Defence budget up by Rs 1.64 lakh crores

[GORKHALI]

breaking news defence budget up to Rs 1.64 lakh crores against Rs 1.47 lakh crores

 

[Royan]

Awesome........................

 

[Markus]

I want more money for defence.

 

[IndianTiger]

bit low compare to worldwide developments...

 

[twoplustwoisfour]

It's up TO Rs. 1.64 Lakh crores, not up BY Rs. 1.64 Lakh crores.

But an 11% increase is good news.

 

[Paan Singh]

kitney billion dollars

 

[rockstarIN]

Whats the allocation for capital expenditure?

 

[GORKHALI]

The good thing is fiscal deficit lowered to 5.1% from 5.5%.,

 

[Paan Singh]

imho rise of 3-4 billion dollars ,not much

 

[twoplustwoisfour]

Whats the allocation for capital expenditure?

A 10,000 Crore dedicated fund for infra projects

 

[SpArK]

Pranab Mukherjee allocates Rs.1.64 lakh crore for defence​

National security is high on the United Progressive Alliance Government's agenda.Finance Minister Pranab Mukherjee allocated Rs.1.64 lakh crore for defence and said that more will be given if required.
Budget allocation of Rs 100 cr for Ladakh and Rs 150 cr for Jammu for implementation of projects identified by taskforce.


Mukherjee announced Rs nine lakh compensation to be given to men of defence and Central paramilitary forces for permanent disability and discharged from service.

Finance Minister Pranab Mukherjee allocated Rs 1,47,344 crore towards defence in 2010-11 budget. In 2009-10 the allocation for defence was Rs 1,41,703 crore.


The Ministry of Defence (MoD)accounts for one-seventh of the total union budget,with major emphasis on purchasing arms and hi tech weapons and also icrease in pay and allowance which constitutes a major part of the defence budget. The question is whether the defence budget, which impinges upon national security, should be subject to fiscal austerity.

According to study by ( CII )Confederation of Indian Industry ,India is in the process of signing defence deals worth nearly $42 billion, including a $10.4-billion deal for 126 multi-role combat aircraft, making it one of the most attractive markets for both global and domestic arms industry.


The joint study by industry body Confederation of Indian Industry (CII) and audit firm KPMG has also assessed that India has already signed defence deals worth nearly $25 billion in the last four years.

"Our research indicates that deals worth $24.66 billion have been signed by the Indian defence ministry with global integrators in the past 48 months and another $41.99 billion worth of deals are in the process of getting,the study said.

Pranab Mukherjee allocates Rs.1.64 lakh crore for defence

 

[Paan Singh]

Pranab Mukherjee allocates Rs.1.64 lakh crore for defence​

National security is high on the United Progressive Alliance Government's agenda.Finance Minister Pranab Mukherjee allocated Rs.1.64 lakh crore for defence and said that more will be given if required.
Budget allocation of Rs 100 cr for Ladakh and Rs 150 cr for Jammu for implementation of projects identified by taskforce.


Mukherjee announced Rs nine lakh compensation to be given to men of defence and Central paramilitary forces for permanent disability and discharged from service.

Finance Minister Pranab Mukherjee allocated Rs 1,47,344 crore towards defence in 2010-11 budget. In 2009-10 the allocation for defence was Rs 1,41,703 crore.


The Ministry of Defence (MoD)accounts for one-seventh of the total union budget,with major emphasis on purchasing arms and hi tech weapons and also icrease in pay and allowance which constitutes a major part of the defence budget. The question is whether the defence budget, which impinges upon national security, should be subject to fiscal austerity.

According to study by ( CII )Confederation of Indian Industry ,India is in the process of signing defence deals worth nearly $42 billion, including a $10.4-billion deal for 126 multi-role combat aircraft, making it one of the most attractive markets for both global and domestic arms industry.


The joint study by industry body Confederation of Indian Industry (CII) and audit firm KPMG has also assessed that India has already signed defence deals worth nearly $25 billion in the last four years.

"Our research indicates that deals worth $24.66 billion have been signed by the Indian defence ministry with global integrators in the past 48 months and another $41.99 billion worth of deals are in the process of getting,the study said.

Pranab Mukherjee allocates Rs.1.64 lakh crore for defence

welcome back,good to see u again

 

[SpArK]

Other highlights..​

• To increase service tax on air travel
  
• Excise and customs duty proposals to result in the net gain of Rs 7,300 crore.
  
• Export duty rates on iron ore unified and kept at 20% ad valorem.
  
• Basic customs duty on agricultural machinery reduced to 4.5% from 5%
  
• Basic customs duty on raw silk reduced from 30 to 5 per cent
  
• Excise and customs duty proposals to result in the net gain of Rs 7,300 crore
  
• Nominal one per cent central excise duty on 130 items entering the tax net. Basic food and fuel and precious stones, gold and silver jewellery will be exempted.
  
• Peak rate of customs duty maintained at 10% in view of the global economic situation.
  
• Customs duty exemptions for hybrid auto parts.
  
• Nominal one per cent central excise duty on 130 items entering the tax net. Basic food and fuel and precious stones, gold and silver jewellery will be exempted.
  
• Standard rate of central exercise duty maintained at 10%.
  
• Central government debt in proportion to GDP will be 44.2% in 2011-12.
  
• 20% export duty on all grades of iron ore.
  
• Basic customs duty reduced on certain textile products
  
• No change in service tax rate of 10%
  
• No change in central excise duty.
  
• Plan to levy 1% on 130 consumer items.
  
• Revenue deficit fixed at 2.3 per cent in revised estimates of 2010—11 and 1.8 per cent in 2011—12,
  
• Total plan expenditure will go up 100 per cent in nominal terms in the next year
  
• 15% tax on dividend for Indian cos from foreign unit.
  
• Direct Tax proposals result in expenditure of Rs 11,500 cr.
  
• Tax under women slab unchanged.
  
• Tax exemption raised to Rs 5 lakh for senior citizens of 80 years.
  
• To reduce surcharge on domestic companies to 5% from 7.5%
  
• MAT rate hiked to 18.5% from 18%.
  
• Exemption for senior citizens raised to Rs 2.5 lakh
  
• MAT on developers in SEZs to be levied.
  
• I-T exemption limit raised to Rs 1.80 lakh from Rs 1.60 lakh .
  
• Fiscal deficit revised to 5.1% from 5.5% for FY'11
  
• Total expenditure raised by 13.4% at Rs 12.57 lakh cr over budget estimates
  
• Gross tax receipts estimated at 9.32 lakh cr for FY 2011-12
  
• Bill to amend India Stamp Act soon.
  
• Budget allocation of Rs 100 cr for Ladakh and Rs 150 cr for Jammu for implementation of projects identified by taskforce
  
• Old age pension to persons of over the age of 80 raised from Rs 200 to Rs 500
  
• Health allocation up by 20% to R 27,600 cr.
  
• Rs 9- lakh ex-gratia for defence personnel for 100% disability fighting Left-wing extremism.
  
• To set up 15 more mega food parks.
  
• Remuneration of anganwadi workers raised from Rs 1,500 to Rs 3,000 per month. Helpers to get Rs 1,500 from Rs 750
  
• Tax free bonds of Rs 30,000 cr to be issued for infrastructure development. This will cover Warehousing Corporation, NHAI, IRFC and Hudco.
  
• Allocation under Rashtriya Krishi Vikas Yojana to be raised from Rs 6,755 crore in the current year to Rs 7,860 crore.
  
• Rs 50 cr grant to Aligarh Muslim University centres in Murshidabad in West Bengal and Malappuram in Kerala.
  
• Rs 200 cr for environmental remediation programme.
  
• Age for pension eligibility reduced from 65 years to 60 years under Indira Gandhi Yojana scheme
  
• To move insurance, pension and banking bills in Parliament
  
• Rs 500-cr for National Development Fund.
  
• Rs 400-cr as one-time grant for IIT-Kharagpur.
  
• Move to set up State Innovation Councils underway.
  
• Allocation to education sector raised to Rs 52,000 cr
  
• Scholarship scheme for SC/ST students in classes iX, X.
  
• Increase in allocation to higher education
  
• Increase in remuneration for Anganwadi workers from Rs 1,500 to Rs 3,000 per month.
  
• Plan 17% increase in social sector spending.
  
• To introduce Food Security Bill
  
• Tax free bonds of Rs 30,000 cr to be issued for infrastructure development. This will cover Warehousing Corporation, NHAI, IRFC and Hudco.
  
• Fertiliser industry to be included under infrastructure category.
  
• New companies bill to be introduced.
  
• GoM to be set up to deal with corruption
  
• Five-fold strategy to deal with black money.
  
• Mega cluster for leather products to be introduced.
  
• Existing interest subvention scheme on short term farm loans at 7 % interest to continue.
  
• Self-assessment in customs to be introduced.
  
• Credit flows to farmers raised from Rs 3.75 lakh crore to Rs 4.75 lakh crore.
  
• Constitution Amendment Bill for introduction of GST in this session.
  
• Goods and Services Tax Bill this year.
  
• Direct Taxes Code Bill likely to be passed by Parliament next financial year after getting Standing Committee report.
  
• Public Debt Management Agency Bill in the next fiscal.
  
• Indian mutual funds to get direct access to foreign markets; FIIs to be allowed to invest in MFs.
  
• To liberalise FDI policy further.
  
• To extend infra tax breaks to fertiliser sector.
  
• To set up microfinance equity fund.
  
• Government to move towards direct cash transfer of cash subsidy as regards kerosene, LPG and fertilisers from March 2012 for BPL in view of large diversion.
  
• 3% interest subvention to farmers who repay in time.
  
• Nabard capital base to be increased by infusing Rs 10,000 cr
  
• Rural housing fund increased to Rs 3,000 cr
  
• Banks asked to step up lending to agriculture.
  
• Allocation under Rashtriya Krishi Vikas Yojana to be raised from Rs 6,755 crore in the current year to Rs 7,860 crore.
  
• Budget proposes to raise housing loan limit from Rs 20 lakh to Rs 25 lakh for priority sector lending.
  
• Allocation for farm development hiked to Rs 7,860 cr.
  
• Rs 300 cr proposed to promote production of cereals.
  
• Indian micro-finance equity with SIDBI to be formed at Rs 100 crore.
  
• Rs 6,000 cr to be given to public sector banks to maintain capital-to-risk assets ratio norms
  
• RBI to bring in new guidelines for banking licences.
  
• Aiming Fiscal deficit of 3% by fiscal 2014
  
• Central electronic registry to reduce fraud cases.
  
• FII investment limit for infra corporate bonds hiked to $40 billion.
  
• Discussions on to further liberalise FDI policy.
  
• Preparation of GST rollout in final stages.
  
• Microfinance equity fund of Rs 100 cr proposed.
  
• Govt committed to hold 51% in PSUs.
  
• Rs 3,000 cr to Nabard for handloom societies.
  
• Women self-help group development fund to be set up.
  
• Direct transfer of subsidy for kerosene.
  
• Goods and Services Tax Bill to be introduced in Parliament this year.
  
• Direct Tax Code Bill likely to be passed by Parliament next financial year after getting Standing Committee report.
  
• Disinvestment target at Rs 40,000 cr.
  
• Direct Tax Code from April 2012.
  
• SEBI-registered MFs to be allowed direct access to foreign funds.
  
• Expect RBI to moderate inflation.
  
• Public Debt Management Agency Bill to be introduced next financial year.
  
• Current account deficit and average inflation in 2011-12 likely to be less than current year.
  
• FDI policy review done in Sept 2010.
  
• Economic growth in 2011-12 likely to be 9 per cent.
  
• Admits large-scale diversion of kerosene.
  
• Introduction of DTC will be a watershed moment.
  
• Debt managment bill to be introduced.
  
• Constitutional Amendment Bill on GST to be introduced.
  
• Expect agri sector to grow at 5.4% in 2011.
  
• Growth in 2010-11 broad-based.
  
• Economy resilient to shocks.
  
• RBI measures will further moderate inflation.
  
• GDP estimated growth at 8.6% in real terms.
  
• New dynamism in rural economy.
  
• Core inflation in check.
  
• Current account deficit is at 2009-10 levels, and is a matter of concern.
  
• Huge difference in wholesale and retail prices not acceptable.
  
• Total food inflation down from 20.2 per cent last year to 9.3 per cent in Jan
  
• Revival in private investment should be sustainable.
  
• Service growing in double digits.
  
• Need to reconcile legitimate environmental concerns with developmental needs.
  
• Food Inflation has declined by half, but still a matter of concern.

 

[rockstarIN]

A 10,000 Crore dedicated fund for infra projects

I mean equipment purchase for armed forces out of total defense budget..

 

[Riaz Mohammed]

Pranab Mukherjee allocates Rs.1.64 lakh crore for defence​

I dont like where this thing is going. We are increasing defence budgets at an unprecedented rate instead of focusing on the core issues that plague our community. Sure, i feel proud whenever india makes a mark on the world stage but i have a feeling this wont end well. Sometimes, our critics are the best guides. They highlight every flaw in our system. We "need" to focus on the poor and the disadvantaged and grow together as ONE INDIA.