Finance Minister Pranab Mukherjee on Monday presents the federal budget in Lok Sabha for the ensuing fiscal and his sixth such exercise in a long political career.
Highlights of the FM's Budget speech:
-- The year was full of challenges for fiscal consilidation: FM
-- Fiscal consolidation has been impressive: FM
-- Growth in 2011 was broad based
-- Economy set for double-digit growth in coming years
-- Need to make development more inclusive
-- To reconcile environment concerns, growth needs
-- Don't see resources as a constraint to growth
-- Food inflation declined to less than half to 9.3%
-- Need to ensure balanced demand and supply
-- Economy has regained pre-crisis growth momentum
-- Food inflation is a big concern
-- High growth trajectory is our aim
-- Corruption is a problem we have to fight collectively
-- Cutting bureaucratic delays, improving response times
-- Don't see resources as a constraint to growth
-- Agriculture sector has shown significant rebound
-- Need to improve regulatory standards to fight corruption
-- Much needs to be done in rural India: FM
-- To reconcile environment concerns, growth needs
-- To introduce Public Debt Management Bill in 2012
-- The economy has shown remarkable resilience
-- DTC to be effective April 1, 2012
-- Economy to grow at 9 percent, plus or minus 0.25 percent in 2012
-- Laying down fiscal consolidation map for next five years
-- Impression of drift in government is misplaced
-- Average inflation to be lower next year, current account deficit to be better managed
-- Recovery in developed nations has taken roots
-- Seen shortcomings in food supply chains
-- Monetary policy is keeping food inflation in check
-- Agriculture growth at 5.4%, industry at 8.1% in 2010-11
-- Must ensure that private investment is sustained
-- Working on simplifying tax rules, trade and tariff reforms
-- Must improve supply response in the agriculture sector
-- Working on simplifying tax rules, trade and tariff norms
-- Corruption is a problem we have to fight collectively
-- Cutting bureaucratic delays, improving response times
-- Nutrient based fertiliser policy for urea under consideration
-- Working on ensuring better delivery for urea, kerosene
-- Availability of fertilisers has improved post new policy
-- GST rounds with states making considerable progress
-- States to cut down fiscal deficit to 3 percent of Gross State GDP by 2014
-- Interest subvention limit raised to Rs 25 lakh
-- To provide Rs 2,000 cr for manufacturing facilities
-- To provide Rs 2000 crore for warehousing facilities
-- Pranab proposes to allocate Rs 6000 cr for some PSU banks to help them maintain Tier-I capital at 8 percent
-- Plan to allow FII limit in infrastructure bonds to $25 bn
-- To bring legislative amendments for banking licenses this year
-- FII limit in corporate bonds raised to $ 40 billion
-- FIIs allowed to invest in MFs; unlisted bonds with minimum lock in period of 3 yrs
-- Continuing discussions to further liberalise FDI policy
-- Task force working on oil subsidy plans
-- Govt commited to retain 51 percent stake in PSUs
-- Retain divestment target of Rs 40,000 crore
-- To move to direct cash subisdy for kerosene, fertiliser
-- Working on ensuring better delivery for urea, kerosene
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