Check out the significant points of the Economic Survey 2006-07 presented by the Finance Minister P Chidambaram in the Parliament on Tuesday…

The Economic Survey 2006-07 has identified five mantras for achieving high and inclusive economic growth with a view to creating more jobs and eliminating poverty at a faster pace.

Check out the mantras, here.

The Economic Survey 2006-07 on Tuesday expressed concern at rising prices and advised ‘calibrated’ measures to contain inflation while sustaining high growth.

Comment: Although the economy is booming, price rise is giving the government a headache, and if the Railway Budget and the Economic Survey are anything to go by, the Union Budget might very well try to tackle inflation and might even go for moderation of taxes.  Read more

The Economic Survey 2006-07 presented by the Finance Minister P Chidambaram in the Parliament on Tuesday says that growth of 9.0 per cent and 9.2 per cent in 2005-06 and 2006-07, respectively, by most accounts, surpassed expectations.

Vigorous growth with strong macroeconomic fundamentals has characterised developments in the Indian economy in 2006-07 so far, yet there are some issues and priorities before the nation, the survey said.

Check out what the priorities and issues are

Railway Minister Lalu Prasad in his pro-poor Railway Budget for 2007-08 cut passenger fares cut by 4 per cent for sleeper class rail travel. AC Ist class fares reduced by 6 per cent in lean season and by 3 per cent in peak season. Re 1 cut in daily non-suburban train fares. For AC two-tier, the busy season reduction is 2 per cent and lean season 4 per cent.

He also lowered fares for all classes of high capacity new design reserved coaches which would be 4 per cent for AC three-tier and AC chair car in busy season and 8 per cent in lean season.

Lalu Prasad also kept the freight rates unchanged. In sleeper class, the fare-reduction would be 4 per cent in all seasons.

The railway minister announced that discounts for the busy season shall be applicable in popular trains throughout the year.

Superfast charge on second class tickets has been reduced by 20 per cent from Rs 10 to Rs 8, he said.

• Highlights of the Railway Budget 2007-08


• Railway Budget 2007-08: Complete Coverage

Railway Minister Lalu Prasad is likely to roll out innovative measures in the Rail Budget on February 26, which may include on-board entertainment and fast food facilities along with other amenities.

He might even make rail travel safer and more pleasant for passengers.

Most Indians feel that the government does not utilize the taxes that it takes from them properly, says a ToI-TNS poll. They believe that more tax money must be spent on health and education.

With the government's coffers bursting at the seams — with the Centre’s net collections of direct taxes, including income-tax, corporation tax, fringe benefit tax, securities transaction tax and the banking cash transaction tax, having grown by a massive 41.2% till January-end –  chances of a soft budget being presented are quite high, says Sify, quoting DNA.

Beneath all the hype and hoopla over the upcoming budget and its perceived effect on the bourses, there is a strong contrarian belief among market watchers that budgets no longer enjoy the sway it had on Indian markets, says The Economic Times. Market watchers affirm the fact that Indian markets are becoming more insulated to micro policy decisions, levies and exemptions.

The Economic Times writes that the finance ministry is likely to curtail benefits under section 54 EC of the Income Tax Act in the Budget, under which one can save capital gains tax on long-term profit arising from the sale of fixed assets like property.
This will end up giving untold headaches to the investor.