Highlights and Major Announcements in Budget 2011
DTC to be introduced w.e.f. 1-4-2012 [Bill is expected to be introduced during 2010-2011]
GST - Constitution amendment bill to be introduced during budget session this year.
FIIs allowed to invest in MFs; unlisted bonds with minimum lock in period of 3 yrs
Companies bill will be introduced in Lok Sabha in current session
Self assessment in customs to facilitate fast clearance to be intorduced
Refund schemes to be simplyfied in service tax / SEZ
Exemption in Income Tax limit raised to Rs 1.8 lakh from Rs 1.6 lakh
- 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%
FM has indicated that service tax on medical services may be rolled back
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