Highlights of general budget for 2011-12

Highlights of the budget for 2011-12 presented by Finance Minister Pranab Mukherjee in the Lok Sabha on Monday.

' Expenditure in 2011-12 estimated at Rs 1257729 crore, an increase of 13.4 per cent.
' Tax receipts in 2010-11 at Rs 932440 crore, an increase of 24.9 per cent; non-tax receipts at Rs 125435 crore.
' Growth at 8.75 per cent to 9.25 per cent in 2011-12. Economy could have performed better in 2010-11.
' Goods and Services Tax rollout on April 1, 2012; bill for this in parliament this year; GST will improve compliance; setting up strong IT network for implementation.
' Setting up independent debt management office; public debt management bill to be introduced in parliament.
' Rs 343000 crore of market borrowings in 2011-12.
' Tax exemption limit raised from Rs 160000 to Rs 180000; for senior citizens, qualifying age reduced from 65 to 60 years.
' Age for below poverty line old age pension scheme to be reduced from 65 to 60 years.
' Gap between wholesale and retail prices not acceptable.
' Direct tax reductions to result in revenue loss of Rs 11500 crore.
' Rs 164415 crore for defence; more will be given if required.
' 24 per cent increase in educational outlay; Rs 21000 crore for Sarva Shiksha Abhiyan.
' Rs 500 crore more for national skill development fund.
' Rs 54 crore each for AMU (Aligarh Muslim University) centres at Murshidabad and Mallapuram.
' Rs 58000 crore for Bharat Nirman; increase of Rs 10000 crore.
' Mahatma Gandhi National Rural Employment Guarantee Scheme wage rates linked to consumer price index; will rise from existing Rs100 per day.
' Close to finalising food security bill.
' Increased outlay on social sector schemes.
' Infrastructure critical for development; 23 per cent higher allocation in 2011-12.
' Rs 30000 crore to be raised through tax-free bonds.
' Rs 100 crore equity fund for microfinance companies.
' Food storage capacity to be augmented - 15 more mega food parks to be set up in 2011-12; of 30 sanctioned in previous fiscal, 15 set up.
' Cold storage facilities to be recognised as infrastructure sector.
' Comprehensive policy on further developing PPP (public-private-partnership) model.
' Had option to rollback indirect tax rates to 2008 levels but will maintain standard rate of central excise duty at 10 per cent.
' Service tax to stay at 10 per cent.
' Revenue gain of Rs 11000 crore from increase in indirect taxes.
' Five-fold strategy against black money; 13 new double taxation avoidance agreements; foreign tax division of CTBT strengthened; strength of Enforcement Directorate increased three-fold.
' Expenditure has to be oriented towards production of goods and services.
' Government committed to retaining 51 per cent stake in public sector enterprises.
' Current account deficit at 2009-10 levels.
' Corruption a problem we have to fight collectively.
' Development needs to be more inclusive.
' Stronger fiscal consolidation needed.
' Setting tone for newer, vibrant economy.
' Economy has shown remarkable resilience to external and internal shocks; back to pre-crisis trajectory; set pace for double digit growth.
' Total food inflation declined to less than 9 per cent in January.
' FIIs can invest $40 billion in corporate bonds.
' FDI policy being liberalised.
' Service tax payers with turnover of Rs 60 lakh exempt from government audit.
' Excise duty on hybrid car kits reduced.
' Works of art exempt from customs when imported for exhibition in state-run institutions; this now extended to private institutions.
' Farmers need access to affordable credit.
' Moving to improve nutritional security.
' Necessary to accelerate production of fodder.
' Women's self-help development panel to be set up.
' Mortgage risk guarantee fund to be created for economically weaker sections.
' Housing loan limit for priority sector lending raised to Rs 25 lakh.
' Agriculture growth key to development: Green Revolution waiting to happen in eastern region.
' Bills on insurance, pension funds, banking to be introduced in parliament.
' Electronic filing of TDS returns at source stabilised; simplified forms to be introduced for small taxpayers.
' Bill to be introduced to review Indian Stamp Act.
' New coins carrying new rupee symbol to be issued.
' Anganwadi workers salary raised from Rs 1500 to Rs 3000.
' Seek Lord Indra's blessings for good monsoon.