The Tribune, Chandigarh, India

Punjab Budget 2011-12 wishlist (Agriculture, Industry)
Rs 10,000 crore needed for agriculture revival
Ludhiana, March 13
Farmers want the government to allow exports of potato and kinnow. At least Rs 10,000 crore are needed to revive Punjab’s agriculture, say farmers. Agricultural economists feel that in addition to the investment, some immediate steps are also needed. MS Sidhu, Head, Department of Economics, Punjab Agriculture University, said the Punjab government must invest in Research & Development (R&D) to better assist the farmer.

Farmers want the government to allow exports of potato and kinnow.

Insurance, subsidy must for viable farming
Amritsar, March 13
Subsidies on fertilisers, pesticides, reduction of VAT on petrol and diesel, and insurance cover for agriculture produce are some demands of farmers in Amritsar. “Fertilisers, weedicides and seeds were given to farmers on subsidised rates till 1990-92.

Value-added tax on sports goods must go
Jalandhar, March 13
Nearly 400 sports industrialists here have been disappointed a lot with ‘anti-industry’ policies of the state government. They expect the Parkash Singh Badal led SAD-BJP government to abolish value added tax (VAT) on sports goods.

Tax Advice
No need to file return if income below tax level
Q: My father is regularly filing income tax return with the income tax department as he has been getting pension from his employer, interest on saving bank account and rental income.

Retail, rural operations to drive growth for SBoP
Chandigarh, March 13
Rural and semi urban population and retail operations will continue to be the growth drivers for State Bank of Patiala in 2011-12. Having ensured a remarkable improvement in net interest margin (NIM) and logging a high growth of 58.90 per cent, the bank hopes to continue the good run.

Sebi for tighter leash on wealth managers
Mumbai, March 13
If the Securities & Exchange Board of India (Sebi) has its way, wealth managers will have a tough time going forward as the capital markets watchdog is in the process of coming out with stern measures to regulate the relationship managers in particular and wealth management firms in general.

Garment makers to go on strike again
New Delhi, March 13
Garment makers who are pitching for removal of 10 per cent excise duty on readymade garments, will again observe a two-day nationwide strike from tomorrow.

	Trade, tourism with Japan to be hit New Delhi, March 13 The March 11 disaster in Japan will hit Indo-Japanese trade at least in the short-run, even though reconstruction activity in affected cities may lead to increased demand for Indian steel, experts say. “In the short-term, delivery of goods in transit will be affected...it would also have impact on exporters’ payments,” President of the Federation of Indian Export Organisations (FIEO) Ramu S Deora said. The tourism industry also fears that the disaster may impact its revenues. “Japan recently identified India has a preferred tourism destination. However, this incident will definitely have an impact on tourism at least for the next two-three months,” STIC Travel Group Chairman Subhash Goyal said. Operations at the Narita International Airport in Tokyo, which is a major hub for airlines and the only airport that connects Japan to India, areunlikely to start in full swing anytime soon, experts say. Inbound business from Japan is going to take a huge hit as during the school holidays (March-April) thousands of Japanese tourist visit nearby Asian countries, he added. According to industry estimates, about one lakh people travel between India and Japan every year, which is split almost equally between outbound and inbound travellers. India-Japan bilateral trade stood at over $10 billion in 2009-10. India's exports to Japan comprise steel, iron ore, chemicals, while imports include machinery, mechanical parts, auto components and chemicals. With a desire to give a quantum jump to trade in goods, services and investment, the two countries had last month signed Comprehensive Economic Partnership Agreement. “For a couple of weeks, sea cargos would be affected but air cargos will not be really impacted,” Justin Paul, formerly Professor with Nagoya University said. — Agencies
	Punjab Budget 2011-12 wishlist (Agriculture, Industry) Rs 10,000 crore needed for agriculture revival Shivani Bhakoo Tribune News Service Ludhiana, March 13 At least Rs 10,000 crore are needed to revive Punjab’s agriculture, say farmers. Agricultural economists feel that in addition to the investment, some immediate steps are also needed. MS Sidhu, Head, Department of Economics, Punjab Agriculture University, said the Punjab government must invest in Research & Development (R&D) to better assist the farmer. He also emphasised that there must be proper storage for farm produce. He added it was unfortunate that agriculture in the state was turning unsustainable. “Currently, agriculture gets just 4 per cent of the total state Budget. At least Rs 10,000 crore need to be allocated for the next five years (each year). The state also needs to formulate farmer-friendly policies on the pattern of Karnataka,” Sidhu added. He wanted the Punjab government to approach the Centre to grant funds. Farmers want the government to allow exports of potato and kinnow, which could help farmers fetch good returns. Bharti Kisan Union (Rajewal) chief BS Rajewal said an export-oriented scheme was meted-out a decade back, but there was no follow-up. “We must be given transport subsidy in Punjab. Due to urbanisation and industrial development, agricultural land is decreasing each year. We expect the government to announce good packages for agriculture,” he said.
	Insurance, subsidy must for viable farming P K Jaiswar/TNS Amritsar, March 13 Subsidies on fertilisers, pesticides, reduction of VAT on petrol and diesel, and insurance cover for agriculture produce are some demands of farmers in Amritsar. “Fertilisers, weedicides and seeds were given to farmers on subsidised rates till 1990-92. Spiraling prices of these commodities have put extra burden on the farming community. As these subjects are under the state government, it should grant subsidies ,” said Rattan Singh Randhawa, senior vice-president, Jamhoori Kisan Sabha. Farmers want the state government to launch an insurance scheme for crops. They also want a new land acquisition policy. “During political rallies at various border villages before the previous Assembly elections, CM Parkash Singh Badal had promised a grant of Rs 5,000 per acre as inconvenience allowance to farmers who own land across the fence. They had to face losses because of stringent time restrictions on crossing the barbed wire for tilling their land. The grant would put an extra burden of just Rs 10 crore ,” said Randhawa. Mothers worry about kids’ education “Tax relaxation should be given on necessary kitchen articles. They should be freed from Value-Added Tax (VAT). Essential goods should be exempt from higher VAT rates. Dining out has become very expensive, if possible VAT should be cut there too. Computers and laptops should be made tax-free. Education is becoming expensive. Medical and non-medical education is getting very costly. The government should keep a tab on rising fees. Loans should be provided for higher education with low interest rates.”
	Value-added tax on sports goods must go Dharmendra Joshi/TNS Jalandhar, March 13 Nearly 400 sports industrialists here have been disappointed a lot with ‘anti-industry’ policies of the state government. They expect the Parkash Singh Badal led SAD-BJP government to abolish value added tax (VAT) on sports goods. Khel Udyog Sangh convener Vijay Dhir said sports industrialists of Punjab had to pay 4 per cent VAT, 2 per cent CST with form C and 4 per cent CST without form C, whereas those of UP had been given full relaxation from VAT and CST. Dhir said sports goods were manufactured mainly in two cities, Jalandhar in Punjab and Meerut in UP. While 90 per cent of the sports goods were made in Jalandhar, only 10 per cent were manufactured in Meerut until past several years. Now, however, 55-60 per cent of sports goods were manufactured in Meerut, he added. The president of the Federation of Jalandhar Industrial and Traders Associations Gursharan Singh said that Upinderjeet Singh should announce freight subsidy to exporters in her first Budget.
	Tax Advice No need to file return if income below tax level by SC Vasudeva Q: My father is regularly filing income tax return with the income tax department as he has been getting pension from his employer, interest on saving bank account and rental income. For the last two years, his organisation has discontinued the payment of pension. His only taxable income is interest on saving bank account and rental income. The amount does not fall within the income tax limit. Does he need to file income tax return in view of non-availability of pension? — ABC, Chandigarh A: Your father is not required to file income- tax return in case his taxable income without claiming any deduction under Chapter VI-A of the Income-tax Act 1961 (The Act) (e.g. 80C deduction) is below the maximum amount on which tax is not payable by an assessee. PPF account Q: Can deduction under Section 80C be claimed for the amount deposited by an individual to PPF account which is in the name of his son or spouse? — Maninder Singh, Patiala A: A deduction of amount contributed by an individual to the PPF account in the name of the wife or his son shall be allowable under the provisions of Section 80C of the Act.
	Retail, rural operations to drive growth for SBoP Ruchika M Khanna/TNS Chandigarh, March 13 Rural and semi urban population and retail operations will continue to be the growth drivers for State Bank of Patiala in 2011-12. Having ensured a remarkable improvement in net interest margin (NIM) and logging a high growth of 58.90 per cent, the bank hopes to continue the good run. The bank will continue to expand in Tier-III and Tier-VI towns by opening new branches. The attempt will to consolidate business in Punjab, Haryana, Himachal Pradesh, Chandigarh and Delhi. Ashok Nayar, MD, State Bank of Patiala, said: “We have 1,000 branches of the bank, spread across North India. Over the next year, we will not be opening as many branches (115 new branches added this year). The focus will be on consolidation, though we intend to service 227 villages,” he said. He added: “This growth will come from the retail and agriculture sectors. During this year, the annualised growth of retail deposits has been 21.39 per cent, while the growth in advances has been 10.61 per cent. The current account savings account ratio (CASA) has improved from 25.65 per cent in March 2010 to 27.58 per cent in February 2011. We have managed to achieve all benchmarks in priority sector lending, agriculture, advances to weaker sections and MSME sector and the gross profit is showing a growth of 58.90 per cent on y-o-y basis ,” he said.
	Sebi for tighter leash on wealth managers Mumbai, March 13 If the Securities & Exchange Board of India (Sebi) has its way, wealth managers will have a tough time going forward as the capital markets watchdog is in the process of coming out with stern measures to regulate the relationship managers in particular and wealth management firms in general. Sebi has also flagged the need for concerted efforts and better coordination both at the operational as well as the surveillance level between the various regulators to protect investor interest. Sebi executive director KN Vaidhyanathan, who heads the investment management department that oversees foreign institutional investors and mutual funds at Sebi, was very vocal at a seminar over the weekend here, “We cannot remain silent. We need to come together and address how to regulate the wealth management sector, which straddles across different jurisdictions.” — PTI
	Garment makers to go on strike again New Delhi, March 13 Garment makers who are pitching for removal of 10 per cent excise duty on readymade garments, will again observe a two-day nationwide strike from tomorrow. Around two lakh garment makers in New Delhi, Tirupura, Kolkata, Ahmedabad, Hyderabad and Bangalore have decided to close units on Monday and Tuesday, as talks with the Finance Minister Pranab Mukherjee for duty roll back have remained inconclusive. “We have met the Finance Minister twice, but nothing has resulted,” Intimate Apparel Association of India (IAAI) President Rakesh Grover said. Mukherjee had announced a levy of 10 per cent excise duty on branded apparel in the Budget for 2011-12. — PTI