Union Budget 2012-13
The Union Finance Minister, Shri Pranab Mukherjee leaves North Block for Parliament House to present the General Budget 2012-13, in New Delhi on March 16, 2012. The Minister of State for Finance, Shri Namo Narain Meena, the Finance Secretary, Shri R.S. Gujral and other officials of the Ministry are also seen.
The Union Budget for 2012-13 has been presented by Mr Pranab Mukherjee, the Union Finance Minister, in Parliament on March 16, 2012.
Here are the 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
- 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
- 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
- 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
Indian, Australian scientists to participate in workshop on climate change
The Economic Times: March 05, 2012
Michael Carter, Consul Commercial and Trade Commissioner of Australia
Kochi: The Central Marine Fisheries Research Institute (CMFRI) in collaboration with the Institute of Marine and Antarctic Studies (IMAS), University of Tasmania, conducted an international workshop on 'Preparing for climate change on marine systems in Australia and India' from March 6-10 in the city. Michael Carter, consul commercial and trade commissioner of Australia at Chennai inaugurated the workshop. Seven scientists from Australia led by Stewart Frusher, associate professor, IMAS, will participate in the workshop. The Indian team of 14 scientists will be led by G Syda Rao, director, CMFRI. Funded by the Australia-India Strategic Research Fund, the aim of the workshop is to bring together an inter-disciplinary research team from both countries to improve understanding on the impacts of climate change on marine resources and stakeholders. Both these regions have been identified as global warming hotspots.