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Monday, February 28, 2011

Union Budget 2011: Some information

On February 28, 2011, India’s Finance Minister Pranab Mukherjee presented union budget for fiscal year 2011-12 in the Lok Sabha. It was earlier approved by the Union cabinet.

This is the third budget presented Pranab Mukherjee. It has been widely expected that the current budget will provide tax concessions to the middle class and lower middle class people and farmers will be provided incentives.

The budget focused on inflation and price rise and encouraging investment in infrastructure and agriculture.

Mr. Mukherjee said that food inflation came down from 20.2 percent in 2010 to 9.3 percent in January 2011 but it is still a serious matter for the Indian economy and people.

Overall economic growth is predicted at 8.6 percent. The agriculture sector will see a growth of 5.4 percent, industrial sector 8.1 percent and services sector 9.3 percent.

The budget mentioned that Public Debt Management Agency bill will be introduced in the next fiscal year. The government will also implement Direct tax code in the next financial year after getting report from the standing committee. Goods and Services tax bill will be introduced in parliament this year.

To see live budget session visit:

http://budgetlive.nic.in/

http://budget.sify.com/

http://www.moneycontrol.com/

http://www.youtube.com/cnbctv18

For various analysis of the new budget visit: http://timesofindia.indiatimes.com/budgetspecial.cms

Related article:

Daily News & Analysis

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