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