Union Budget 2012-13: Highlights-news16032012

The Finance Minister (FM) Pranab Mukherjee presented the Union Budget 2012-13 today (March 16, 2012) in the Parliament. FM started by saying that the Financial year 12 was one of recovery.

Here are the highlights of what FM said:

1.     GDP expected to grow at 6.9%.
2.     To keep 2012/13 subisidies under 2% of GDP.
3.     FY 12 was a year of recovery interrupted.
4.     Middle East crisis, debt worries in EU have intensified.
5.     Global crisis hit Indian growth.
6.     Performance this year was disappointing but as compared to peers India was better.
7.     To focus on domestic demand and raise private investment.
8.     To enhance supply side and remove infrastructure bottlenecks.
9.     Current account deficit seen at 3.6 percent of GDP in 2011/12.
10.     Rs30,000 crore divestment target in FY 13.
11.     'We have to accelerate the pace of reforms.'
12.     To implement Direct Tax Code at the earliest.
13.     Efforts continue to arrive at consensus for 51% in retail FDI.
14.     To continue to hold 51% stake in state owned companies.
15.     New state owned irrigation company to be set up.
16.     Propose National mission for food processing.
17.     Rs10000 crores allocated to NABARD to fund RRBs.
18.     Agri credit target for FY 13 seen at Rs5.75 lakh crore, up 1 lakh crore.
19.     Telecom towers made eligible for viability gap funding.
20.     Fiscal deficit at 5.9% in FY 12.

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