Ahead of the presentation, Prime Minister Manmohan Singh and senior cabinet colleagues had cleared the proposals in a short meeting inside Parliament House.
The key propposals of the budget are:
- Custom duty on cycle parts hiked.
- Cars to ad valorem rate of 27 per cent.
- Branded silver to cost less.
- School Education exempted from service tax.
- Custom duty on LCD and LED panels exempted.
- Hike in excise duty of cigarettes.
- No custom duty on import of tyres and aircarft parts.
- Full exemption on natural gas, LNG for power.
- Mobile phones will cost cheaper.
- Big cars to get expensive due to hiked excise duty.
- TV sets to get cheaper.
- Compulsory reports of assets held abroad.
- Service tax rate hiked from 10 per cent to 12 per cent.
- Excise duty on big cars hiked to 27 per cent.
- Standard excise duty hiked to 12 per cent.
- Deduction of up to Rs.10,000 from interest from savings bank accounts.
- Total debt of central government to be 45 per cent of GDP.
- Cinematography in cinema exempted from tax.
- 30 per cent tax on individuals having income above Rs.30 lakh.
- 20 per cent tax on individuals having income of Rs.5-10 lakh.
- 10 per cent tax on individuals having income of Rs.2-5 lakh.
- Exemption limit of individuals hiked from Rs.1.8 lakh to 2 lakh.
- Govt met 99% of the 11th plan outlay.
- Rural development fund of Rs.20,000 crores.
- Disability pension hiked to Rs.300 per month.
- White paper on black money soon.
- Allocation of Rs.25,555 cr for right to education.
- NRHM allocation hiked to 20,820 crores.
- Aim to build Rs.9,000 km new roads.
- Allocation of funds for mid-day meal Rs.11,937 cr.
- Rs.5,000 cr venture fund for small and micro sector.
- Agriculture outlay increased by 18 per cent.
- No New polio case reported in last one year.
- Kisan credit cards can be used at ATMs.
- To allocate Rs.14232 cr to UID project, up 13 per cent in FY 13.
- 10000 crores allocated to NABARD to fund RRBs.
- Agri credit target for FY13 seen at Rs.5.75 lakh crore, up 1 lakh crore.
- Rs.300 crore for intensified irrigation programme.
- New public distribution system by Dec 2012.
- Pranab allows direct import of jet aviation fuel.
- Interest subvention of 3 per cent for farmers who repay loan on time.
- Borrowing cap set at $1 billion.
- Foreign funds allowed for cheap housing.
- Interest subvention of 3 per cent for farmers who repay loan on time.
- Borrowing cap set at $1 billion.
- FDI welcome in defence manufaturing.
- Infra sector to open up for foreign investments.
- Rs.15,888 cr to refinance PSU banks and RRBs.
- IPOs over Rs.10 cr through electronic route.
- Tax free bonds to fetch Rs.60,000 cr.
- PPP scheme for infrastructure investment.
- Foreign investors can enter bond markets.
- New equity savings scheme to provide for income tax deduction of 50 per cent for those who invest Rs.50,000 in equity and whose annual income is less than Rs.10 lakh.
- Bills on micro-finance institutions, national land bank and public debt management among those to be introduced in 2012-13.
- Corporate market reforms to be initiated.
- Proposed introduction of new Rajiv Gandhi Equity scheme.
- Food Security Act will be fully provided for and subsidy to be 2 per cent of GDP for next two years
- Pilot project for direct transfer of subsidiary for kerosene has been initiated in Alwar, Rajasthan.
- Reduction of taxes after implementation of DTC and GST (Goods and Services Tax).
- GST to come into force in August 2012.
- Govt to raise Rs.30,000 crore in 2012-13 from disinvestment of stake in PSUs.
- Efforts on to arrive at broad-based consensus with state governments on allowing FDI in multibrand retail up to 51 per cent.
- Govt to fully fund food subsidy and food security act in 2012-13 .
- Food and fertiliser subsidies to continue.
- Direct Tax Code (DTC) Bill to be enacted at the earliest.
- India's inflation structural, driven largely by agricultural constraints.
- Current account deficit 3.6 per cent in 2011-12; this put pressure on exchange rate.
- Growth in 2012-13 estimated at 7.6 per cent; expect inflation to be lower.
- Better monitoring of expenditure on government schemes.
- Fiscal 2011-12 year of recovery interrupted; reality turned out to be different.
- Economy is now turning around, manufacturing appears to be on revival.
- Expect average inflation to be lower next year; expect current account deficit to be lower next year.
- Amendments to FRBM Act part of the Budget.
- Need to improve supply side of the economy.
- A mobile-based fertiliser system designed to come up this year.
- We have to expedite decisions to improve delivery systems to address problems of black money and corruption.
- Slow industrial growth has affected GDP.
- GDP to grow by 7.6 per cent in 2012-13; plus, minus 0.25 per cent.
- West Asia turmoil affected India.
- Headline inflation to moderate further in next few months and remain stable thereafter.
- Have identified five areas for Budget. Five areas include Growth, Energy, Transportation, Malnutrition.
- India's recovery was good amid slowdown.
- Crude prices have risen due to turmoil in Middle-East.
- Good news: agriculture and services continued to perform well; economy is now turning around; recovery in core sectors.
- Now at juncture where it is necessary to take hard decisions; have to accelerate pace of reforms.
- Fiscal 2011-12 year of recovery interrupted; reality turned out to be different.
- This year's performance disappointing. GDP growth in 2011-12 estimated at 6.9 per cent; had to battle double digit inflation for two years.
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