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HIGHLIGHTS- Indian Budget 2011-2012
Indian Budget 2011-12
Shri Pranab Mukherjee, Minister of Finance- February 28, 2011
Urban Development and Housing
Allocation for urban development increased by more than 75 per cent from Rs.3,060
crore to Rs.5,400 crore in 2010-11.
Allocation for Housing and Urban Poverty Alleviation raised from Rs.850 crore to
Rs.1,000 crore in 2010-11.
Scheme of one per cent interest subvention on housing loan upto Rs.10 lakh, where
the cost of the house does not exceed Rs.20 lakh — announced in the last
Budget — extended up to March 31, 2011. Rs.700 crore provided for this scheme
for the year 2010-11.
Rs.1,270 crore allocated for Rajiv Awas Yojana as compared to Rs.150 crore last
year.
Micro, Small & Medium Enterprises
High Level Council on Micro and Small Enterprises to monitor the implementation
of the recommendations of High-Level Task Force constituted by Prime Minister.
Allocation for this sector to be increased from Rs.1,794 crore to Rs.2,400 crore for
the year 2010-11.
The corpus for Micro-Finance Development and Equity Fund doubled to Rs.400
crore in 2010-11.
STRENGTHENING TRANSPARENCY & PUBLIC ACCOUNTABILTY
Financial Sector Legislative Reforms Commission to be set up to rewrite and clean
up the financial sector laws to bring them in line with the requirements of the
sector.
Rs 1,900 crore allocated to the Unique Identification Authority of India (UIDAI)
for 2010-11. UIDAI will be able to meet its commitments of issuing the first set of
UID numbers in the coming year
A Technology Advisory Group for Unique Projects (TAGUP) to be set up to look
into various technological and systemic issues for effective tax administration and
financial governance.
Independent Evaluation Office (IEO) chaired by the Deputy Chairman, Planning
Commission to be set up to evaluate the impact of flagship programmes.
BUDGET ESTIMATES 2010-11
The Gross Tax Receipts are estimated at Rs. 7,46,651 crore
The Non Tax Revenue Receipts are estimated at Rs. 1,48,118 crore.
The net tax revenue to the Centre as well as the expenditure provisions in 2010-11
have been estimated with reference to the recommendations of the Thirteenth
Finance Commission.
The total expenditure proposed in the Budget Estimates is Rs. 11,08,749 crore,
which is an increase of 8.6 per cent over last year.
The Plan and Non Plan expenditures in BE 2010-11 are estimated at Rs. 3,73,092
crore and Rs. 7,35,657 crore respectively. While there is 15 per cent increase in
Plan expenditure, the increase in Non Plan expenditure is only 6 per cent over the
BE of previous year.
Fiscal deficit for BE 2010-11 at 5.5 per cent of GDP, which works out to Rs.3,81,408
crore.
Taking into account the various other financing items for fiscal deficit, the actual
net market borrowing of the Government in 2010-11 would be of the order of
Rs.3,45,010 crore. This would leave enough space to meet the credit needs of the
private sector.
The rolling targets for fiscal deficit are pegged at 4.8 per cent and 4.1 per cent for
2011-12 and 2012-13, respectively.
Against a fiscal deficit of 7.8 per cent in 2008-09, inclusive of oil and fertilizer
bonds, the comparable fiscal deficit is 6.9 per cent as per the Revised Estimates for
2009-10.
Conscious effort made to avoid issuing bonds to oil and fertilizer companies.
Government would like to continue with this practice of extending Government
subsidy in cash, thereby bringing all subsidy related liabilities into Government’s
fiscal accounting.
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