Tuesday, March 1, 2011

Union Budget 2011-12 Highlights

1.      Allocation For Social Sector Increased By 17% To Rs. 1,60,887 Crore.
2.      Allocation for Bharat Nirman Programme Increased By  Rs. 10,000 Crore.
3.      Plan Allocation For Education Hiked By 24% And Health By 20%.
4.      Eligibility For Old Age Pension Scheme Reduced From 65years To 60.
5.      Allocation For Infrastructure Increased By 23.3% To Rs. 2,14,000 Crore.
6.      Credit To Farmers To Be Increased To Rs. 4,75,000 Crore.
7.      Fiscal Deficit Pegged At 4.6% Of GDP.
8.      Government To Borrow Rs. 3.43 Lakh Crore From The Market.
9.      Extension Of Nutrient Based Subsidy To Cover Urea Under Active Consideration.
10.  Exemption Limit For Income Tax Raised By Rs. 20,000 to Rs. 1,80,000
11.  Minimum Alternate Tax Increased From 18 To 18.5%.
12.  One Percent Central Excise Duty Imposed On 130 Items.
13.  Lower Rate Of Excise Duty Raised From 4 To 5%.
14.  Service Tax Hiked On Domestic and International Air Travel.
15.  Direct Taxes Code To Be Effective From April 2012 And Implementation Of GST is on Course.
16.  Critical institutional reforms set pace for double-digit growth
17.  Scaled up flow of resources infuses dynamism in rural economy
18.  GDP estimated to have grown at 8.6% in 2010-11
19.  Exports grown by 9.6%, imports by 17.6% in April-January 2010-11 over corresponding period last year
20.  Indian economy expected to grow at 9% in 2011-12.
21.  Five-fold strategy to deal with black money. Group of Ministers to suggest ways for tackling corruption
22.  Public Debt Management Agency of India Bill to come up next financial year
23.  Direct Tax Code (DTC) to be effective from April 01, 2012
24.  Phased move towards direct transfer cash subsidy to BPL people for better delivery of kerosene, LPG and fertilizer mooted
25.  Rs.40,000 crore to be raised through disinvestment in 2011-12
26.  FDI policy to be liberalized further
27.  SEBI registered mutual funds permitted to accept subscription from foreign investors who meet KYC requirement
28.  FII limit for investment in corporate bonds in infrastructure sector raised
29.  Additional banking license to private sector players proposed
30.  Rs.6000 crore to be provided in 2011-12 for maintaining minimum Tier I Capital to Risk Weighted Asset Ratio (CRAR) of 8% in public sector banks
31.  Rs.500 crore to be provided to regional rural banks to maintain 9% CRAR
32.  India Microfinance Equity Fund of Rs.100 crore to be created by SIDBI
33.  Rs. 500 crore Women SHG Development Fund to be created
34.  Micro Small and Medium Enterprises MSME gets boost as Rs. 5000 crore provided to SIDBI and Rs.3000 crore to NABARD
35.  Existing housing loan limit enhanced to Rs.25 lakh for dwelling units
36.  Provision under Rural housing Fund enhanced to Rs.3000 crore
37.  Allocation under Rashtirya Krishi Vikas yojna (RKVY) increased to Rs.7860 crore
38.  Allocation of Rs.300 crore to promote 60000 pulses villages in rainfed areas
39.  Rs. 300 crore vegetable initiative to achieve competitive prices
40.  Rs.300 crore to promote higher production of nutri-cereals
41.  Rs.300 crore to promote animal based protein
42.  Rs.300 crore Accelerated Fodder Development Programme to benefit farmers in 25000 villages
43.  Credit flow to farmers raised from Rs.3,75,000 crore to Rs.4,75,000 crore
44.  Rs.10,000 crore for NABARD's Short Term Rural Credit Fund for 2011-12
45.  15 more mega food parks during 2011-12
46.  National food security bill to be introduced this year
47.  Capital investment in storage capacity to be eligible for viability gap funding
48.  23.3% increase in allocation for infrastructure
49.  Tax-free bonds of Rs.30,000 crore proposed by government undertakings
50.  Environmental concerns relating to infrastructure projects to be considered by Group of Ministers
51.  National Mission for Hybrid and Electric Vehicles to be launched
52.  7 Mega clusters for leather products to be set up
53.  Allocation for social sector increased by 17% amounting to 36.4% of total plan allocation
54.  Bharat Nirman allocation increased by Rs.10,000 crore
55.  Rural broadband connectivity to all 2.5 lakh panchayats in three years.
56.  Bill to amend Indian Stamp Act to introduce. Rs.300 crore scheme for modernization stamp and registration administration
57.  Significant increase in remuneration of Angawadi workers and helpers
58.  Allocation for education increased by24%. Rs.21,000 crore allocated for Sarv Shikshya Abhiyan registering an increase of 40%
59.  1500 institute of higher learning to be connected by March 2012 with Knowledge Knowledge Network.
60.  National Innovation Council set up. Additional Rs.500 crore for National Skill Development Fund
61.  Plan allocation for health stepped up by20%
62.  Indira Gandhi National Old Age Pension Scheme liberalized further
63.  Rs.200 crore for Green India Mission
64.  Rs.200 crore for cleaning of rivers
65.  Rs.8000 crore provided for development needs of J&K
66.  10 lakhs Aadhaar(UID) numbers to be generated everyday from 1st October
67.  Fiscal deficit kept at 4.6% of GDP for 2011-12
68.  Income Tax exemption limit for general category in individual tax payers enhanced from Rs.1,60,000 to Rs.1,80,000
69.  Qualifying age for senior citizens lowered to 60; senior citizen above 80 year to get Rs.5,00,000 IT exemption
70.  Surcharge on corporate lowered to 5%

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