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

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:

Efforts on for consensus with states on FDI in multi-brand retail

Direct Tax Code (DTC) Bill to be enacted at the earliest

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

PAN identity for direct, indirect taxes to check tax evasion

Divestment target for next yr - 30,000 crore; 51 percent control will remain with government

Restrict expenditure on subsides to 2 percent to improve quality of public spending

The Nandan Nilekani panel recommendation on direct transfer of subsidy accepted

Food security subsidy to be fully provided

Fiscal 2011-12 interrupted as the year of recovery; reality turned out to be different

International crude oil prices may cross 115 dollars per barrel

Government to create financial holding company to meet financial needs of PSU banks

Budget to provide Rs 15,888 crore for recapitalisation of PSU banks, regional rural banks

Infrastructure investment in 12th Plan to go up to Rs 50 lakh crore; half of it to come from private sector

Tax free bond limit enhanced to 60,000 to benefit individual taxpayers

Corporate market reforms to be initiated

Bills on micro-finance institutions, national land bank and public debt management among those to be introduced in 2012-13

New equity savings scheme to provide for income tax deduction of 50 percent for those who invest Rs.50,000 in equity and whose annual income is less than Rs.10 lakh

irlines allowed to tap foreign loans on working capital now. (ANI)