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Gist of Indian Union Budget 2011-12 Current Affairs

Summary of Union Budget 2011-12 announced by Finance Minister Pranab Mukerjee is as follows:

# The year was full of challenges for fiscal consilidation: FM

# Economy set for double-digit growth in coming years

# Growth in 2011 was broad based

# Need to make development more inclusive

# High growth trajectory is our aim

# Food inflation is a big concern

# To reconcile environment concerns, growth needs

# Much needs to be done in rural India

# Need to improve regulatory standards to fight corruption

# Agriculture sector has shown significant rebound

# Don`t see resources as a constraint to growth

# Corruption is a problem we have to fight collectively

# Working on simplifying tax rules, trade and tariff norms

# Must ensure that private investment is sustained

# Agriculture growth at 5.4%, industry at 8.1% in 2010-11

# Monetary policy is keeping food inflation in check

# Seen shortcomings in food supply chains

# Recovery in developed nations has taken roots

# Average inflation to be lower next year, current account deficit to be better managed

# Impression of drift in government is misplaced

# Exports up 9.4% in 2010-11

# Laying down fiscal consolidation map for next five years

# DTC to be effective April 1, 2012

# The economy has shown remarkable resilience

# To introduce Public Debt Management Bill in 2012

# States to cut down fiscal deficit to 3 percent of Gross State GDP by 2014

# GST rounds with states making considerable progress

# Availability of fertilisers has improved post new policy

# Working on ensuring better delivery for urea, kerosene

# Nutrient based fertiliser policy for urea under consideration

To move to direct cash subisdy for kerosene, fertilizer

# National Fertilisers up 7%, Rashtriya Chemicals up 4.28%, Coromandel Intl up 4.55%

# Retain divestment target of Rs 400 billion

# Govt commited to retain 51 percent stake in PSUs

# Nifty up by 70 points at 5,368, Sensex near 17,976, up by 275 points

# Task force working on oil subsidy plans

# FII limit in corporate bonds raised to USD 40 billion

# FIIs allowed to invest in MFs; unlisted bonds with minimum lock in period of 3 yrs

# Auto stocks down on profit-booking; Hero Honda down 4%

# To bring legislative amendments for banking licenses this year

# Plan to allow FII limit in infrastructure bonds to USD 25 bn

# Pranab proposes to allocate Rs 60 bn for some PSU banks to help them maintain Tier-I capital at 8%

# To provide Rs 20 bn for warehousing facilities

# To provide Rs 20 bn for manufacturing facilities

To bring legislative amendments for banking licenses this year

# Interest subvention of 1% extended from Rs 5 lakh crore to Rs 20 lakh crore

# To provide Rs 50 bn to SIDBI to meet priority lending targets

# Textile Gainers: Spentex, BSL, Abishek industries, Gokuldas, IDFC

# Reality Gainers: HDFC 2.75%, DLF 2%, Unitech 3.2%, LIC Housing Finance 3.8 %

Reality Gainers: HDFC 2.75 %, DLF 2 %, Unitech 3.2 %, Lic Housing Finance 3.8 %

# To provide Rs 3 bn to improve production of pulses

# Plan to introduce Companies Bill in current session

# Rural housing fund corpus raised to Rs 30 bn vs Rs 20 bn

# AMTo allocate Rs 1 bn to SIDBI for women

# Fertilisers gain as FM says urea policy under consideration

To set up Mortage Risk Guarantee fund for rural housing

# Allocation for farm development increased to Rs 7860 cr

# Edible Oil Gainers: KS Oil up 2.24%, Raj oil up 3.45%

# To provide Rs 300 cr for implementing initiatives on vegetables

# TCI to benefi from Govt support for warehousing

# FIIs allowed to invest in 5-year unlisted bonds

# To provide Rs 3 bn to improve oil seed plantations

# PSU banks gains as FM proposes to allocate Rs 60 bn

# BSE FMCG Index up 1.5% on budget announcements

# To infuse Rs 30 bn in NABARD in phased manner

# Rupee up on increase in FII corp bond limit

# Banking gainers: Dewan housing up 4.88%, Fedral Bank up 4.47%, IDBI Bank up 1.9%

# Inflation remains principal concern, to fall next yr: FM

# Cold storage projects classified as infrastructure sector

# Rs 3 bn provided to promote pulses cultivation in rain-fed areas, another Rs 3 n to promote farm product cultivation

# Allocation under Rashtriya Krishi Vikas Yojana to be raised to Rs 7860 crore

# Farm credit flow raised to Rs 4.75 lakh crore

# Removal of supply bottlenecks in food sector in focus in 2011/12

# To allow Rs 300 bn tax free bonds for railways, NHAI

# Infrastructure spending to be raised by 23%

# To set up 15 mega food parks

# GST Bill to be introduced in parliament this year

# Policy on Narcotic drugs is good for Piramal Healthcare

# To allocate Rs 580 bn to Bharat Nirman projects

# A new scheme to be introduced for refund of service tax on lines of drawback of duties

# To classify capex of fertiliser sector into infrastructure

# To allocation Rs 210 bn to primary education, up 40%

# Realty stocks gain as FM extends interest subvention

To classify capex of fertiliser sector into infrastructure

To allocation Rs 210 bn to primary education, up 40%

Realty stocks gain as FM extends interest subvention

Edible oil cos rise on allocation of Rs 300 cr

To provide Rs 2 bn grant to IIT Kharagpur, Rs 200 mn to IIM Calcutta

# To extend National Health Scheme to workers in mining sector

# Aptech up 2.37%, Navneet up 2.69%, Educomp down 0.5%, Zee Learn up 3.6%

# 100% salary hike for Anganwadi teachers

# DTC after getting Standing Committee Report

# FIIs will be allowed to invest in mutual funds schemes

# Remuneration of anganwadi workers raised from Rs 1500 to Rs 3,000/month. Helpers to get Rs 1,500 from Rs 750

# To allocate Rs 26,760 to health sector

# To give Rs 80 bn to J and K for development needs

# To give Rs 80 bn to Northeast and special states

# Allocation to Department of Justice increased 3 fold to Rs 30 bn

# FY12 defence capex seen at Rs 69,199 crore

# Direct Tax Code likely to be passed by parliament next fiscal year

# Old age pension to persons of over the age of 80 raised from Rs 200 to Rs 500

# Allocation for defence at Rs 1.64 lakh crore

# Nifty gains momentum; PSU, realty, oil and gas up

# To amend Indian Stamp Act shortly

# To simplify tax form for small businesses

# Age reduced for BPL pension eligibility

# Allocation for health sector up 20%

# Plan expenditure at Rs 4.14 lakh crore

# To provide Rs 580 bn for Bharat Nirman projects

# Gross Tax Receipts at Rs 9.32 lakh crore, up 25%

# 11th plan expenditure up 100% in nominal terms

# Fiscal deficit down at 5.1% from 5.4%

# Fiscal deficit seen at 4.6% for FY 11-12

# Revenue deficit for FY11 seen at 3.4%

# Age for being classified as senior citizen cut to 60 years from 65 years

# Exemption IT limit raised to Rs 1.8 lakh from Rs 1.6 lakh

# Revenue deficit for FY11 seen at 3.4%

# Fiscal deficit seen at 4.1% in FY 13, 3.5% in FY 14

# Surcharge on domestic companies cut to 5% from 7.5%

# Special Economic Zones to come under MAT

# Tax sops of Rs 20,000 on Infra Bonds extended for one year

# Bond yields inch up as social spending rises

# Foreign unit dividend tax rate cut to 15% for Indian companies

# To withdraw 130 items from exemption under Central Excise

# Central excise duty rate unchanged at 10%

# Service tax retained at 10%

# Direct Tax proposals net loss estimated at Rs 115 billion

# BSE Indices: MIDCAP index up 0.38%, Small cap index up 0.66%, BSE 500 index up 0.71%, PSU index up 1.96%, Oil & Gas index up 1.79 %

# Nifty up 0.30 %, CNX IT up 0.35 %, CNX 100 up 0.22%, CNX Midcap up 0.57 %, CNX Infra up 0.23 %, CNX Realty up 0.67 %, CNBank Nifty down 0.62%

# Base rate on excise duty raised to 5% from 4%

# Net tax to Centre will be Rs 6,64,457 cr. Non-tax receipts pegged at Rs 1,25,435 cr

# FY 12 fiscal deficit seen at Rs 4.12 lakh crore

# Budget estimates for 2011-12 projects Rs 9,32,440 crore – an increase of 24%

# No new tax exemption limits for women

# Education firms up 3-5% on higher allocation

# Unified ad valorem rate of 10% for iron ore

He concludes by saying DTC, GST to help moderate taxes.


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