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Friday, March 16, 2012

Union Budget Highlights with full details !!!!!!!!!!!!!!


MAJOR HIGHLIGHTS OF THE UNION BUDGET OF INDIA OF 2012-13
  • Tax payer exemption limit to be raised to Rs 200,000 from Rs 180,000.
  • Income Tax at 10% for Rs 2-5 lakh
  • No change in corporate tax rates
  • Cars to attract ad valorem rate of 27 per cent
  • Customs duty on import of parts of aircraft, tyres and testing equipment fully exempted
  • Withholding tax on power, airlines, road and bridges, ports and shipyard, fertilisers, dams and affordable houses lowered to 5 pc from 20 pc for 3 years
  • Full exemption from basic customs duty for equipment for road and highway construction.
  • Import of equipment for fertilizer plants fully exempt from customs duty for three years.
  • Standard excise duty rate raised from 10 per cent to 12 per cent.
  • Service tax to yield additional revenue of Rs 18,650 crore.
  • All services except 17 in the negative list to be brought under service tax net.
  • Rs 193,407 crore provision made for defence services in 2012-13.
  •  Rs 3,915 crore to be spent on National Rural Livelihood Mission.
  • Rs 1000 crore to be provided for National Skill Development Corporation in 2012-13
  • Interest subvention of 7 pc to women self groups for loans up to Rs 3 lakh, additional 3 pc for those making timely repayment.
  • Rs 20,822 crore earmarked for National Rural Health Mission against Rs 18,115 crore this year
  • Rs 20,000 cr to be spent on rural infrastructure development, including Rs 5,000 cr for creating warehousing facilities.
  • Agriculture credit target to be raised by Rs 100,000 cr to Rs 5,75,000 cr, says FM
  • Additional 3 per cent interest subvention to farmers for promptly repaying their dues
  • Rs 15,850 cr to be allocated to Integrated Child Development Scheme in 2012-13 as against Rs 10,000 cr this fiscal.
  • Allocation for rural drinking water and sanitation scheme increased from Rs 11,000 cr in FY 12 to Rs 14,000 cr in 2012-13.
  • National Backward Region Grant scheme outlay raised by 22 per cent to Rs 12,040 crore
  • Government to set up Rs 5000 crore venture fund for MSME sector.
  • India will become self-sufficient in urea production in five years, says FM
  • External commercial borrowings to the extent of USD one billion to be allowed for aviation sector for next year.
  • Infrastructure investment in 12th Plan to go up to Rs 50 lakh crore; half of it to come from pvt sector: FM
  • Govt to double tax free bonds for infrastructure financing to Rs 60,000 crore in next FY: Pranab
  • 8,800-km of highways to be developed under National Highway Development Project in 2012-13: FM
  • Rs 15,888 cr to be provided for capitalisation of public sector and regional rural banks and NABARD
  • Microfin institution regulation bill, natl housing bank regulation bill, reg bank regulation bill and public debt management bill this session.
  • Rs 15,888 cr to be provided for capitalisation of public sector and regional rural banks and NABARD.
  • Rs 10000 crore of tax fee bonds for power sector
  • To allow ECB funding to finance working capital needs of airlines
  • To become self sufficient in urea production in next 5 years
  • Share of manufacturing in GDP will be increased
  • To allow ECB to fund part finance power rupee debt
  • Oil and gas pipelines to be eligible for viable gap funding
  • Inflation & current account deficit to come down next year
  • Focus on removing infrastructure bottlenecks
  • IPO equity offer above Rs 10 crore will have to be made electronically in capital market reforms.
  • Government to raise Rs 30,000 crore in 2012-13 from disinvestment of stake in PSUs.
  • Income Tax deduction of 50 per cent on investments of up to Rs 50,000 in savings scheme named after Rajiv Gandhi.
  • Efforts to arrive at broadbased consensus with state governments on allowing FDI in multibrand retail up to 51 per cent, says FM
  • Ensure rapid rise in private investment
  • Frame policies that trigger domestic demand recovery
  • India's GDP to grow by 7.6 per cent in 2012-13; plus, minus 0.25 per cent
  • India's GDP to grow by 6.9 per cent in 2011-12  
  • Economy is now turning around, manufacturing appears to be on revival
  • Headline inflation to moderate further in next few months
  • We have to expedite decisions to improve delivery systems
  • Have to accelerate the pace of reforms
  • Numerous economic indicators suggest economy is turning around
  • Govt to fully provide for food subsidy and food security act in 2012-13.
  • Pilot project for direct transfer of subsidiary for kerosene has been initiated in Alwar, Rajasthan.
  • To implement DTC at the earliest
  • To bring down subsidy to 1.7 % of GDP in the next 3 years
  • To roll out computerized scheme for fertilizer subsidy transfer
  • Significant slowdown in growth over the last two years
  • To address black money, corruption in public life
  • To enhance supply side; cut infra bottlenecks
  • To focus on domestic demand, raise private investment
  • Manufacturing sector appears to be on a revival path
  • Needs to improve supply side management of economy
  • Fiscal deficit rose due to subsidy
  • High crude oil prices hit growth, averaged $115/bbl in 2011-12

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