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In a good sign, the government will depend less on borrowing to finance budgetary proposals in 2011-12 than in the ongoing 2010-11 financial year.Borrowings will comprise 27 paise out every rupee that the government plans to spend in 2011-12, compared to 29 paise in the current financial year, as per the proposals presented by Finance Minister Pranab Mukherjee in Parliament on Monday.
The government on Monday said low-cost housing loans of Rs 15 lakh (Rs 1.5 million) will be eligible for one per cent interest subsidy, which will help in increasing the demand for such housing. In his Budget speech, Finance Minister Pranab Mukherjee said he is liberalising the existing scheme of one per cent interest subvention on housing loans up to Rs 15 lakh, where the cost of house does not exceed Rs 25 lakh (Rs 2.5 million).
The Union Budget 2011-12 aims to sustain economic growth, strengthen infrastructure, moderate the price rise, particularly of agricultural produce and reduce social imbalances through inclusive development. Presenting the budget 2011-12 in the Lok Sabha today, the Finance Minister Shri Pranab Mukherjee said that the budget is a transition towards a more transparent and result oriented economic management system in India. He said while developments on India’s external sector have been encouraging, continued high food prices have remained our principal concern. He said that the trend revealed shortcomings in distribution and marketing system. The Finance Minister said that huge differences between wholesale and retail prices are at the expense of remunerative prices for the farmers and competitive prices for consumers.
The exit norms of the co-contributory pension scheme “Swavalamban” have been relaxed. Announcing this in his Budget speech in the Lok Sabha today, the Union Finance Minister, Shri Pranab Mukherjee said that a subscriber under Swavalamban Scheme will now be allowed to exit at the age of 50 years instead of 60 years, or a minimum tenure of 20 years, whichever is later.
Union Finance Minister Sh. Pranab Mukherjee has announced various incentives for micro, small and medium enterprises while presenting this year’s union budget. The allotment to SIDBI for refinancing incremental lending by banks to these enterprises has been raised from Rs. 4000 Crore to Rs. 5000 Crore.
Various steps have been taken in this year’s union budget to give a boost to housing sector finance. The existing scheme of interest subvention of 1% on housing loans has been liberalized by extending it to housing loan upto Rs. 15 lakh where the cost of the house does not exceed Rs. 25 lakh from the present limit of Rs. 10 lakh and Rs. 20 lakh respectively.
10% Excise Duty Concession to Vehicles Based on Fuel Cell Technology Basic Customs Duty on Solar Lantern Reduced to 5% Presenting the General Budget 2011-12 here today, Shri Pranab Mukherjee, Finance Minister announced that: Full exemption from basic Customs Duty and a concessional rate of Central Excise Duty is proposed to be extended to batteries imported by manufacturers of electric vehicles. • A concessional Excise Duty of 10% has also been proposed to vehicles based on fuel cell technology.
The Union Budget 2011-12 proposes to amend the Indian Stamp Act. Presenting the Budget in Lok Sabha Finance Minister Pranab Mukherjee said that a bill will be introduced shortly to amend Indian StampAct, 1899.
Recommendations of Technology advisory Group for Unique Projects (TAGUP) Accepted in Principle -New Series of Coins with the Rupee Symbol to be issued
This budget meets all the challenges that our economy and our polity faces in the next fiscal year. We need to sustain a high rate of growth and therefore this budget builds upon the good performance of the current fiscal year’s 8.6 % growth rate to a projected 9% growth rate for which adequate provisions have been made particularly in the area of infrastructure and in social sector plus agricultural development.
