Union Budget 2011: Pranab Mukherjee presents his 6th federal budget

NEW DELHI: Finance Minister Pranab Mukherjee on Monday presents the federal budget in Lok Sabha for the ensuing fiscal and his sixth such exercise in a long political career.

Highlights of the FM's Budget speech:

-- Education allocation increased to Rs 52,057 cr, increase of 24 per cent

-- Policy on Narcotic drugs is good for Piramal Healthcare

-- To allocate Rs 58,000 cr to Bharat Nirman projects

-- GST Bill to be introduced in parliament this year

-- A new scheme to be introduced for refund of service tax on lines of drawback of duties

-- To link NREGA wages to CPI inflation

-- To set up independent debt management office; public debt management bill to be introduced

-- Plan to spend Rs 1.6 lakh crore on social projects, up 17 percent

-- Close to finalising food security bill this year: FM

-- Govt proposes to promote organic farming methods to enable farmers get best from their land

-- To set up national policy on psychotic drugs, narcotics

-- Have set up dedicated cell on transfer policy monitoring

-- To introduce self assessment in customs to facilitate fast clearance

-- Allocation under Rashtriya Krishi Yojana raised

-- To classify capex of fertiliser sector into infrastructure

-- To introduce self assessment in customs for faster clearance

-- Five fold strategy to deal with black money

-- To set up 15 mega food parks

-- To create infrastructure debt fund to boost infrastructure funding

-- Infrastructure spending to be raised by 23%

-- To allow Rs 30K crore tax free bonds for railways, NHAI

-- Removal of supply bottlenecks in food sector in focus in 2011/12

-- Farm credit flow raised to Rs 4.75 lakh crore

-- Allocation under Rashtriya Krishi Vikas Yojana to be raised to Rs 7860 crore

-- Rs 300 cr provided to promote pulses cultivation in rain-fed areas, another Rs 300 cr to promote farm product cultivation

-- Inflation remains principal concern, to fall next yr: FM

-- Cold storage projects classified as infrastructure sector

-- To infuse Rs 3,000 cr in NABARD in phased manner

-- Allocation for farm development raised to Rs 7,860 cr

-- To provide Rs 300 crore to improve oil seed plantations

-- FIIs allowed to invest in 5-year unlisted bonds

-- TCI to benefi from Govt support for warehousing

-- To provide Rs 300 cr for implementing initiatives on vegetables

-- Edible Oil Gainers: KS Oil up 2.24 percent, Raj oil up 3.45 percent

-- Allocation for farm development increased to Rs 7860 cr

-- To provide Rs 300 cr to improve production of pulses

-- Plan to introduce Companies Bill in current session

-- Rural housing fund corpus raised to Rs 3,000 cr vs Rs 2,000 cr

-- To allocate Rs 100 cr to SIDBI for women

-- To set up Mortage Risk Guarantee fund for rural housing

-- To provide Rs 5,000 cr to SIDBI to meet priority lending targets

-- Interest subvention of 1% extended from Rs 5 lakh crore to Rs 20 lakh crore

-- Corruption is a problem we have to fight collectively

-- Cutting bureaucratic delays, improving response times

-- Don't see resources as a constraint to growth

-- Agriculture sector has shown significant rebound

-- Need to improve regulatory standards to fight corruption

-- Much needs to be done in rural India: FM

-- To reconcile environment concerns, growth needs

-- To introduce Public Debt Management Bill in 2012

-- The economy has shown remarkable resilience

-- DTC to be effective April 1, 2012

-- Economy to grow at 9 percent, plus or minus 0.25 percent in 2012

-- Laying down fiscal consolidation map for next five years

-- Impression of drift in government is misplaced

-- Average inflation to be lower next year, current account deficit to be better managed

-- Recovery in developed nations has taken roots

-- Seen shortcomings in food supply chains

-- Monetary policy is keeping food inflation in check

-- Agriculture growth at 5.4%, industry at 8.1% in 2010-11

-- Must ensure that private investment is sustained

-- Working on simplifying tax rules, trade and tariff reforms

-- Must improve supply response in the agriculture sector

-- Working on simplifying tax rules, trade and tariff norms

-- Corruption is a problem we have to fight collectively

-- Cutting bureaucratic delays, improving response times

-- Nutrient based fertiliser policy for urea under consideration

-- Working on ensuring better delivery for urea, kerosene

-- Availability of fertilisers has improved post new policy

-- GST rounds with states making considerable progress

-- States to cut down fiscal deficit to 3 percent of Gross State GDP by 2014

-- Interest subvention limit raised to Rs 25 lakh

-- To provide Rs 2,000 cr for manufacturing facilities

-- To provide Rs 2000 crore for warehousing facilities

-- Pranab proposes to allocate Rs 6000 cr for some PSU banks to help them maintain Tier-I capital at 8 percent

-- Plan to allow FII limit in infrastructure bonds to $25 bn

-- To bring legislative amendments for banking licenses this year

-- FII limit in corporate bonds raised to $ 40 billion

-- FIIs allowed to invest in MFs; unlisted bonds with minimum lock in period of 3 yrs

-- Continuing discussions to further liberalise FDI policy

-- Task force working on oil subsidy plans

-- Govt commited to retain 51 percent stake in PSUs

-- Retain divestment target of Rs 40,000 crore

-- To move to direct cash subisdy for kerosene, fertiliser

-- Working on ensuring better delivery for urea, kerosene

-- The year was full of challenges for fiscal consilidation: FM

-- Fiscal consolidation has been impressive: FM

-- Growth in 2011 was broad based

-- Economy set for double-digit growth in coming years

-- Need to make development more inclusive

-- To reconcile environment concerns, growth needs

-- Don't see resources as a constraint to growth

-- Food inflation declined to less than half to 9.3%

-- Need to ensure balanced demand and supply

-- Economy has regained pre-crisis growth momentum

-- Food inflation is a big concern

-- High growth trajectory is our aim