--Rupee at 39.78 against US dollar
--Economic Survey to be tabled today
--Court: deputation should add to service period for pension
91.43-crore deficit Budget for MP
BHOPAL: Finance Minister Raghavji on Feb 27 presented in the State Assembly the Madhya Pradesh Budget for 2008-09 with a budgetary deficit of Rs.91.43 crore. The Minister announced a reduction in entry tax on raw material inputs for textile industry and removal of entry tax on sponge iron and iron scrap for induction furnace. He also announced a reduction in VAT on diesel from 26 per cent to 25 per cent.
Mr. Raghavji went on to announce pension and medical facilities to those detained under the dreaded MISA (Maintenance of Internal Security Act) during the infamous Emergency. Those who served six months or more behind bars would get Rs.6,000 per month as "Loknayak Jayaprakash Samman Nidhi" (monthly pension) while there would be a pension of Rs.3,000 for those jailed for more than three months but less than six months. One of the major budgetary announcements was that wheat would be available to each BPL family at the rate of Rs.3 per kg and rice at Rs.4.50 per kg . The budget for 2008-09 has a revenue surplus of Rs.2839.78 crore and the fiscal deficit for year is estimated at Rs.4741.00 crore, which is 3 per cent of the GSDP. The Finance Minister told media persons later that one of the important goals was to focus attention on gender budgeting to ensure equality for women, economic empowerment and women's participation in developmental schemes covered by 21 State departments. The Budget provides Rs.1371.47 crore for Energy, Rs.1656 crore for construction of roads and Rs.484 crore for road maintenance. The Finance Minister incorporated the Chief Minister's recent announcements at a Kisan Mahapanchayat here and told the House that there would be budgetary provision for a bonus of Rs.100 per quintal of wheat procured by government agencies for the public distribution system, reduction in rate of interest from 7 per cent to 5 per cent on short-term agriculture loans, relief in payment of old outstanding electricity bills, and increase in the rate of grant from 10 per cent to 30 per cent on drip/sprinkler irrigation.
Rupee at 39.78 against US dollar
Extending its surge against US dollar for third day in a row, rupee on Wednesday appreciated by 12 paise on sale of greenback by exporters and fresh capital inflows into the equity market. Weakness in dollar overseas as well as possibility of another rate cut by the Federal Reserve also contributed to the rupee's surge.
Rupee turned stronger by about 20 paise at 39.70 during morning trade after a strong rally in Asian equity markets raised hopes of increased portfolio inflows into the Asia's fast-growing economy. The Indian unit ended at 39.78/79 a dollar after moving in a range of 39.70 and 39.83 during the day. It touched the 39.83 level as local stocks turned weak in the afternoon trade.
Economic Survey to be tabled today
New Delhi: Finance Minister P Chidambaram will table in Parliament on Thursday the Economic Survey - a report card on the economy during this fiscal that will also show the direction of government policy in the year ahead.
It will be followed by the presentation of the Budget for 2008-09 on Feb 29. The industry, which is upbeat after the presentation of a populist Railway budget yesterday, expects the Finance Minister too to announce cut in income tax and excise duty on various commodities to sustain GDP growth - now under pressure due to a slowdown in the US economy.
The Survey, mainly authored by the Chief Economic Advisor Arvind Virmani, is expected to indicate the government's priorities and thrust areas for the Budget 2008-09.After posting a scorching 9.6 per cent growth in 2006-07, the Indian growth story was seen slowing down in 2007-08. The Survey is expected to indicate policy measures to dampen inflation, which is ruling above the four per cent mark, reverse slowdown in export growth, tackle the impact of rising rupee and address the issue of spurt in global crude oil and food prices.
It is also expected to present a rosy picture of the economy and outline the achievements of the United Progressive Alliance government, besides high growth in tax collections. Savings and investment.
Court: deputation should add to service period for pension
New Delhi: If teachers working in State government schools are on deputation to Central institutions, their total period of service should be taken into consideration for calculating pension, the Supreme Court has held. A Bench consisting of Chief Justice K.G. Balakrishnan and Justice R.V. Raveendran pointed out that the Government of India, by official memoranda dated August 29, 1984 and February 7, 1986, clarified that the scheme of counting previous service would apply to State government employees moving to Central autonomous bodies.
The scheme required the previous employer, viz. the State government to accept pension liability for the service in accordance with the principles laid down in the memoranda, the Bench said. The State government should first work out its pension liability for the period the teacher worked in the State. For the period of service in Central schools, the Kendriya Vidyalaya Sangathan (KVS) would work out the pension. This order was expected to benefit a large number of teachers who were working or who worked in Central schools on deputation from State governments.
In the instant case, Raghunandan Bhargava retired as an employee of the KVS on December 31, 1999. Prior to joining the KVS, he worked as assistant teacher in the Madhya Pradesh Education department from November 4, 1960 to January 7, 1978. As his full service was not calculated for pension, he moved the Central Administrative Tribunal, Jabalpur, for reckoning and adding the period of his service as assistant teacher in the Education department. The tribunal allowed the petition. The Madhya Pradesh High Court rejected an appeal from the KVS against the tribunal order. In its special leave petition against that order, the KVS contended that since the employee failed to exercise his option as envisaged under the 1984/1986 schemes, he was not entitled to pension for his full service.
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