THE UNION BUDGET 2011-12

Presenting Union Budget 2011-12 in Lok Sabha, Finance Minister Pranab Mukherjee focused on taming inflation, price rise, and increasing investments in infrastructure and agriculture.

Pranab said inflation has remained above the comfort level for most part of the current fiscal and is another focus area. The overall inflation at 8.23% is higher than the comfort level of the Reserve Bank at 5-6%, he said. The minister added that food inflation had also touched a high of 18.23% in December, but moderated to 11.49 % in mid-February.

Budget Highlights:
# Could have done better
# Growth broad based
# Agricultural rebound
# Double digit growth in services
# Food inflation 20.2% in Feb 2010 to 9.3% in January 2011
# Fiscal consolidation impressive
# Idea to improve deliverance, PDS and governance
# Need to ensure private investment
# Development needs to be inclusive
# Service sector continues to grow in double digits
# Resources not a major concern in medium term
# Quality of outcome needs to improve
# Leakages need to be plugged in schemes
# Have to fight corruption collectively
# Taking steps to simplify tax procedures
# This Budget a transition towards more transparent economy in India
# Stronger fiscal consolidation needed
# In 20-11, agriculture grew by 5.4%, industry by 8.4% and services by 9.6%
# Economy showed remarkable resilience to domestic and international shocks
# GDP growth at 8.2% last year
# GDP growth to be 8.6% in FY 11
# GDP growth to be around 9% in FY 12
# Agriculture has grown at 5.4%
# Industry has grown at 8.1%
# Services sector had grown at 9.6%
# Exports grew at 24.1% in FY 11
# Imports grow at 11.6% in FY11
# Taking steps to simplify tax procedures
# Expect inflation to be lower next year
# Economy showed remarkable resilience to domestic and international shocks
# The 13th finance commission has worked out a fiscal consolidation roadmap
# Combined states debt target of 23.4% of GDP
# Public Debt Management of India Bill in next financial year
# Direct Tax Code code enactment in 2011-12, effective from April 2012
# GST decision have to be taken in consonance with states
# Areas of divergence have been narrowed on GST Public Debt Management Agency Bill soon
# Work on model for GST roll out
# GTC, GST will improve governance
# Indian economy on pre-recession growth trajectory
# Budget 2011-12 as transition towards more transparent and result-oriented economic management
# Direct transfer of cash subsidy for kerosene, LPG and fertilizer to BPL
# Nandan Nilikani committee to look at direct transfer
# Some divestment decisions rescheduled
# GST roll out from April 1, 2012
# Considering news fertilizer subsidy policy
# Need To Ensure That Private Investment Revival Is Sustained/li>
# This FY Current Account Deficit Near Previous Year`s Level
# Govt To Retain At Least 51% Ownership Of State-Run Companies
# Discussions On To Further Liberalise FDI Policy
# Need to ensure private investment
# Development needs to be inclusive
# Service sector continues to grow in double digits
# Resources not a major concern in medium term
# Quality of outcome needs to improve
# Leakages need to be plugged in schemes
# Corruption needs to be fought unitedly