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Budget 2011-12 – 16 major highlights

The following are the highlights of the Union Budget presented by Finance Minister Pranab Mukherjee today:

  1. Salaried taxpayers, whose tax is deducted at source by employer, will soon not be required to file a return of income (IT return)
  2. Direct Taxes Code (DTC) to be effective from April 1, 2012. Bill to be introduced in this session of Parliament
  3. Cash subsidy to people living below poverty line for better delivery of kerosene, LPG and fertiliser. Task force set up.
  4. “Discussions underway to further liberalise the FDI policy,” no firm committment
  5. Foreign investors can invest in mutual funds.
  6. Existing housing loan limit enhanced to 25 lakh (from current max loan size of Rs 20 lakhs)
  7. Banks must lend Rs 4,75,000 crore next year to farmers against Rs 3,75,000 crore this year
  8. Urges state governments to “review and enforce a reformed Agriculture Produce Marketing Act (again) to control price rise in food items.
  9. Gov will soon come out with the new manufacturing policy (in discussion for last 5 months)
  10. A new national mission for hybrid and electric vehicle to be launched
  11. All 23 suggestions made by Task Force on reducing Transaction Cost for Indian exporters will be implemented, 21 already done
  12. National Food Security Bill (NFSB) to be introduced in the Parliament during the year
  13. Remuneration of Anganwadi workers increased from Rs 1,500 per month to Rs 3,000 per month and helpers, from Rs 750 per month to Rs 1,500 per month
  14. Sarva Sikha Abhiyan literacy program allocation increased by 40% to Rs 21,000 crore
  15. Fibre optic connectivity to all 1,500 institutions of Higher Learning and Research by March, 2012
  16. From 1 October, 2011 ten lakh Aadhaar numbers will be generated per day
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