Income-tax exemption limit raised
Benefiting the "common man", FM Pranab Mukherjee has announced an increased exemption limit from 1.6 lakhs to 1.8 lakhs. All tax-payers in the category will see their taxes lowered by Rs 2,000. Senior citizens exemption age has also been lowered to 60 from 65. New category of very senior citizens has been introduced in which people over the age of 80 will have exemption limit of Rs 5 lakh.
Rs. 1.64 trillion for Defence Budget
Presenting the Union Budget 2011, the Finance Minister announced a whooping sum of more than 1.64 trillion (1.54 lakh crore rupees) for defense budget. This will mark an increase of more than 4 per cent from the 2010-11. as defense budget. Also Rs 9 lakh compensation to be given to men of defence and Central paramilitary forces for permanent disability and discharged from service.
Excise duty on 130 new items
Pranab Mukherjee announced 1% Excise duty on 130 new items. These items exclude food products, clothes, fuel, precious stones, gold and silver jewellery. Besides this, the base rate on excise duty has also been raised to to 5%.
Housing loan limit increased
FM has increased the Housing loan limit to Rs 25 lakh for priority sector lending. 1 per cent interest on subvention on home loans up to Rs 15 lakhs has also been announced.
Inflation to step down
The Finance Minister announced the average inflation to be lower next year. He suggested methods to solve the problem of gap between the corporate and the governance.
Increased Service tax on air travel
Travelling by air has just become costlier as FM announced to increase Service tax on air travel by Rs 50 for domestic travel and Rs 250 for international travel in economy class. On higher classes, it will be 10 per cent flat.
Boon Budget for PSU banks
The Union Budget 2011 assured boosts for infrastructure and PSU banks. Rs. 6,000 srores have been allocated to maintain capital-to-risk asset ratio norms. Also a cap infusion of Rs 20,157 crores in PSU banks has been announced for in FY12 .
Disinvestment target of Rs 40,000 crores
The contradicted disinvestment strategy of INdian government is alll set to roll once again. FM announced that the government targets to raise Rs. 40,000 crores through disinvestment in current FY. If the target is reached, it will boost the primary markets, while shoring up government finances.
Rs 52,000 crore for education
Education has emerged as one of the prime focuses in Union Budget 2011. Finance Minister has allocated Rs 52,057 crore to the education sector for FY 2011-12. Rs 21,000 crore to be allocated to Sarva Shiksha Abhiyan.
Statistics poiniting at a "Buoyant Indian Economy"
The economic statistics presented by Mr. Pranab Mukherjee in Union Budget 2011 are pointing at a buoyant Indian economy. Real GDP growth: 8.6 per cent. Agriculture: 5.4 per cent. Industry: 8.1 per cent. Services: 9.2 per cent Exports up 29.4 per cent (Apr-Jan). Imports up 17.6 per cent (Apr-Jan). However, the composition of the current account deficit remains a concern.
Upcoming Financial sector reforms
Mukherjee said that the speed of financial reforms will be geared up with introduction of important bills in thi ssession itself. Insurance Amendment Bill, LIC Bill, Pension Development Authority Bill, Banking Laws amendment Bill and SBI subsidiaries Bill are to name a few.
Economic Survey 2011-12 Updates
Economic survey 2011-12 -Growth path :
The Economic Survey for the current year 2011-12 clearly gives a picture of definite growth of the country's economy that is growing at 8.6 % .The agricultural sector also showed a growth of 5.4 % , the industrial output registered a growth of 8.6 % and further the manufacturing sector also showed a climbing rate of 9.1 % . The Export sector reported a growth of 29.5% for April to December 2010 and the Import sector reported a growth of 19 % in the same time .
The Green Survey of Agriculture :
The Economic survey 2011-12 advised to go for another Green Revolution that will be a definite help to tackle food prices. It is also expected that there is going to be introduction of the latest technology and diverting higher investment for agricultural sector .
Capital growth through various mediums
The economic survey 2011-12 suggests the Indian government to build close ties with G-20 countries to increase the inflow of foreign capital , it will give more emphasis to capital market by introducing new regulation.
Unemployment and education finds solution
The Economic Survey for 2011-12 gives a solution to tackle unemployment ,various new financial schemes will be introduced and monitored to give maximum benefit . And to see to it all children of India get education the survey suggests that education system should get help by private participation.
View Comments
| By Ymwzobv (on Nov 15, 2011 09:18 PM) ISzcQb epootvkzlyqn
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| By Precious (on Nov 13, 2011 05:32 PM) Slam dunkin like Shaquille O'Neal, if he wrote informative atricles.
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| By NIRMALA (on Jul 13, 2011 03:23 PM) Respected sir can u send me the whole details of overall budjet made for this year..... to my mail
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| By Ramnarayanray (on Apr 22, 2011 05:11 PM) Indian budget
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| By Bishnu maurya (on Mar 18, 2011 10:09 PM) If people consider it as challenge then they look forward other wise become lazy in that case it is good equalibrium is not mention.
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| By Nick (on Mar 02, 2011 02:37 PM) Respected sir can u send me the whole details of overall budjet made for this year.....
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| By Jayesh (on Mar 01, 2011 05:04 PM) Bad budget serve by Finance minister
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| By Saidmohammed .V.H (on Mar 01, 2011 04:36 PM) respected sir what about education loan .
why this year budget concentrated only housing loan.
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| By Kunal patel (on Feb 28, 2011 11:25 PM) Dear sir can u send me the brief summary of the budget 2011.and the major changes made in it.
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| By Muthukumar.M (on Feb 28, 2011 07:45 PM) Kindly send me a copy of Central Budget 2011-2012.
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| By Reena agrawal (on Feb 28, 2011 06:58 PM) This budget good bt bad for poor class.. growth provided education sector
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| By Dipak Kumar Giri (on Feb 28, 2011 05:55 PM) This budget is good, but my comments is why not change of woman slab.Last Year 190,000/- ,I want to woman slab 225,000/- this budget.
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| By Santosh (on Feb 28, 2011 05:17 PM) Bakwaas budget . Developed more opportunity for themselves to earn black money.
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| By TOOFANSINGH (on Feb 28, 2011 05:11 PM) Hell are we getting increase salary as prices are going hike day by day can FM justify why not tax exemption limit will be 200000 instead of 1,80000
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| By K.N.Mohan Raj (on Feb 28, 2011 04:55 PM) Income tax exemption should be 3 lacks for salaried employs.
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| By Manish koringa (on Feb 28, 2011 04:45 PM) This Buget is good for middel class people
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| By Pushpa (on Feb 28, 2011 03:46 PM) Budget is only for Industralist not for common man.
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| By Pradeep kumar (on Feb 28, 2011 03:42 PM) Nat a satisfactory budget, Not much i.tax rebate to the employees. Also no special focus on black money in this budget.
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| By Abhiman (on Feb 28, 2011 03:32 PM) Wt abt education loan to those can nt pursue higher education
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| By Vishal mahajan (on Feb 28, 2011 02:37 PM) Any change on tobaccoo products
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| By G.Sivakumar (on Feb 28, 2011 01:31 PM) What about Technology Upgradation Fund for textile industry
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| By Geeta Kale (on Feb 28, 2011 12:43 PM) You can quote above 80 years citizens as super senior citizens.
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| By Pankaj (on Feb 28, 2011 12:42 PM) This buget is good for middel class pepols.
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