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Monday, February 28, 2011

Union Budget 2011 in 100 points - Business News - IBNLive

Union Budget 2011 in 100 points - Business News - IBNLive

New Delhi: Here are some of the points of Budget 2011:

  1. * Development needs to be more inclusive

  2. * Need to ensure more private investment
  3. * Agriculture supply needs to ease
  4. * Stronger fiscal consolidation needed
  5. * Service sector continues to grow
  6. * Taking steps to simplify tax procedures
  7. * Corruption is a problem, we have to fight it collectively
  8. * Government has to reconcile ecological concerns with development aspirations
  9. * Agriculture growth at 5.4 per cent in FY 2011
  10. * Current account deficit a concern
  11. * Introduction of DTC, GST will improve compliance
  12. * Economy to grow at 9 per cent, plus or minus 0.25 per cent in 2012
  13. * Will introduce Goods and Service tax rollout (GST) bill in current Parliament session
  14. * High current account deficit a cause of concern
  15. * Considering new fertiliser policy for urea
  16. * Public Debt Management Agency Bill to be introduced next financial year
  17. * Will move to direct tax subsidy for kersoene and fertiliser
  18. * Direct Tax Code Bill likely to be passed by Parliament next financial year after getting Standing Committee report
  19. * FII's allowed to invest in Mutual fund schemes
  20. * Discussions on to liberalise FDI policy
  21. * FII investment in corporate bonds hiked to $40 billion
  22. * RBI guidelines for banking license by year end
  23. * Government to keep up tempo of disinvestment process
  24. * 100 crore equity funds for microfinance companies
  25. * Bill to allow RBI grant more banking licences
  26. * Portfolio investment would be permitted in SEBI registered mutual funds from foreign subscriptions
  27. * Housing loan limit raised to Rs 25 lakh for priority sector lending
  28. * 1 per cent interest subvention on home laons upto Rs 15 lakh
  29. * New companies' bill in current Parliament session
  30. * Removal of supply bottlenecks in food sector in focus in 2011/12
  31. * Economy back to pre-crisis trajectory
  32. * Set pace for double digit growth
  33. * Bills on insurance, pension funds, banking to be introduced
  34. * Women's self-help development panel to be set up
  35. * Mortgage risk guarantee fund to be created for economically weaker sections
  36. * Rs 3000 crore to NABARD for more credit flow
  37. * 3 per cent subsidy to farmers in FY 2012
  38. * Increase in target credit flow to farmers
  39. * Private investment in Agriculture investment to be increased
  40. * 15 mega food parks to be set up
  41. * 24 new cold storage project sanctioned
  42. * 40 lakh tonnes storage capacity by FY 12
  43. * Rs 6,000 cr to be given to public sector banks to maintain capital-to-risk assets ratio norms
  44. * Rs 30,000 crore tax-free infrastructure bond for railways
  45. * Financial assistance for ongoing metro projects
  46. * Existing interest subvention scheme on short term farm oans at 7 per cent interest to continue
  47. * Agriculture growth key to development: Green Revolution waiting to happen in eastern region
  48. * Five-fold strategy on Black Money
  49. * 10 existing double axation avoidance treaties devised
  50. * A new scheme to be introduced for refund of service tax on lines of drawback of duties
  51. * Increased outlay on social sector schemes
  52. * NREGA wages to be indexed to inflation
  53. * Rs 58,000 crore allocation for Bharat Nirman schemes
  54. * 24 per cent increase in education outlay
  55. * Scholarship for needy students of SC/ST for Class IX-X
  56. * National knowledge network by March 2012
  57. * State innovaation councils to be set up
  58. * Rs 54 crore each for AMU centres
  59. * Remuneration of anganwadi workers raised from Rs 1500 to Rs 3,000 per month. Helpers to get Rs 1,500 from Rs 750
  60. * Rs 21,000 crore to Surva Shiksha Abhiyan
  61. * Rs 10,000 crore to rural telephony
  62. * National mission for Hybrid electric vehicles
  63. * Relaxation in exit age for BPL pension scheme
  64. * Special allocations for cleaning rivers other than Ganga
  65. * Integrated development schemes for Naxal areas
  66. * Rs nine lakh ex-gratia for disabled defence personnel
  67. * Rs 25-30 crore to fight Naxal menace
  68. * Budget allocation of Rs 100 crore for Ladakh and Rs 150 crore for Jammu for implementation of projects identified by task force
  69. * Relaxation for e-filing norms for small tax payers
  70. * GoM to deal with corruption cases of public servants
  71. * G0M recommendations in a time-bound manner
  72. * Healthcare budget increased by 20 per cent
  73. * Proposal for Rs 1,000 crore fund for judicial
  74. * Rs 300 crore to be provided as assistance to states for modernising and stamps and registration administration
  75. * New series of coins with new Rupee symbol to be introduced
  76. * 10 lakh new UID's per day from October 1, 2011
  77. * Increase in tax exemption limit to Rs 1.8 lakh
  78. * Senior citizens: Reduction in qualifying age to 60
  79. * Corporate surcharge reduced to five per cent
  80. * MAT increased to 18.5 per cent
  81. * Tax sop on infrastructure bond investment extended by an year
  82. * Fiscal deficit brought down from 5.5 per cent to 5.1 per cent in 2010-11. In 2011-12, it will be 4.6 per cent
  83. * Total plan expenditure will go up 100 per cent in nominal terms in the next year
  84. * Revenue deficit fixed at 2.3 per cent in revised estimates of 2010-11 and 1.8 per cent in 2011-12
  85. * Very senior citizen category: 80 years and above
  86. * No rollback in service tax, to stay at 10 per cent
  87. * Minimum alternate tax raised from 18 per cent to 18.5 per cent of book profits
  88. * Hike in Service Tax on local and international travel
  89. * Service, excise duty to stay at 10 per cent
  90. * No excise duty on basic food, fuel
  91. * Peak rate of customs duty unchanged
  92. * 10 per cent excise duty on branded garments
  93. * Net loss from direct tax proposals estimated at Rs 11,500 crore
  94. * Central government debt in proportion to GDP will be 44.2 per cent in 2011-12
  95. * Standard rate of central exercise duty maintained at 10 per cent
  96. * Cut in excise duty on hybrid fuel kits
  97. * No new tax exemption limit for women
  98. * Basic customs duty on raw silk reduced from 30 to 5 per cent
  99. * Basic customs duty on agricultural machinery reduced to 4.5 per cent from 5 per cent
  100. * Excise and customs duty proposals to result in the net gain of Rs 7,300 crore

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