Indian economy grew by 8.8 pc in April-June

Indian economy grew by 8.8 pc in April-June

The economy grew by an impressive 8.8 per cent during the quarter ended June on the back of robust manufacturing growth. However, certain sectors like financial services restrained growth in the economy, which had recorded six per cent growth rate in April-June 2009-10.

Agriculture and allied activities grew by 2.8 per cent, higher than 1.9 per cent in the year-ago period, but it is nowhere near the target of four per cent pegged by the Government in the medium term.

DTC Bill tabled in Lok Sabha

DTC Bill tabled in Lok Sabha

The Government today tabled the much-awaited Direct Taxes Code bill (DTC) in the Lok Sabha which proposed to raise the exemption limit on income tax from the current Rs 1.6 lakh to Rs. 2 lakh.

The bill, introduced by Finance Minister Pranab Mukherjee, seeks to widen income tax slabs to levy 10 per cent rate on income between Rs. 2 lakh to 5 lakh, 20 per cent on between Rs. 5-10 lakh and 30 per cent above Rs. 10 lakh.