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    Union Budget 2011

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    jacksanjesh
    The Union Budget for 2011-2012 was announced by Finance Minister Pranab Mukherjee on February 28, 2011. Key highlights included allocating more funds to infrastructure, education, health, and social sectors. The budget estimated GDP growth at 9% for 2011-2012, with gross tax receipts of Rs. 9,32,440 crore and total expenditure of Rs. 12,57,729 crore. Reforms such as finalizing the Direct Taxes Code and introducing a Goods and Services Tax were also outlined.

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    Union Budget 2011

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    jacksanjesh
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    The Union Budget for 2011-2012 was announced by Finance Minister Pranab Mukherjee on February 28, 2011. Key highlights included allocating more funds to infrastructure, education, health, and social sectors. The budget estimated GDP growth at 9% for 2011-2012, with gross tax receipts of Rs. 9,32,440 crore and total expenditure of Rs. 12,57,729 crore. Reforms such as finalizing the Direct Taxes Code and introducing a Goods and Services Tax were also outlined.

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    The Union Budget for 2011-2012 was announced by Finance Minister Pranab Mukherjee on February 28, 2011. Key highlights included allocating more funds to infrastructure, education, health, and social sectors. The budget estimated GDP growth at 9% for 2011-2012, with gross tax receipts of Rs. 9,32,440 crore and total expenditure of Rs. 12,57,729 crore. Reforms such as finalizing the Direct Taxes Code and introducing a Goods and Services Tax were also outlined.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    25 views3 pages

    Union Budget 2011

    Uploaded by

    jacksanjesh
    The Union Budget for 2011-2012 was announced by Finance Minister Pranab Mukherjee on February 28, 2011. Key highlights included allocating more funds to infrastructure, education, health, and social sectors. The budget estimated GDP growth at 9% for 2011-2012, with gross tax receipts of Rs. 9,32,440 crore and total expenditure of Rs. 12,57,729 crore. Reforms such as finalizing the Direct Taxes Code and introducing a Goods and Services Tax were also outlined.

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    Download as DOC, PDF, TXT or read online from Scribd
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    of 3

    Union Budget 2011-12 Last Updated: February 2011

    The Union Budget for 2011-12 has been announced by the Union Finance Minister, Mr
    Pranab Mukherjee, in Parliament on February 28, 2011.

    Highlights of Union Budget 2011-2012

    OVERVIEW OF THE ECONOMY

    • Gross Domestic Product (GDP) estimated to have grown at 8.6 per cent in 2010-11 in
    real terms. Economy has shown remarkable resilience
    • Indian economy expected to grow at 9 per cent with an outside band of +/- 0.25 per
    cent in 2011-12
    • Exports have grown by 29.4 per cent, while imports have recorded a growth of 17.6
    per cent during April to January 2010-11 over the corresponding period last year

    SUSTAINING GROWTH

    • Fiscal consolidation targets at Centre and States have shown positive effect on
    macroeconomic management of the economy
    • Direct Taxes Code (DTC) to be finalised for enactment during 2011-12. DTC
    proposed to be effective from April 1, 2012
    • Areas of divergence with States on proposed Goods and Services Tax (GST) have
    been narrowed. As a step towards roll out of GST, Constitution Amendment Bill
    proposed to be introduced in this session of Parliament

    INVESTMENT ENVIRONMENT

    • Discussions underway to further liberalise the FDI policy


    • SEBI registered mutual funds permitted to accept subscription from foreign investors
    who meet KYC requirements for equity schemes
    • Rs 6,000 crore (US$ 1.30 billion) to be provided during 2011-12 to enable public
    sector banks to maintain a minimum of Tier I CRAR of 8 per cent
    • Rs 500 crore (US$ 108.5 million) to be provided to enable Regional Rural Banks to
    maintain a CRAR of at least 9 per cent as on March 31, 2012
    • “India Microfinance Equity Fund” of Rs 100 crore (US$ 21.7 million) to be created
    with SIDBI.

    AGRICULTURE

    • Rs. 300 crore (US$ 65.1 million) expenditure to promote 60,000 pulses villages in
    rain fed areas for increasing crop productivity and strengthening market linkages
    • Proposal to spend Rs. 300 crore (US$ 65.1 million) to promote oil palm plantation in
    60,000 hectares and Rs. 300 crore (US$ 65.1 million) for the initiative on vegetable
    cluster
    • Rs 400 crore (US$ 86.8 million) is proposed to be spent to improve rice based
    cropping system in the Eastern Region.

    SOCIAL SECTOR
    • The allocation for social sector has been increased by 17 per cent to Rs. 1,60,887
    crore (US$ 34.9 billion) which amounts to 36.4 per cent of the total plan allocation.
    • Remuneration for Anganwadi workers have been increased to Rs. 3000 (US$ 65.1)
    per month from Rs. 1500 (US$ 32.6) per month while the Anganwadi helpers will get
    Rs. 1500 (US$ 32.6) per month. This will be effective from 1st April 2011 benefiting
    about 22 lakh Anganwadi workers and helpers.

    EDUCATION

    • The allocation on education has been increased by 24 per cent to Rs 52,057 crore
    (US$ 11.3 billion). Sarva Shiksha Abhiyan gets Rs 21,000 crore (US$ 4.6 billion)
    which is 40 per cent higher than the previous year’s allocation of Rs. 15,000 crore
    (US$ 3.3 billion)
    • The Finance Minister also proposed to introduce a scholarship scheme for needy
    students belonging to the Scheduled Castes and Scheduled Tribes studying in classes
    IX and X. It would benefit about 40 lakh students

    HEALTH

    • Plan allocation for Health has also been increased by 20 per cent to Rs 26,760 crores
    (US$ 5.8 billion). The Rashtriya Swasthaya Bima Yojana will be extended to the
    unorganized sector workers in hazardous mining and associated industries

    HOUSING SECTOR

    • Existing scheme of interest subvention of 1 per cent on housing loan further


    liberalized
    • Existing housing loan limit enhanced to Rs 25 lakh (US$ 54,271.1) for dwelling units
    under priority sector lending
    • Provision under Rural Housing Fund enhanced to Rs 3,000 crore (US$ 651.3 million)
    • To enhance credit worthiness of economically weaker sections and LIG households, a
    Mortgage Risk Guarantee Fund to be created under Rajiv Awas Yojana
    • Central Electronic Registry to prevent frauds involving multiple lending on the same
    immovable property to become operational by March 31, 2011

    INFRASTRUCTURE AND INDUSTRY

    • Allocation of Rs 2,14,000 crore (US$ 46.5 billion) for infrastructure in 2011-12. This
    is an increase of 23.3 per cent over 2010-11. This also amounts to 48.5 per cent of
    total plan allocation
    • Government to come up with a comprehensive policy for further developing PPP
    projects
    • IIFCL to achieve cummulative disbursement target of Rs 20,000 crore (US$ 4.3
    billion) by March 31, 2011 and Rs 25,000 crore (US$ 5.4 billion) by March 31, 2012
    • Under take out financing scheme, seven projects sanctioned with debt of Rs 1,500
    crore (US$ 325.6 million). Another Rs 5,000 crore (US$ 1.1 billion) will be
    sanctioned during 2011-12
    • To boost infrastructure development, tax free bonds of Rs 30,000 crore (US$ 6.5
    billion) proposed to be issued by Government undertakings during 2011-12
    NATIONAL MANUFACTURING POLICY

    • Share of manufacturing in GDP expected to grow from about 16 per cent to 25 per
    cent over a period of 10 years. Government will come out with a manufacturing
    policy
    • Two Committees set up for greater transparency and accountability in procurement
    policy; and for allocation, pricing and utilisation of natural resources
    • Issues relating to reconciliation of environmental concern from various departmental
    activities including those related to infrastructure and mining to be considered by a
    Group of Ministers
    • National Mission for hybrid and electric vehicle to be launched
    • Financial Assistance to be made available for metro projects in Delhi, Mumbai,
    Bengaluru, Kolkata and Chennai
    • Capital investment in fertiliser production proposed to be included as an infrastructure
    sub-sector

    INNOVATIONS

    • National Innovation Council set up to prepare road map for innovations in India
    • Special grant provided to various universities and academic institutions to recognise
    excellence

    SKILL DEVELOPMENT

    • Additional Rs 500 crore (US$ 108.5 million) proposed to be provided for National
    Skill Development Fund during the next year
    • An international award with prize money of Rs 1 crore (US$ 217,085) being instituted
    for promoting values of universal brotherhood as part of National celebrations of
    150th Birth Anniversary of Gurudev Rabindranath Tagore

    BUDGET ESTIMATES

    • Gross Tax receipts are estimated at Rs 9,32,440 crore (US$ 202.4 billion)
    • Non-tax revenue receipts estimated at Rs 1,25,435 crore (US$ 27.2 billion)
    • Total expenditure proposed at Rs 12,57,729 crore (US$ 273 billion)
    • Increase of 18.3 per cent in total Plan allocation
    • Increase of 10.9 per cent in the Non-plan expenditure

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