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Budget Expectations

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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.
  • - 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  • - 12.50 P.M - Export duty withdrawn on iron ore pellets.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.
  • - 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.
  • - 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.
  • - 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
  • - 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.

Economic Survey Highlights

  • - 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 .
  • - 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 .