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Union Budget Highlights

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12.55 P.M - Budget Session conculdes as the Lok Sabha is adjourned till yesterday. 12.51 P.M - New revised income tax return form 'Sugam' to be introduced for small tax payers.

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12.50 P.M - Service tax to cover hotel accommodation above Rs 1,000 per day, A/C restaurants serving liquor, some category of hospitals, diagnostic tests. 12.50 P.M - Export duty withdrawn on iron ore pellets. 12.49 P.M - Ship-owners can now make duty-free spare parts import. 12.48 P.M - Service tax raised on air travel. 12.48 P.M - Export duty rates on iron ore at 20 per cent ad valorem. 12.47 P.M - Basic customs duty on agricultural machinery reduced to 4.5 per cent from 5 per cent. 12.46 P.M - Customs duty on raw silk reduced from 30 to 5 per cent. 12.45 P.M - Import duty on gypsum and coal increased frm 5% to 2.5%. 12.44 P.M - No new tax exemption limit for women. 12.43 P.M - Cut in excise duty of hybrid fuel, yarn, steel 12.42 P.M - Export duty at 20% for iron ore. 12.41 P.M - Customs duty on Pet Coke and Gypsum to be reduced to 2.5%. 12.40 P.M - Base rate on excise duty raised to 5%. 12.39 P.M - 1% Excise duty on 130 new items: FM 12.38 P.M - CENVAT rates unchanged. 12.37 P.M - Direct tax will result in Rs 11,500 cr net revenue loss. 12.36 P.M - Mandatory levy of 10 pct on branded garments. 12.36 P.M - Foreign dividend tax rate cut to 15% for Indian cos. 12.36 P.M - Service tax unchanged at 10 per cent. 12.35 P.M - Exemption for investment in infra debt funds for another year. 12.35 P.M - Standard rate of excise duty at 10 pct. 12.34 P.M - MAT to be levied on developers of SEZs. 12.33 P.M - New category for 80 yrs and above, limit is Rs 5 lakh. 12.32 P.M - MAT increased to 18.5 %. 12.31 P.M - Exemption limit for general tax payers raised to Rs 1,80,000. 12.30 P.M - Surcharge reduced on corporate tax to 5%. 12.29 P.M - Tax Exemptiom limit raised from Rs1.6 lakh to Rs 1.8 lakh. 12.28 P.M - Qualifying age of # senior citizensreduces from 65 to 60 years. 12.27 P.M -New series of coins with new rupee symbol to be introduced. 12.26 P.M - Fiscal deficit 4.6 % in FY12 12.25 P.M - Rs 10-crore grant for Delhi School of Economics; Rs 200 cr for Maulana 12.24 P.M - Azad Education Foundation; Rs 200 cr as one-time grant to IIT-KGP.

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12.23 P.M - Rs 5,000 crore provided to National Skill Dev Council. 12.23 P.M - Health benefits workers in hazardous industries, such as mining and slate. 12.23 P.M - FM: Expenditure estimates up 13.4%. 12.22 P.M - Relaxtion in e-filing norms for small tax payers. 12.21 P.M - Rs. 54 cr each to Aligarh Muslim Uniiversity centres. 12.20 P.M - Defence sector gets more than 1.64 trln rupees. 12.19 P.M - Expect 10 lakh nos to be generated per day from 1st Oct 2011 under UID. 12.18 P.M - Rs. 300 crore to modernise stamp and registration in states.

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12.17 P.M - Rs 9 lakh compensation to be given to men of defence and Central paramilitary forces for permanent disability and discharged from service. 12.16 P.M - Rs 150 cr allocated to Jammu for implementation of projects identified by taskforce. 12.15 P.M - Award to be introduced in the name of Rabindranath Tagore with cash prize of 1 cr, to promote international botherhood. 12.14 P.M - Rs. 8000 cr assigned for J&K for development projects. 12.13 P.M - Rs 25 cr and 30 cr for naxal affected areas. 12.12 P.M - RS 1000 crore to build Judicial Infrastructure and develop project ethos. 12.10 P.M - 15 More Mega Food Parks to be set up. 12.10 P.M - GOM (group of ministers) for Environmental concerns arising out of development projects. 12.09 P.M - 9 lakh ex gratia payment for disabled defence personnel. 12.08 P.M - Sensex up nearly 250 points 12.08 P.M - Allocation to health sector raised by 20 pct to 267.6 bln rupees in 2011/12. 12.08 P.M - Plans to create 150lac metric tons food storage capacity. 12.07 P.M - Rs 100 cr for development of Ladakh. 12.06 P.M - Increased pension of Rs 500 pension for those above 80 years. 12.05 P.M - Pension eligibility reduced from 65 years to 60 years for BPL. 12.04 P.M - Rural broadband connectivity to be provided in 3 years. 12.03 P.M - Rs 50 cr grant to Aligarh Muslim University centres in Murshidabad in West Bengal and Malappuram in Kerala. 12.02 P.M - Revised scheme for vocational course to improve Youth. 12.01 P.M -"My budget aspires to set tone for newer, vibrant economy" : Pranab 12.00 P.M - Rs. 10,000 crores to rural telephony. 11.59 A.M - National Knowledge Network to be set up by by March 2012. 11.59 A.M - Rs. 21,000 cr for Shiksha Abhiyan. 11.53 A.M - Liberalising of one per cent interest subvention on housing loans up to Rs 15 lakh. 11.53 A.M - Remuneration of anganwadi workers raised from Rs 1500 to Rs 3,000 per month. Helpers to get Rs 1,500 from Rs 750. 11.53 A.M - Rs 52,057cr allocated for education sector. 11.53 A.M - Food security bill to be introduced this year. 11.53 A.M - Infra debt funds to be created: FM 11.53 A.M - National mission for hybrid, electric vehicles to be set up soon : FM 11.53 A.M - State innovation councils to be set up. 11.52 A.M - New Scholarships for needy SC/ST students of Class 9/10. 11.51 A.M - To create Rs 100cr equity fund for microfinance companies. 11.50 A.M - Fertiliser sector investment gets Infra status. 11.49 A.M - IIFCL disbursement target upped to Rs 25,000cr for FY12. 11.49 A.M - Cap infusion of Rs 20,157cr in PSU banks in FY12. 11.48 A.M - Rs. 58,000 crore allocation for Bharat Nirman Schemes. 11.47 A.M - NREGA wages to be indexed to inflation from now. 11.47 A.M - New Companies Bill to be introduced in current session. 11.46 A.M - Infra status to cold storage chains from now.

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11.46 A.M - Self-assessment of customs duty wherein importers and exporters will themselves assess payment of duty. 11.45 A.M - New scheme to be introduced for refund of service tax. 11.44 A.M - Tax free bonds of Rs. 30,000 for enhancement of infra sector. 11.44 A.M - Modified infra debt funds to be created, to ecourage foreign funds for infra development. 11.43 A.M - Financial assistance for speedy execution of on-going metro projects. 11.38 A.M - Rs 300 cr allocated for oil palm production. 11.38 A.M - Provision of Rs 300cr for promoting production of bajra, jowar, ragi. 11.41 A.M - Rs 300 cr for fodder development. 11.41 A.M - Govt aspired to further develop PPP. 11.40 A.M - Rs.2.14 cr to be allocated towards infra development. 11.40 A.M - Rs 10,000 cr to be provided to NABARD as short term credit fund. 11.39 A.M - Interest subvention scheme on short term farm loans at 7 % interest to continue. 11.38 A.M - Rs 300 cr to promote pulses cultivation in rain-fed areas. 11.37 A.M - Rs 300 cr to promote farm product cultivation. 11.36 A.M - Allocation under Rashtriya Krishi Vikas Yojana raised from Rs 6755 crore to Rs 7860 crore. 11.35 A.M - Rural housing fund to Rs 3,000 crore. 11.34 A.M - Indian micro finance equity with SIDBI to be formed at Rs 100 crore. 11.33 A.M - Rs 6,000 cr for PSU banks to maintain capital-to-risk assets ratio norms. 11.32 A.M - Banking Laws amendment Bill, SBI subsidiaries bill and BIFR bill also in current year. 11.31 A.M - Insurance amendment bill, LIC bill and Pension Development Authority Bill to be introduced in this session. 11.30 A.M - Indian economy records high growth path by 8.9 per cent in the first half of the current fiscal. 11.29 A.M - Increase lending to farmers from banks from now. 11.28 A.M - FM urges to increase private investment in Agro Processing. 11.27 A.M - Rs 100 crore equity funds for microfinance companies 11.23 A.M -Interest subvention on housing loans eligibility to be relaxed. 11.23 A.M -Focusing on removal of supply bottlenecks in food sector. 11.23 A.M -Infra sector FII cap for bonds with 5-year residual maturity. 11.23 A.M -Rs 3000cr to NABARD from Union Budget 2011. 11.23 A.M - Home Loan Limit Hiked to 25 lakh for priority sector lending. 11.16 A.M - NRI's can invest in mutual funds from now. 11.15 A.M - SEBI registered mutual funds to accept subscription from foreign investors. 11.14 A.M - SEBI registered MF now accessible to foreign investors (after fulfilling KYC norms) 11.13 A.M - To raise Rs 40,000cr via disinvestment: FM 11.13 A.M - Public Debt AMC of India Bill in FY12. 11.11 A.M - FIIs can now invest in mutual funds schemes : FM. 11.11 A.M - Imports increased by 17.6%, Exports increased by 29.4% : FM. 11.11 A.M - Current account deficit (CAD) and average inflation to be less than current year : FM

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11.10 A.M - Public Debt Management Agency Bill next year : FM. 11.10 A.M - Govt. focusing on high food prices including milk, cereals and onions : Mukherjee 11.09 A.M - Expected GDP growth in FY11 at 8.6% : FM 11.09 A.M - Agriculture sector to grow at 5.4 %, industry at 8.1 % and services 9.3 % : FM 11.08 A.M - Economic growth at 9 percent, plus or minus 0.25 pct in 2012: FM 11.08 A.M - Exports up by 29.4% : FM 11.07 A.M - Economy gainig pre-crisis growth: FM 11.07 A.M - Economy facning pre-crisis growth trajectory: FM 11.06 A.M - FM : "Corruption is a problem, we have to fight it collectively" 11.06 A.M - Pranab : "Average inflation to be lower next year/" 11.05 A.M - Govt aspired for solving gaps in recent corporate governance: FM 11.05 A.M - My budget aims at "transition towards transparent economy" : Pranab. 11.04 A.M - Focus on stable macro economic environment . 11.03 A.M - FM begins his speech. 11.02 A.M - Growth rate of 8.6 % in 2011-12 in Indian Economy. 11.01 A.M - Agricultural sector registers a growth rate of 5.4 % in 2011-12 . 11.00 A.M - Inflation stands approximately at 1.5 % . Corporates expecting a reduction of Tax or Mat . The Finance Minister had hiked Mat last year to 18 % from 15 %. The Indian market expect a major reform on taxes , labor law and FDI with special emphasis on Retail Sector. The Corporate leaders also want the finance minister to increase the Infrastructure allocation as it is considered as the biggest bottle neck of the economy.

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The Economic Survey for the current year 2011-12 is to study the economic performance and understand the prospects for next year. Growth rate of 8.6 % in 2011-12 in Indian Economy. Agricultural sector registers a growth rate of 5.4 % in 2011-12 . Inflation stands approximately at 1.5 % . The gross fiscal deficit drops to 4.8 % of the GDP . The industrial output growth is set to be at 8.6% for the year 2011-12. The Economic growth to be on of the fastest in next two years .

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The growth registered for manufacturing sector is 9.1 % for the year 2011-12. The survey suggests a new Green revolution to tackle food prices . Expectation of introducing the latest technology and diverting higher investment for agricultural sector. The UPA government studies new regulation that will give more emphasis to capital market . The national forest land bank is to improve its infrastructure projects . Indian government aims to build close ties with G-20 countries to increase the inflow of foreign capital. The export industry registered a growth of 29.5% during April and December of 2010 and Import industry at the time stated 19 % growth . The gap in Trade industry minimized to $ 82.01 billion . Saving rate increased to 33.7 % of GDP and investment rate registered at 36.5 of GDP . The food grain production is estimated at 232.10 million tonnes . Reserves of Fores reaches to $ 297.30 billion . The telecommunication sector it prominently given more importance . The Survey speaks of Policies that will give support to legal , accounting , education , tourism , financial sector and other services . To tackle unemployment new financial schemes will be introduced and monitored to give maximum benefit . Goods and Services taxation will also be revised . The education system to get help by private participation .