Facts, figures and estimates from the 2012-13 budget from the finance minister’s speech
- Estimated GDP growth of 6.9% in real terms in 2011-12, broken down as 2.5% in agriculture, 3.9% in industry, and 9.4% in services
- In April 2011-Jan 2012, exports up 23% to USD 243 billion, and imports up more than 29% to USD 391 billion
- Estimated current account deficit as a percentage of GDP is 3.6%
- GDP growth in 2012-13 expected to be 7.6% +/- 25 bps.
- Infrastructure investment will go up to Rs. 50 lakh crore
- Government considering proposal to allow foreign airlines to take up to 49% equity in domestic carriers
- Rs. 5,000 crore venture fund for Micro, Small, and Medium Enterprises (MSME). Ministries will make a minimum of 20% of their annual purchases from Micro and Small Enterprises (MSE)s
- Raise agricultural credit to Rs. 5.75 lakh crores, up 1 lakh crore from last year
- 200 crores for incentivizing research to increase agricultural productivity
- Budgetary allocation for rural drinking water and sanitation up 3,000 crores to 14,000 crores
- 25,555 crores alloted to Right to Education (RTE) provided through the Sarva Siksha Abhiyaan (SSA) – up 21.7% from 2011-12
- 3,124 crores alloted to enhancing secondary education, up 29% from last year
- An allocation of 1.93 lakh crores for defense services
- Gross tax receipts are 10.77 lakh crores. Total expenditure is 14.9 lakh crores. Fiscal deficit is pegged at 5.21 lakh crores. Net market borrowing to finance this deficit is 4.79 lakh crores. Effective revenue deficit is 1.85 lakh crores or 1.8% of GDP
- Due to slow economic growth, direct tax collection fell short by 32,000 crores of budget estimates
- Raised upper limit for 20 percent tax slab to 10 lakhs from 8 lakhs. Updated tax slabs are as follows: upto 2 lakhs – Nil; 2-5 lakhs – 10%, 5-10 lakhs – 20%, above 10 lakhs – 30%
Jugaad Times 