US, Russian Presidents agree on weapon cut US President Barack Obama and Russia's President Dmitry Medvedev have agreed a preliminary deal to reduce

US, Russian Presidents agree on weapon cut

US President Barack Obama and Russia's President Dmitry Medvedev have agreed a preliminary deal to reduce their stockpiles of nuclear weapons. Both countries aim to cut the number of nuclear warheads to 1,500-1,675 on each side, from current levels of 2,200. The two leaders signed a joint declaration to reduce their arsenals, following talks in Moscow. The document is meant as a guide for negotiators as the countries work towards a replacement treaty for the START arms control agreement that expires in December. The presidents also aim to lower the number of longer-range missiles for delivering nuclear bombs to 500-1,100. At the moment, the two countries are each allowed a maximum of 1,600 launch vehicles. The new limits are planned to be reached within seven years of a new treaty coming into force. Russia has also agreed to let America fly troops and weapons across its territory to Afghanistan.

Budget India: food, jobs and Bharat building!

Promising to halve poverty by 2014 and add 12 million jobs each year, Finance Minister Pranab Mukherjee presented India's budget for this fiscal that hikes income tax exemption limit and steps up allocations for welfare schemes and infrastructure, while assuring high growth for the $1.2 trillion economy once again. The income tax exemption limit for senior citizens was sought to be hiked by Rs.15,000, while that for women and others was stepped up by Rs.10,000. The 10 per cent surcharge on personal income tax also was sought to be removed in Mukherjee's budget presented in the Lok Sabha.
New incentives to farmers, 45 per cent jump in funds for Bharat Nirman, India's flagship rural reconstruction programme, higher spending on urban development, fresh impetus on energy security and revival of the divestment programme were among the highlights of the 100-minute Mukherjee's budget.

He also announced that the national food security act will be enacted soon promising 25 kg of rice or wheat per month to the poor at Rs.3 per kg, while announcing a new health insurance scheme for those below the poverty line. For India Inc, the corporate tax rate was kept unchanged, even as the finance minister sought to reduce the burden on industry by abolishing the commodities transaction tax, but hiked the minimum alternate tax to 15 per cent of book profits.
Mukherjee also promised to scrap the fringe benefit tax to please corporates, introduce a pan-India goods and services tax from April next year and gave 100 per cent tax deductions to political donations. Dressed in a smart white bandgala suit, the 73-year-old politician - who had presented his last budget as finance minister in the government of prime minister Indira Gandhi 25 years ago - said the United Progressive Alliance (UPA) government would push forward an agenda that will ensure 12 million new jobs each year and reduce poverty by half by 2014. "The government also recognises the challenges," he said, referring to the global slowdown and the decline in India's high growth rate in the past year to 6.7 per cent from over 9 per cent in the preceding three years.