Union Budget 2012-13: Highlights

•    Total expenditure in 2012-13 seen at 14.9 trillion rupees, up 29 percent

•    Plan expenditure budgeted at 521.25 billion rupees in 2012- 13, up 18 percent

•    Economy expected to grow at 7.6 percent in 2012-13, plus or minus 0.25 percent

•    Income-tax exemption limit raised to 2 lakh rupees from 180000 rupees

•    Fiscal deficit seen at 5.1 percent of GDP in 2012-13

•    Plan expenditure budgeted at 521.25 billion rupees in 2012-13, up 18 percent

•    Net market borrowing seen at 4.8 trillion rupees in 2012-13

•    Proposes to raise service tax rate to 12 percent from 10 percent

•    Gross tax receipts seen at 10.8 trillion rupees in 2012-13

•    Non-tax revenue seen at 1.64 trillion rupees in 2012-13

•    Proposes to levy tax on all services except 17 items in the negative list from 2012-13

•    No change in corporate tax rates

•    Allow external commercial borrowing of up to 1 billion dollar to raise working capital for airlines industry for 1 year

•    To allow qualified foreign investors in Indian corporate debt markets

•    To allow external commercial borrowing to part finance rupee debt in power projects

•    Allocates 1.94 trillion rupees for defence in 2012-13, up from 1.64 trillion rupees in previous year

•    To award contracts to build 8800 km of roads in 2012-13

•    15888 crore rupees to be provided for capitalization of public sector banks and financial institutions

 •    Investment in 12th Plan in infrastructure to go upto 5000000 crore rupees; half of this is expected from private sector

 •    Allocation of Road Transport and Highways Ministry enhanced by 14 per cent to 25360 crore rupees

•    5000 crore rupees India Opportunities Venture Fund to help small enterprises

•    Allocation to agriculture enhanced; RKVY gets 9217 crore rupees; BGREI gets 1000 crore rupees;.2242 crore rupees project to improve dairy productivity; 500 crore rupees for coastal aquaculture

 •    Target for agricultural credit raised to 575000 crore rupees

 •    200 crore rupees for awards to incentivise agricultural research

 •    National Mission on Food Processing to be started in cooperation with State Governments

 •    Rural drinking water and sanitation gets 27 per cent rise in allocation to 14000 crore rupees; PMGSY gets 20 per cent rise to 24000 crore rupees

•    Right To Education-Sarva Shiksha Abhiyan gets 25555 crore rupees allocation, showing an increase of 21 per cent; 6000 schools to be set up at block level as model schools in the 12th Plan; Credit Guarantee Fund to be set up for better flow of credit to students

 •    National Urban Health Mission is being launched 

•    34 per cent increase in allocation to National Rural Livelihood Mission, to 3915 crore rupees

•    1000 crore rupees allocated for National Skill Development Fund

•    Widow pension and disability pension raised from Rs. 200 to Rs. 300 per month

 •    Grant on death of primary breadwinner of a BPL family in the age group 18-64 years doubled to 20000 rupees

•    4000 residential quarters to be constructed for Central Armed Police Forces

 •    Government doubles allocation for tax-free bonds to 600 billion rupees for financing infrastructure projects in 2012-13

•    Disinvestment target in 2012-13 of 300 billion rupees

•    Expects country to become self-sufficient in urea production in five years

•    Proposes to raise agricultural credit target in 2012-13 to 5.75 trillion rupees

•    To keep 2012-13 subsidies under 2 percent of GDP

•    Current account deficit seen at 3.6 percent of GDP in 2011-12