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Union Budget may be presented in mid-March

Finance minister Pranab Mukherjee said a meeting of the Cabinet Committee on Parliamentary Affairs will be convened in the first week of February to decide on the date of the Budget Session of Parliament

New Delhi: The Union Budget may be presented around the middle of March in view of the ongoing state assembly elections, reports PTI quoting finance minister Pranab Mukherjee.

In an informal chat with journalists, he said a meeting of the Cabinet Committee on Parliamentary Affairs will be convened in the first week of February to decide on the date of the Budget Session of Parliament.

He said the customary President’s address to the Budget Session of Parliament can take place after 9th March because of the model code of conduct being in force till that day when the election process would be completed.

Asked if the Union Budget will be presented around the middle of March, he said, “Yes”.

He said there is a Constitutional sanctity to two dates—one is 31st March before which a vote on account should be taken so that there is no problem of withdrawal of money in the new financial year and the 75 days deadline after presentation of taxation proposals to pass the Finance Bill.

Asked about prosecution of people whose names have figured as holding black money in banks abroad, he said that is an ongoing legal process.

To a question about the Supreme Court judgement on Vodafone tax, he declined any comment, saying the government will study it.

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COMMENTS

S H Subrahmanianm

5 years ago

What about Rail budget? Should we ask Mamta or Rail minister? They're settled in enjoying interest for three months,lea....ving us with planning so much ahead and have a locker for preserving...! Everywhere agents' blocking even Thatcall bookings with heavy penalty for even Sr Ctzns eating into concessional tariff

CEOs lose confidence in growth but optimistic on own business

Indian CEOs are more concerned than their global peers about issues like bribery and corruption, over-regulation, increasing tax burden, exchange rate volatility, government’s response to fiscal deficit and debt burden and the government protectionism, as per the 15th Annual CEO survey conducted by consultancy major PwC

Davos: As the top leaders from across the world converge here to discuss the business of the world, the chief executive officers (CEOs) have painted a gloomy picture for global economy in a worldwide survey, reports PTI.

At the same time, the confidence level of the CEOs is relatively better when it comes to the prospects for revenue growth in their own companies, as per the 15th Annual CEO survey released by consultancy major PwC (PricewaterhouseCoopers) here last evening.

The confidence level among Indian CEOs about revenue growth prospects has, however, declined to the lowest in six years, although the percentage of Indian business chiefs being confident about their growth prospects is higher than that of their global peers.

Besides, Indian CEOs are also more confident about their hiring plans and a lesser number of business chiefs in India are planning any cost-cutting measures in the next one year.

At the same time, the Indian CEOs are more concerned than their global peers about issues like bribery and corruption, over-regulation, increasing tax burden, exchange rate volatility, government’s response to fiscal deficit and debt burden and the government protectionism.

As many as 92% Indian CEOs were concerned about bribery and corruption, 89% about uncertain or volatile economic growth, 86% about over-regulation, 83% about growing tax burdens, 80% about forex fluctuations, 79% about fiscal deficit and government borrowings and 75% about government protectionism.

PwC released the survey results here ahead of the World Economic Forum (WEF) Annual Meeting 2012, where business and political leaders from across the globe are expected to discuss the global economic slowdown and deteriorating business sentiments, among other issues.

As per the survey, 55% of Indian CEOs (as against 40% globally) said they were very confident of their revenue growth in 2012.

However, this marks a significant decline from 88% last year and is the lowest in past six years, PwC International chairman Dennis Nally told journalists here.

Africa is the only region where the confidence level has increased to 57%, from 50% a year ago.

For the overall economy, only 15% CEOs globally expect a growth in 2012, although nearly three-times as many CEOs are confident about their revenue growth.

On a positive note, Mr Nally said, the CEOs are confident about hiring and a majority of them believe that emerging markets are important for their future.

Asked about the decline in confidence level in India and China, despite their high economic growth rates, Mr Nally said it shows how integrated the global economy has become and even the European sovereign debt crisis becomes a matter of concern for businesses across the world.

As per the CEOs, the best strategic growth opportunities would come in the next one year from increasing their share in emerging markets.

A total of 59% CEOs felt that emerging markets were more important for the future of their companies than the developed markets and identified BRIC (Brazil, Russia, India and China) as their top growth targets.

But despite a sluggish economy, the CEOs were in favour of fresh hiring, while this sentiment was even better in India.

A total of 55% Indian CEO (as against 53% globally) said their have increased their headcount in past one year, while 61% (again higher than 51% globally) said they plan to increase their headcount in 2012.

Also, just 14% Indian CEOs (lower than 18% globally) said they expect to lower their headcount in the next one year.

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