Inflation to come down shortly

BANGALORE, INDIA: The Budget is an opportunity to accelerate slowing economy and take the nation on the right track of development. As finance minister Pranab Mukherjee began presentation of Union Budget 2012 in Parliament in New Delhi, citizens are hoping for a populist Budget.

Inflation is expected to moderate to 6.5-7 per cent by March end but spiralling global crude oil prices pose a challenge in the coming months, said the Economic Survey 2011-12.

The Economic Survey 2011-12 had projected the inflation for the next year to come down as well.

Here, we bring you every detail of the Budget highlights:

1.FY12-13 GDP expected to grow 6.9pc

2. Expect inflation to come down shortly

3. FY 13 Focus on domestic demand

4. Nandan Nilekani's recommendation to improve technology in food subsidy accepted

5. Govt to retain 51 pc in PSUs

6. Tax relief for retail

7. Rs. 15888 crore allocated for banks

8. Considering 49 pc FDI in airlines

9. FY 13 divestment target Rs. 30000 crore

10. GST network to start in August

11. To present new micro Finance Bill

12. Slowdown attributed to slow industrial growth.

13. DTC implementation defereed

14. Companies initiating IPO for Rs. 10 cr or more, will be in electronic form

15. Credit link subsidy programme for micro enterprises

16: Tax exemption limit increased just by Rs. 20,000 - Upto Rs. 2 lakh: Income Rs. 2-5 lakh - 10 per cent tax; From Rs. 5-10 lakh 20 per cent

17. No change in corporate tax rate

18. Restriction on venture capital investment goes

19. Tax deduction extended up to 200 per cent for research

20. School education exempt from service tax

21. A Rs.. 193,407-crore provision for Defence services in 2012-13

22. Rs.. 1000 crore for National Skill Development Corporation

23. 40 crore Aadhar enrolment planned in the year, starting from April 2012

24. Government allocates Rs.. 5,000 crore venture fund for MSME sector

25. Defence Budget increased by more than 17 per cent!