Union Budget 2011-12 Highlights

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%