Monday, February 28, 2011

Budget 2011 : Highlights

Income Tax exemption limit upped to Rs 1.80 Lakhs.
Rs 20,000 deduction u/s 80CCF to continue.

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%

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