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Union <keyword id="6355261" type="POSITION" weightage="20" keywordseo="Finance-minister">Finance Minister</keyword> <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword>'s 2017 Budget speech put the much-awaited spotlight on the <keyword id="45092" type="COMPANY" weightage="100" keywordseo="farmers">farmers</keyword>. 
 
<a href="http://www.businessinsider.in/this-is-what-budget-2017-had-in-store-for-startups/articleshow/56905882.cms">ALSO READ: This is what Budget 2017 had in store for startups</a> 
 The <keyword id="6360189" type="COMPANY" weightage="20" keywordseo="Union-Budget">Union Budget</keyword> 2017 was broadly focused on 10 broad themes — farmers, rural population, youth, poor and health care for the underprivileged; infrastructure; financial sector for stronger institutions; speedy accountability; public services; prudent fiscal management; tax administration for the people who need it the most.

Farmers and the rural sector take the spotlight in FM Arun Jaitely's budget

<ul><li>Former Finance Minister and senior BJP leader Arun Jaitely passed away at AIIMS on Saturday after prolonged illness. Jaitley had undergone dialysis on Thursday.</li><li>He was one of the few BJP members that supported PM Narendra Modi's back when he was under fire for 2004 Godhra riots. </li></ul> <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword>, India's former Finance Minister, and prominent BJP leader passed away today at AIIMS. "It is with profound grief that we inform about the sad demise of Former <keyword id="6391015" type="UNKNOWN" weightage="20" keywordseo="finance-minister-arun-jaitley">Finance Minister Arun Jaitley</keyword>, Member of Parliament (MP) at 12:07 p.m. on Saturday. Jaitley was admitted in AIIMS, New Delhi on August 9 and was treated by a multi-disciplinary team of senior doctors," said Aarti Vij, Chairperson, Media and Protocol, AIIMS. <div type="Article" hostid="261" msid="70815608" title="Arun Jaitley, every big man's friend, passes away at the age of 66-- leaves behind lessons in the art of the possible" mstype="2" mssubtype="0"></div> Here are some lesser-known facts about Arun Jaitley <div type="embedgroup" originid="carousel_1566633571133"><title>Untitled Carousel</title> <div type="Slideshow" msid="70815904" hostid="261" title="Arun Jaitley, the man who had Narendra Modi&amp;#39;s back during Gujarat riots" rank="1.0" mstype="8" mssubtype="0" firstImageMsid="70816100" slideCount="9"></div></div>

Lesser known facts about the late Arun Jaitley

The Civil Aviation Ministry, for the first time, got its <a href="http://www.businessinsider.in/searchresult.cms?query=budget+2017&amp;sortorder=effectivedate">Budget 2017 </a>wishlist vetted by professionals and has sent its recommendations to <a href="http://www.businessinsider.in/searchresult.cms?query=arun+jaitley&amp;sortorder=effectivedate">Arun </a><a href="http://www.businessinsider.in/searchresult.cms?query=arun+jaitley&amp;sortorder=effectivedate">Jaitley</a>-led <keyword id="47209" type="ORGANIZATION" weightage="20" keywordseo="Finance-Ministry">Finance Ministry</keyword>. 
 
As a part of its wishlist, the <a href="http://www.businessinsider.in/searchresult.cms?query=aviation&amp;sortorder=effectivedate">aviation ministry</a> has sought reduction in excise duty on <a href="http://www.businessinsider.in/searchresult.cms?query=ATF&amp;sortorder=effectivedate">Aviation Turbine Fuel</a> (ATF), or jet fuel, from 14% to 8%. 
 
"Excise duty was raised when crude prices were low. Now they are inching up and the government can easily cut excise duty, which will also help shield airlines from a hike in jet fuel prices,” a government official, who did not want to be named, told ET. 
 
Rising fuel cost has been a major concern for the aviation sector. 
 
“Any rise in price of fuel, which constitutes a large part of our cost, is a concern but we may not be impacted that much because the government was raising taxes when crude was falling. So, the full benefit of crude decline was never transferred to airlines, which can act as a shield for us,” SpiceJet Chairman Ajay Singh had said. 
 
Other requests include keeping ATF in the GST ambit.

Aviation ministry has sent its Budget 2017 wishlist to Arun Jaitely. Here’s what they expect

After attacking <a href="http://www.businessinsider.in/searchresult.cms?query=raghuram+rajan&amp;sortorder=effectivedate">RBI Governor Raghuram Rajan</a>, who confirmed he will not go for second term, BJP MP <a href="http://www.businessinsider.in/searchresult.cms?query=subramanian+swamy&amp;sortorder=effectivedate">Subramanian Swamy</a> now has a new target. 
 Now, he wants India’s Chief Economic Adviser <keyword id="6355547" type="PERSON" weightage="20" keywordseo="Arvind-Subramanian">Arvind Subramanian</keyword>, a PM Narendra Modi-appointee, to be sacked. 
 
Swamy claimed that Subramanian had recommended that the US government act against India through the <a href="http://www.businessinsider.in/searchresult.cms?query=WTO&amp;sortorder=effectivedate">WTO</a> over its pharmaceutical IPR regulations. 
 
In a series of tweets, Swamy alleged that Subramanian encouraged Congress to remain adamant on <a href="http://www.businessinsider.in/searchresult.cms?query=GST&amp;sortorder=effectivedate">GST</a> clauses. Swamy said he was helping Finance Minister Arun Jaitley in identifying his enemies. 
 
<blockquote class="twitter-tweet" data-lang="en">
	
		Who said to US Cong on 13/3/13 the US should act against India to defend US Pharmaceuticals interests? Arvind Subramanian MoF !! Sack him!!! — <keyword id="6370187" type="PERSON" weightage="20" keywordseo="Subramanian-Swamy">Subramanian Swamy</keyword> (@Swamy39) <a href="https://twitter.com/Swamy39/status/745429777234825216">June 22, 2016</a></blockquote>
 
 
<blockquote class="twitter-tweet" data-lang="en">
	
		Guess who encouraged Congi to become rigid on GST clauses ? Jaitely's economic adviser Arvind Subramanian of Washington DC
	— Subramanian Swamy (@Swamy39) <a href="https://twitter.com/Swamy39/status/745439703013302273">June 22, 2016</a></blockquote>
 
 
<blockquote class="twitter-tweet" data-lang="en">
	
		Now PTs can understand why our core economic sectors could not perform last two years. Trojan horses galore in MoF/ Fin Institutions
	— Subramanian Swamy (@Swamy39) <a href="https://twitter.com/Swamy39/status/745466119461314563">June 22, 2016</a></blockquote>
 
 
<blockquote class="twitter-tweet" data-lang="en">
	
		<a href="https://twitter.com/omsinghis">@omsinghis</a> : I am helping Jaitely to recognise the enemies in our camp.
	— Subramanian Swamy (@Swamy39) <a href="https://twitter.com/Swamy39/status/745478227594883072">June 22, 2016</a></blockquote>
 
Subramanian had made that recommendation to the US Congress in a written testimony, which was submitted in March. 
Also, he had sought changes in Indian patent law. 
 
"If India does not address the problems created by Section 3(d) of the patent legislation or by compulsory licensing for nonworking, the United States should consider initiating WTO disputes against India," read Subramanian's testimony to the US Congress. 
 
Earlier, Swamy had accused Rajan on anti-national intentions. 
 
READ ALSO: <a href="http://www.businessinsider.in/Swamysays-Raghuram-Rajan-is-leaking-secrets-and-defending-US-power-gives-Modi-6reasons-to-sack-him/articleshow/52450672.cms">Swamy says Raghuram Rajan is leaking secrets and defending US’ power, gives Modi 6 reasons to sack him</a> 
 
READ ALSO: <a href="http://www.businessinsider.in/Subramanian-Swamy-is-stepping-up-the-political-ladder-and-how/articleshow/52850894.cms">Subramanian Swamy is stepping up the political ladder and how</a>

Subramanian Swamy now wants India’s chief economic adviser to be sacked

Presenting his fourth <keyword id="6358021" type="PERSON" weightage="100" keywordseo="budget">budget</keyword>, <a href="http://www.businessinsider.in/big-housing-push-affordable-housing-projects-get-infrastructure-status-in-budget-2017/articleshow/56911776.cms">Arun Jaitley</a> called Budget 2017-18 as the 'Budget for the poor' and while most of his policies have been met with enthusiasm such as his decision to focus on uplifting the underprivileged in the rural areas and giving affordable housing a boost by granting them 'infrastructure status,' some of them have also been met with criticism, for not having enough clarity. 
 But, as the comm0n man still comes to terms with the consequences of all the policies announced today, people on Twitter had the last laugh with their hilarious reactions towards <keyword id="6599769" type="UNKNOWN" weightage="100" keywordseo="Budget-2017">Budget 2017</keyword>. 
 
Have a look: 
<blockquote class="twitter-tweet" data-lang="en">
	
		Budget news on TV: 
		1.FM has left the house. 
		2.FM has stopped at a thela. 
		3.He ordered chhole kulche 
		4.HE ASKS FOR EXTRA CHHOLE!
	— Shree (@whyrus_) <a href="https://twitter.com/whyrus_/status/826634838979416064">February 1, 2017</a></blockquote>

<blockquote class="twitter-tweet" data-lang="en">
	
		What would we do without LSTV's insights? <a href="https://twitter.com/hashtag/Budget2017?src=hash">#Budget2017</a> <a href="https://t.co/dh42veDM4N">pic.twitter.com/dh42veDM4N</a>
	— Deepanjana (@dpanjana) <a href="https://twitter.com/dpanjana/status/826659663672401920">February 1, 2017</a></blockquote>

<blockquote class="twitter-tweet" data-lang="en">
	
		Pic1: When you get to know TAX exemption limit has been increased. 
		Pic2: When you realised you are still jobless <a href="https://t.co/a62gij9tbU">pic.twitter.com/a62gij9tbU</a>
	— The Viral Fever (@TheViralFever) <a href="https://twitter.com/TheViralFever/status/826693840241319936">February 1, 2017</a></blockquote>

<blockquote class="twitter-tweet" data-lang="en">
	
		When you can't figure out anything to criticize <a href="https://twitter.com/hashtag/Budget2017?src=hash">#Budget2017</a> 😂 <a href="https://t.co/ZE7DWKxDmf">pic.twitter.com/ZE7DWKxDmf</a>
	— Gabbbar (@GabbbarSingh) <a href="https://twitter.com/GabbbarSingh/status/826676812574969856">February 1, 2017</a></blockquote>

<blockquote class="twitter-tweet" data-lang="en">
	
		Hope Arun Jaitely allocates 1000 Crores to Shirish Kunder, Sajid Khan and RGV so that they don't need to make any movies ever. <a href="https://twitter.com/hashtag/Budget2017?src=hash">#Budget2017</a>
	— The Viral Fever (@TheViralFever) <a href="https://twitter.com/TheViralFever/status/826676760712511488">February 1, 2017</a></blockquote>

<blockquote class="twitter-tweet" data-lang="en">
	 Pic1: <keyword id="42575" type="PERSON" weightage="100" keywordseo="Arun-Jaitley">Arun Jaitley</keyword> rest of the year. 
		Pic2: During Budget. <a href="https://twitter.com/hashtag/Budget2017?src=hash">#Budget2017</a> <a href="https://t.co/ZbC5fbUtSj">pic.twitter.com/ZbC5fbUtSj</a>
	— Chika Pikaa Rikaa (@Simply_neev) <a href="https://twitter.com/Simply_neev/status/826649058525589504">February 1, 2017</a></blockquote>

<blockquote class="twitter-tweet" data-lang="en">
	
		Every Year: 
		 
		Pic 1: Common man before budget. 
		Pic 2: Common man after budget.<a href="https://twitter.com/hashtag/Budget2017?src=hash">#Budget2017</a> <a href="https://t.co/lVc0jN67zF">pic.twitter.com/lVc0jN67zF</a>
	— PhD in Bak*****!! (@Atheist_Krishna) <a href="https://twitter.com/Atheist_Krishna/status/826664990450999296">February 1, 201</a>7</blockquote>
<blockquote class="twitter-tweet" data-lang="en">
	
		Lol, the 543 most corrupt people in the country applauding the statement about tax avoidance burden falling on the honest. Chup.
	— Rohan (@mojorojo) <a href="https://twitter.com/mojorojo/status/826685972066746368">February 1, 2017</a></blockquote>

The funniest Twitter reactions to Arun Jaitley's Budget 2017

Prime Minister <keyword id="6354477" type="PERSON" weightage="100" keywordseo="Narendra-Modi">Narendra Modi</keyword> allocated portfolios to his ministers, giving the Ministry of Finance and Defence to Arun Jaitley. <keyword id="6355111" type="PERSON" weightage="100" keywordseo="Sushma-Swaraj">Sushma Swaraj</keyword> was allocated the Ministry of External Affairs while <keyword id="6355121" type="PERSON" weightage="100" keywordseo="Rajnath-Singh">Rajnath Singh</keyword> got Home Ministry. Here is the list of ministers in Modi’s government: 
 
Cabinet Ministers 
Rajnath Singh — Home Ministry 
Sushma Swaraj — Ministry of External Affairs 
Ananth Kumar — Parliamentary Affairs and additional charge of chemicals and fertilisers 
Nitin Gadkari — Surface Transport and Shipping Ministry 
Sadanand Gowda — Ministry of Railways 
Venkaiah Naidu — Urban Development Ministry and Parliamentary Affairs 
Ravi Shankar Prasad — Telecom Ministry, Law and Justice Ministry 
Maneka Gandhi — Women and Child Development Ministry 
Najma Heptulla — Ministry of Minorities 
Smriti Irani - Human Resource Development Ministry 
Radha Mohan Singh — Agriculture Ministry 
Nirmala Sitharaman — Minister of State for Commerce 
Prakash Javadekar — Minister of State for Information &amp; Broadcasting 
Ram Vilas Paswan — Food and Civil Supplies Ministry 
Arun Jaitley — Finance Ministry and additional charge of the Defence Ministry 
Uma Bharati —Minister of Water Resources and Ganga 
Jual Oram —Minister of Tribal Affairs 
 
Ministers of State (Independent Charge) 
General VK Singh – Development of North Eastern Region (Independent Charge), External Affairs, Overseas Indian Affairs 
Inderjit Singh Rao – Planning (Independent Charge), Statistics and Programme Implementation (Independent Charge), Defence 
Santosh Gangwar – Textiles (Independent Charge), Parliamentary Affairs, Water Resources, River Development and Ganga Rejuvenation 
Shripad Naik – Culture (Independent Charge), Tourism (Independent Charge) 
Dharmendra Pradhan – Petroleum and Natural Gas (Independent Charge) 
Sarbananda Sonowal – Skill Development, Entrepreneurship, Youth Affairs and Sports (Independent Charge) 
Prakash Javadekar – Information and Broadcasting (Independent Charge), Environment, Forest and Climate Change (Independent Charge), Parliamentary Affairs 
Piyush Goyal – Power (Independent Charge), Coal (Independent Charge), New and Renewable Energy (Independent Charge) 
Dr Jitendra Singh – Science and Technology (Independent Charge), Earth Sciences (Independent Charge), Prime Minister Office, Personnel, Public Grievances &amp; Pensions, Department of Atomic Energy, Department of Space 
Nirmala Sitharaman – Commerce and Industry (Independent Charge), Finance, Corporate Affairs 
 
Ministers of State 
GM Siddeshwara – Civil Aviation 
Manoj Sinha – Railways 
Nihalchand – Chemicals and Fertilisers 
Upendra Kushwaha - Rural Development, Panchayati Raj, Drinking Water and Sanitation 
Pon Radhakrishnan – Heavy Industries and Public Enterprises 
Kiren Rijiju – Home Affairs 
Krishan Pal – Road Transport and Highways, Shipping 
Sanjeev Balyan – Agriculture, Food Processing Industries 
Mansukhbhai Dhanjibhai Vasava – Tribal Affairs 
Raosaheb Danve – Consumer Affairs, Food and Public Distribution 
Vishnu Deo Sai – Mines, Steel, Labour and Employment 
Sudarshan Bhagat – Social Justice and Empowerment

Modi Allocates Portfolios To Ministers

This budget, the excise duty has been hiked by up to 6 % for cigarettes of all sizes. This wasn't expected at all. Still the shares of ITC Limited are going good because it's still below 10%. 
 
 
<a href="http://www.businessinsider.in/budget/common-man-budget">Cigarette </a>smoking is injurious to health. This statutory warning has taken a toll on the tobacco farmers in India. And this budget the tobacco farmers of the country wants the government not to impose any more taxes on legal cigarettes. 
 
<a href="http://www.businessinsider.in/budget/common-man-budget">ALSO READ: WHAT CAN A COMMON MAN EXPECT THIS BUDGET</a> 
 
While the market is decreasing every other day as far as consumption is concerned, the Indian tobacco exports are also sluggish and this has resulted in 22 % decline in returns to farmers. 
 There are 96,865 registered tobacco farmers and many more that are not registered in India. Around 0.25% of India's cultivated land is used for tobacco production. Since the independence, the Indian government has supported growth in the tobacco industry. India has seven tobacco research centres that are located in Jeelugumilli, Andhra Pradesh, Kandukuru, Andhra Pradesh, <keyword id="52887" type="CITY" weightage="20" keywordseo="Guntur">Guntur</keyword>, Andhra Pradesh, Kalavacherla, Andhra Pradesh, Hunsur, Karnataka., Vedasandur, <keyword id="20154" type="ORGANIZATION" weightage="20" keywordseo="tamil-nadu">Tamil Nadu</keyword>, Dinhata, <a href="http://www.businessinsider.in/budget/common-man-budget">West Bengal</a> and <a href="http://www.businessinsider.in/budget/common-man-budget">Rajamundry </a>houses the core research institute. The government has set up <keyword id="162734" type="ORGANIZATION" weightage="20" keywordseo="Tobacco-Board">Tobacco Board</keyword>, Guntur. <a href="http://www.businessinsider.in/budget/common-man-budget">ALSO READ: YOU CAN OWN A CAR LIKE THIS</a> 
 Guntur is also well known place for tobacco plantation. The <keyword id="672789" type="ORGANIZATION" weightage="20" keywordseo="Central-Tobacco-Research-Institute">Central Tobacco Research Institute</keyword> works under the aegis of Indian Council of Agricultural Research. Tobacco crop is cultivated in an area of 0.45 M ha (0.27% of the net cultivated area) producing ~ 750 M kg of tobacco leaf. India is the 2nd largest producer and exporter (in quantity terms) after China and <keyword id="6355226" type="COUNTRY" weightage="20" keywordseo="Brazil">Brazil</keyword>, respectively. 
 Ahead of the Budget 2017, the <keyword id="3404445" type="UNKNOWN" weightage="20" keywordseo="federation-of-all-india-farmer-associations">Federation of All India Farmer Associations</keyword> (<keyword id="3164346" type="UNKNOWN" weightage="20" keywordseo="FAIFA">FAIFA</keyword>) wants to bring stability in farm prices of the crop. 
 The non-profit organisation representing farmers across the states, including Andhra Pradesh, Telangana, Karnataka and <keyword id="6354766" type="COMPANY" weightage="20" keywordseo="Gujarat">Gujarat</keyword>, appealed to <a href="http://www.businessinsider.in/budget/common-man-budget">Finance Minister </a><keyword id="143010" type="PERSON" weightage="20" keywordseo="Arun-Jaitely">Arun Jaitely</keyword>, to avoid “the <a href="http://www.businessinsider.in/budget/common-man-budget">onslaught</a> of heavy taxation on legal cigarette industry” and help bring stability in farm prices of tobacco. 
 “We are very disturbed because of the declining off-take from domestic manufacturers … Regulatory overreach has created panic and strain on the FCV tobacco farmers in the country,” FAIFA General Secretary <keyword id="1407736" type="PERSON" weightage="20" keywordseo="Murali-Babu">Murali Babu</keyword> said in a statement. 
 
“Excessive increase in the excise duties on<a href="http://www.businessinsider.in/budget/common-man-budget"> tobacco products</a>, cumulative increase of 118 per cent since 2012/13, leading to 22 per cent” has led to shrinkage in the legal cigarette volumes, FAIFA said. 
 (Image: <keyword id="76338" type="CITY" weightage="20" keywordseo="Reuters">Reuters</keyword>))

Excise duty in cigarette hiked. Tobacco farmers in india are struggling to make ends meet

<ul><li>Indian Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> just announced multiple mergers of public sector banks.</li><li>The mergers will shrink the total number of public sector banks in India from 27 to 12.</li><li>The merger between <keyword id="62034" type="CITY" weightage="20" keywordseo="Punjab-National-Bank">Punjab National Bank</keyword> (PNB), Oriental Bank and United Bank will make the second largest state owned bank in India.</li></ul>Indian finance minister Nirmala Sitharaman today announced the merger of ten state-owned banks into four mega banks. This is a part of the government’s agenda to shrink the number of public sector banks in India from 27 to 12. As a part of the merger, Punjab National Bank (PNB) will be merging with Oriental Bank and United Bank which will be the second largest public sector bank in India. While PNB will retain its identity as the anchor bank, it will be ‘acquiring’ the other two smaller banks. <keyword id="6357132" type="COMPANY" weightage="20" keywordseo="Canara-Bank">Canara Bank</keyword> will merge with Syndicate Bank to become the fourth largest bank. Union Bank of India will subsume with Andhra Bank and Corporation Bank to turn into the fifth largest state-owned bank. Indian Bank and Allahabad Bank will also merge to become the seventh largest public sector bank. The BSE Bankex surged by a massive 172 points today to close at 30,949 as the merger buzz pushed the stocks of PSU banks. Professionally managed banks Sitharaman also promised to ensure that these merged banks will be run professionally while shedding some of bureaucratic pains that have dogged public sector institutions. The merged entities will be able to make succession plans, and will be more accountable to the board. "The banks will also be able to recruit a chief risk officer from the market at market-linked compensation," she said. Sitharaman stated that the total non-performing assets or toxic loans are at a massive ₹ 7.9 lakh crore. However, they came down from ₹8.46 lakh crore in December last year. These bank mergers will create stronger entities allowing them to support the slowing credit growth in the country. Third set of bank reforms — with more to follow This is the third time that the Narendra Modi government is consolidating the public sector banking industry. In April 2017, he announced the merger of five associate banks and the Bharatiya Mahila Bank with the State Bank of India (SBI). In April this year, Dena Bank and Vijaya Bank were merged with Bank of Baroda. India’s former Finance Minister, the late Arun Jaitely stated, "India needs fewer, mega banks which are strong, because in every sense, from borrowing rates to optimum utilisation, the economies of scale as far as the banking sector are concerned are of great help." The total number of banks is expected to reduce even further to around only four or five as per the Indian government’s plans for the sector.

Indian government decides to merge ten public sector banks to form four large entities

<div class="image-container float_right" style="width:428px"><div class="image"></div><a href="http://www.travelbusy.com/gallery/">TravelBusy.com / Flickr</a></div>NEW DELHI (AP) — <keyword id="3658" type="COUNTRY" weightage="60" keywordseo="India">India</keyword>'s finance minister Thursday unveiled a national budget with a promise to put Asia's third largest economy back on a path of high growth and to trim the fiscal deficit.
Palaniappan Chidambaram told Parliament that attracting foreign investment was crucial to reversing India's economic slowdown and getting the nation back to fiscal health. Reducing the budget deficit meant the government had no choice but to cut spending, he said.
The budget foresees total expenditure of 16.65 trillion rupees ($306 billion) in the fiscal year that begins April 1. The finance ministry forecast the fiscal deficit to decline to 4.8 percent of gross domestic product from 5.2 percent expected in the current fiscal year.
Among measures to boost revenue, the minister announced a temporary tax hike for the "super rich." The 42,800 people with annual income over 10 million rupees ($186,000) would pay the additional tax for one year.
He also hiked taxes on imported luxury cars, high-end motorcycles and yachts, all of which have become symbols of affluence among India's upper classes. Cigarettes, cigars, mobile phones and SUVs would cost more, as would dining at expensive restaurants, Chidambaram said. Big companies would pay more tax to boost government revenue.
The budget comes against the backdrop of a downhill slide in India's economic growth from earlier levels of 9 percent. The economy is projected to grow about 5 per cent this fiscal year ending March, far below the 7.6 per cent growth projected in last year's budget and prompting calls from economists for an increase in the pace of economic and financial reforms.
The government, led by Prime Minister Manmohan Singh, has over the past two years tried to push through legislation to ease restrictions on foreign investment and allow international retailers to open supermarkets here. But it has faced stiff resistance from opposition politicians, who shut down Parliament over the issue, casting doubt on the government's ability to execute reforms. Last week, India's trade unions and bank employees unions held a country-wide strike to protest economic reforms.
Singh hailed the new budget, saying India "should get back to 8 percent growth in 2 to 3 years." The finance ministry has forecast growth of between 6.1 percent and 6.7 percent in the new fiscal year.
Chidambaram announced a marginal increase in defense expenditure with the budget for safeguarding the country increased to 2.03 trillion rupees ($37.7 billion). The budget has a provision of 867.4 billion rupees for India, the world's top arms and defense equipment buyer, to purchase new defense equipment in the next fiscal year.
With the country headed for general elections in 2014, government spending on costly social programs was projected to go up substantially. The budget has assigned 100 billion rupees for an ambitious food security program.
Chidambaram told lawmakers the country was also facing a current account deficit crisis due to huge imports of oil, coal and gold and a slowdown in exports.
Chidambaram said India would need around $75 billion this year and next year from foreign investment and external commercial borrowing to bridge the current account deficit. The current account is a broad measure of trade and investment balances with the rest of the world.
"India at the present juncture does not have the choice of welcoming and spurning foreign investment. We need to welcome foreign investment," he said.
Opposition political leaders said the budget only made cosmetic changes in taxation and expenditure.
It was "extremely low on substance, with nothing to offer to the poor, and a substantial reduction in budgetary support for the economically deprived," said Arun Jaitely, a leader of the main opposition Bharatiya Janata Party.
Business leaders gave it a higher rating.
"The finance minister's intentions are very clear: to move India back to a higher growth plane. And given his lack of runway, he has taken lots of small measures which together could boost growth," said N. Chandrasekaran, CEO and Managing Director of Tata Consultancy Services, India's top outsourcing company.
Chidambaram tried to dispel the general air of despondency over the Indian economy's slowdown, saying it was "not all doom and gloom."
"Only China and Indonesia are growing faster than India, and achieving high growth is not beyond India's capacity," he said.
"We have done it and we will do it again."

India's Super-Rich Are Getting Hit With A Bunch Of New Tax Hikes

Here’s a list of Lok Sabha and Rajya Sabha constituencies going for by-poll on 21st October 2019 <table style="width: 0cm;"> <tbody><tr> <td style="border-width: 1pt; border-style: solid; border-color: black; padding: 1.5pt 2.25pt; height: 15.75pt;"> Constituency </td> <td style="border-top: 1pt solid black; border-right: 1pt solid black; border-bottom: 1pt solid black; border-left-width: initial; border-left-style: none; padding: 1.5pt 2.25pt; height: 15.75pt;"> INC Candidate </td> <td style="border-top: 1pt solid black; border-right: 1pt solid black; border-bottom: 1pt solid black; border-left-width: initial; border-left-style: none; padding: 1.5pt 2.25pt; height: 15.75pt;"> BJP Candidate </td> </tr> <tr> <td style="border-right: 1pt solid black; border-bottom: 1pt solid black; border-left: 1pt solid black; border-top-width: initial; border-top-style: none; padding: 1.5pt 2.25pt; height: 15.75pt;"> Samastipur - Bihar (Lok Sabha) </td> <td style="border-top-width: initial; border-style: none solid solid none; border-left-width: initial; border-bottom-width: 1pt; border-bottom-color: black; border-right-width: 1pt; border-right-color: black; padding: 1.5pt 2.25pt; height: 15.75pt;"> Dr. Ashok Kumar </td> <td style="border-top-width: initial; border-style: none solid solid none; border-left-width: initial; border-bottom-width: 1pt; border-bottom-color: black; border-right-width: 1pt; border-right-color: black; padding: 1.5pt 2.25pt; height: 15.75pt;"></td> </tr> <tr> <td style="border-right: 1pt solid black; border-bottom: 1pt solid black; border-left: 1pt solid black; border-top-width: initial; border-top-style: none; padding: 1.5pt 2.25pt; height: 15.75pt;"> Rajya Sabha - Uttar Pradesh </td> <td style="border-top-width: initial; border-style: none solid solid none; border-left-width: initial; border-bottom-width: 1pt; border-bottom-color: black; border-right-width: 1pt; border-right-color: black; padding: 1.5pt 2.25pt; height: 15.75pt;"></td> <td style="border-top-width: initial; border-style: none solid solid none; border-left-width: initial; border-bottom-width: 1pt; border-bottom-color: black; border-right-width: 1pt; border-right-color: black; padding: 1.5pt 2.25pt; height: 15.75pt;"> Sudhanshu Trivedi </td> </tr> <tr> <td style="border-right: 1pt solid black; border-bottom: 1pt solid black; border-left: 1pt solid black; border-top-width: initial; border-top-style: none; padding: 1.5pt 2.25pt; height: 15.75pt;"> Rajya Sabha - Bihar </td> <td style="border-top-width: initial; border-style: none solid solid none; border-left-width: initial; border-bottom-width: 1pt; border-bottom-color: black; border-right-width: 1pt; border-right-color: black; padding: 1.5pt 2.25pt; height: 15.75pt;"></td> <td style="border-top-width: initial; border-style: none solid solid none; border-left-width: initial; border-bottom-width: 1pt; border-bottom-color: black; border-right-width: 1pt; border-right-color: black; padding: 1.5pt 2.25pt; height: 15.75pt;"> Satish Dubey </td> </tr> <tr> <td style="border-right: 1pt solid black; border-bottom: 1pt solid black; border-left: 1pt solid black; border-top-width: initial; border-top-style: none; padding: 1.5pt 2.25pt; height: 15.75pt;"> Kishanganj - Bihar (Assembly Bye Election) </td> <td style="border-top-width: initial; border-style: none solid solid none; border-left-width: initial; border-bottom-width: 1pt; border-bottom-color: black; border-right-width: 1pt; border-right-color: black; padding: 1.5pt 2.25pt; height: 15.75pt;"> Sayeeda Banu </td> <td style="border-top-width: initial; border-style: none solid solid none; border-left-width: initial; border-bottom-width: 1pt; border-bottom-color: black; border-right-width: 1pt; border-right-color: black; padding: 1.5pt 2.25pt; height: 15.75pt;"></td> </tr> <tr> <td style="border-right: 1pt solid black; border-bottom: 1pt solid black; border-left: 1pt solid black; border-top-width: initial; border-top-style: none; padding: 1.5pt 2.25pt; height: 15.75pt;"> Mandawa - Rajasthan (Assembly Bye Election) </td> <td style="border-top-width: initial; border-style: none solid solid none; border-left-width: initial; border-bottom-width: 1pt; border-bottom-color: black; border-right-width: 1pt; border-right-color: black; padding: 1.5pt 2.25pt; height: 15.75pt;"> Rita Chaudhary </td> <td style="border-top-width: initial; border-style: none solid solid none; border-left-width: initial; border-bottom-width: 1pt; border-bottom-color: black; border-right-width: 1pt; border-right-color: black; padding: 1.5pt 2.25pt; height: 15.75pt;"></td> </tr> <tr> <td style="border-right: 1pt solid black; border-bottom: 1pt solid black; border-left: 1pt solid black; border-top-width: initial; border-top-style: none; padding: 1.5pt 2.25pt; height: 15.75pt;"> Khinwsar – Rajasthan - (Assembly Bye Election) </td> <td style="border-top-width: initial; border-style: none solid solid none; border-left-width: initial; border-bottom-width: 1pt; border-bottom-color: black; border-right-width: 1pt; border-right-color: black; padding: 1.5pt 2.25pt; height: 15.75pt;"> Harendra Mirdha </td> <td style="border-top-width: initial; border-style: none solid solid none; border-left-width: initial; border-bottom-width: 1pt; border-bottom-color: black; border-right-width: 1pt; border-right-color: black; padding: 1.5pt 2.25pt; height: 15.75pt;"></td> </tr> <tr> <td style="border-right: 1pt solid black; border-bottom: 1pt solid black; border-left: 1pt solid black; border-top-width: initial; border-top-style: none; padding: 1.5pt 2.25pt; height: 15.75pt;"> Balha - Uttar Pradesh (Assembly Bye Election) </td> <td style="border-top-width: initial; border-style: none solid solid none; border-left-width: initial; border-bottom-width: 1pt; border-bottom-color: black; border-right-width: 1pt; border-right-color: black; padding: 1.5pt 2.25pt; height: 15.75pt;"> Mannu Devi </td> <td style="border-top-width: initial; border-style: none solid solid none; border-left-width: initial; border-bottom-width: 1pt; border-bottom-color: black; border-right-width: 1pt; border-right-color: black; padding: 1.5pt 2.25pt; height: 15.75pt;"></td> </tr> </tbody></table> The demise of one of the top leaders of BJP Arun Jaitley (BJP) and the renowned lawyer Ram Jethmalani (RJD) has created a vacuum in the Rajya Sabha. BJP has announced that the party’s spokesperson Sudhanshu Trivedi and former Lok Sabha MP Satish Dubey will contest for these two Rajya Sabha MP posts from Uttar Pradesh and Bihar respectively. Samastipur in Bihar will go for by polls due to the demise of Ramchandra Paswan who won from this seat on behalf of LJP in 2019 elections. Congress has nominated Dr. Ashok Kumar to contest from this seat. Earlier during the last elections, he lost to Ramchandra Paswan. During the upcoming bye polls on October 21, 2019, Sayeeda Banu, Rita Chaudhary, Harendra Mirdha and Mannu Devi will field for Congress party from the assembly constituencies of Kishanganj (Bihar), Mandawa (Rajasthan), Khinwsar (Rajasthan) and Balha (Uttar Pradesh) respectively.

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