Union Budget of India 2012-13 live and highlights

Union Finance minister Mr. Pranab Mukherjee presented Union budget for the year 2012-2013 in Parliament today.

Highlight of budget have been following.

• Interest income from banks tax-free up to Rs 10,000.

• Health insurance deduction up to Rs 5000 for preventive health checkup.

• Senior citizens to be exempt from advance tax payments

• Income from Rs 5 lakh to Rs 10 lakh – 20 per cent tax

• No change in corporate tax rate
• Income Tax at 30% for income of over Rs 10 lakh
• FY13 market borrowing at Rs 4.79 lakh cr

• Individual income tax exemption limit raised to Rs 2 lakh
• Income Tax at 10% for Rs 2-5 lakh

• Rs 1000 cr for National Skill Development Fund in FY13

• Rs 1000 cr for National Skill Development Fund in FY13

• Total expenditure outlay for FY13 at Rs 15 lakh crore.

• 40 crore Aadhar enrollment in year beginning April 2012

• Information on black money stashed abroad has started flowing in, prosecution to be executed in some cases

• Net tax receipts of the Centre in 2011-12 stands at Rs 7,71,071 crore

• DTC rates introduced on personal income tax

• Rs 200 crore for Research Rewards for agricultural researchers for breakthroughs.
• Fiscal deficit at 5.9% in FY 12
• Tables a white paper on black money issue
• Gross tax receipts at 10.77 lakh crore
• Non plan expenditure at Rs 9.7 lakh crore
• at 12.10 PM Stock market hit bottom, 0% up from yesterday. it means investor sees no option for him.

• Gross taxes estimated at 10.6% of GDP

• Pranab proposes to bring white paper on black money in the current Parliament session

• Pranab Mukherjee allots Rs 24,000 crore for rural road plan in FY13

• Rs 200 crore for Research Rewards for agricultural researchers for breakthroughs.

• 7 medical colleges to be upgraded to All India Institutes.

• Rs 15,850 crore to be allocated to Integrated Child Development Scheme in 2012-13 as against Rs 10,000 crore this fiscal.

• To introduce new law for micro finance institutions

• Defence outlay at Rs 1.95 lakh crore
• Allocated Rs 25,555 cr for Right to Education in FY13; cuts interest rates on loans to women self help groups
• Rs 193,407 crore provision made for defence services in 2012-13.

• Allocation for rural drinking water and sanitation scheme increased from Rs 11,000 crore in FY 12 to Rs 14,000 crore in 2012-13

• Maternal and child nutrition scheme to be launched in 200 districts ICDS to get 58 per cent

• Rs 20,000 crore to be spent on rural infrastructure development, including Rs 5,000 crore for creating warehousing facilities.

• Allocation of Rs.200 crore for research on climate change.

• Integrated Child Development Scheme to be strengthened and restructured with allocation of Rs.15,850 crore.

• FY13 National Social Assistance Scheme outlay at Rs 8447 crore

• 6,000 schools have been proposed to be set up in 12th Year Plan
• Rural development fund of 20000 crores
• Economy to grow at 7.6% in 2012-13: FM
• NRHM allocation hiked to 20820 crores

• Propose credit guarantee fund for education loans

• Rs 15,850 crore to be allocated to Integrated Child Development Scheme in 2012-13 as against Rs 10,000 crore this fiscal.

• Allocation for rural drinking water and sanitation scheme increased from Rs 11,000 crore in FY 12 to Rs 14,000 crore in 2012-13

• FY13 mid-day meal scheme outlay at Rs 11,937 cr

• Propose National Mission for Food Processing.

• FY13 midday meal scheme outlay at Rs 11937 crore.

• Infrastructure will require Rs 50 lakh crore in 12th Plan, half of this from the private sector.

• Completion of highway projects 44 percent higher than in previous fiscal.

• FY13 mid-day meal scheme outlay at Rs 11,937 cr

• External commercial borrowing of up to $1 billion permitted for airline sector.

• Govt doubles allocation for tax-free bonds to Rs 60,000 crore for financing infrastructure projects in 2012/13
• To allow qualified foreign investors in Indian corporate debt markets
• Propose National mission for food processing
• To allocate Rs 14232 cr to UID project, up 13% in FY 13
• Agri credit target for FY 13 seen at Rs 5.75 lakh crore, up 1 lakh crore
• Interest subvention for short term crop loan continues
• 10000 crores allocated to NABARD to fund RRBs
• Fuel supply constraints have hit power supplies nationally
• Will allow external commercial borrowing for power, housing road construction companies
• Plan outlay for agriculture raised by 18% to Rs 20208 crore in FY 13
• Rs 300 crore for intensified irrigation program
• Government to set up Rs 5,000 crore venture fund for MSME sector
• Rs 242 crore project with World Bank assistance to improve dairy production.
• Encourage small and medium artisans. Powerloom mega clusters to be set up.
• India to become self sufficient in manufacturing sector by next year. Enhanced production will take place.
• Government to set up Rs 5,000 crore venture fund for MSME sector
• Propose to allocate Rs 10,000 cr for NABARD to refinance RRBs.
• Irrigation, dams to be eligible for special funding
• Fuel supply constraints have hit power supplies nationally
• To make 8,800 km of highways in FY13; outlay raised
• Telecom towers made eligible for viability gap funding
• Oil and gas pipelines to be eligible for viable gap funding
• To allow qualified FII into domestic corporate bonds
• Rs 15890 crores for recapitalization of PSU banks
• 12th plan infra investment at Rs 50 lakh crore
• Changes in IPO norms to increase participation in small towns

• Sensex is showing optimistic mood at 11 PM, up 83 points
• Weak growth due to industrial slowdown
• Economy to grow at 7.6% in 2012/13
• To roll out computerized scheme for fertilizer subsidy transfer
• GST to be operational by August 2012
• Rs 30,000 cr divestment target in FY 13
• Efforts continue to arrive at consensus for 51% in retail FDI
• FY13 subsidy to be under 2% of GDP
• The Nandan Nilekani panel recommendation on direct transfer of subsidy accepted
• Subsidies have hit fiscal balance
• Government to include advance pricing in Finance Bill 2012