Highlights of Union Budget 2011-12

• 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%