The Union Finance Minister presents the Annual Budget 2012 amidst chaos from te b oppositions on Friday in the parliament, the high lights of the budget are given below for reader enrichment. The high level drama ended and has evoked wide speculations from the oppositions.
The planned expenses are mounted at Rs. 5, 21,025 Cr and the unplanned is Rs. 9, 69,900 Cr. The total expenditure is 14, 19,925 Cr. The FM proposals are going to brimg down the tax revenues by 32 thousand Cr. Liquidity is pegged at 5.9 percent which is forecast at Rs. 1,85.752 Cr. 45 percent of GDP is the mounting debt burden of the centre.
Funds allocations: Farmers can avail short term loans from NABARD, which has obtained a limit of Rs. 10,000 Cr. The N G Ranga Agricultural University will get Rs.100 Cr for infrastructure development. A corpus fund of Rs. 5,000 Cr is allocated for funding SMEs. Sarvasikshya Abiyaan to get top priority, with Rs. 25,555 Cr funds. Rural basic developments like basic amenities gets Rs. 20,822 Cr. Weaker sections development gets Rs. 12,040 Cr. Health mission gets 20,822 Cr, while farming loans get Rs. 5.75 lakhs Cr. PM Sadak Yojana is allotted Rs. 24,000 Cr. Rural women welfare schemes get a big boost. Now rural woman can avail loans at 7 percent and avail loans to the tune of Rs. 3 Lakhs. Kerala Agricultural University is to get Rs. 100 Cr for development.
Individual Income tax limit is enhanced to Rs.2 lakhs and the tax for Rs.2-5lakhs is rated at 10 percent. Black money would be eradicated in a phased manner. Funds up to Rs. 10,000 in Savings bank exempt from taxes. The tax limit for the senior citizens and women is also Rs. 2 lakhs. For SMEs to avail tax benefits the turnover is enhanced to Rs. 1Cr.
Food security Bill: the FM assured that in the next two years the bill will be implemented in full scale. Nandan Nilekani’s report will be taken into account to pass on the subsidy directly to the beneficiary. Gas piolot project is implemented in Mysore and further will be made to other places. Fertilizer subsidy will be computerized. Fifty districts in the country will be first tested with the computerized format and later will be extended to rest of India.
Yellow Metal: import duty on the metal increased and hence the metal would cost more. Any purchase to the tune of Rs.2 Lakhs or above must have TDS.
