·
Budget identifies five
objectives relating to growth recovery,
private investment, supply bottlenecks, malnutrition and governance matters
·
GDP growth to be 7.6
per cent (+ 0.25 percent) during 2012-13
·
Amendment to the FRBM Act
proposed as
part of Finance Bill. New concepts of
“Effective Revenue Deficit” and “Medium Term Expenditure Framework” introduced
·
Central subsidies to be
kept under 2 per cent of GDP; to be further brought down to 1.75 per cent of
GDP over the next 3 years.
·
Proposed: Mobile based
fertilizer management system; LPG transparency portal; scaling up and rolling
out of Aadhar enabled payment for government schemes
in at least 50 districts.
·
Rs. 30,000 crore to be raised through disinvestment
·
Efforts to reach broadbased consensus on FDI in multi-brand retail
·
Rajiv Gandhi Equity
Saving Scheme: to allow income tax deduction to retail investors on investing in equities
·
Rs. 15,888 crore to be provided for capitalization of public sector
banks and financial institutions
·
A central “Know Your Customer” depository to be
developed
·
Swabhimaan:
remaining habitations to be covered; to be extended to more habitations; ultra
small branches to be set up in Swabhimaan habitations
·
Investment in 12th
Plan in infrastructure to go uptoRs. 50,00,000 crore; half of this is expected from private sector
·
Tax Free Bonds of Rs.
60,000 crore to be allowed for financial
infrastructure projects
·
Allocation of Road
Transport and Highways Ministry enhanced by 14 per cent to Rs. 25,360 crore
·
Financial package of
Rs. 3,884 crore for waiver of loans to handloom
weavers and their cooperative societies; mega handloom clusters in Andhra,
Jharkhand; weaver service centres in Mizoram,
Nagaland and Jharkhand ; powerloom mega cluster in
Maharashtra; Rs. 500 crore pilot schemes for
geo-textiles in North-Eastern region
·
Rs. 5,000 crore India Opportunities Venture Fund to help small
enterprises
·
Allocation to
agriculture enhanced; RKVY gets Rs. 9,217 crore;
BGREI gets Rs. 1,000 crore; Rs.2242 crore project to improve dairy productivity; Rs. 500 crore for coastal aquaculture
·
Various other
agricultural activities merged into 5 missions
·
Target for agricultural
credit raised to Rs. 5,75,000 crore
·
Interest subvention for
short-term crop loans to farmers at 7 per cent interest continues; additional 3
per cent for prompt paying farmers
·
Rs. 200 crore for awards to incentivise
agricultural research
·
Provisions under rural
housing fund increased to Rs. 4,000 crore from Rs.
3,000 crore
·
Interest subvention of
1 percent on housing loans uptoRs. 15 lakh extended for one more year
·
AIBP allocation raised
by 13 per cent to Rs. 14,242 crore
·
National Mission on
Food Processing to be started in cooperation with State Governments
·
Scheduled Caste Sub
Plan allocation increases by 18 per cent to Rs. 37,113 crore;
Tribal Sub Plan by 17.6 per cent to Rs. 21,710 crore
·
Multi-sectoralprogramme to address maternal and child
malnutrition in 200 high burden districts
·
58 per cent rise in
allocation to ICDS, at Rs. 15,850 crore
·
Rural drinking water
and sanitation gets 27 per cent rise in allocation to Rs. 14,000 crore; PMGSY gets 20 per cent rise to Rs. 24,000 crore
·
Projects covering
length of 8800 km to be awarded under NHDP against 7,300 km during 2011-12
·
RTE-SSA gets Rs. 25,555
crore allocation, showing an increase of 21 per cent;
6000 schools to be set up at block level as model schools in the 12th
Plan; Credit Guarantee Fund to be set up for better flow of credit to students
·
National Urban Health
Mission is being launched
·
34 per cent increase in
allocation to National Rural Livelihood Mission, to Rs. 3915 crore
·
Rs. 1000 crore allocated for National Skill Development Fund
·
Bharat Livelihood
Foundation to be established to support livelihood interventions particularly
in tribal areas
·
Widow pension and
disability pension raised from Rs. 200 to Rs. 300 per month
·
Grant on death of
primary breadwinner of a BPL family in the age group 18-64 years doubled to Rs.
20,000
·
Defence
services get Rs. 193407 crore; any further
requirement to be met
·
4000 residential
quarters to be constructed for Central Armed Police Forces
·
UID-Aadhar
to get adequate funds for enrolment of 40 crore
persons, in addition to the 20 crore persons already
enrolled
·
White Paper on Black
Money to be laid in the current session of Parliament
·
Tax proposals mark
progress in the direction of movement towards DTC and GST
·
Income tax exemption
limit raised from Rs.1,80,000 to Rs.2,00,000; upper limit of 20 per cent tax
slab raised from Rs.8 lakh to Rs.10 lakh
·
Interest from savings
bank accounts deductible upto Rs.10,000; deduction of
upto Rs.5,000 for preventive health check-up
·
Senior citizens without
business income exempt from advance tax
·
Investment linked
deduction of capital expenditure enhanced for certain businesses; new sectors
eligible for investment linked deduction
·
Turnover limit for
compulsory tax audit for SMEs raised from Rs.60 lakh
to Rs.1 crore
·
STT on cash delivery
reduced by 20 per cent to 0.1%
·
General Anti Avoidance
Rule being introduced to counter aggressive tax avoidance
·
A number of measures
proposed to deter generation and use of unaccounted money
·
All services to attract
service tax except those in the negative list
·
Central Excise and
Service Tax being harmonized
·
Standard rate of excise
duty raised from 10 per cent to 12 per cent; service tax rates raised from 10
per cent to 12 per cent; no change in peak customs duty of 10 per cent on
non-agricultural goods
·
Relief in indirect
taxes to sectors under stress; agriculture, infrastructure, mining, railways,
roads, civil aviation, manufacturing, health and nutrition, and environment get
duty relief
·
Certain cigarettes and bidis attract higher excise duty; large cars attract higher
customs duty
·
Excise imposed on
unbranded jewellery also; measures to minimize impact
on small artisans and goldsmiths;
branded silver jewellery exempted from excise duty
·
Net gain of Rs.41,440 crore due to taxation proposals
·
Total expenditure
budgeted at Rs. 14,90,925 crore; plan expenditure at
Rs. 5,21,025 crore – 18 per cent higher than 2011-12
budget; non plan expenditure at Rs. 9,69,900 crore
·
Fiscal deficit targeted
at 5.1 per cent of GDP, as against 5.9 per cent in revised estimates for
2011-12
·
Central Government debt
at 45.5 per cent of GDP as compared to Thirteenth Finance Commission target of
50.5 per cent
·
Medium-term Expenditure
Framework Statement to be introduced;
will set forth 3-year rolling target for expenditure indicators
