Economy News 26th Feb 2008
Govt to appoint more fund managers for EPFO corpus
The government on Saturday said it is planning to appoint more fund managers for the efficient management of the Employees Provident Fund Organisation corpus.There would soon be multiple fund managers to manage the fund of EPFO, which has over 4 crore subscriber.Currently, the country's largest public sector lender State Bank of India is the sole fund manager.In line with managers for new pension scheme for government employees, EPFO would also have multiple fund managers for the efficient management of the corpus.When asked about whether the corpus of the EPFO can be invested in the stock market, Pillai said, no consensus has been arrived at on the issue
Budget 2008 likely to be pro common man
Personal and corporate income tax cuts, excise duty relief and simplification of taxes are expected in the Union Budget for 2008-09, the last full-fledged budget before the next general elections. Finance Minister P Chidambaram, who will be presenting his seventh budget on Friday in Parliament, has a tough exercise on hand of balancing conflicting interests in coming out with a budget for the 'aam aadmi' (common man). Social sector projects.He is expected to announce massive funds for social sector projects like National Rural Employment Guarantee (NREG), Sarva Shiksha Abhiyan, rural health and power sectors and a debt-relief package for farmers to share the benefits of high growth especially in view of the coming Lok Sabha elections by this year end or early next year.The Indian middle-class and the industry, which still remember his dream budget of 1997-98, are expecting a bonanza from the Finance Minister in terms of relief in income tax and excise duties and simplification of other taxes.
Government servants are expecting an announcement on implementation of the Sixth Pay Commission.Sources say that the Finance Minister is unlikely to introduce any new tax in the budget for 2008-09 although some controversial taxes like the banking cash transaction tax may be reviewed, adding that with buoyancy in revenue collections he is capable of working out packages for every constituency.Apart from meeting the fiscal and revenue deficit targets, the budget is likely to aim at sustaining 9 per cent GDP growth, while containing politically sensitive inflation rate around four per cent.
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