Live Updates of UNION BUDGET 2012-2013 presenting by Pranab in Parliament

The Union Finance Minister Pranab Mukherjee is presenting his Union Budget 2012-13 in Parliament. Here are the brief Highlights of UNION BUDGET 2012-2013.

• Focus to tackle malnutrition in 200 high risk districts with coordinated efforts on delivery systems Headline inflation remained high.

• Only in December 2011 it has moderated Expect headline inflation to moderate in a few months

• India has achieved diversification of import and export market

• Agriculture supply constraints partly fuelling inflation

• GDP is likely to be 3.6 per cent

• We have to accelerate pace of reforms and improve supply-side management of the economy: FM 

• Development in external trade encouraging – exports grew by 23%, imports grew by 29% Domestic demand driven growth to be the focus: Pranab

• 7.6 per cent India GDP growth in 2012-13 is expected

• Economy is now turning around, manufacturing appears to be on revival, says FM

• Agriculture and serivces continued to perform well; economy is now turning around; recovery in core sectors Direct fertiliser subsidy to benefit 9 crore farmers

• From 2012-13 subsidy for food security will be fully provided for

• Better tracking on utilisation of Central funds needed

• Use of PAN for payment of direct and indirect tax have been accepted

• Restrict expenditure on subsidies to 2 per cent to improve quality of public spending

• Pilot projects for direct transfers of subsidy are on and Aadhar-enabled payments in 50 selected districts within 6 months

• Better, leakage-proof delivery of subsidies to be implemented

• Expect average inflation to be lower next year; expect current account deficit to be lower next yea: FM 

• Ahead of the Budget presentation, Prime Minister Manmohan Singh and senior Cabinet colleagues had cleared the proposals in a short meeting inside Parliament House.

• Pilot project for direct transfer of subsidiary for kerosene has been initiated in Alwar, Rajasthan

• New IT relief for retail investors upto investment of Rs. 50,000 

• Retail investors should invest directly in equity

• Opening the bond market for direct foreign investors

• Government to raise Rs 30,000 crore in 2012-13 from disinvestment of stake in PSUs

• Direct Tax Code (DTC) Bill to be enacted at the earliest, says FM.

• Comment From vamshikrishna Tax exception under Section 80G should be increase at least 1 lac more. around 2lac is reasonable for middle income people

• Microfinance Bill 2012 and many other Bill are proposed to be introduced during the Budget session

• Efforts to arrive at broadbased consensus with state governments on allowing FDI in multibrand retail up to 51 per cent

• India Micro Finance regulation Bill in Budget Session

• Current account deficit 3.6% in 2011-12; this put pressure on exchange rate

• Bottlenecks in infrastructure, Simplifying policies for IPO and Address problem in black money: Pranab

• IPO equity offer above Rs 10 crore will have to be made electronically in capital market reforms

• Rs 15,888 cr to be provided for capitalisation of public sector and regional rural banks and NABARD