjee to reconsider the decision to hike the fuel prices.
The Opposition BJP has already decided to raise the issue both in and outside Parliament and it has the backing of NDA allies, Left, Samajwadi Party, RJD and other political parties.
The Congress is in a dilemma over this issue, as it does not give a chance to the Opposition to hit back. Also, Congress is worried that BJP has received the support from parties like Left, RJD and Samajwadi Party.
On the other hand, Finance Minister Pranab Mukherjee is adamant over his stand. He firmly ruled out any rollback in fuel prices. He has the support of the Prime Minister. It would be interesting to see if the Congress can afford to lose the support among the political parties and common people or force the FM to rollback the fuel prices.
Posted in: AndhraPradesh NEWSChile Earthquake Toll rises to 300, 2 Million affected
Santiago (Agencies): Breaking News! Even as the biggest-ever search operation is still going on, the death toll in the massive earthquake in Chile, has gone up to 300. At least 1.5 million homes were damaged in the quake, which measured at 8.8 on the Richter scale.
According t
o President Chile's President, Michelle Bachelet, two million Chileans have been affected by the 8.8-magnitude earthquake. Santiago and Concepcion were worst-affected by the quake.
Many buildings were razed to the ground. Highways were blown into pieces and bridges collapsed, disrupting the communication and transportation.
Tsunami waves hit Chilean coast and New Zealand following the massive quake. Tsunami alerts in Australia and Russia were later downgraded as the threat passed.
According to the US Geological Survey, Chile has recorded more than 51 aftershocks ranging from 4.9 to 6.9 since the quake. The European Union (EU) has offered three million euros in immediate assistance to quake-hit Chile.
The United States and other countries have also assured help to Chile, if required. Rescue and relief operations are going on full swing in all affected areas in the qquake-hit Chile.
Posted in: InternationalChile Earthquake Toll rises to 300, 2 Million affected
Santiago (Agencies): Breaking News! Even as the biggest-ever search operation is still going on, the death toll in the massive earthquake in Chile, has gone up to 300. At least 1.5 million homes were damaged in the quake, which measured at 8.8 on the Richter scale.
According to President Chile's President, Michelle Bachelet, two million Chileans have been affected by the 8.8-magnitude earthquake. Santiago and Concepcion were worst-affected by the quake.
Many buildings were razed to the ground. Highways were blown into pieces and bridges collapsed, disrupting the communication and transportation.
Tsunami waves hit Chilean coast and New Zealand following the massive quake. Tsunami alerts in Australia and Russia were later downgraded as the threat passed.
According to the US Geological Survey, Chile has recorded more than 51 aftershocks ranging from 4.9 to 6.9 since the quake. The European Union (EU) has offered three million euros in immediate assistance to quake-hit Chile.
The United States and other countries have also assured help to Chile, if required. Rescue and relief operations are going on full swing in all affected areas in the qquake-hit Chile.
Posted in: InternationalIIT-Roorkee Student arrested for the murder of IIT-Delhi Female Student
Shimla: Breaking News! An IIT-Roorkee Student was held for the murder of an IIT-Delhi female student, who was found murdered in a hotel room in Shimla. The victim was identified as 22-year-old Pragati, a third-year student of textile engineering of IIT-Delhi.
Both Pragati and her friend, Gaurav Verma, a third-year architecture student of IIT-Roorkee, had checked into Rashik Hotel in Kaithu hotel on Friday night.
They had come from Delhi in a taxi. When they did not come out of the room for a long time, the hotel staff raised the alarm on Saturday morning.
The room was opened in the presence of the police and the girl was found murdered in a pool of blood. The boy had gone missing, but later was arrested in Haryana. Gaurav had reportedly consumed liquor and stabbed the girl into death.
Gaurav Verma hails from Manikapur in Gonda district of Uttar Pradesh. Pragati was from Patna in Bihar. Two knives, a broken liquor bottle and a cake were recovered fromthe murder scene.
Posted in: INDIA newsIIT-Roorkee Student arrested for the murder of IIT-Delhi Female Student
Shimla: Breaking News! An IIT-Roorkee Student was held for the murder of an IIT-Delhi female student, who was found murdered in a hotel room in Shimla. The victim was identified as 22-year-old Pragati, a third-year student of textile engineering of IIT-Delhi.
Both Pragati and her friend, Gaurav Verma, a third-year architecture student of IIT-Roorkee, had checked into Rashik Hotel in Kaithu hotel on Friday night.
They had come from Delhi in a taxi. When they did not come out of the room for a long time, the hotel staff raised the alarm on Saturday morning.
The room was opened in the presence of the police and the girl was found murdered in a pool of blood. The boy had gone missing, but later was arrested in Haryana. Gaurav had reportedly consumed liquor and stabbed the girl into death.
Gaurav Verma hails from Manikapur in Gonda district of Uttar Pradesh. Pragati was from Patna in Bihar. Two knives, a broken liquor bottle and a cake were recovered fromthe murder scene.
Posted in: INDIA newsCAT Online 2009 Results declared, Check Scores Online on Website
New Delhi: Breaking News! The much-awaited Common Admission Test (CAT) Online, 2009 results have been declared. Visit the CAT IIM Website at http://www.catiim.in/ to get your scorecard.
While checking your score online, please make sure to have your CAT Registration Number and the email address you had supplied during CAT registration. If you are unable to locate your details, you may contact Candidate Care or call the Toll Free Number 1-800-103-9293. Further details may be asked for to verify your identity.
Out of the 2.42 lac students, who had registered for CAT Online 2009, only 2.16 lac finally appeared in the online test. Some students had to appear again because of technical glitches.
The CAT Online 2009 will be the gateway for the admission into 8 IIMs across the country. They are IIM Ahmedabad, IIM Bangalore, IIM Calcutta, IIM Indore, IIM Kozhikode, IIM Lucknow, IIM Shillong and IIM Ranchi.
Posted in: EDUCATIONCAT Online 2009 Results declared, Check Scores Online on Website
New Delhi: Breaking News! The much-awaited Common Admission Test (CAT) Online, 2009 results have been declared. Visit the CAT IIM Website at http://www.catiim.in/ to get your scorecard.
While checking your score online, please make sure to have your CAT Registration Number and the email address you had supplied during CAT registration. If you are unable to locate your details, you may contact Candidate Care or call the Toll Free Number 1-800-103-9293. Further details may be asked for to verify your identity.
Out of the 2.42 lac students, who had registered for CAT Online 2009, only 2.16 lac finally appeared in the online test. Some students had to appear again because of technical glitches.
The CAT Online 2009 will be the gateway for the admission into 8 IIMs across the country. They are IIM Ahmedabad, IIM Bangalore, IIM Calcutta, IIM Indore, IIM Kozhikode, IIM Lucknow, IIM Shillong and IIM Ranchi.
Posted in: EDUCATIONSaturday, February 27, 2010
Fourth attack on Indians in Kabul since July 2008
Describing it as a 'heinous terrorist attack,' External Affairs Minister S M Krishna said as per the preliminary information provided by the Afghan government officials, 'up to nine Indians... have lost their lives.'
"A few Indians have been injured, most of whom are reported to be out of danger. Arrangements are being made for their adequate and expeditious treatment, if necessary, by evacuating them to India," he said in a statement.
The Indians, who died in the incident included embassy staffers from consulates in Herat and Kandahar, a member of a medical mission and government officials, embassy sources said without giving their identity or breakup.
This is the fourth attack targeted at Indians in Kabul since July 2008 when 60 people, including four Indian embassy officials, were killed in a massive car bomb attack on the embassy building.
India and Afghanistan had pointed the finger at Pakistan for the July 2008 attack on the embassy, with reports suggesting that the Haqqani network had carried out the strike.
Strongly condemning the attack, Afghan President Hamid Karzai said it would not be allowed to hurt Afghan-Indian relations.
"Attacks on Indian citizens will not affect relations between India and Afghanistan," he said.
Fourth attack on Indians in Kabul since July 2008
Describing it as a 'heinous terrorist attack,' External Affairs Minister S M Krishna said as per the preliminary information provided by the Afghan government officials, 'up to nine Indians... have lost their lives.'
"A few Indians have been injured, most of whom are reported to be out of danger. Arrangements are being made for their adequate and expeditious treatment, if necessary, by evacuating them to India," he said in a statement.
The Indians, who died in the incident included embassy staffers from consulates in Herat and Kandahar, a member of a medical mission and government officials, embassy sources said without giving their identity or breakup.
This is the fourth attack targeted at Indians in Kabul since July 2008 when 60 people, including four Indian embassy officials, were killed in a massive car bomb attack on the embassy building.
India and Afghanistan had pointed the finger at Pakistan for the July 2008 attack on the embassy, with reports suggesting that the Haqqani network had carried out the strike.
Strongly condemning the attack, Afghan President Hamid Karzai said it would not be allowed to hurt Afghan-Indian relations.
"Attacks on Indian citizens will not affect relations between India and Afghanistan," he said.
6 Indians killed in 'barbaric' Kabul strike
In yet another attack on Indians in Afghanistan on Friday, Taliban terrorists targeted hotels, killing six Indians associated with developmental work in the country, including two Major rank army officers.
At least 10 others, including five Indian Army officers, were injured in a coordinated strike that killed 11 others, including locals and nationals from other countries.
The bombers, believed to be three in number, struck at the guesthouses, particularly at Park Residence, rented out by the Indian embassy for its staffers and those linked to India's developmental work in Afghanistan.
The deceased Indians were identified as Major Dr Laishram Jyotin Singh of Army Medical Corps, Major Deepak Yadav of Army Education Corps, engineer Bhola Ram, tabla player Nawab Khan, staffer of Kandahar Consulate Nitish Chibber and ITBP constable Roshan Lal, Indian embassy sources said.
Earlier, the government of India had put the number of those dead at nine, which highly placed sources said was incorrect as it was based on preliminary assessment of the Afghan interior ministry.
Jyotin Singh was in Afghanistan to train local doctors at the Indira Gandhi hospital while Deepak Yadav was teaching English at the Afghan Military Academy.
Nawab Khan, who was killed in the attack on Park Residence, was part of the three-member cultural troupe, which was sent by Indian Council for Cultural Relations to Afghanistan.
Bhola Ram was project director at Afghan Power Grid Corporation and was instrumental in bringing electricity to Kabul from Uzbekistan, sources said.
The project had been completed and Bhola Ram was in the process of handing over the responsibilities to Afghans for which they were being trained.
Indo-Tibetan Border Police constable Roshan Lal, 35, a resident of Himachal Pradesh was deployed as the security personnel at the Indian Consulate in Herat. He was on leave and in transit on his way back home.
Chibber was secretary at the Indian Consulate in Kandahar.
The Taliban claimed responsibility for the attack in telephone calls made to some foreign news wires.
The terrorists targeted those Indians who were engaged in helping Afghan people and building partnership between the two countries, Indian Ambassador Jayant Prasad said.
"It is the handiwork of enemies of Afghan people and friendship between people of India and Afghanistan," Prasad said.
6 Indians killed in 'barbaric' Kabul strike
In yet another attack on Indians in Afghanistan on Friday, Taliban terrorists targeted hotels, killing six Indians associated with developmental work in the country, including two Major rank army officers.
At least 10 others, including five Indian Army officers, were injured in a coordinated strike that killed 11 others, including locals and nationals from other countries.
The bombers, believed to be three in number, struck at the guesthouses, particularly at Park Residence, rented out by the Indian embassy for its staffers and those linked to India's developmental work in Afghanistan.
The deceased Indians were identified as Major Dr Laishram Jyotin Singh of Army Medical Corps, Major Deepak Yadav of Army Education Corps, engineer Bhola Ram, tabla player Nawab Khan, staffer of Kandahar Consulate Nitish Chibber and ITBP constable Roshan Lal, Indian embassy sources said.
Earlier, the government of India had put the number of those dead at nine, which highly placed sources said was incorrect as it was based on preliminary assessment of the Afghan interior ministry.
Jyotin Singh was in Afghanistan to train local doctors at the Indira Gandhi hospital while Deepak Yadav was teaching English at the Afghan Military Academy.
Nawab Khan, who was killed in the attack on Park Residence, was part of the three-member cultural troupe, which was sent by Indian Council for Cultural Relations to Afghanistan.
Bhola Ram was project director at Afghan Power Grid Corporation and was instrumental in bringing electricity to Kabul from Uzbekistan, sources said.
The project had been completed and Bhola Ram was in the process of handing over the responsibilities to Afghans for which they were being trained.
Indo-Tibetan Border Police constable Roshan Lal, 35, a resident of Himachal Pradesh was deployed as the security personnel at the Indian Consulate in Herat. He was on leave and in transit on his way back home.
Chibber was secretary at the Indian Consulate in Kandahar.
The Taliban claimed responsibility for the attack in telephone calls made to some foreign news wires.
The terrorists targeted those Indians who were engaged in helping Afghan people and building partnership between the two countries, Indian Ambassador Jayant Prasad said.
"It is the handiwork of enemies of Afghan people and friendship between people of India and Afghanistan," Prasad said.
Quake in Chile, ripples in Asia
A massive earthquake rattled Chile early Saturday, killing at least 70 people, producing powerful aftershocks and triggering a tsunami, emerging reports indicate. The death toll is expected to go high.
Image: People gather on a Santiago street after the quake ravaged the city.
Image: People gather on a Santiago street after the quake ravaged the city.
Quake in Chile, ripples in Asia
A massive earthquake rattled Chile early Saturday, killing at least 70 people, producing powerful aftershocks and triggering a tsunami, emerging reports indicate. The death toll is expected to go high.
Image: People gather on a Santiago street after the quake ravaged the city.
Image: People gather on a Santiago street after the quake ravaged the city.
'Indian docs serving under difficult conditions in Kabul'
New Delhi: Prime Minister Manmohan Singh on Saturday said the death of medical personnel in the Kabul blast defined the risks Indian medical teams have to face while serving in Afghanistan.
"The medical fraternity in our country has been serving our people under very difficult conditions with great distinction," Singh said inaugurating the annual meeting of the Indian Association of Cardiovascular-Thoracic Surgeons here.
"My thought goes to those members of the Indian Medical Mission in Kabul who, while serving the people of Afghanistan, particularly the women and children, used to visit Indira Gandhi Hospital there, perished in the terror attack yesterday," he said.
The Prime Minister said the incident shows the measure of uncertainty that Indian doctors work under and pointed out the risks faced by them while serving the people of Afghanistan.
"It is a measure of the commitment to relief of human suffering that the medical fraternity is known for all over the world," he said.
Taliban carried out coordinated suicide attacks at two hotels in Kabul killing up to nine Indians.
Singh said Indians were very proud of the reputation their doctors have earned both in the country and in every part of the world. "I am one of those who has personally benefited enormously from the expertise and skills of our doctors, especially cardio-thoracic surgeons".
Observing that one of the challenges before India was the increased incidence of heart and blood vessel diseases, Singh said these ailments affect all social classes, with the poor being particularly vulnerable.
Coronary heart disease is also manifesting itself in much younger age groups than in the past, he said.
"There is growing consensus within the medical fraternity that urgent measures need to be taken both from the preventive point of view as well as in relation to cardiac surgical care," he said adding that primary long-term strategy to cope with heart and blood vessel diseases should clearly be preventive in nature.
"We know that many of these diseases can be prevented or at least delayed to a very late age. In recent years, there has been increasing social awareness about health related issues.
"This is a positive development and the growing health consciousness particularly among young people is a big resource for those who manage public health care," he said.
Singh said while preventive efforts are of paramount importance, there will still be many who will need to undergo surgery for correction of their heart or blood vessel disease.
"Whether it is a little infant who needs a hole in the heart closed or a teenager or an adult who needs his blocked blood vessels bypassed, it is the prowess of the surgeon that makes the difference often between life and death," he said.
"The medical fraternity in our country has been serving our people under very difficult conditions with great distinction," Singh said inaugurating the annual meeting of the Indian Association of Cardiovascular-Thoracic Surgeons here.
"My thought goes to those members of the Indian Medical Mission in Kabul who, while serving the people of Afghanistan, particularly the women and children, used to visit Indira Gandhi Hospital there, perished in the terror attack yesterday," he said.
The Prime Minister said the incident shows the measure of uncertainty that Indian doctors work under and pointed out the risks faced by them while serving the people of Afghanistan.
"It is a measure of the commitment to relief of human suffering that the medical fraternity is known for all over the world," he said.
Taliban carried out coordinated suicide attacks at two hotels in Kabul killing up to nine Indians.
Singh said Indians were very proud of the reputation their doctors have earned both in the country and in every part of the world. "I am one of those who has personally benefited enormously from the expertise and skills of our doctors, especially cardio-thoracic surgeons".
Observing that one of the challenges before India was the increased incidence of heart and blood vessel diseases, Singh said these ailments affect all social classes, with the poor being particularly vulnerable.
Coronary heart disease is also manifesting itself in much younger age groups than in the past, he said.
"There is growing consensus within the medical fraternity that urgent measures need to be taken both from the preventive point of view as well as in relation to cardiac surgical care," he said adding that primary long-term strategy to cope with heart and blood vessel diseases should clearly be preventive in nature.
"We know that many of these diseases can be prevented or at least delayed to a very late age. In recent years, there has been increasing social awareness about health related issues.
"This is a positive development and the growing health consciousness particularly among young people is a big resource for those who manage public health care," he said.
Singh said while preventive efforts are of paramount importance, there will still be many who will need to undergo surgery for correction of their heart or blood vessel disease.
"Whether it is a little infant who needs a hole in the heart closed or a teenager or an adult who needs his blocked blood vessels bypassed, it is the prowess of the surgeon that makes the difference often between life and death," he said.
'Indian docs serving under difficult conditions in Kabul'
New Delhi: Prime Minister Manmohan Singh on Saturday said the death of medical personnel in the Kabul blast defined the risks Indian medical teams have to face while serving in Afghanistan.
"The medical fraternity in our country has been serving our people under very difficult conditions with great distinction," Singh said inaugurating the annual meeting of the Indian Association of Cardiovascular-Thoracic Surgeons here.
"My thought goes to those members of the Indian Medical Mission in Kabul who, while serving the people of Afghanistan, particularly the women and children, used to visit Indira Gandhi Hospital there, perished in the terror attack yesterday," he said.
The Prime Minister said the incident shows the measure of uncertainty that Indian doctors work under and pointed out the risks faced by them while serving the people of Afghanistan.
"It is a measure of the commitment to relief of human suffering that the medical fraternity is known for all over the world," he said.
Taliban carried out coordinated suicide attacks at two hotels in Kabul killing up to nine Indians.
Singh said Indians were very proud of the reputation their doctors have earned both in the country and in every part of the world. "I am one of those who has personally benefited enormously from the expertise and skills of our doctors, especially cardio-thoracic surgeons".
Observing that one of the challenges before India was the increased incidence of heart and blood vessel diseases, Singh said these ailments affect all social classes, with the poor being particularly vulnerable.
Coronary heart disease is also manifesting itself in much younger age groups than in the past, he said.
"There is growing consensus within the medical fraternity that urgent measures need to be taken both from the preventive point of view as well as in relation to cardiac surgical care," he said adding that primary long-term strategy to cope with heart and blood vessel diseases should clearly be preventive in nature.
"We know that many of these diseases can be prevented or at least delayed to a very late age. In recent years, there has been increasing social awareness about health related issues.
"This is a positive development and the growing health consciousness particularly among young people is a big resource for those who manage public health care," he said.
Singh said while preventive efforts are of paramount importance, there will still be many who will need to undergo surgery for correction of their heart or blood vessel disease.
"Whether it is a little infant who needs a hole in the heart closed or a teenager or an adult who needs his blocked blood vessels bypassed, it is the prowess of the surgeon that makes the difference often between life and death," he said.
"The medical fraternity in our country has been serving our people under very difficult conditions with great distinction," Singh said inaugurating the annual meeting of the Indian Association of Cardiovascular-Thoracic Surgeons here.
"My thought goes to those members of the Indian Medical Mission in Kabul who, while serving the people of Afghanistan, particularly the women and children, used to visit Indira Gandhi Hospital there, perished in the terror attack yesterday," he said.
The Prime Minister said the incident shows the measure of uncertainty that Indian doctors work under and pointed out the risks faced by them while serving the people of Afghanistan.
"It is a measure of the commitment to relief of human suffering that the medical fraternity is known for all over the world," he said.
Taliban carried out coordinated suicide attacks at two hotels in Kabul killing up to nine Indians.
Singh said Indians were very proud of the reputation their doctors have earned both in the country and in every part of the world. "I am one of those who has personally benefited enormously from the expertise and skills of our doctors, especially cardio-thoracic surgeons".
Observing that one of the challenges before India was the increased incidence of heart and blood vessel diseases, Singh said these ailments affect all social classes, with the poor being particularly vulnerable.
Coronary heart disease is also manifesting itself in much younger age groups than in the past, he said.
"There is growing consensus within the medical fraternity that urgent measures need to be taken both from the preventive point of view as well as in relation to cardiac surgical care," he said adding that primary long-term strategy to cope with heart and blood vessel diseases should clearly be preventive in nature.
"We know that many of these diseases can be prevented or at least delayed to a very late age. In recent years, there has been increasing social awareness about health related issues.
"This is a positive development and the growing health consciousness particularly among young people is a big resource for those who manage public health care," he said.
Singh said while preventive efforts are of paramount importance, there will still be many who will need to undergo surgery for correction of their heart or blood vessel disease.
"Whether it is a little infant who needs a hole in the heart closed or a teenager or an adult who needs his blocked blood vessels bypassed, it is the prowess of the surgeon that makes the difference often between life and death," he said.
There is no alternative to dialogue with Pak: PM
New Delhi: In his first comment on the recent talks with Pakistan, Prime Minister Manmohan Singh has said there was "no alternative" to dialogue to resolve issues which "divide us" and that India was ready to discuss all matters including Kashmir in an atmosphere free from terror.
Singh said India seeks "peaceful and normal relations" with Pakistan and "in that quest we have consistently sought to engage those in Pakistan who are ready to work with us."
In an interview to Saudi journalists ahead of his visit to Riyadh that began today, he said it was in the common interest of India and Pakistan to cooperate in fighting the menace of terrorism which hurts both.
"There is no change in our position... We should be good neighbours. There is no alternative to dialogue to resolve the issues that divide us," he said.
Singh was responding when asked whether the decision to have Foreign Secretary-level talks with Pakistan reflected a change in India's stand that the stalled peace process can resume only if Islamabad acts against the planners of the Mumbai attack.
To a question on talks with Pakistan, he said, "Today the primary issue is terrorism."
Asked how serious was the Pakistan Taliban threat to India, especially to Jammu and Kashmir, Singh said that as a neighbour, India could not remain immune to the rise of extremism and terrorism in Pakistan or on the border of Pakistan and Afghanistan.
"Extremism and terrorism are major threats not only to India, but also to Pakistan, and all its other neighbours. It is in our collective interest that we resolutely oppose, resist and overcome terrorism and all those who nurture, sustain and give sanctuary to terrorists and extremist elements," Singh said.
Asked how the Kashmir issue be solved once and for all, the Prime Minister said India was "ready to discuss all issues with them (Pakistan) in an atmosphere free from terrorism."
He noted that Jammu and Kashmir and its people have repeatedly suffered due to terrorism from across the border.
"This has militated against the will of the people of the state, who have time and again voted in large numbers in democratic elections to unambiguously reject violence," he said.
Singh said the government has taken several measures for the development of Jammu and Kashmir, and for its people to live in peace and harmony, as in the rest of the country.
The government's decision to have Foreign Secretary-level talks with Pakistan after a 14-month break caused by the Mumbai terror strike has come under sharp attack from the Opposition BJP.
To a separate question on welfare of Indians living in the Gulf region, Singh today said steps are being taken to ensure better regulation of the recruitment process.
He said welfare of Indians living in the Gulf region was a matter of "high priority" for his Government and some steps have already been taken to address their grievances.
"At the Indian end, we are in the process of reforming our own procedures, including better regulation of the recruitment process," he told the Saudi journalists.
There are over five million Indian workers in the Gulf region out of which almost two million live and work in Saudi Arabia alone.
"We are extremely proud of the fact that the Indian community in the Gulf region has been contributing to the socio-economic development of the region. The welfare of such a large overseas Indian community is a matter of high priority for my government," Singh said.
The Prime Minister said the governments of several Gulf Cooperation Council countries have themselves set up mechanisms such as grievance redressal bodies and labour courts that are working closely with Indian officials.
"We have also put in place arrangements in all Gulf countries, including Saudi Arabia, to respond to workers' grievances," he said.
"These include a 24-hour helpline, temporary shelters, counselling centres, and strengthened Community Welfare Wings in our diplomatic Missions," he said.
The Gulf region has been the preferred destination of most of the poor and lower middle class workers, who are prone to exploitation.
Posted in: INDIA newsThere is no alternative to dialogue with Pak: PM
New Delhi: In his first comment on the recent talks with Pakistan, Prime Minister Manmohan Singh has said there was "no alternative" to dialogue to resolve issues which "divide us" and that India was ready to discuss all matters including Kashmir in an atmosphere free from terror.
Singh said India seeks "peaceful and normal relations" with Pakistan and "in that quest we have consistently sought to engage those in Pakistan who are ready to work with us."
In an interview to Saudi journalists ahead of his visit to Riyadh that began today, he said it was in the common interest of India and Pakistan to cooperate in fighting the menace of terrorism which hurts both.
"There is no change in our position... We should be good neighbours. There is no alternative to dialogue to resolve the issues that divide us," he said.
Singh was responding when asked whether the decision to have Foreign Secretary-level talks with Pakistan reflected a change in India's stand that the stalled peace process can resume only if Islamabad acts against the planners of the Mumbai attack.
To a question on talks with Pakistan, he said, "Today the primary issue is terrorism."
Asked how serious was the Pakistan Taliban threat to India, especially to Jammu and Kashmir, Singh said that as a neighbour, India could not remain immune to the rise of extremism and terrorism in Pakistan or on the border of Pakistan and Afghanistan.
"Extremism and terrorism are major threats not only to India, but also to Pakistan, and all its other neighbours. It is in our collective interest that we resolutely oppose, resist and overcome terrorism and all those who nurture, sustain and give sanctuary to terrorists and extremist elements," Singh said.
Asked how the Kashmir issue be solved once and for all, the Prime Minister said India was "ready to discuss all issues with them (Pakistan) in an atmosphere free from terrorism."
He noted that Jammu and Kashmir and its people have repeatedly suffered due to terrorism from across the border.
"This has militated against the will of the people of the state, who have time and again voted in large numbers in democratic elections to unambiguously reject violence," he said.
Singh said the government has taken several measures for the development of Jammu and Kashmir, and for its people to live in peace and harmony, as in the rest of the country.
The government's decision to have Foreign Secretary-level talks with Pakistan after a 14-month break caused by the Mumbai terror strike has come under sharp attack from the Opposition BJP.
To a separate question on welfare of Indians living in the Gulf region, Singh today said steps are being taken to ensure better regulation of the recruitment process.
He said welfare of Indians living in the Gulf region was a matter of "high priority" for his Government and some steps have already been taken to address their grievances.
"At the Indian end, we are in the process of reforming our own procedures, including better regulation of the recruitment process," he told the Saudi journalists.
There are over five million Indian workers in the Gulf region out of which almost two million live and work in Saudi Arabia alone.
"We are extremely proud of the fact that the Indian community in the Gulf region has been contributing to the socio-economic development of the region. The welfare of such a large overseas Indian community is a matter of high priority for my government," Singh said.
The Prime Minister said the governments of several Gulf Cooperation Council countries have themselves set up mechanisms such as grievance redressal bodies and labour courts that are working closely with Indian officials.
"We have also put in place arrangements in all Gulf countries, including Saudi Arabia, to respond to workers' grievances," he said.
"These include a 24-hour helpline, temporary shelters, counselling centres, and strengthened Community Welfare Wings in our diplomatic Missions," he said.
The Gulf region has been the preferred destination of most of the poor and lower middle class workers, who are prone to exploitation.
Posted in: INDIA newsFriday, February 26, 2010
IT industry reacts to Budget 2010
The Finance Minister has given us a pragmatic forward looking budget that provides clarity to business
. We appreciate the clarification on Section 10AA and the Direct Tax Code, implementation date. The changes to the personal income tax are very beneficial to all professionals and is in line with overall simplification theme.”
Ambrish BAKAYA, Director- Corporate Affairs, Nokia India
We would like to thank the government on its proposal to extend the benefit of exemption of Special Additional Duty of Customs (SAD) of 4% on parts imported for manufacturing mobile handsets from July 06, 2010 to March 31, 2011.
The Union Budget 2010 has also responded positively to the industry’s request on manufacturing of parts and accessories of mobile handsets in India. The budget proposes to remove the 24% import duty on components/raw material imported for manufacture of batteries, chargers and other part and accessories.
The will help bring more investment in the area to the country and encourage domestic manufacture of parts and accessories. We believe these moves are extremely encouraging to the category, and will help catalyze India’s emergence as a global telecom manufacturing hub.
Separately, the move towards exempting the Special Additional Duty of Customs (SAD) of 4% on import mobile handsets is also a very welcome step. This duty was hitherto refundable on payment of VAT; this step will make the entire process of handset imports much simpler, facilitating better cash flow in the industry.”
Ananda Mukerji, MD&CEO, Firstsource Solutions Limited.
It’s a balanced and overall positive budget. Given fiscal constraints, the continued investment in infrastructure, education and health is a good sign. However 14 -16% growth in investment in historically hugely underinvested areas like primary education and healthcare is not going to be enough for sustained development in the long run and it would have been good to see bolder steps in this area. Commitment to a clear target of fiscal reduction and a roadmap of getting there is a laudable effort. While the fine print will have to be examined the Government’s stated intention to ease the refund of service tax credits to BPO units is also good to hear.
A clear disappointment is the lack of extension of STPI benefits given the huge role mid-sized IT and BPO companies play in employment generation in the country. This clearly has the risk of reducing India's attraction as a global outsourcing destination. Another retrograde step is increase in MAT. Though for Firstsource specifically this has very little cashflow impact since part of our revenues in any case attract deduction at source.
Sanjay Kapoor, CEO, India & South Asia, Bharti Airtel
I must congratulate the Finance Minister and the government for a pragmatic, broad based and inclusive budget. Despite an abnormal south-west monsoon hampering kharif crop resulting in negative growth in the agriculture sector and double digit food inflation, the fiscal deficit has been restricted to 6.9%.
A long term focus on aggressive fiscal deficit reduction, addressal of government borrowings and continued focus on reforms redefines our budget as a process rather than an event.
The disposable income benefits to the "aam aadmi" - both in urban and rural India - should stimulate demand for service sectors like telecom which in turn contribute handsomely towards the economic growth of this country.
Manoj Chugh, President, India and SAARC, EMC Coporation
We are pleased at the earnest effort to introduce GST from April 2011. The continued focus on deployment of Information Technology for mission mode projects like commercial taxes augur well. Increased budget for the UID and the formation of the technical advisory group under the able leadership of Nandan Nilekani is laudable. We are also happy to see significant enhancement in funding for education and rural and urban infrastructure, which will drive demand for Information Technology.
Vikas Khanvelkar, MD, DesignTech Systems Ltd
Budget has nothing new for the IT Industry. 2% increase in excise duty on all the products will not have a very significant adverse impact on the demand and hence the production. Rise in petrol and diesel prices will increase the inflation which is already very high.
Substantial increase in the budget allocations for “Infrastructure and Energy” segments is a really good move which will create positive impact on the GDP and Economy in the long run by addressing long pending pain areas of the industry.
GST has been postponed to 1st April 2011 as anticipated. Industry will have to keep dealing with multiple level taxation structure for one more year.
Kapil Dev Singh, Country Manager, IDC
The finance minister is very optimistic about India’s growth. The expectation of Indian achieving 10% growth, in the near future, points to the domestic market consumption being the key driver.
The trend of domestic IT growth surpassing the IT exports growth is more certain, especially with the current focus on the domestic market and measures that will leave more in the hands of the consumer.
The broad based growth in various industry segments will have a derived effect on the IT market. This coupled with government’s commitment to spend on IT will augur well for the IT players focused on the domestic market.
Ashok Chandak, senior director, global sales and marketing, NXP Semiconductors
The current budget is a well balanced budget and the Finance Minister has clearly been focused on the banking industry, rural and agricultural sectors as well as infrastructure, along with giving a boost to investors and entrepreneurs. With regards to the semiconductor industry, it is a welcome step with a focus on financial inclusion, solar semiconductors, Research and Development and further enabling the use of smart cards and identification technologies at various levels.
The allocation of Rs 1,900 crore to the UIDAI for 2010-2011 would provide an effective platform for inclusive growth and enable the participation of the rural population integrating them with various social welfare schemes and development. The assignment of Rs 100 crore each for the Financial inclusion (FIF) and the Financial Inclusion Technology Fund and fillip to Business Correspondent concept will further enable to provide banking and insurance services to the bottom of the pyramid backed by a technology platform. All these initiatives could enable the use of smart cards and identification technologies like Near Field Communication to realize their true potential, as in the case of the earlier financial inclusion projects by various banks and during the pilot phases of the Multipurpose national identification projects supported by NXP.
Vinnie Mehta, Executive Director, MAIT
“We are glad that the Hon’ble Finance Minister has unveiled the roadmap for GST with a definite date for implementation ie April, 2011. Unification of the rate on excise duty and the service tax has been a step in the right direction towards implementation of the GST. The rate of service tax as well as that of excise duty will now be 10%. This will also help mitigate the issue of CENVAT overflow for manufacture of IT products in the country.”
Elaborating on the outcome, he added, “Exemption of Special additional Duty (SAD) on pre-packaged goods for retail is also a welcome step as refunds for SAD were not forthcoming. However, to sustain hardware manufacturing in the country in the long run, it is critical that SAD on the input components be exempted as well.”
“It is heartening that the Hon’ble Finance Minister has recognised the strong potential of the electronics industry and its role in energy generation. In this regard, the announcement of concessional customs duty of 5 percent on machinery, equipment etc. for setting up photovoltaic and solar thermal power generating units is welcome”, added Mehta.
“Lastly, MAIT welcomes the setting up of the Technology Advisory Group under the chairmanship of Mr Nandan Nilekani for monitoring effective IT implementation in projects of National eminence. Timely completion of IT implementation in Government projects is not only critical to the growth and development of the country but also essential for delivering services to the citizens”, mentioned Mehta.
WS Mukund, MD, Acer India.
"It’s been a fairly balanced, yet progressive Budget. Focus on Education, Health and Infrastructure, with enhanced allocations, do pave the way for building a vibrant & competitive India.
For the PC industry there are some positives in terms of scope for adoption of IT in initiatives such as the Financial Inclusion Fund project to extend Banking to more habitats and scaling up of the Smart card projects in Health Insurance. That a Tech Advisory Group is being set up under the leadership of Nandan Nilekeni is another pointer to rapid adoption of IT projects in the areas of Taxation, Pension, Treasury, Infrastructure and GST.
For the PC industry, which had shown a de-growth in the year 2009-10, the roll back of Excise/CVD to 10% is a big dampener.
Also some of the inconsistencies that have been highlighted for redressal the last many months, such as MRP based abatement, phased reduction of CST to 1% (made all the more acute due to GST being postponed to the next fiscal) as also lack of any bold policy initiatives to make Broadband more pervasive and affordable, continue to persist. "
Surjeet Singh, Chief Financial Officer, Patni
“Increase in MAT from 15% to 18% on book profits would result in higher outgo of cash in the short term and would affect Indian corporates adversely. However this impact has been cushioned to a large extent by lowering of corporate surcharge from 10.0% to 7.5%. We welcome a higher percentage of weighted deduction on in-house R&D which has been increased to 200% from 150% as it will incentivize IT companies’ innovation focus.
We appreciate the setting up of Technology Advisory Group along with substantial outlay for UID project. This group will help in accelerated execution of large strategic Government IT projects thereby benefiting IT companies. Budget also proposes to ease the process of refund of service tax credit for exporters of services which will hopefully streamline the current cumbersome process. Tax reduction on account of changed tax slabs for individuals will also benefit the industry indirectly.
However Budget has not addressed IT Industry’s demand for extension of Tax holiday under STPI scheme as per Section 10 (A) of Income Tax Act which is a significant negative for the Industry.
Ramesh A Vaswani, Ex Vice Chairman, Intex Technologies
The FM has done a commendable job of partially withdrawing the stimulus by balancing this with various schemes which should accelerate GDP growth. The focus on the rural economy with substantial & higher allocations will more than make up for the slack in demand, if any, due to the marginal increase in the excise duty rate.
This budget will lead to an increase in the feel good factor which is believed to play an important role in increasing the demand of consumer products.
It is very heartening to note that the cost of mobile phones will come down and will further boost demand and encourage local manufacturing.
I am disappointed, however, by the lack of adequate attention to promote the local manufacturing of IT hardware and to increase domestic consumption of PC.I feel that the economy now requires for inclusive growth not only inputs in agriculture and rural infrastructure but also in IT literacy and IT infrastructure.
India has been talked of as a knowledge economy. And a knowledge commission was also set up to chalk out various initiatives. The small increase of weighted average expenditure deduction on in-house R & D from 1.5 to 2 % only encourages ongoing R&D activities. The FM could have thought of additional incentives to lure large foreign corporations and research institutions to set up their facilities in India.
. We appreciate the clarification on Section 10AA and the Direct Tax Code, implementation date. The changes to the personal income tax are very beneficial to all professionals and is in line with overall simplification theme.”
Ambrish BAKAYA, Director- Corporate Affairs, Nokia India
We would like to thank the government on its proposal to extend the benefit of exemption of Special Additional Duty of Customs (SAD) of 4% on parts imported for manufacturing mobile handsets from July 06, 2010 to March 31, 2011.
The Union Budget 2010 has also responded positively to the industry’s request on manufacturing of parts and accessories of mobile handsets in India. The budget proposes to remove the 24% import duty on components/raw material imported for manufacture of batteries, chargers and other part and accessories.
The will help bring more investment in the area to the country and encourage domestic manufacture of parts and accessories. We believe these moves are extremely encouraging to the category, and will help catalyze India’s emergence as a global telecom manufacturing hub.
Separately, the move towards exempting the Special Additional Duty of Customs (SAD) of 4% on import mobile handsets is also a very welcome step. This duty was hitherto refundable on payment of VAT; this step will make the entire process of handset imports much simpler, facilitating better cash flow in the industry.”
Ananda Mukerji, MD&CEO, Firstsource Solutions Limited.
It’s a balanced and overall positive budget. Given fiscal constraints, the continued investment in infrastructure, education and health is a good sign. However 14 -16% growth in investment in historically hugely underinvested areas like primary education and healthcare is not going to be enough for sustained development in the long run and it would have been good to see bolder steps in this area. Commitment to a clear target of fiscal reduction and a roadmap of getting there is a laudable effort. While the fine print will have to be examined the Government’s stated intention to ease the refund of service tax credits to BPO units is also good to hear.
A clear disappointment is the lack of extension of STPI benefits given the huge role mid-sized IT and BPO companies play in employment generation in the country. This clearly has the risk of reducing India's attraction as a global outsourcing destination. Another retrograde step is increase in MAT. Though for Firstsource specifically this has very little cashflow impact since part of our revenues in any case attract deduction at source.
Sanjay Kapoor, CEO, India & South Asia, Bharti Airtel
I must congratulate the Finance Minister and the government for a pragmatic, broad based and inclusive budget. Despite an abnormal south-west monsoon hampering kharif crop resulting in negative growth in the agriculture sector and double digit food inflation, the fiscal deficit has been restricted to 6.9%.
A long term focus on aggressive fiscal deficit reduction, addressal of government borrowings and continued focus on reforms redefines our budget as a process rather than an event.
The disposable income benefits to the "aam aadmi" - both in urban and rural India - should stimulate demand for service sectors like telecom which in turn contribute handsomely towards the economic growth of this country.
Manoj Chugh, President, India and SAARC, EMC Coporation
We are pleased at the earnest effort to introduce GST from April 2011. The continued focus on deployment of Information Technology for mission mode projects like commercial taxes augur well. Increased budget for the UID and the formation of the technical advisory group under the able leadership of Nandan Nilekani is laudable. We are also happy to see significant enhancement in funding for education and rural and urban infrastructure, which will drive demand for Information Technology.
Vikas Khanvelkar, MD, DesignTech Systems Ltd
Budget has nothing new for the IT Industry. 2% increase in excise duty on all the products will not have a very significant adverse impact on the demand and hence the production. Rise in petrol and diesel prices will increase the inflation which is already very high.
Substantial increase in the budget allocations for “Infrastructure and Energy” segments is a really good move which will create positive impact on the GDP and Economy in the long run by addressing long pending pain areas of the industry.
GST has been postponed to 1st April 2011 as anticipated. Industry will have to keep dealing with multiple level taxation structure for one more year.
Kapil Dev Singh, Country Manager, IDC
The finance minister is very optimistic about India’s growth. The expectation of Indian achieving 10% growth, in the near future, points to the domestic market consumption being the key driver.
The trend of domestic IT growth surpassing the IT exports growth is more certain, especially with the current focus on the domestic market and measures that will leave more in the hands of the consumer.
The broad based growth in various industry segments will have a derived effect on the IT market. This coupled with government’s commitment to spend on IT will augur well for the IT players focused on the domestic market.
Ashok Chandak, senior director, global sales and marketing, NXP Semiconductors
The current budget is a well balanced budget and the Finance Minister has clearly been focused on the banking industry, rural and agricultural sectors as well as infrastructure, along with giving a boost to investors and entrepreneurs. With regards to the semiconductor industry, it is a welcome step with a focus on financial inclusion, solar semiconductors, Research and Development and further enabling the use of smart cards and identification technologies at various levels.
The allocation of Rs 1,900 crore to the UIDAI for 2010-2011 would provide an effective platform for inclusive growth and enable the participation of the rural population integrating them with various social welfare schemes and development. The assignment of Rs 100 crore each for the Financial inclusion (FIF) and the Financial Inclusion Technology Fund and fillip to Business Correspondent concept will further enable to provide banking and insurance services to the bottom of the pyramid backed by a technology platform. All these initiatives could enable the use of smart cards and identification technologies like Near Field Communication to realize their true potential, as in the case of the earlier financial inclusion projects by various banks and during the pilot phases of the Multipurpose national identification projects supported by NXP.
Vinnie Mehta, Executive Director, MAIT
“We are glad that the Hon’ble Finance Minister has unveiled the roadmap for GST with a definite date for implementation ie April, 2011. Unification of the rate on excise duty and the service tax has been a step in the right direction towards implementation of the GST. The rate of service tax as well as that of excise duty will now be 10%. This will also help mitigate the issue of CENVAT overflow for manufacture of IT products in the country.”
Elaborating on the outcome, he added, “Exemption of Special additional Duty (SAD) on pre-packaged goods for retail is also a welcome step as refunds for SAD were not forthcoming. However, to sustain hardware manufacturing in the country in the long run, it is critical that SAD on the input components be exempted as well.”
“It is heartening that the Hon’ble Finance Minister has recognised the strong potential of the electronics industry and its role in energy generation. In this regard, the announcement of concessional customs duty of 5 percent on machinery, equipment etc. for setting up photovoltaic and solar thermal power generating units is welcome”, added Mehta.
“Lastly, MAIT welcomes the setting up of the Technology Advisory Group under the chairmanship of Mr Nandan Nilekani for monitoring effective IT implementation in projects of National eminence. Timely completion of IT implementation in Government projects is not only critical to the growth and development of the country but also essential for delivering services to the citizens”, mentioned Mehta.
WS Mukund, MD, Acer India.
"It’s been a fairly balanced, yet progressive Budget. Focus on Education, Health and Infrastructure, with enhanced allocations, do pave the way for building a vibrant & competitive India.
For the PC industry there are some positives in terms of scope for adoption of IT in initiatives such as the Financial Inclusion Fund project to extend Banking to more habitats and scaling up of the Smart card projects in Health Insurance. That a Tech Advisory Group is being set up under the leadership of Nandan Nilekeni is another pointer to rapid adoption of IT projects in the areas of Taxation, Pension, Treasury, Infrastructure and GST.
For the PC industry, which had shown a de-growth in the year 2009-10, the roll back of Excise/CVD to 10% is a big dampener.
Also some of the inconsistencies that have been highlighted for redressal the last many months, such as MRP based abatement, phased reduction of CST to 1% (made all the more acute due to GST being postponed to the next fiscal) as also lack of any bold policy initiatives to make Broadband more pervasive and affordable, continue to persist. "
Surjeet Singh, Chief Financial Officer, Patni
“Increase in MAT from 15% to 18% on book profits would result in higher outgo of cash in the short term and would affect Indian corporates adversely. However this impact has been cushioned to a large extent by lowering of corporate surcharge from 10.0% to 7.5%. We welcome a higher percentage of weighted deduction on in-house R&D which has been increased to 200% from 150% as it will incentivize IT companies’ innovation focus.
We appreciate the setting up of Technology Advisory Group along with substantial outlay for UID project. This group will help in accelerated execution of large strategic Government IT projects thereby benefiting IT companies. Budget also proposes to ease the process of refund of service tax credit for exporters of services which will hopefully streamline the current cumbersome process. Tax reduction on account of changed tax slabs for individuals will also benefit the industry indirectly.
However Budget has not addressed IT Industry’s demand for extension of Tax holiday under STPI scheme as per Section 10 (A) of Income Tax Act which is a significant negative for the Industry.
Ramesh A Vaswani, Ex Vice Chairman, Intex Technologies
The FM has done a commendable job of partially withdrawing the stimulus by balancing this with various schemes which should accelerate GDP growth. The focus on the rural economy with substantial & higher allocations will more than make up for the slack in demand, if any, due to the marginal increase in the excise duty rate.
This budget will lead to an increase in the feel good factor which is believed to play an important role in increasing the demand of consumer products.
It is very heartening to note that the cost of mobile phones will come down and will further boost demand and encourage local manufacturing.
I am disappointed, however, by the lack of adequate attention to promote the local manufacturing of IT hardware and to increase domestic consumption of PC.I feel that the economy now requires for inclusive growth not only inputs in agriculture and rural infrastructure but also in IT literacy and IT infrastructure.
India has been talked of as a knowledge economy. And a knowledge commission was also set up to chalk out various initiatives. The small increase of weighted average expenditure deduction on in-house R & D from 1.5 to 2 % only encourages ongoing R&D activities. The FM could have thought of additional incentives to lure large foreign corporations and research institutions to set up their facilities in India.
Posted in: BudgetIT industry reacts to Budget 2010
The Finance Minister has given us a pragmatic forward looking budget that provides clarity to business
. We appreciate the clarification on Section 10AA and the Direct Tax Code, implementation date. The changes to the personal income tax are very beneficial to all professionals and is in line with overall simplification theme.”
Ambrish BAKAYA, Director- Corporate Affairs, Nokia India
We would like to thank the government on its proposal to extend the benefit of exemption of Special Additional Duty of Customs (SAD) of 4% on parts imported for manufacturing mobile handsets from July 06, 2010 to March 31, 2011.
The Union Budget 2010 has also responded positively to the industry’s request on manufacturing of parts and accessories of mobile handsets in India. The budget proposes to remove the 24% import duty on components/raw material imported for manufacture of batteries, chargers and other part and accessories.
The will help bring more investment in the area to the country and encourage domestic manufacture of parts and accessories. We believe these moves are extremely encouraging to the category, and will help catalyze India’s emergence as a global telecom manufacturing hub.
Separately, the move towards exempting the Special Additional Duty of Customs (SAD) of 4% on import mobile handsets is also a very welcome step. This duty was hitherto refundable on payment of VAT; this step will make the entire process of handset imports much simpler, facilitating better cash flow in the industry.”
Ananda Mukerji, MD&CEO, Firstsource Solutions Limited.
It’s a balanced and overall positive budget. Given fiscal constraints, the continued investment in infrastructure, education and health is a good sign. However 14 -16% growth in investment in historically hugely underinvested areas like primary education and healthcare is not going to be enough for sustained development in the long run and it would have been good to see bolder steps in this area. Commitment to a clear target of fiscal reduction and a roadmap of getting there is a laudable effort. While the fine print will have to be examined the Government’s stated intention to ease the refund of service tax credits to BPO units is also good to hear.
A clear disappointment is the lack of extension of STPI benefits given the huge role mid-sized IT and BPO companies play in employment generation in the country. This clearly has the risk of reducing India's attraction as a global outsourcing destination. Another retrograde step is increase in MAT. Though for Firstsource specifically this has very little cashflow impact since part of our revenues in any case attract deduction at source.
Sanjay Kapoor, CEO, India & South Asia, Bharti Airtel
I must congratulate the Finance Minister and the government for a pragmatic, broad based and inclusive budget. Despite an abnormal south-west monsoon hampering kharif crop resulting in negative growth in the agriculture sector and double digit food inflation, the fiscal deficit has been restricted to 6.9%.
A long term focus on aggressive fiscal deficit reduction, addressal of government borrowings and continued focus on reforms redefines our budget as a process rather than an event.
The disposable income benefits to the "aam aadmi" - both in urban and rural India - should stimulate demand for service sectors like telecom which in turn contribute handsomely towards the economic growth of this country.
Manoj Chugh, President, India and SAARC, EMC Coporation
We are pleased at the earnest effort to introduce GST from April 2011. The continued focus on deployment of Information Technology for mission mode projects like commercial taxes augur well. Increased budget for the UID and the formation of the technical advisory group under the able leadership of Nandan Nilekani is laudable. We are also happy to see significant enhancement in funding for education and rural and urban infrastructure, which will drive demand for Information Technology.
Vikas Khanvelkar, MD, DesignTech Systems Ltd
Budget has nothing new for the IT Industry. 2% increase in excise duty on all the products will not have a very significant adverse impact on the demand and hence the production. Rise in petrol and diesel prices will increase the inflation which is already very high.
Substantial increase in the budget allocations for “Infrastructure and Energy” segments is a really good move which will create positive impact on the GDP and Economy in the long run by addressing long pending pain areas of the industry.
GST has been postponed to 1st April 2011 as anticipated. Industry will have to keep dealing with multiple level taxation structure for one more year.
Kapil Dev Singh, Country Manager, IDC
The finance minister is very optimistic about India’s growth. The expectation of Indian achieving 10% growth, in the near future, points to the domestic market consumption being the key driver.
The trend of domestic IT growth surpassing the IT exports growth is more certain, especially with the current focus on the domestic market and measures that will leave more in the hands of the consumer.
The broad based growth in various industry segments will have a derived effect on the IT market. This coupled with government’s commitment to spend on IT will augur well for the IT players focused on the domestic market.
Ashok Chandak, senior director, global sales and marketing, NXP Semiconductors
The current budget is a well balanced budget and the Finance Minister has clearly been focused on the banking industry, rural and agricultural sectors as well as infrastructure, along with giving a boost to investors and entrepreneurs. With regards to the semiconductor industry, it is a welcome step with a focus on financial inclusion, solar semiconductors, Research and Development and further enabling the use of smart cards and identification technologies at various levels.
The allocation of Rs 1,900 crore to the UIDAI for 2010-2011 would provide an effective platform for inclusive growth and enable the participation of the rural population integrating them with various social welfare schemes and development. The assignment of Rs 100 crore each for the Financial inclusion (FIF) and the Financial Inclusion Technology Fund and fillip to Business Correspondent concept will further enable to provide banking and insurance services to the bottom of the pyramid backed by a technology platform. All these initiatives could enable the use of smart cards and identification technologies like Near Field Communication to realize their true potential, as in the case of the earlier financial inclusion projects by various banks and during the pilot phases of the Multipurpose national identification projects supported by NXP.
Vinnie Mehta, Executive Director, MAIT
“We are glad that the Hon’ble Finance Minister has unveiled the roadmap for GST with a definite date for implementation ie April, 2011. Unification of the rate on excise duty and the service tax has been a step in the right direction towards implementation of the GST. The rate of service tax as well as that of excise duty will now be 10%. This will also help mitigate the issue of CENVAT overflow for manufacture of IT products in the country.”
Elaborating on the outcome, he added, “Exemption of Special additional Duty (SAD) on pre-packaged goods for retail is also a welcome step as refunds for SAD were not forthcoming. However, to sustain hardware manufacturing in the country in the long run, it is critical that SAD on the input components be exempted as well.”
“It is heartening that the Hon’ble Finance Minister has recognised the strong potential of the electronics industry and its role in energy generation. In this regard, the announcement of concessional customs duty of 5 percent on machinery, equipment etc. for setting up photovoltaic and solar thermal power generating units is welcome”, added Mehta.
“Lastly, MAIT welcomes the setting up of the Technology Advisory Group under the chairmanship of Mr Nandan Nilekani for monitoring effective IT implementation in projects of National eminence. Timely completion of IT implementation in Government projects is not only critical to the growth and development of the country but also essential for delivering services to the citizens”, mentioned Mehta.
WS Mukund, MD, Acer India.
"It’s been a fairly balanced, yet progressive Budget. Focus on Education, Health and Infrastructure, with enhanced allocations, do pave the way for building a vibrant & competitive India.
For the PC industry there are some positives in terms of scope for adoption of IT in initiatives such as the Financial Inclusion Fund project to extend Banking to more habitats and scaling up of the Smart card projects in Health Insurance. That a Tech Advisory Group is being set up under the leadership of Nandan Nilekeni is another pointer to rapid adoption of IT projects in the areas of Taxation, Pension, Treasury, Infrastructure and GST.
For the PC industry, which had shown a de-growth in the year 2009-10, the roll back of Excise/CVD to 10% is a big dampener.
Also some of the inconsistencies that have been highlighted for redressal the last many months, such as MRP based abatement, phased reduction of CST to 1% (made all the more acute due to GST being postponed to the next fiscal) as also lack of any bold policy initiatives to make Broadband more pervasive and affordable, continue to persist. "
Surjeet Singh, Chief Financial Officer, Patni
“Increase in MAT from 15% to 18% on book profits would result in higher outgo of cash in the short term and would affect Indian corporates adversely. However this impact has been cushioned to a large extent by lowering of corporate surcharge from 10.0% to 7.5%. We welcome a higher percentage of weighted deduction on in-house R&D which has been increased to 200% from 150% as it will incentivize IT companies’ innovation focus.
We appreciate the setting up of Technology Advisory Group along with substantial outlay for UID project. This group will help in accelerated execution of large strategic Government IT projects thereby benefiting IT companies. Budget also proposes to ease the process of refund of service tax credit for exporters of services which will hopefully streamline the current cumbersome process. Tax reduction on account of changed tax slabs for individuals will also benefit the industry indirectly.
However Budget has not addressed IT Industry’s demand for extension of Tax holiday under STPI scheme as per Section 10 (A) of Income Tax Act which is a significant negative for the Industry.
Ramesh A Vaswani, Ex Vice Chairman, Intex Technologies
The FM has done a commendable job of partially withdrawing the stimulus by balancing this with various schemes which should accelerate GDP growth. The focus on the rural economy with substantial & higher allocations will more than make up for the slack in demand, if any, due to the marginal increase in the excise duty rate.
This budget will lead to an increase in the feel good factor which is believed to play an important role in increasing the demand of consumer products.
It is very heartening to note that the cost of mobile phones will come down and will further boost demand and encourage local manufacturing.
I am disappointed, however, by the lack of adequate attention to promote the local manufacturing of IT hardware and to increase domestic consumption of PC.I feel that the economy now requires for inclusive growth not only inputs in agriculture and rural infrastructure but also in IT literacy and IT infrastructure.
India has been talked of as a knowledge economy. And a knowledge commission was also set up to chalk out various initiatives. The small increase of weighted average expenditure deduction on in-house R & D from 1.5 to 2 % only encourages ongoing R&D activities. The FM could have thought of additional incentives to lure large foreign corporations and research institutions to set up their facilities in India.
. We appreciate the clarification on Section 10AA and the Direct Tax Code, implementation date. The changes to the personal income tax are very beneficial to all professionals and is in line with overall simplification theme.”
Ambrish BAKAYA, Director- Corporate Affairs, Nokia India
We would like to thank the government on its proposal to extend the benefit of exemption of Special Additional Duty of Customs (SAD) of 4% on parts imported for manufacturing mobile handsets from July 06, 2010 to March 31, 2011.
The Union Budget 2010 has also responded positively to the industry’s request on manufacturing of parts and accessories of mobile handsets in India. The budget proposes to remove the 24% import duty on components/raw material imported for manufacture of batteries, chargers and other part and accessories.
The will help bring more investment in the area to the country and encourage domestic manufacture of parts and accessories. We believe these moves are extremely encouraging to the category, and will help catalyze India’s emergence as a global telecom manufacturing hub.
Separately, the move towards exempting the Special Additional Duty of Customs (SAD) of 4% on import mobile handsets is also a very welcome step. This duty was hitherto refundable on payment of VAT; this step will make the entire process of handset imports much simpler, facilitating better cash flow in the industry.”
Ananda Mukerji, MD&CEO, Firstsource Solutions Limited.
It’s a balanced and overall positive budget. Given fiscal constraints, the continued investment in infrastructure, education and health is a good sign. However 14 -16% growth in investment in historically hugely underinvested areas like primary education and healthcare is not going to be enough for sustained development in the long run and it would have been good to see bolder steps in this area. Commitment to a clear target of fiscal reduction and a roadmap of getting there is a laudable effort. While the fine print will have to be examined the Government’s stated intention to ease the refund of service tax credits to BPO units is also good to hear.
A clear disappointment is the lack of extension of STPI benefits given the huge role mid-sized IT and BPO companies play in employment generation in the country. This clearly has the risk of reducing India's attraction as a global outsourcing destination. Another retrograde step is increase in MAT. Though for Firstsource specifically this has very little cashflow impact since part of our revenues in any case attract deduction at source.
Sanjay Kapoor, CEO, India & South Asia, Bharti Airtel
I must congratulate the Finance Minister and the government for a pragmatic, broad based and inclusive budget. Despite an abnormal south-west monsoon hampering kharif crop resulting in negative growth in the agriculture sector and double digit food inflation, the fiscal deficit has been restricted to 6.9%.
A long term focus on aggressive fiscal deficit reduction, addressal of government borrowings and continued focus on reforms redefines our budget as a process rather than an event.
The disposable income benefits to the "aam aadmi" - both in urban and rural India - should stimulate demand for service sectors like telecom which in turn contribute handsomely towards the economic growth of this country.
Manoj Chugh, President, India and SAARC, EMC Coporation
We are pleased at the earnest effort to introduce GST from April 2011. The continued focus on deployment of Information Technology for mission mode projects like commercial taxes augur well. Increased budget for the UID and the formation of the technical advisory group under the able leadership of Nandan Nilekani is laudable. We are also happy to see significant enhancement in funding for education and rural and urban infrastructure, which will drive demand for Information Technology.
Vikas Khanvelkar, MD, DesignTech Systems Ltd
Budget has nothing new for the IT Industry. 2% increase in excise duty on all the products will not have a very significant adverse impact on the demand and hence the production. Rise in petrol and diesel prices will increase the inflation which is already very high.
Substantial increase in the budget allocations for “Infrastructure and Energy” segments is a really good move which will create positive impact on the GDP and Economy in the long run by addressing long pending pain areas of the industry.
GST has been postponed to 1st April 2011 as anticipated. Industry will have to keep dealing with multiple level taxation structure for one more year.
Kapil Dev Singh, Country Manager, IDC
The finance minister is very optimistic about India’s growth. The expectation of Indian achieving 10% growth, in the near future, points to the domestic market consumption being the key driver.
The trend of domestic IT growth surpassing the IT exports growth is more certain, especially with the current focus on the domestic market and measures that will leave more in the hands of the consumer.
The broad based growth in various industry segments will have a derived effect on the IT market. This coupled with government’s commitment to spend on IT will augur well for the IT players focused on the domestic market.
Ashok Chandak, senior director, global sales and marketing, NXP Semiconductors
The current budget is a well balanced budget and the Finance Minister has clearly been focused on the banking industry, rural and agricultural sectors as well as infrastructure, along with giving a boost to investors and entrepreneurs. With regards to the semiconductor industry, it is a welcome step with a focus on financial inclusion, solar semiconductors, Research and Development and further enabling the use of smart cards and identification technologies at various levels.
The allocation of Rs 1,900 crore to the UIDAI for 2010-2011 would provide an effective platform for inclusive growth and enable the participation of the rural population integrating them with various social welfare schemes and development. The assignment of Rs 100 crore each for the Financial inclusion (FIF) and the Financial Inclusion Technology Fund and fillip to Business Correspondent concept will further enable to provide banking and insurance services to the bottom of the pyramid backed by a technology platform. All these initiatives could enable the use of smart cards and identification technologies like Near Field Communication to realize their true potential, as in the case of the earlier financial inclusion projects by various banks and during the pilot phases of the Multipurpose national identification projects supported by NXP.
Vinnie Mehta, Executive Director, MAIT
“We are glad that the Hon’ble Finance Minister has unveiled the roadmap for GST with a definite date for implementation ie April, 2011. Unification of the rate on excise duty and the service tax has been a step in the right direction towards implementation of the GST. The rate of service tax as well as that of excise duty will now be 10%. This will also help mitigate the issue of CENVAT overflow for manufacture of IT products in the country.”
Elaborating on the outcome, he added, “Exemption of Special additional Duty (SAD) on pre-packaged goods for retail is also a welcome step as refunds for SAD were not forthcoming. However, to sustain hardware manufacturing in the country in the long run, it is critical that SAD on the input components be exempted as well.”
“It is heartening that the Hon’ble Finance Minister has recognised the strong potential of the electronics industry and its role in energy generation. In this regard, the announcement of concessional customs duty of 5 percent on machinery, equipment etc. for setting up photovoltaic and solar thermal power generating units is welcome”, added Mehta.
“Lastly, MAIT welcomes the setting up of the Technology Advisory Group under the chairmanship of Mr Nandan Nilekani for monitoring effective IT implementation in projects of National eminence. Timely completion of IT implementation in Government projects is not only critical to the growth and development of the country but also essential for delivering services to the citizens”, mentioned Mehta.
WS Mukund, MD, Acer India.
"It’s been a fairly balanced, yet progressive Budget. Focus on Education, Health and Infrastructure, with enhanced allocations, do pave the way for building a vibrant & competitive India.
For the PC industry there are some positives in terms of scope for adoption of IT in initiatives such as the Financial Inclusion Fund project to extend Banking to more habitats and scaling up of the Smart card projects in Health Insurance. That a Tech Advisory Group is being set up under the leadership of Nandan Nilekeni is another pointer to rapid adoption of IT projects in the areas of Taxation, Pension, Treasury, Infrastructure and GST.
For the PC industry, which had shown a de-growth in the year 2009-10, the roll back of Excise/CVD to 10% is a big dampener.
Also some of the inconsistencies that have been highlighted for redressal the last many months, such as MRP based abatement, phased reduction of CST to 1% (made all the more acute due to GST being postponed to the next fiscal) as also lack of any bold policy initiatives to make Broadband more pervasive and affordable, continue to persist. "
Surjeet Singh, Chief Financial Officer, Patni
“Increase in MAT from 15% to 18% on book profits would result in higher outgo of cash in the short term and would affect Indian corporates adversely. However this impact has been cushioned to a large extent by lowering of corporate surcharge from 10.0% to 7.5%. We welcome a higher percentage of weighted deduction on in-house R&D which has been increased to 200% from 150% as it will incentivize IT companies’ innovation focus.
We appreciate the setting up of Technology Advisory Group along with substantial outlay for UID project. This group will help in accelerated execution of large strategic Government IT projects thereby benefiting IT companies. Budget also proposes to ease the process of refund of service tax credit for exporters of services which will hopefully streamline the current cumbersome process. Tax reduction on account of changed tax slabs for individuals will also benefit the industry indirectly.
However Budget has not addressed IT Industry’s demand for extension of Tax holiday under STPI scheme as per Section 10 (A) of Income Tax Act which is a significant negative for the Industry.
Ramesh A Vaswani, Ex Vice Chairman, Intex Technologies
The FM has done a commendable job of partially withdrawing the stimulus by balancing this with various schemes which should accelerate GDP growth. The focus on the rural economy with substantial & higher allocations will more than make up for the slack in demand, if any, due to the marginal increase in the excise duty rate.
This budget will lead to an increase in the feel good factor which is believed to play an important role in increasing the demand of consumer products.
It is very heartening to note that the cost of mobile phones will come down and will further boost demand and encourage local manufacturing.
I am disappointed, however, by the lack of adequate attention to promote the local manufacturing of IT hardware and to increase domestic consumption of PC.I feel that the economy now requires for inclusive growth not only inputs in agriculture and rural infrastructure but also in IT literacy and IT infrastructure.
India has been talked of as a knowledge economy. And a knowledge commission was also set up to chalk out various initiatives. The small increase of weighted average expenditure deduction on in-house R & D from 1.5 to 2 % only encourages ongoing R&D activities. The FM could have thought of additional incentives to lure large foreign corporations and research institutions to set up their facilities in India.
Posted in: BudgetUnion Budget 2010: No audit for Rs 60 lakh business
NEW DELHI: Life will be easier for small enterprises earning annual revenue up to Rs 60 lakh or a independent professional with gross receipts
up to Rs 15 lakh as they no more have to get their accounts audited.
According to the Budget 2010-11, a businessman will not have to get his accounts audited if his sales are less than Rs 60 lakh a year. Earlier, the limit was Rs 40 lakh.
Likewise, for an independent professional, it has been revised upward from Rs 10 lakh in the Budget proposals.
"I, as Finance Minister, had introduced these limits in my budget of 1984. It is high time to reduce the compliance burden on small taxpayers," Pranab Mukherjee said in his Budget speech.
According to the Budget 2010-11, a businessman will not have to get his accounts audited if his sales are less than Rs 60 lakh a year. Earlier, the limit was Rs 40 lakh.
Likewise, for an independent professional, it has been revised upward from Rs 10 lakh in the Budget proposals.
"I, as Finance Minister, had introduced these limits in my budget of 1984. It is high time to reduce the compliance burden on small taxpayers," Pranab Mukherjee said in his Budget speech.
Union Budget 2010: No audit for Rs 60 lakh business
NEW DELHI: Life will be easier for small enterprises earning annual revenue up to Rs 60 lakh or a independent professional with gross receipts
up to Rs 15 lakh as they no more have to get their accounts audited.
According to the Budget 2010-11, a businessman will not have to get his accounts audited if his sales are less than Rs 60 lakh a year. Earlier, the limit was Rs 40 lakh.
Likewise, for an independent professional, it has been revised upward from Rs 10 lakh in the Budget proposals.
"I, as Finance Minister, had introduced these limits in my budget of 1984. It is high time to reduce the compliance burden on small taxpayers," Pranab Mukherjee said in his Budget speech.
According to the Budget 2010-11, a businessman will not have to get his accounts audited if his sales are less than Rs 60 lakh a year. Earlier, the limit was Rs 40 lakh.
Likewise, for an independent professional, it has been revised upward from Rs 10 lakh in the Budget proposals.
"I, as Finance Minister, had introduced these limits in my budget of 1984. It is high time to reduce the compliance burden on small taxpayers," Pranab Mukherjee said in his Budget speech.
Did You Know? Interesting Facts about India's Budget
With Pranab Mukherjee is all set to announce the Union Budget 2010-2011, here is a look at some interesting facts about India's budget and our nation's financial growth.
On November 26, 1947 R.K. Shanmukham Chetty had presented the first budget of Independent India. But actually it was a review of the economy and no new taxes were proposed as the budget day for 1948-49 was just 95 days away.From then onwards an interim budget began to mean a budget for a short period.
Chetty resigned a few days later due to differences with Prime Minister Nehru.
K.C. Neogy then took charge of the Finance portfolio and held that office for just 35 days.
John Mathai became the third Finance Minister of India presenting the budget for 1950-51, the first budget for the Republic of India.
The next Finance Minister, C.D. Deshmukh presented the first budget in the first elected Parliament on the basis of adult franchise.
Budget papers began to be prepared in Hindi from 1955-56.
Posted in: Budget
