Highlights of Union Budget 2011-12

Written by: Ani
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New Delhi, Feb 28: Union Finance Minister Pranab Mukherjee on Monday, Feb 28 tabled the Union Budget 2011-12 in the Parliament.

Highlights of Union Budget 2011-12 are as follows:

GDP rises by 8.2 per cent for the Dec 2010, quarter as against 7.3 per cent in the corresponding period of the previous year

Expect average inflation to be lower next year

Have to ensure more stable macro economic environment

Budget is a transition towards transparent economy

Do not foresee resources being a major constrain in medium-term Total food inflation down from 20.2 per cent last year to 9.3 per cent in Jan; still a matter of concern

Indian economy back to pre-crisis growth trajectory

Government has to reconcile ecological concerns with development aspirations.

Exports have grown at 29.4 per cent

Government is engaging in solving gaps in recent corporate governance

Stronger fiscal consolidation reached

Economy regained pre-crisis growth momentum

Average inflation and current account deficit to be lower and better managed next year expect inflation and CAD to be lower in 2011-2012

Economy to grow at 9 per cent, plus or minus 0.25 pct in 2012

GDP in FY11 estimated to have grown at 8.6 per cent in real terms

Overall economic growth expected at 8.6 per cent, agriculture growth at 5.4 per cent, industry at 8.1 per cent and services 9.3 per cent

High current account deficit a cause of concurrent account deficit and average inflation in 2011-12 likely to be less than current year public Debt Management Agency Bill to be introduced next financial year

New Companies Bill to be introduced in current session

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

NREGA wages to be indexed to inflation

58,000 crore allocation for Bharat Nirman Schemes

To bring bill to enable RBI to grant more banking licenses

Fertiliser sector investment to get infra status

Scholarships for needy SC/ST students of Class 9/10

State innovation councils to be set up

Food security bill to be introduced this year

Allocation of Rs 52,057 crore for education sector, increase of 24 per cent

Remuneration of anganwadi workers raised from Rs 1500 to Rs 3,000 per month

National Knowledge Network by Mar 2012

Rs 50 crore grant to Aligarh Muslim University, centres in Murshidabad in West Bengal and Malappuram in Kerala

Rs 100 crore for development of Ladakh

Rural broadband connectivity to be provided in three years

Pension eligibility reduced from 65 years to 60 years

Rs 500 pension for those above 80 years as against Rs 200


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