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Budget Highlights 2011 India Summary & Updates

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%

Press Release Ministry of Finance

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