{"id":2599,"date":"2011-03-06T10:00:06","date_gmt":"2011-03-06T18:00:06","guid":{"rendered":"http:\/\/www.generalknowledgetoday.com\/?p=2599"},"modified":"2011-03-06T10:00:06","modified_gmt":"2011-03-06T18:00:06","slug":"india-union-budget-2011-2012-key-highlights","status":"publish","type":"post","link":"https:\/\/generalknowledgetoday.com\/?p=2599","title":{"rendered":"India Union Budget 2011-2012-Key Highlights"},"content":{"rendered":"
\u00b7 <\/span><\/span>I-T exemption limit raised to Rs 1.80 lakh from Rs 1.60 lakh <\/span>.<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Exemption for senior citizens raised to Rs 2.5 lakh<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Tax under women slab unchanged.<\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Tax exemption raised to Rs 5 lakh for senior citizens of 80 years.<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>To increase service tax on air travel<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Excise and customs duty proposals to result in the net gain of Rs 7,300 crore.<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Export duty rates on iron ore unified and kept at 20% ad valorem.<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Basic customs duty on agricultural machinery reduced to 4.5% from 5%<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Basic customs duty on raw silk reduced from 30 to 5 per cent<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Excise and customs duty proposals to result in the net gain of Rs 7,300 crore<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Nominal one per cent central excise duty on 130 items entering the tax net. Basic food and fuel and precious stones, gold and silver jewellery will be exempted.<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Peak rate of customs duty maintained at 10% in view of the global economic situation.<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Customs duty exemptions for hybrid auto parts.<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Nominal one per cent central excise duty on 130 items entering the tax net.<\/span> <\/span>Basic food and fuel and precious stones, gold and silver jewellery will be exempted.<\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Standard rate of central exercise duty maintained at 10%.<\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Central government debt in proportion to GDP will be 44.2% in 2011-12.<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>20% export duty on all grades of iron ore.<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Basic customs duty reduced on certain textile products<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>No change in service tax rate of 10%.<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>No change in central excise duty<\/span>.<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Plan to levy 1% on 130 consumer items<\/span>.<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Revenue deficit fixed at 2.3 per cent in revised estimates of 2010\u201411 and 1.8 per cent in 2011\u201412,<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Total plan expenditure will go up 100 per cent in nominal terms in the next year<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>15% tax on dividend for Indian cos from foreign unit.<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Direct Tax proposals result in expenditure of Rs 11,500 cr.<\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>To reduce surcharge on domestic companies to 5% from 7.5%<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>MAT rate hiked to 18.5% from 18%<\/span>.<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>MAT on developers in SEZs to be levied.<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Fiscal deficit revised to 5.1% from 5.5% for FY’11<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Total expenditure raised by 13.4% at Rs 12.57 lakh cr over budget estimates<\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Gross tax receipts estimated at 9.32 lakh cr for FY 2011-12<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Bill to amend India Stamp Act soon.<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Budget allocation of Rs 100 cr for Ladakh and Rs 150 cr for Jammu for implementation of projects identified by taskforce<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Old age pension to persons of over the age of 80 raised from Rs 200 to Rs 500<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Health allocation up by 20% to R 27,600 cr.<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Rs 9- lakh ex-gratia for defence personnel for 100% disability fighting Left-wing extremism.<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>To set up 15 more mega food parks.<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Remuneration of anganwadi workers raised from Rs 1,500 to Rs 3,000 per month. Helpers to get Rs 1,500 from Rs 750<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Tax free bonds of Rs 30,000 cr to be issued for infrastructure development. This will cover Warehousing Corporation, NHAI, IRFC and Hudco.<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Allocation under Rashtriya Krishi Vikas Yojana to be raised from Rs 6,755 crore in the current year to Rs 7,860 crore.<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Rs 50 cr grant to Aligarh Muslim University centres in Murshidabad in West Bengal and Malappuram in Kerala.<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Rs 200 cr for environmental remediation programme.<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Age for pension eligibility reduced from 65 years to 60 years under Indira Gandhi Yojana scheme<\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>To move insurance, pension and banking bills in Parliament<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Rs 500-cr for National Development Fund.<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Rs 400-cr as one-time grant for IIT-Kharagpur.<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Move to set up State Innovation Councils underway.<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Allocation to education sector raised to Rs 52,000 cr<\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Scholarship scheme for SC\/ST students in classes iX, X.<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Increase in allocation to higher education<\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Increase in remuneration for Anganwadi workers from Rs 1,500 to Rs 3,000 per month.<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Plan 17% increase in social sector spending.<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>To introduce Food Security Bill<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Tax free bonds of Rs 30,000 cr to be issued for infrastructure development. This will cover Warehousing Corporation, NHAI, IRFC and Hudco.<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Fertiliser industry to be included under infrastructure category.<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>New companies bill to be introduced.<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>GoM to be set up to deal with corruption<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Five-fold strategy to deal with black money.<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Mega cluster for leather products to be introduced.<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Existing interest subvention scheme on short term farm loans at 7 % interest to continue.<\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Self-assessment in customs to be introduced.<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Credit flows to farmers raised from Rs 3.75 lakh crore to Rs 4.75 lakh crore.<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Constitution Amendment Bill for introduction of GST in this session.<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Goods and Services Tax Bill this year.<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Direct Taxes Code Bill likely to be passed by Parliament next financial year after getting Standing Committee report.<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Public Debt Management Agency Bill in the next fiscal.<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Indian mutual funds to get direct access to foreign markets; FIIs to be allowed to invest in MFs.<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>To liberalise FDI policy further.<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>To extend infra tax breaks to fertiliser sector.<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>To set up microfinance equity fund.<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Government to move towards direct cash transfer of cash subsidy as regards kerosene, LPG and fertilisers from March 2012 for BPL in view of large diversion.<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>3% interest subvention to farmers who repay in time.<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Nabard capital base to be increased by infusing Rs 10,000 cr<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Rural housing fund increased to Rs 3,000 cr<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Banks asked to step up lending to agriculture.<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Allocation under Rashtriya Krishi Vikas Yojana to be raised from Rs 6,755 crore in the current year to Rs 7,860 crore.<\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Budget proposes to raise housing loan limit from Rs 20 lakh to Rs 25 lakh for priority sector lending.<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Allocation for farm development hiked to Rs 7,860 cr.<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Rs 300 cr proposed to promote production of cereals.<\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Indian micro-finance equity with SIDBI to be formed at Rs 100 crore.<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Rs 6,000 cr to be given to public sector banks to maintain capital-to-risk assets ratio norms<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>RBI to bring in new guidelines for banking licences.<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Aiming Fiscal deficit of 3% by fiscal 2014<\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Central electronic registry to reduce fraud cases.<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>FII investment limit for infra corporate bonds hiked to $40 billion.<\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Discussions on to further liberalise FDI policy.<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Preparation of GST rollout in final stages.<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Microfinance equity fund of Rs 100 cr proposed.<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Govt committed to hold 51% in PSUs<\/span>.<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Rs 3,000 cr to Nabard for handloom societies.<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Women self-help group development fund to be set up.<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Direct transfer of subsidy for kerosene.<\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Goods and Services Tax Bill to be introduced in Parliament this year.<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Direct Tax Code Bill likely to be passed by Parliament next financial year after getting Standing Committee report.<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Disinvestment target at Rs 40,000 cr.<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Direct Tax Code from April 2012.<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>SEBI-registered MFs to be allowed direct access to foreign funds.<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Expect RBI to moderate inflation.<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Public Debt Management Agency Bill to be introduced next financial year.<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Current account deficit and average inflation in 2011-12 likely to be less than current year<\/span>.<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>FDI policy review done in Sept 2010.<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Economic growth in 2011-12 likely to be 9 per cent.<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Admits large-scale diversion of kerosene.<\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Introduction of DTC will be a watershed moment.<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Debt managment bill to be introduced.<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Constitutional Amendment Bill on GST to be introduced.<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Expect agri sector to grow at 5.4% in 2011.<\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Growth in 2010-11 broad-based.<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Economy resilient to shocks.<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>RBI measures will further moderate inflation.<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>GDP estimated growth at 8.6% in real terms.<\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>New dynamism in rural economy.<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Core inflation in check.<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Current account deficit is at 2009-10 levels, and is a matter of concern.<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Huge difference in wholesale and retail prices not acceptable.<\/span><\/span><\/strong><\/div>\n
\u00b7 <\/span><\/span>Total food inflation down from 20.2 per cent last year to 9.3 per cent in January\u00a0 2011<\/span><\/span><\/strong><\/div>\n

\u00b7Revival in private investment should be sustainable<\/span>.<\/span><\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00b7 I-T exemption limit raised to Rs 1.80 lakh from Rs 1.60 lakh . \u00b7 Exemption for senior citizens raised to Rs 2.5 lakh \u00b7 Tax under women slab unchanged. … Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[255,43,2172],"tags":[7948,7949,7950,1606,7762,7951,3066,1565,2670,4473,7952,1775,7953,1569,7954,7955,7956,7957,7958],"class_list":["post-2599","post","type-post","status-publish","format-standard","hentry","category-business","category-economics","category-indian-government-projectsschemes","tag-budget-2011","tag-budget-highlights","tag-budget-proposals","tag-business-news","tag-economic-growth","tag-economic-highlights","tag-economic-quiz","tag-economics","tag-economy","tag-financial-news","tag-gdp","tag-india-business","tag-india-economic-facts","tag-indian-economy","tag-indian-government-policies","tag-indias-economy","tag-union-budget","tag-union-budget-2011-2012-india","tag-union-budget-2011-2012-india-key-highlights","entry"],"_links":{"self":[{"href":"https:\/\/generalknowledgetoday.com\/index.php?rest_route=\/wp\/v2\/posts\/2599","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/generalknowledgetoday.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/generalknowledgetoday.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/generalknowledgetoday.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/generalknowledgetoday.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2599"}],"version-history":[{"count":0,"href":"https:\/\/generalknowledgetoday.com\/index.php?rest_route=\/wp\/v2\/posts\/2599\/revisions"}],"wp:attachment":[{"href":"https:\/\/generalknowledgetoday.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2599"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/generalknowledgetoday.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2599"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/generalknowledgetoday.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2599"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}