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Union Budget 2012-13
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Union Budget 2012-13

  • November 30, -0001

The Union Budget for 2012-13 has been announced by Mr Pranab Mukherjee, the Union Finance Minister, in Parliament on March 16, 2012.

Highlights of Union Budget 2012-13

  • Overview of the Economy


    • GDP is estimated to grow by 6.9 per cent in 2011-12
    • Indian economy is expected to grow at 9 per cent with an outside band of +/- 0.25 per cent in 2011-12
    • Developments in India's external trade in the first half of current year have been encouraging. Diversification in export and import market achieved

  • Investment Environment


    • Efforts to arrive at a broadbased consensus in consultation with the State Governments in respect of decision to allow FDI in multi-brand retail upto 51 per cent
    • Rajiv Gandhi Equity Saving Scheme to allow for income tax deduction of 50 per cent to new retail investors, who invest upto Rs 50,000 (US$ 995.39) directly in equities and whose annual income is below Rs 1,000,000 (US$ 19,892) to be introduced. The scheme will have a lock-in period of 3 years
    • Various steps proposed to be taken for deepening the reforms in the Capital markets, including simplifying process of IPOs, allowing QFIs to access Indian Bond Market etc.
    • To protect the financial health of Public Sector Banks and Financial Institutions, Rs 15,888 crore (US$ 3.15 billion) proposed to be provided for capitalisation. Possibility of creating a financial holding company to raise resources to meet the capital requirements of PSU Banks under examination
    • A central "Know Your Customer" depository to be developed in 2012-13 to avoid multiplicity of registration and data upkeep

  • Agriculture


    • Plan Outlay for Department of Agriculture and Co-operation increased by 18 per cent
    • Outlay for Rashtriya Krishi Vikas Yojana (RKVY) increased to Rs 9,217 crore (US$ 1.83 billion) in 2012-13

  • Education


    • 6,000 schools proposed to be set up at block level as model schools in Twelfth Plan
    • Rs 3,124 crore (US$ 622 million) provided for Rashtriya Madhyamik Shiksha Abhiyan (RMSA) representing an increase of 29 per cent over BE 2011-12
    • To ensure better flow of credit to students, a Credit Guarantee Fund proposed to be set up

  • Health


    • Allocation for NRHM proposed to be increased from Rs 18,115 crore (US$ 3.61 billion) in 2011-12 to Rs 20,822 crore (US$ 4.15 billion) in 2012-13
    • National Urban Health Mission is being launched

  • Housing Sector


    • Various proposals to address the shortage of housing for low income groups in major cities and towns including allowing ECB for low cost housing projects and setting up of a credit guarantee trust fund etc

  • Infrastructure and Industry


    • During Twelfth Plan period, investment in infrastructure to go up to Rs 5,000,000 crore (US$ 996.02 billion) with half of this, expected from private sector
    • More sectors added as eligible sectors for Viability Gap Funding under the scheme "Support to PPP in infrastructure"
    • Government has approved guidelines for establishing joint venture companies by defence PSUs in PPP mode
    • First Infrastructure Debt Fund with an initial size of Rs 8,000 crore (US$ 1.59 billion) launched earlier this month

  • National Manufacturing Policy


    • National Manufacturing Policy announced with the objective of raising, within a decade, the share of manufacturing in GDP to 25 per cent and creating of 100 million jobs

  • Skill Development


    • Projects approved by National Skill Development Corporation expected to train 62 million persons at the end of 10 years
    • Rs 1,000 crore (US$ 199.02 million) allocated for National Skill Development Fund in 2012-13

  • Budget Estimates


    • Gross Tax Receipts estimated at Rs 1,077,612 crore (US$ 214.66 billion)
    • Net Tax to Centre estimated at Rs 771,071 crore (US$ 153.60 billion)
    • Non-tax Revenue Receipts estimated at Rs 1,64,614 crore (US$ 32.79 billion)

Click here for more details on the Union Budget 2012-13.

Click here for the full speech of the Union Budget 2012-13.

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