Union Budget 2011-12

AC restaurants serving liquor and AC hospitals with more than 25 beds under service tax. Service tax on air travel to be increased. Customs duty on raw silk reduced from 30 to 5 per cent. Legal services to be expanded to business entities. 20% export duty for iron ore. Custom duty on Pet Coke and Gypsum to minimized to 2.5%. No new tax exemption limit for women. Mandatory levy of 10 pct on branded garments. Budget estimates for 2011-12 projects- Rs 9,32,440 crore. No change in Central excise duty rate. Base rate on excise duty raised from 4% to 5%. Surcharge rate reduced from 7.5 percent to 5 percent for domestic companies. Hike in exemption IT limit from Rs 1.6 lakh to Rs 1.8 lakh. New series of coins with new rupee symbol expected. Simplify tax collection procedure. 1 million UID cards to be distributed per day shortly. Targeting to reduce deficit to 4.6% for the upcoming fiscal year. Plan and Non-Plan expenditure to be increased by 23%. BPL pension eligibility age limit reduced. Group formed to monitor corruption;will start implementing from 62 dept. in first phase. Amendment of Indian Stamp Act shortly. Simplified form 'Sugam' for small tax payers. Rs 1.64 lakh crore for Defence. Rs 1000 crore to build judicial infrastructure. Group of ministers to sort out Environmental concerns. 1000 crore for improvising judiciary system. Rs 8,000 cr to Northeast. 60 schemes for SC/ST to be implemented. Rs 100 crore for Ladakh. Rs 150 crore for Jammu. Pension amount increased for 80 years and above.

Indira Gandhi National Old Age Pension Scheme eligibility revised from 65 to 60 years. Rs 200 cr grant to IIT Kharagpur. Rs 20 crore to IIM Calcutta. 50 Crore to muslim universities in different states. 58,000 crore for Bharat Nirman Schemes: FM State Innovation Council in each state to be set up. Remuneration of anganwadi workers increased from Rs 1500 to Rs 3,000 per month. Independent debt management office to be established. Rs 1.6 lakh crore to be spent on social projects. Current a/c gap a concern due to composition of FX flows: FM Establishment of national policy on psychotic drugs, narcotics. Tax free infra bonds worth Rs 30000 cr for PSBs proposed. 15 mega food parks to be set up. Infrastructure spending increased by 23%. Rs 30K crore tax free bonds to be provided for railways. Financial assistance to be provide to Bengaluru, Chennai, Kolkata metro projects. Allocation under Rashtriya Krishi Vikas Yojana to be increased to Rs 7860 crore. Promote organic farming. GDP manufacturing, targeting 16-25 % increase in next 10 years. Rs 300 cr to cultivate pulses in rain-fed areas;Rs 300 cr for the promotion of farm product cultivation. Provide Rs 6000cr for PSU bank recapitalization. FM: Micro finance companies to be provided with Rs 100 crore equity funds. Extension of NBS for urea to be analyzed. Home loan limit increased. Rs 300 cr for improving pulses production. Rural infrastructure development fund to be raised to 180 billion Rupees for the coming fiscal year. Grant 1% interest on home loans upto 50 lakhs. Mortage Risk Guarantee fund for rural housing to be set up. Rs 5,000 cr to be provided to SIDBI to meet priority lending targets. Rs 2000 crore for warehousing facilities. Rs 2,000 cr for manufacturing facilities. Allocation of Rs 6000 cr for some PSU banks.

Only registered FII's to be associated with Indian MF industry. Rs 40,000cr to be raised via disinvestment. GST bill to be introduced in current session. Extension of NBS to cover urea under review: FM 500 crore proposed for empowering women. Micro finance institutes proposed for 100 crore. 300 crore to be provided to NABARD. FBI to regularize banking amendments. Ensures better delivery of urea, kerosene. FII allow to trade amongst themselves. FBI policy to be regularized. Public Debt Management Bill to be introduced in 2012. Pranab sees Budget 2011-12 as transition towards a transparent and result-oriented economic management. Public sector undertaking to be increased. Direct transfer of cash subsidy to downtrodden. Average inflation and current account deficit to be minimized by next year: FM Strong proposition to fight against corruption. Pranab seeking Lord Indra's blessings to get good monsoon. Remarkable record for last fiscal year. Improvise the governance. Govt. to reconsider ecological concerns. Tremendous growth in exports-29.4%. Food inflation down from 22.2% to 9.3 %. But still is a major concern, says FM. Budget to ensure more transparent economy. Focus on supply side issues in agriculture. Pranab: Work on food inflation. Stabilize the macro economic situation. Budget 2011 approved by Cabinet. Pranab: Impressive fiscal consolidation Pranab Mukherjee begins the speech. Finance Minister Pranab Mukherjee to begin Union budget 2011-12 speech from 11 am.