Budget 2012 india | India Budget 2012

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.