Union Budget 2011: Highlights so far Published on Mon, Feb 28, 2011 at 12:30 | Updated at Mon, Feb 28, 2011 at 13:11 | Source : Moneycontrol.com
Finance minister Pranab Mukherjee outlined the theme of the budget by saying that food inflation is a key area of concern. He said that strong fiscal consolidation and enlarged resource base of private enterprise is necessary. "Simplifying administrative procedure for taxation important," he said in his opening remarks. Here are the latest updates: a.. Growth in 2010 has been broad based b.. Fiscal consolidation has been impressive c.. Food inflation still remains a concern d.. Have to ensure more stable macro economic environment e.. Need to improve supply response in agri sector f.. Budget is a transition towards transparent economy g.. Economy back to pre crisis growth trajectory h.. FY12 budget to be a transition towards more transparent administration i.. Do not forsee resources being a major constrain in medium-term j.. Corruption is a problem; need to fight it collectively k.. Govt is engaging in solving gaps in recent corporate governance l.. This year's budget is a transition to a more transparent system m.. Reaching the end of a remarkable fiscal year n.. Have been deeply conscious about improving governance o.. Indian economy expected to grow at 9% in FY12 p.. Economy regained pre-crisis growth momentum q.. Expect inflation and CAD to be lower in 2011-2012 r.. Average inflation and current account deficit to be lower and better managed next year s.. Economic growth seen at 8.75-9.25% in FY12 t.. GDP in FY11 estimated to have grown at 8.6% in real terms u.. Current account deficit poses some concern v.. See average inflation lower In FY12 w.. Current account concern due to composition of FX flows x.. 'Corruption is a problem; must fight it collectively' y.. Impression of drift in govt 'misplaced' z.. Taking steps to simplify tax, tariff procedures aa.. See FY11 farm growth at 5.4%, GDP growth at 8.6% ab.. FY11 industrial growth seen at 8.1%, services growth at 9.6% ac.. High gap between wholesale, retail prices 'unacceptable' ad.. MF can accept subscription foreign investors who meet KYC norms ae.. Discussions underway to relax FDI policy af.. To introduce Public Debt AMC of India Bill in FY12 ag.. Divestment in FY12 seen at Rs 40000cr ah.. Preparations for GST rollout in final stages ai.. Will introduce GST Bill in current session aj.. Govt will move to direct transfer of fertiliser subsidy to cos ak.. Extension of NBS to cover urea under review al.. Significant progress on the GST network am.. Direct Tax Code will be effective April 1, 2012 an.. New Public debt mgmt bill to be introduced in Parliament soon ao.. DTC will be finalised in 2011 ap.. Govt in the process of setting up independent debt managing committee within finance ministry aq.. Average inflation and current account deficit to be lower and better managed next yr ar.. Expect inflation and CAD to be lower in 2011-2012 as.. Current account deficit poses concerns due to its composition at.. Exports grown by 29.4%; imports grown by 17.6% au.. Current account deficit at 2009-10 levels av.. Impact of monetary tightening to show up with a lag aw.. Huge differences between wholesale and retail prices not acceptable ax.. Expect RBI to moderate inflation in coming months ay.. Shortfalls in distribution and marketing systems in food az.. Economy has shown resilience to external and internal shocks ba.. Consumers have been denied a seasonal fall in food prices (Sweety Bhalla) Assistant Manager (Compliance) IFCI LTD New Delhi India E-Mail: [email protected] ======= Email scanned by PC Tools - No viruses or spyware found. (Email Guard: 7.0.0.18, Virus/Spyware Database: 6.17000) http://www.pctools.com/ ======= ***************************************************************************** Disclaimer This e-mail contains PRIVILEGED AND CONFIDENTIAL INFORMATION intended solely for the use of the addressee(s). If you are not the intended recipient, please notify the sender by e-mail and delete the original message. Further, you are advised not to copy, disclose, or distribute this e-mail or its contents to any other person and any such actions will be deemed unlawful. This e-mail may contain viruses/spyware/malware. IFCI Ltd has taken every reasonable precaution to minimize this risk, but is not liable for any damage that may be sustained as a result of any virus/spyware/malware in this e-mail. It is advised to carry out your own virus checks before opening the e-mail or attachment. IFCI Ltd reserves the right to monitor and review the content of all messages sent to or from this e-mail address. Messages sent to or from this e-mail address may be stored on the IFCI Ltd e-mail system. ***************************************************************************** Get numbers right this time, help the census with correct disability info! Question 9 relates to disability.
