LIVE COVERAGE: Union Budget 2012

Welcome to  live coverage of the Union Budget 2012-13.

AVIATION SOPS

ECB for working capital of up to $1bn has been allowed for aviation companies. This move would bebe positive for Kingfisher, Spicejet, Jet 

FDI of 49% in aviation is actively being considered and the government will also permit direct import of ATF (air turbine fuel)

Micro-finance Institution Regulation Bill, National Housing Bank Regulation Bill, Bank Regulation Bill and Public Debt Management Bill likely to be passed this session. The finance minister also proposes to recapitalise banks -- rural, urban and argiculture-related banks -- to the extent of Rs 15,000 crores.

11:35 pm: Sensex at 17858, up 182 points, 

Good news for investors: Changes in IPO norms will also be introduced which will increase participation in small towns

The finance minister seeks to bring down subsidies to a level of 1.7% of the GDP over the next three years. He also plans to roll out a computerised scheme for transfer of fertilizer subsidy. 

The finance minister assured the Lok Sabha that he plans to implement the Direct Taxes Code "at the earliest". Speaking about the Goods and Services Tax, he said that GST would be operational by August 2012.

Read More:http://in.finance.yahoo.com/news/live-budget-2012--what-to-expect-.html?mod=budgetNews

Highlights: Railway Budget 2012-13

Read More:http://in.finance.yahoo.com/photos/highlights-railway-budget-2012-13-slideshow/railway-photo-1331708764.html

Only 5% families in India own a four-wheeler

In a telling reminder of the wide chasm between urban and rural India, the latest Census being conducted by the Union Home Ministry has thrown up figures that would shock country planners. Despite significant improvement in living standards over the last census of 2001, the 2011 figures show a picture that is far from respectable for a country aiming to be on the global high-table of decision making.

Sample this: In nuclear India capable of routinely sending satellites into space, 31 per cent - 10 crore - out of 33 crore households across the country use kerosene for lighting homes. Nearly 7 per cent of the urban houses (presumably slums) use kerosene while 43 per cent rural homes use the fuel, indicating that they either do not have power supply or cannot afford it.

Read More:http://www.tribuneindia.com/2012/20120314/main7.htm

Budget 2012: Politics, slower growth, oil prices hobble reform

MUMBAI/NEW DELHI: The best thing Prime Minister Manmohan Singh's government has going for it ahead of Friday's federal budget unveiling is low expectations.

The ruling party, battered in recent state polls and hamstrung by slowing economic growth and high global oil prices, is in no position to advance bold economic reforms that could unclog flagging growth in Asia's third-largest economy.

Read More:http://economictimes.indiatimes.com/news/economy/policy/budget-2012-politics-slower-growth-oil-prices-hobble-reform/articleshow/12234879.cms