Indian Budget 2011-12

• AC restaurants serving liquor and AC hospitals with more than 25 beds under service tax.
•  Service tax on air travel to be increased.
•  Customs duty on raw silk reduced from 30 to 5 per cent.
•  Legal services to be expanded to business entities.
•  20% export duty for iron ore.
•  Custom duty on Pet Coke and Gypsum to minimized to 2.5%.
•  No new tax exemption limit for women.
•  Mandatory levy of 10 pct on branded garments.
•  Budget estimates for 2011-12 projects- Rs 9,32,440 crore.
•  No change in Central excise duty rate. Base rate on excise duty raised from 4% to 5%.
•  Surcharge rate reduced from 7.5 percent to 5 percent for domestic companies.
•  Hike in exemption IT limit from Rs 1.6 lakh to Rs 1.8 lakh.
•  New series of coins with new rupee symbol expected.
•  Simplify tax collection procedure.
•  1 million UID cards to be distributed per day shortly.
•  Targeting to reduce deficit to 4.6% for the upcoming fiscal year.
•  Plan and Non-Plan expenditure to be increased by 23%.
•  BPL pension eligibility age limit reduced.
•  Group formed to monitor corruption;will start implementing from 62 dept. in first phase.
•  Amendment of Indian Stamp Act shortly.
•  Simplified form 'Sugam' for small tax payers.
•  Rs 1.64 lakh crore for Defence.
•  Rs 1000 crore to build judicial infrastructure.
•  Group of ministers to sort out Environmental concerns.
•  1000 crore for improvising judiciary system.
•  Rs 8,000 cr to Northeast.
•  60 schemes for SC/ST to be implemented.
•  Rs 100 crore for Ladakh.
•  Rs 150 crore for Jammu.
•  Pension amount increased for 80 years and above.
•  Indira Gandhi National Old Age Pension Scheme eligibility revised from 65 to 60 years.
•  Rs 200 cr grant to IIT Kharagpur.
•  Rs 20 crore to IIM Calcutta.
•  50 Crore to muslim universities in different states.
•  58,000 crore for Bharat Nirman Schemes: FM
•  State Innovation Council in each state to be set up.
•  Remuneration of anganwadi workers increased from Rs 1500 to Rs 3,000 per month.
•  Independent debt management office to be established.
•  Rs 1.6 lakh crore to be spent on social projects.
•  Current a/c gap a concern due to composition of FX flows: FM
•  Establishment of national policy on psychotic drugs, narcotics.
•  Tax free infra bonds worth Rs 30000 cr for PSBs proposed.
•  15 mega food parks to be set up.
•  Infrastructure spending increased by 23%.
•  Rs 30K crore tax free bonds to be provided for railways.
•  Financial assistance to be provide to Bengaluru, Chennai, Kolkata metro projects.
•  Allocation under Rashtriya Krishi Vikas Yojana to be increased to Rs 7860 crore.
•  Promote organic farming.
•  GDP manufacturing, targeting 16-25 % increase in next 10 years.
•  Rs 300 cr to cultivate pulses in rain-fed areas;Rs 300 cr for the promotion of farm product cultivation.
•  Provide Rs 6000cr for PSU bank recapitalization.
•  FM: Micro finance companies to be provided with Rs 100 crore equity funds.
•  Extension of NBS for urea to be analyzed.
•  Home loan limit increased.
•  Rs 300 cr for improving pulses production.
•  Rural infrastructure development fund to be raised to 180 billion Rupees for the coming fiscal year.
•  Grant 1% interest on home loans upto 50 lakhs.
•  Mortage Risk Guarantee fund for rural housing to be set up.
•  Rs 5,000 cr to be provided to SIDBI to meet priority lending targets.
•  Rs 2000 crore for warehousing facilities.
•  Rs 2,000 cr for manufacturing facilities.
•  Allocation of Rs 6000 cr for some PSU banks.
•  Only registered FII's to be associated with Indian MF industry.
•  Rs 40,000cr to be raised via disinvestment.
•  GST bill to be introduced in current session.
•  Extension of NBS to cover urea under review: FM
•  500 crore proposed for empowering women.
•  Micro finance institutes proposed for 100 crore.
•  300 crore to be provided to NABARD.
•  FBI to regularize banking amendments.
•  Ensures better delivery of urea, kerosene.
•  FII allow to trade amongst themselves.
•  FBI policy to be regularized.
•  Public Debt Management Bill to be introduced in 2012.
•  Pranab sees Budget 2011-12 as transition towards a transparent and result-oriented economic management.
•  Public sector undertaking to be increased.
•  Direct transfer of cash subsidy to downtrodden.
•  Average inflation and current account deficit to be minimized by next year: FM
•  Strong proposition to fight against corruption.
•  Pranab seeking Lord Indra's blessings to get good monsoon.
•  Remarkable record for last fiscal year.
•  Improvise the governance.
•  Govt. to reconsider ecological concerns.
•  Tremendous growth in exports-29.4%.
•  Food inflation down from 22.2% to 9.3 %. But still is a major concern, says FM.
•  Budget to ensure more transparent economy.
•  Focus on supply side issues in agriculture.
•  Pranab: Work on food inflation.
•  Stabilize the macro economic situation.
•  Budget 2011 approved by Cabinet.
•  Pranab: Impressive fiscal consolidation
•  Pranab Mukherjee begins the speech.
•  Finance Minister Pranab Mukherjee to begin Union budget 2011-12 speech from 11 am.