KEY HIGHLIGHTS OF BUDGET 2011-2012:-
Revenue loss from direct taxes at Rs 11,500 cr, Revenue gain from indirect taxes at Rs 11,300 cr
Service tax to boost revenue by Rs 4,000 cr
Net tax to Centre will be Rs 6,64,457 cr. Non-tax receipts pegged at Rs 1,25,435 cr
Revenue deficit is estimated at 3.4%
Plan expenditure at Rs 4.14 lakh crore
Gross Tax Receipts at Rs 9.32 lakh crore, up 25%
Age reduced for BPL pension eligibility
Non-tax revenue Rs 1,25,000 crore
Overall defence allocation pegged at Rs 1.64 lakh cr
Rs 3,000 crore to states to modernise their stamp and registraion procedures
Amend the Indian Stamp Act
Allocation to Justice Dept up three times to Rs 3,000 cr
Info exchange treaties signed with 13 tax havens
Pay of anganwadi workers up from Rs 1,500 to Rs 3,000/month
Allocation of Rs 21,000 crore for the literacy mission
For backward regions, allocation increased by 35% about Rs 9,000 crore
Anganwadi teachers’ salaries hiked 100%
Assistance to N-E states will be doubled
Pension amount of 80 yrs and above upped from Rs 200 to Rs 500
Rs 52,057 cr for education sector
Rs 5,000 crore to be provided to National Skill Dev Council
Rs 200 cr for Maulana Azad Education Foundation
Rs 200 cr as one-time grant to IIT-KGP
To allocate Rs 58,000 cr to Bharat Nirman projects
SC/ST scholarship scheme will benefit about 40 lakh students
Scholarships to SC/ST students in Class IX and X
Social projects spending outlay up 17% to Rs 1.6 lakh crore
Vocational schemes to be introduced for the employment of the youth
24% increase in educational provisions
Allocation under Rashtriya Krishi Yojana raised
Hunger and malnutrition: Food security bill will be introduced this year
Comprehensive national policy to control the trafficking of narcotic drugs
Money laundering cases to be dealt effectively
Task force will be formed to deal with black money
To propose National Mission for Hybrid Electric Vehicles
Black money: govt will start campaign against illicit funds
To create infra debt funds
To allow Rs 30K crore tax free bonds for railways, NHAI
Process of service tax refunds will be simplified soon
Self-assessment in customs to be introduced
Metro projects in key cities will get financial assistance
Allocation for farm development increased to Rs 7,860 cr
Short term interest to farmers will continue to be at 7%
Agricultural credit limit raised to Rs 4,75,000 crore
Domestic production of edible oil only meets 50% demand
Interest subvention of 1% extended from Rs 5 lakh cr to Rs 20 lakh cr
1% interest subvention on home loans upto Rs 15 lakh
To prevent fraud in loan cases: govt has set up Central Electronic Registry
Self-help group fund to empower women
Liberalisation of FDI policy
FDI regulations consolidated into one comprehensive document
States to cut down fiscal deficit to 3 percent of Gross State GDP by 2014
cash subsidy for urea, kerosene
LPG, kerosene and fertilisers will be transferred directly to BPL beneficiaries
The economy has shown remarkable resilience
To introduce Public Debt Management Bill in 2012
Direct transfer of subsidy to BPL families
GST bill in current session
Preparations for GST rollout in final stages
Laying down fiscal consolidation map for next five years
Pilot portal to be set up before the roll out of GST in the country
Highgap between wholesale and retail prices unacceptable
DTC comes in force in April 2012
Introduction of DTC, GST remain a watershed
Exports up 9.4% in 2010-11
13th Finance Commission has worked out fiscal consolidation roapmap
Expect the average inflation to be down next year
Economy expected to grow at 9%
Development of external sector has been encouraging
Cutting bureaucratic delays, improving response times
Taxes, tariff procudures will be simplified
To reconcile environment concerns, growth needs
Budget will set the tone for a vibrant Indian economy
Need to ensure balanced demand and supply
Next Budget will be more transparent
Need to improve agricultural demand
Food inflation at 20.2% in Feb
Corruption is a problem and we have to fight collectively
FY11 Fiscal consolidation impressive
Stronger fiscal consolidation needed
Resources are not a contrain
Much needs to be done for the rural India
FY11 fiscal consolidation impressive
Services sector continues to grow in double digits
Inflation remains a concern
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