Budget of Hope - India Union Budget 2011

11:02 : Finance Minister Pranabmukherjee begins his speech

11:03 : Food inflation remains a concern: Pranab

11:04 : Pranab asserted that development needs to be more inclusive

11:05 : Need to ensure more private investment and Agriculture supply need to be ease

11:07 : Stronger consolidation fiscal is required: Pranab

11:08 : Pranab begins brief overwiew of economy

11:10 : Total food inflation down from 20.2 per cent last year to 9.3 per cent in January

11:10 : Pranab said that corruption remains a problem, which has to be fought collecvtively

11:11 : GDP growth at 8.6% in Fiscal Year 2011

11:11 : Agriculture Growth at 5.4% in Fiscal Year 2011

11:12 : I see Budget 2011-12 as transition towards more transparent and result-oriented economic management: Mukherjee

11:13 : Current account Deficit a concern, says FM

11:13 : Gap between the whole sale prices and retail prices is unacceptable

11:15 : Pranab in his speech sought the blessing of Lord Indra for good monsoon

11:16 : Pranab proposed Public Debt Management Bill

11:17 : GTC roll out from April 1, 2012

11:18 : Introduction of GTC, DTC will increase compliance

11:19 : A nutrition based subsidy has been set up in 2011-2012

11:20 : Current account deficit and average inflation in 2011-12 likely to be less than current year

11:20 : New policy for fertiliser urea is being considered

11:21 : Will move to direct tax subsidy for kerosene and fertiliser

11:22 : A Tax Force constituted to look into subsidy for people below poverty line

11:23 : FIIs allowed to invest in mutual fund schemes

11:25 : FII investments in corporate bonds increased to 40 bn

11:25 : RBI guidelines for banking licenses by year end

11:26 : 100 cr equity fund for micto finance companies

11:27 : Discussions on to further liberalise FDI policy

11:27 : Bill to allow RBI to grant more banking licences

11:29 : Housing loan limit increased to 25 lakh for priority sector

11:29 : Financial sector reforms to move forward; Insurance amendment bill, LIC bill and Pension Development Authority Bill in current session

11:31 : 1% interest subvention on home loans upto 15 lakhs

11:31 : New companies buill in current session of parliament

11:32 : Sensex gains by 300 points during the budget presentation

11:33 : Proposal to increase rural housing fund to Rs 3,000 crore

11:35 : Government plans to create a Women Self Help Group development fund with a corpus of Rs 500 crore

11:36 : Allocation under RashtriyaKrishiVikasYojana to be raised from Rs 6755 crore in the current year to Rs 7860 crore

11:38 : Rs 3000 cr for NABARD

11:40 : 3% interest subsidy to farmers

11:40 : 15 mega food parks to be introduced

11:41 : Average inflation will be lower in fiscal year 2012

11:41 : 24 new cold storage projects sanctioned

11:42 : States nust review APMS act: FM

11:43 : Infrastructure status to cold storage chains

11:43 : 40 L tonnes storage capacity by 2012

11:43 : Credit flows to farmers raised from Rs 3.75 lakhcrore to Rs 4.75 lakhcrores

11:44 : Promoting organic farming methods proposed

11:45 : 30, 000 cr tax free bonds for Railways

11:46 : Existing interest subvention scheme on short term farm loans at 7 % interest to continue

11:46 : NABARD capital base to be strengthened, Rs 10,000 cr to be provided to it as short term credit fund.

11:47 : Financial assistance for ongoing Metro projects

11:49 : Five fold strategy to be put into action to deal with the Black Money issue

11:51 : 10 existing double taxation avoidance treaties revised

11:52 : Bharat Nirman allocated 58,000 crore

11:53 : Proposal to introduce self-assessment of customs duty wherein importers and exporters will themselves assess payment of duty

11:55 : NREGA wages to be indexed to inflation

11:56 : 24% increase in education outlay

11:57 : scholarship sceme for sceduled caste students of class 9 and 10

11:57 : Food security bill to be introduced this year

11:58 : Rs 54 cr to each AMU centres

11:59 : Rs 20 cr for IIM Kolkata

11:59 : Rs 200 cr for Maulana Azad Medical college

12:00 : Remuneration of anganwadi workers raised from Rs 1500 to Rs 3,000 per month. Helpers to get Rs 1,500 from Rs 750

12:00 : Rs 500 cr for National Skill Development fund

12:01 : International award with prize money of Rs 1 cr in memory of RabindraNath Tagore

12:02 : 21, 000 cr for SarvaSikhshaAbhiyan

12:02 : 10, 000 cr to rural telephony

12:04 : Under Indira Gandhi National Old Age scheme the pension will be granted to people above 60

12:05 : The pension amount increased for Rs 200 to Rs 500 cr

12:05 : A bank will be set up in a village of more than 2000 people

12:06 : Special allocation for cleaning up rivers other than Ganga

12:08 : Special scheme for Maoist affected area, each rea to be allocated 25-30 cr

12:09 : Integrated development schemes for Naxal affected areas

12:10 : 9 L ex-gratia payment to disabled defence personnel

12:12 : Rs 1,64,000 announced for Defence Budget

12:14 : Budget allocation of Rs 100 cr for Ladakh and Rs 150 cr for Jammu for implementation of projects identified by taskforce

12:14 : Relaxation in e filing norms of small tax payers

12:20 : Rs 300 cr to be provided as assistance to states for modernising and stamps and registration administration

12:21 : Tax recovery more than Rs 6,00000 cr

12:22 : Expences as per policy more than Rs 4, 0000 cr

12:23 : TAx Exemption Limit increased from 1,60, 000 to 1,80,000

12:24 : Corporate: The current sur charge reduced to 5%

12:29 : Fiscal defict likely to be 4.6% in Fiscal year 2012

12:30 : Exemption limit to senior citizens above 80 increased to Rs five lakhs

12:31 : Revenue deficit likely to be 3.1 % in Fiscal year 2011-2012

12:32 : No roll back in service tax, stays at 10%

12:33 : Hike in service tax in international and local travel

12:33 : Minimum alternate tax raised from 18 per cent to 18.5 per cent of book profits.

12:34 : Excise duty on more than 100 consumer products rolled back

12:36 : No excise duty on food, basic products

12:38 : Central government debt in proportion to GDP will be 44.2 per cent in 2011-12

12:38 : Net loss from direct tax proposals estimated at Rs 11,500 crore

12:40 : Peak rate of customs duty maintained at 10 per cent in view of the global economic situation.

12:41 : No new Tax exemption limit for women

12:42 : Custom duty on yarn, steel cut down

12:44 : No change in CENVAT rates

12:45 : Iron eaxpected to turn costlier

12:46 : Basic customs duty on agricultural machinery reduced to 4.5 per cent from 5 per cent.

12:46 : Basic customs duty on raw silk reduced from 30 to 5 per cent.

12:46 : Export duty rates on iron ore unified and kept at 20 per cent ad valorem

12:48 : Excise and customs duty proposals to result in the net gain of Rs 7,300 crore

12:50 : Cheaper: Mobiles, Home Loans, Diapers, Homeopathic medicines

12:51 : Service tax widened to cover hotel accommodation above Rs 1,000 per day, A/C restaurants serving liquor, some category of hospitals, diagnostic tests

12:52 : PranabMukherjee wraps up the budget speech

Budget of Hope - India Union Budget 2011

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Budget of Hope - India Union Budget 2011