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