Highlights of Union Budget 2012-13
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- Business & Industry
- Friday, 16 March 2012 14:25
- Published on Friday, 16 March 2012 14:25
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Gujarat Global News Network, New Delhi
Budget identifies five objectives relating to growth recovery, private investment, supply bottlenecks, malnutrition and governance matters. Here are some of the highlights of the Union Budget for 2012-13.
- GDP growth to be 7.6 per cent (+ 0.25 percent) during 2012-13
- Amendment to the FRBM Act proposed as part of Finance Bill. New concepts of “Effective Revenue Deficit” and “Medium Term Expenditure Framework” introduced
- Central subsidies to be kept under 2 per cent of GDP; to be further brought down to 1.75 per cent of GDP over the next 3 years.
- Proposed: Mobile based fertilizer management system; LPG transparency portal; scaling up and rolling out of Aadhar enabled payment for government schemes in at least 50 districts.
- Rs. 30,000 crore to be raised through disinvestment
- Efforts to reach broad based consensus on FDI in multi-brand retail
- Rajiv Gandhi Equity Saving Scheme: to allow income tax deduction to retail investors on investing in equities
- Rs. 15,888 crore to be provided for capitalization of public sector banks and financial institutions
- A central “Know Your Customer” depository to be developed
- Swabhimaan: remaining habitations to be covered; to be extended to more habitations; ultra small branches to be set up in Swabhimaan habitations
- Investment in 12th Plan in infrastructure to go upto Rs. 50,00,000 crore; half of this is expected from private sector
- Tax Free Bonds of Rs. 60,000 crore to be allowed for financial infrastructure projects
- Allocation of Road Transport and Highways Ministry enhanced by 14 per cent to Rs. 25,360 crore
- Financial package of Rs. 3,884 crore for waiver of loans to handloom weavers and their cooperative societies; mega handloom clusters in Andhra, Jharkhand; weaver service centres in Mizoram, Nagaland and Jharkhand ; powerloom mega cluster in Maharashtra; Rs. 500 crore pilot schemes for geo-textiles in North-Eastern region
- Rs. 5,000 crore India Opportunities Venture Fund to help small enterprises
- Allocation to agriculture enhanced; RKVY gets Rs. 9,217 crore; BGREI gets Rs. 1,000 crore; Rs.2242 croreproject to improve dairy productivity; Rs. 500 crore for coastal aquaculture
- Various other agricultural activities merged into 5 missions
- Target for agricultural credit raised to Rs. 5,75,000 crore
- Interest subvention for short-term crop loans to farmers at 7 per cent interest continues; additional 3 per cent for prompt paying farmers
- Rs. 200 crore for awards to incentivise agricultural research
- Provisions under rural housing fund increased to Rs. 4,000 crore from Rs. 3,000 crore
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