UNION BUDGET 2011-12
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The document summarizes key aspects of the 2011-2012 Indian Union Budget presented by Finance Minister Pranab Mukherjee. Some key points included: - Allocations were increased for agriculture, infrastructure, education, health, and defense. The fiscal deficit target was also lowered. - Certain items like bicycles, tea, and stationery saw new excise duties while others like homeopathy medicines and dry fruits saw reductions. - Income tax exemptions were raised for senior citizens and a new category for those over 80 was introduced. The tax slab otherwise remained unchanged. - The budgets estimated a 24% increase in revenues and 13.4% increase in expenditures compared to the previous fiscal year
UNION BUDGET 2011-12
- 2. What a Budget is: A Budget tells us what we can't afford, But it doesn't keep us from buying it.Union Budget '11-'12
- 3. Budget for a common manUnion Budget '11-'12
- 4. PM words about budget 11-12Prime Minister Manmohan Singh said the Budget was aimed at consolidation of fiscal deficit and moderation of taxes and will meet challenges of the economic growth of the country.Union Budget '11-'12
- 5. What Pranab offersto aamaadmi.WHAT GETTING EXPENSIVE1. Bicycles: 1% excise duty levied2. Tea & Coffee: 1% excise duty levied3. Cakes and sugar-based confectionery: additional excise dutyUnion Budget '11-'12
- 6. 4. CDs, VCDs and DVDs: 1% excise duty levied5. Stationery items: Drawing instruments, pencils, sharpeners, etc all have excise duty levied on them6. Pressure cookers: Excise duty increased to 5% from 4%Union Budget '11-'12
- 7. `7. Biscuits: Excise duty hiked by 1%8. Noodles: Excise duty hiked by 1%9.Water filters and other purifying equipmentUnion Budget '11-'12
- 8. 10.Branded jewellery (includes branded gold, silver and precious metals jewellery)11.Air Fares likely to increase by 10% minimum due to increase in customs duty.12.Cars (due to increase in excise duty on non-petroleum products)Union Budget '11-'12
- 9. 13. Motorcycles (due to increase in excise duty on non-petroleum products)14. Scooters (due to increase in excise duty on non-petroleum products)15. Air-conditioners (due to increase in excise duty on non-petroleum products)Union Budget '11-'12
- 10. 16. Washing machines 17. Refrigerators19. Gold prices likely to soar due to hike in the customs duty on gold imports (from Rs 200 per 10 grams to Rs 300 per 10 grams)Union Budget '11-'12
- 11. What Pranab offersto aamaadmi.PRICESWHATS GETTING CHEAPER1. Homeopathic medicines2. Pistachios and other dry fruits3. Diapers and sanitary napkins4. Solar lamps & lanterns5. Agarbattis (incense sticks)6. SilkUnion Budget '11-'12
- 12. 7. Green technologies: Concessional excise duty of 10%. LED lights will have excise duty of 5% and exemption on counter veiling duty. 8. Price of cable services - likely to be reduced due to reduction in import duty rates for equipment used for cable transmissionUnion Budget '11-'12
- 13. 9. Prices of dal come down with the setting up of thousands of pulses and oil seed villages in farming areas which have plentiful rains.Union Budget '11-'12
- 15. AgricultureFinance Minister also announced various schemes for promoting production of vegetables, pulses, oilseeds, fodder and nutrition-rich crops like millets and maize.FM raised the target for loan disbursal To the farmers from 375,000cr to 475,000cr in 2011-12.Union Budget '11-'12
- 16. Capitalisation of National Bank for Agriculture and Rural Development (NABARD) of 30 billion rupees in a phased mannerUnion Budget '11-'12
- 17. To provide 3 billion rupees for 60,000 hectares under palm oil plantation Actively considering new fertiliser policy for urea Food storage capacity to be augmented - 15 more mega food parks to be set up in 2011-12; of 30 sanctioned in previous fiscal, 15 set up.Union Budget '11-'12
- 18. Gives 3 percent interest subsidy to farmers in 2011-12 Cold storage chains to be given infrastructure statusAgriculture growth key to development: Green Revolution waiting to happen in eastern region.Union Budget '11-'12
- 20. InfrastructureFinance ministerPranabMukherjee, proposed an allocation of Rs.2,14,000 crore for infrastructure sector, which is 23.3% higher than current yearUnion Budget '11-'12
- 21. Infrastructure development in railways, ports, housing and highways development, it has been proposed to allow tax-free bonds of Rs.30,000 crore to be issued by various government undertakings in the year 2011-12Union Budget '11-'12
- 22. Indian Railway Finance Corporation Rs.10,000 crore; National Highway Authority ofIndiaRs.10,000 crore; HUDCO Rs.5000 crore and Ports Rs.5000 crore.Union Budget '11-'12
- 23. Rs.58,000 crore for Bharat Nirman; increase of Rs.10,000 crore.financeministeralsoproposed to raise the corpus of rural infrastructrure development fund from Rs 16,000 crore to Rs 18,000 crore.Union Budget '11-'12
- 25. EducationEducation allocation has been proposed to be raised by 24% over last year to Rs 52,057 crore, of which Rs 21,000 crore will be towards the SarvaShikshaAbhiyan, a 40% increase over last yearUnion Budget '11-'12
- 26. 1500 institute of higher learning to beconnected by March 2012 with Knowledge Knowledge Network.National Innovation Council set up.Additional Rs.500 crore for National Skill Development FundUnion Budget '11-'12
- 27. Rs.10 crore each was allocated for setting up the Kolkata and Allahabad centres of the Wardha-based Mahatma Gandhi Antarrashtriya Hindi VishwavidyalayaTheIndian Institute of Technology, Kharagpur will get Rs.200 crore as a one-time grant.Union Budget '11-'12
- 28. The minister also sanctioned Rs.20 crore to the Indian Institute of Management, Kolkata for setting up a financial research and training laboratory and Rs.200 crore for the Maulana Azad Education Foundation.TheDelhiSchool of Economics and Madras School of Economics have also been allotted Rs.10 crore eachUnion Budget '11-'12
- 30. HealthFM propose to hike the health budget in 2011-12 by 20 percent to Rs.26,760 crore.Increase in service tax, there is also bound to be an increase in cost ofdiagnostic tests and doctors serviceUnion Budget '11-'12
- 31. Medical billsare expected to go up by 5 -10% in drugs and medical equipments. Homeopathy medications cost too would go up.Union Budget '11-'12
- 32. The RashtriyaSwashthyaBimaYojana has emerged as an effective instrument for providing a basic health cover to poor and marginal workers. It is now being extended to MGNREGA beneficiaries, beedi workers and others.Union Budget '11-'12
- 33. Hospitals withmore than 25 beds,or those with air conditioning, will now be charging more for their servicesUnion Budget '11-'12
- 35. Security and JusticeUnion Budget '11-'12Finance Minister PranabMukherjee hiked the country's defence budget by almost 12 percent to Rs 1.64 lakhcrores for fiscal 2011-12Rs 69,199 crore has been set aside for buying weapon systems and platforms
- 36. FM give the revenue expenditure of Rs 95,216 crore for meeting day-to-day expenses of the military.Union Budget '11-'12
- 37. Defence personnel, who have suffered 100 percent disability during the course of their government service, will henceforth get a one-time compensation of Rs 9 lakh on par with paramilitary personnel fighting MaoistsUnion Budget '11-'12
- 39. TAX PROPOSALSNo tax on the female earning up to the income of 1.9 lakh.Proposed to reduce the qualifying age for senior citizen, from 65 years to 60 years and enhance the exemption limit from `240000 to `250000Union Budget '11-'12
- 40. Proposed to create a new category of Very Senior Citizens (80 years and above), who will be eligible for a higher exemption limit of `500000Union Budget '11-'12
- 41. Direct TaxesUnion Budget '11-'12TAX SLAB
- 42. Budget EstimationBudget estimates for 2011-12 projects Rs 9,32,440 crore - an increase of 24 per cent. Expenditure in 2011-12 is estimated at Rs 12,57,729 crore, an increase of 13.4%. Revenue deficit fixed at 2.3% in revised estimates of 2010-11 and 1.8% in 2011-12. Tax reductions to result in revenue loss of Rs 11,500 croreUnion Budget '11-'12