Union Budget 2011-12 Highlights

·         Critical institutional reforms set pace for double-digit growth



·         Scaled up flow of resources infuses dynamism in rural economy



·         GDP estimated to have grown at 8.6% in 2010-11



·         Exports grown by 9.6%, imports by 17.6% in April-January 2010-11 over corresponding period last year



·         Indian economy expected to grow at 9%  in 2011-12.



·         Five-fold strategy to deal with black money.   Group of Ministers to suggest ways for tackling corruption



·          Public Debt Management Agency of India Bill to come up next financial year



·         Direct Tax Code (DTC) to be effective from April 01, 2012



·         Phased move towards direct transfer cash subsidy to BPL people for better delivery of kerosene, LPG and fertilizer mooted



·         Rs.40,000 crore to be raised through disinvestment in 2011-12



·         FDI policy to be liberalized further



·         SEBI registered mutual funds permitted to accept subscription from foreign investors who meet KYC requirement



·         FII limit for investment in corporate bonds in infrastructure sector raised



·         Additional banking license to private sector players proposed



·         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



·         Rs.500 crore to be provided to regional rural banks to maintain 9% CRAR



·         India Microfinance Equity Fund of Rs.100 crore to be created by SIDBI



·         Rs. 500 crore Women SHG Development Fund to be created



·         Micro Small and Medium Enterprises  MSME gets boost as Rs. 5000 crore provided to SIDBI  and Rs.3000 crore to NABARD



·         Existing housing loan limit enhanced to Rs.25 lakh for dwelling units



·         Provision under Rural housing Fund enhanced to Rs.3000 crore



·         Allocation under Rashtirya Krishi Vikas yojna (RKVY) increased to Rs.7860 crore



·         Allocation of Rs.300 crore to promote 60000 pulses villages in rainfed areas



·         Rs. 300 crore vegetable initiative to achieve competitive prices



·         Rs.300 crore to promote higher production of nutri-cereals



·         Rs.300 crore to promote animal based protein



·         Rs.300 crore Accelerated Fodder Development Programme to benefit farmers in 25000 villages



·         Credit flow to farmers raised from Rs.3,75,000 crore to Rs.4,75,000 crore



·         Rs.10,000 crore for NABARD’s Short Term Rural Credit Fund for 2011-12



·         15 more mega food parks during 2011-12



·         National food security bill to be introduced this year



·         Capital investment in storage capacity to be eligible for viability gap funding



·          23.3% increase in allocation for infrastructure



·         Tax-free bonds of Rs.30,000 crore proposed by government undertakings



·         Environmental concerns relating to infrastructure projects to  be considered  by Group of Ministers



·         National Mission for Hybrid and Electric Vehicles to be launched



·         7 Mega clusters for leather products to be set up



·         Allocation for social sector increased by 17% amounting to 36.4% of total plan allocation



·         Bharat Nirman allocation increased by Rs.10,000 crore



·         Rural broadband connectivity to all 2.5 lakh panchayats in three years.



·         Bill to amend Indian Stamp Act to introduce.   Rs.300 crore scheme for modernization stamp and registration administration



·         Significant increase in remuneration of Angawadi workers  and helpers



·         Allocation for education increased by24%.  Rs.21,000 crore allocated for Sarv Shikshya Abhiyan registering an increase of 40%



·         1500 institute of higher learning to be  connected by March 2012 with Knowledge Knowledge Network.



·         National Innovation Council set up.   Additional Rs.500 crore for National Skill Development Fund



·         Plan allocation for health stepped up by20%



·         Indira Gandhi National Old Age Pension Scheme liberalized further



·         Rs.200 crore for Green India Mission



·         Rs.200 crore for cleaning of rivers



·         Rs.8000 crore provided for development needs of J&K



·         10 lakhs Aadhaar(UID)  numbers to be generated everyday from 1st October



·         Fiscal deficit kept at 4.6% of GDP for 2011-12



·         Income Tax exemption limit for general category in individual tax payers enhanced from Rs.1,60,000 to Rs.1,80,000



·         Qualifying age for senior citizens lowered to 60; senior citizen above 80 year to get Rs.5,00,000 IT exemption



·         Surcharge on corporate lowered to 5%



SOURCE:PIB