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Friday, 16 March 2012

Indian Union Budget 2012-2013


Indian Union Budget 2012-2013



The Budget identifies five objectives relating to growth recovery, private investment, supply bottlenecks, malnutrition and governance matters.
GDP growth to be 7.6 per cent (+ 0.25 percent) during 2012-13
Amendment to the FRBM Act proposed as part of Finance Bill.New concepts of "Effective Revenue Deficit" and "Medium Term Expenditure Framework" introduced.
Central subsidies to be kept under 2 per cent of GDP to be further brought down to 1.75 per cent of GDP over the next 3 years.
Proposed: Mobile based fertilizer management system; LPG transparency portal; scaling up and rolling out of Aadhar enabled payment for government schemes in at least 50 districts.
Rs. 30,000 crore to be raised through disinvestment.

Efforts to reach broadbased consensus on FDI in multi-brand retail.Rajiv Gandhi Equity Saving Scheme: to allow income tax deduction to retail investors on investing in equities Rs. 15,888 crore to be provided for capitalization of public sector banks and financial institutions.
A central "Know Your Customer" depository to be developed.
Swabhimaan: remaining habitations to be covered; to be extended to more habitations; ultra small branches to be set up in Swabhimaan habitations. Efforts to reach broadbased consensus on FDI in multi-brand retail Rajiv Gandhi Equity Saving Scheme: to allow income tax deduction to retail investors on investing in equities .

Rs. 15,888 crore to be provided for capitalization of public sector banks and financial institutions
A central "Know Your Customer" depository to be developed.

Swabhimaan: remaining habitations to be covered; to be extended to more habitations; ultra small branches to be set up in Swabhimaan habitations.Investment in 12th Plan in infrastructure to go uptoRs. 50,00,000 crore; half of this is expected from private sector
Tax Free Bonds of Rs. 60,000 crore to be allowed for financial infrastructure projects.Allocation of Road Transport and Highways Ministry enhanced by 14 per cent to Rs. 25,360 crore.
Financial package of Rs. 3,884 crore for waiver of loans to handloom weavers and their cooperative societies; mega handloom clusters in Andhra Pradesh, Jharkhand weaver service centres in Mizoram, Nagaland and Jharkhand,powerloom mega cluster in Maharashtra; Rs. 500 crore pilot schemes for geo-textiles in North-Eastern region.
Rs. 5,000 crore India Opportunities Venture Fund to help small enterprises.Allocation to agriculture enhanced; RKVY gets Rs. 9,217 crore; BGREI gets Rs. 1,000 crore; Rs.2242 crore project to improve dairy productivity; Rs. 500 crore for coastal aquaculture.
Various other agricultural activities merged into 5 missions
Target for agricultural credit raised to Rs. 5,75,000 crore
Interest subvention for short-term crop loans to farmers at 7 per cent interest continues; additional 3 per cent for prompt paying farmers.
Rs. 200 crore for awards to incentivise agricultural research.Provisions under rural housing fund increased to Rs. 4,000 crore from Rs. 3,000 crore.Interest subvention of 1 percent on housing loans uptoRs. 15 lakh extended for one more year.AIBP allocation raised by 13 per cent to Rs. 14,242 crore.National Mission on Food Processing to be started in cooperation with State Governments.Scheduled Caste Sub Plan allocation increases by 18 per cent to Rs. 37,113 crore; Tribal Sub Plan by 17.6 per cent to Rs. 21,710 crore Multi-sectoral programme to address maternal and child malnutrition in 200 high burden districts.
58 per cent rise in allocation to ICDS, at Rs. 15,850 crore rural drinking water and sanitation gets 27 per cent rise in allocation to Rs. 14,000 crore; PMGSY gets 20 per cent rise to Rs. 24,000 crore.Projects covering length of 8800 km to be awarded under NHDP against 7,300 km during 2011-12.RTE-SSA gets Rs. 25,555 crore allocation, showing an increase of 21 per #162 6000 schools to be set up at block level as model schools in the 12th Plan; Credit Guarantee Fund to be set up for better flow of credit to students.






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