Indian Union Budget 2011-2012 By Pranab Mukherjee

By: DoYouKnow.IN | Views: 3389 | Date: 28-Feb-2011

India's Finance Minster Pranab Mukherjee has begun the presentation of his Budget speech for 2011-12 stating that average inflation will be down next year and that Indian economy is expected to grow at 9% annually.

India's Finance Minster Pranab Mukherjee has begun the presentation of his Budget speech for 2011-12 stating that average inflation will be down next year and that Indian economy is expected to grow at 9% annually. Agriculture sector has recorded a growth of 5.4% while industry has grown by 8.1% in 2010-11.

The Finance Minister added that the current account deficit poses a major concern.



Highlights:

  • I-T exemption limit raised to Rs 1.80 lakh from Rs 1.60 lakh .
  • Exemption for senior citizens raised to Rs 2.5 lakh
  • Tax under women slab unchanged.
  • Tax exemption raised to Rs 5 lakh for senior citizens of 80 years.
  • To increase service tax on air travel
  • Excise and customs duty proposals to result in the net gain of Rs 7,300 crore.
  • Export duty rates on iron ore unified and kept at 20% ad valorem.
  • Basic customs duty on agricultural machinery reduced to 4.5% from 5%
  • Basic customs duty on raw silk reduced from 30 to 5 per cent
  • Excise and customs duty proposals to result in the net gain of Rs 7,300 crore
  • Nominal one per cent central excise duty on 130 items entering the tax net. Basic food and fuel and precious stones, gold and silver jewellery will be exempted.
  • Peak rate of customs duty maintained at 10% in view of the global economic situation.
  • Customs duty exemptions for hybrid auto parts.
  • Nominal one per cent central excise duty on 130 items entering the tax net. Basic food and fuel and precious stones, gold and silver jewellery will be exempted.
  • Standard rate of central exercise duty maintained at 10%.
  • Central government debt in proportion to GDP will be 44.2% in 2011-12.
  • 20% export duty on all grades of iron ore.
  • Basic customs duty reduced on certain textile products
  • No change in service tax rate of 10%.
  • No change in central excise duty.
  • Plan to levy 1% on 130 consumer items.
  • Revenue deficit fixed at 2.3 per cent in revised estimates of 2010—11 and 1.8 per cent in 2011—12,
  • Total plan expenditure will go up 100 per cent in nominal terms in the next year
  • 15% tax on dividend for Indian cos from foreign unit.
  • Direct Tax proposals result in expenditure of Rs 11,500 cr.
  • To reduce surcharge on domestic companies to 5% from 7.5%
  • MAT rate hiked to 18.5% from 18%.
  • MAT on developers in SEZs to be levied.
  • Fiscal deficit revised to 5.1% from 5.5% for FY'11
  • Total expenditure raised by 13.4% at Rs 12.57 lakh cr over budget estimates
  • Gross tax receipts estimated at 9.32 lakh cr for FY 2011-12
  • Bill to amend India Stamp Act soon.
  • Budget allocation of Rs 100 cr for Ladakh and Rs 150 cr for Jammu for implementation of projects identified by taskforce
  • Old age pension to persons of over the age of 80 raised from Rs 200 to Rs 500
  • Health allocation up by 20% to R 27,600 cr.
  • Rs 9- lakh ex-gratia for defence personnel for 100% disability fighting Left-wing extremism.
  • To set up 15 more mega food parks.
  • Remuneration of anganwadi workers raised from Rs 1,500 to Rs 3,000 per month. Helpers to get Rs 1,500 from Rs 750
  • Tax free bonds of Rs 30,000 cr to be issued for infrastructure development. This will cover Warehousing Corporation, NHAI, IRFC and Hudco.
  • Allocation under Rashtriya Krishi Vikas Yojana to be raised from Rs 6,755 crore in the current year to Rs 7,860 crore.
  • Rs 50 cr grant to Aligarh Muslim University centres in Murshidabad in West Bengal and Malappuram in Kerala.
  • Rs 200 cr for environmental remediation programme.
  • Age for pension eligibility reduced from 65 years to 60 years under Indira Gandhi Yojana scheme
  • To move insurance, pension and banking bills in Parliament
  • Rs 500-cr for National Development Fund.
  • Rs 400-cr as one-time grant for IIT-Kharagpur.
  • Move to set up State Innovation Councils underway.
  • Allocation to education sector raised to Rs 52,000 cr
  • Scholarship scheme for SC/ST students in classes iX, X.
  • Increase in allocation to higher education
  • Increase in remuneration for Anganwadi workers from Rs 1,500 to Rs 3,000 per month.
  • Plan 17% increase in social sector spending.
  • To introduce Food Security Bill
  • Tax free bonds of Rs 30,000 cr to be issued for infrastructure development. This will cover Warehousing Corporation, NHAI, IRFC and Hudco.
  • Fertiliser industry to be included under infrastructure category.
  • New companies bill to be introduced.
  • GoM to be set up to deal with corruption
  • Five-fold strategy to deal with black money.
  • Mega cluster for leather products to be introduced.
  • Existing interest subvention scheme on short term farm loans at 7 % interest to continue.
  • Self-assessment in customs to be introduced.
  • Credit flows to farmers raised from Rs 3.75 lakh crore to Rs 4.75 lakh crore.
  • Constitution Amendment Bill for introduction of GST in this session.
  • Goods and Services Tax Bill this year.
  • Direct Taxes Code Bill likely to be passed by Parliament next financial year after getting Standing Committee report.
  • Public Debt Management Agency Bill in the next fiscal.
  • Indian mutual funds to get direct access to foreign markets; FIIs to be allowed to invest in MFs.
  • To liberalise FDI policy further.
  • To extend infra tax breaks to fertiliser sector.
  • To set up microfinance equity fund.
  • Government to move towards direct cash transfer of cash subsidy as regards kerosene, LPG and fertilisers from March 2012 for BPL in view of large diversion.
  • 3% interest subvention to farmers who repay in time.
  • Nabard capital base to be increased by infusing Rs 10,000 cr
  • Rural housing fund increased to Rs 3,000 cr
  • Banks asked to step up lending to agriculture.
  • Allocation under Rashtriya Krishi Vikas Yojana to be raised from Rs 6,755 crore in the current year to Rs 7,860 crore.
  • Budget proposes to raise housing loan limit from Rs 20 lakh to Rs 25 lakh for priority sector lending.
  • Allocation for farm development hiked to Rs 7,860 cr.
  • Rs 300 cr proposed to promote production of cereals.
  • Indian micro-finance equity with SIDBI to be formed at Rs 100 crore.
  • Rs 6,000 cr to be given to public sector banks to maintain capital-to-risk assets ratio norms
  • RBI to bring in new guidelines for banking licences.
  • Aiming Fiscal deficit of 3% by fiscal 2014
  • Central electronic registry to reduce fraud cases.
  • FII investment limit for infra corporate bonds hiked to $40 billion.
  • Discussions on to further liberalise FDI policy.
  • Preparation of GST rollout in final stages.
  • Microfinance equity fund of Rs 100 cr proposed.
  • Govt committed to hold 51% in PSUs.
  • Rs 3,000 cr to Nabard for handloom societies.
  • Women self-help group development fund to be set up.
  • Direct transfer of subsidy for kerosene.
  • Goods and Services Tax Bill to be introduced in Parliament this year.
  • Direct Tax Code Bill likely to be passed by Parliament next financial year after getting Standing Committee report.
  • Disinvestment target at Rs 40,000 cr.
  • Direct Tax Code from April 2012.
  • SEBI-registered MFs to be allowed direct access to foreign funds.
  • Expect RBI to moderate inflation.
  • Public Debt Management Agency Bill to be introduced next financial year.
  • Current account deficit and average inflation in 2011-12 likely to be less than current year.
  • FDI policy review done in Sept 2010.
  • Economic growth in 2011-12 likely to be 9 per cent.
  • Admits large-scale diversion of kerosene.
  • Introduction of DTC will be a watershed moment.
  • Debt managment bill to be introduced.
  • Constitutional Amendment Bill on GST to be introduced.
  • Expect agri sector to grow at 5.4% in 2011.
  • Growth in 2010-11 broad-based.
  • Economy resilient to shocks.
  • RBI measures will further moderate inflation.
  • GDP estimated growth at 8.6% in real terms.
  • New dynamism in rural economy.
  • Core inflation in check.
  • Current account deficit is at 2009-10 levels, and is a matter of concern.
  • Huge difference in wholesale and retail prices not acceptable.
  • Total food inflation down from 20.2 per cent last year to 9.3 per cent in Jan
  • Revival in private investment should be sustainable.
  • Service growing in double digits.
  • Need to reconcile legitimate environmental concerns with developmental needs.
  • Food Inflation has declined by half, but still a matter of concern.
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