Highlights of Union Budget 2012-13 (Part-III)

New Delhi, Mar 16 (ANI): Finance Minister Pranab Mukherjee on Friday presented the Union Budget 2012-13 in Lok Sabha.

The highlights of the Budget are as follows:

Seven medical colleges to be upgraded to All India Institutes

Rs 200 crore for Research Rewards for agricultural researchers for breakthroughs

Rs 193,407 crore provision made for defence services in 2012-13

Rs 24,000 crore allocated for rural road plan in FY13

Rs 3,915 crore to be spent on National Rural Livelihood Mission

Interest subvention of seven per cent to women self groups for loans up to Rs 3 lakh, additional three per cent for those making timely repayment.

Rs 20,000 crore to be spent on rural infrastructure development, including Rs 5,000 crore for creating warehousing facilities

Rs.200 crore allocated for research on climate change

Subsidy of one per cent on loans up to Rs 15 lakh

4000 residential quarters to be constructed for paramilitary forces with an allocation of Rs 1,185 crore

Tax exemption enhanced to Rs two Lakhs

Upper limit of 20 per cent tax slab raised from 8 lakhs to 10 lakhs

No change in corporate tax rate

White Paper on black money to be tabled in current parliament session. (ANI)