Today, Hon’ble Finance Minister Pranab Mukherjee is presenting the UnionBudget for 2012-13. This is the 7th time that Pranab Mukherjee is presenting Budget in the Lok Sabha. You can check the live Union Budget 2012-13 here.
Finance Minister Pranab Mukherjee starts its speech for the Union Budget 2012-2013 in the Parliament of India. Pranab Mukherjee is presenting the Union Budget 2012-13 in the backdrop of challenging macroeconomic and political environment. Pranab faces a huge challenge of reviving economic growth, which has slowed down over the last six quarters.
Key Highlights of Union Budget 2012-13
Pranab says that FY12 was a year of recovery for India. Global crisis has affected India. Pranab emphasis to improve macro-economic policies.
Pranab also says that agriculture and services continue to perform well & the slowdown is due to lag in industry.
Pranab says, lack of infrastructure is a major constraint in economic growth. Pranab sets a target of Rs 30,000 crore to be raised from the disinvestment of PSUs.
To introduce new Rajiv Gandhi equity scheme & Rs 50,000 exemption for investments in Rajiv Gandhi equity scheme.
AC, gold jewelery, refrigerator, telephone bills, SUVs and cigarettes to cost more whereas cinema & films, LCDs & LEDs, bicycles, housing society charges, LPG, mobile phones, medicines for treating cancer and HIV to cost less now.
Pranab Mukherjee raised the exemption limit for income tax by just Rs 20,000 from Rs 1,80000 to Rs 2 lakh. The new tax slabs are as follows:
- Up to Rs 2 lakh: No tax
- From Rs 2 lakh to 5 lakh: 10%
- From Rs 5 lakh to 10 lakh: 20%
- Above Rs 10 lakh: 30%
Home Minister P Chidambaram says that Pranab Mukherjee has presented a good Budget.
Prime Minister Manmohan Singh also praised the Union Budget 2012-13 & says Pranab has addressed both the inflation and growth issues.