"Total food inflation is down from 20.2 per cent last year to 9.3 per cent in January. But it is still a matter of concern," said the Finance Minister. He said that the gap between retail prices and wholesale prices was unacceptable. "Government's principle concern is high food prices. Food prices were high for cereals as there was a spurt in prices of onions and milk," he said.
"Corruption is a problem. We have to fight it collectively," he said while referring to the numerous corruption scandals that have to come to light in recent months.
"The agriculture growth is at 5.4 per cent in Financial Year 2011. I see Budget 2011-12 as transition towards more transparent and result-oriented economic management," he said.
Announcing that steps are being taken to simplify tax procedures, he hoped that introduction of Direct Tax Code (DTC), Goods and Services Tax (GST) will improve compliance.
"We will introduce Goods and Services Tax Bill in current Parliament session," he said.
The Direct Tax Code Bill is likely to be passed by Parliament in next financial year after getting the Standing Committee report.
The Government will also move towards direct cash transfer of cashsubsidy as regards kerosene, LPG and fertilisers from March 2012 in view of large diversion
Latest updates:
Growth in 2010 has been broad based
Fiscal consolidation has been impressive
Food inflation still remains a concern
Have to ensure more stable macro economic environment
Need to improve supply response in agri sector
Budget is a transition towards transparent economy
Economy back to pre crisis growth trajectory
FY12 budget to be a transition towards more transparent administration
Do not forsee resources being a major constrain in medium-term
Corruption is a problem; need to fight it collectively
Govt is engaging in solving gaps in recent corporate governance
This year's budget is a transition to a more transparent system
Reaching the end of a remarkable fiscal year
Have been deeply conscious about improving governance
Indian economy expected to grow at 9 per cent in FY12
Economy regained pre-crisis growth momentum
Expect inflation and CAD to be lower in 2011-2012
Average inflation and current account deficit to be lower and better managed next year
Economic growth seen at 8.75-9.25 per cent in FY12
GDP in FY11 estimated to have grown at 8.6 per cent in real terms
Government to keep up tempo of disinvestment process
FII investment in corporate bonds hiked to $40 billion
Rs 100 crore equity funds for microfinance companies
Bill to allow RBI grant more banking licences
Portfolio investment would be permitted in SEBI registered mutual funds from foreign subscriptions
Housing loan limit raised to Rs 25 lakh for priority sector lending
1 per cent interest subvention on home loans upto Rs 15 lakh
New Companies' Bill in current Parliament session.
Bills on insurance, pension funds, banking to be introduced
Women's self-help development panel to be set up
Mortgage risk guarantee fund to be created for economically weaker sections
Removal of supply bottlenecks in food sector in focus in 2011/12
Economy back to pre-crisis trajector
Set pace for double digit growth
Bills on insurance, pension funds, banking to be introduced
Women's self-help development panel to be set up
Mortgage risk guarantee fund to be created for economically weaker sections
Rs 3000 crore to NABARD for more credit flow
3 per cent subsidy to farmers in FY 2012
Increase in target flow to farmers
15 mega food parks to be set up
24 new cold storage project sanctioned
Infrastructure status to cold storage sanctions
Rs 6,000 crore to be given to public sector banks to maintain capital-to-risk assets ratio norms
Financial assistance to ongoing metro projects
Existing interest subvention scheme on short term farm oans at 7 per cent interest to continue
Agriculture growth key to development: Green Revolution waiting to happen in eastern region
Five-fold strategy on Black Money
Tax free bonds of Rs 30,000 crore to be issued for infrastructure development This will cover Warehousing Corporation, NHAI, IRFC and HUDCO
10 existing double taxation avoidance treaties devised
Increased outlay on social sector schemes
Remuneration of anganwadi workers raised from Rs 1500 to Rs 3,000 per month; helpers to get Rs 1,500 from Rs 750
Rs 21,000 crore to Surva Shiksha Abhiyan
Rs 10,000 crore to rural telephony
Scholarship for needy students of SC/ST for Class IX-X
State innovation councils to be set up
Rs 50 crore grant to Aligarh Muslim University centres in Murshidabad in West Bengal and Malappuram in Kerala
Old age pension to persons of over the age of 80 raised from Rs 200 to Rs 500
Hunger and malnutrition: Food security bill will be introduced this year
Rs 9 lakh compensation to be given to men of defence and Central paramilitary forces for permanent disability and discharged from service
Budget allocation of Rs 100 crore for Ladakh and Rs 150 crore for Jammu for implementation of projects identified by taskforce
Rs 8,000 crore for J&K development
Healthcare budget hiked by 20 per cent
Relaxation for e-filing norms for small tax payers
Tax sop on infrastructure bond investment extended by an year
Fiscal deficit brought down from 5.5 per cent to 5.1 per cent in 2010-11. In 2011-12, it will be 4.6 per cent
Total plan expenditure will go up 100 per cent in nominal terms in the next year
Revenue deficit fixed at 2.3 per cent in revised estimates of 2010-11 and 1.8 per cent in 2011-12
Threshold income tax limit raised from 1.6 lakh to 1.8 lakh
Exemption limit to senior citizens above 80 increased to Rs 5 lakh
Revenue deficit fixed at 2.3 per cent in revised estimates of 2010-11 and 1.8 per cent in 2011-12
Total plan expenditure will go up 100 per cent in nominal terms in the next year
Fiscal deficit brought down from 5.5 per cent to 5.1 per cent in 2010-11. In 2011-12, it will be 4.6 per cent
Mukherjee joined an elite group of finance ministers including Prime Minister Manmohan Singh who have made six budget speeches. The Budget comes at a time when the Congress-led United Progressive Alliance Government has been accused of turning a blind eye to corruption and doing little to control spiralling inflation.
Source:CNN-IBN
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