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GDP - real growth rate (%)

Country 1999 2000 2002 2003 2004 2005 2006 2007 2008 2009 2010 India 5.5 6 4.3 8.3 6.2 8.4 9.2 9 7.4 7.4 10.4

Country 1999 2000 2002 2003 2004 2005 2006 2007 2008 2009 2010 China 7 8 8 8 9.1 9.1 10.2 11.9 9 9.1 10.3

GDP - real growth rate (%)

Country United States 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 4.1 5 0.3 2.45 3.1 4.4 3.2 3.2 2 1.1 -2.6 2.8

http://isid.org.in/pdf/WP1101.PDF http://dipp.nic.in/English/Publications/FDI_Statistics/2010/india_FDI_March2010.pdfExpectations
From Union Budget 2012-13: (http://exim.indiamart.com/budget-2012-13/)

India is expected to grow at 6.9% of GDP in this union budget 2012-13. Inclusive Growth in Rural and Urban areas: Pranab Mukherjee Service tax to generate additional revenue of Rs 18,650 crore in the budget year 2012-13. Challenge for this budget year 2012-13 is to get growth rate back to 8%. Expected current account deficit to be lowered next year. GST expected to be operational by August 2012. Expect inflation to moderate and then stabilize. Expect smaller current account deficit to be 3.6%. 30,000 crore de-investment target for next year. This year budget may see FDI in aviation and retail.

New Income Tax Slabs for Budget 2012-13:

Zero income tax on income upto to 2 lakh. Income between 2 to 5 lakh to be taxed 10% Income between 5 to 10 lakh to be taxed 20% Income above 10 lakh to be taxed 30% No change in tax structure for corporates and no advanced tax required for senior citizens now.

Price Down of Commodities in Budget 2012-13:

Cinema and films LCDs and LEDs Mobile phones Imported bicycles School education Iodised salt Soya products Processed food Match-boxes Housing society charges LPG and HPG Iron ore equipment Solar power lamps LED bulbs Medicines for treating cancer and HIV Uranium for generation of electricity. Natural gas

Price Hikes of Commodities in Budget 2012-13:

Gold items and Jewellery Diamond and Platinum Jewellery Luxury Cars SUVs Refrigerator Air travel Telephone bills Cigarettes and Handrolled beedis Branded retail garments Emerald and Ruby

Subsidies for Budget Year 2012:

Subsidies have hit fiscal balance. The largest expenditure in fuel and fertilizer subsidies. Food security subsidy proposed to be fully provided. Direct cash subsidy for LPG and Kerosene to consumers.

Deficit transfer of subsidies to retailer and farmer.

Service Tax: Service Tax rate is hiked to 12% from 10%, but this increased sevice tax will not be levied on the following:

Travel by metered taxis, radio taxis and auto rickshaws Entry to amusement facilities Admission to entertainment events Second-class rail travel Betting, gambling and lottery Funeral, burial, mutate services Transport of deceased

Custom and Excise Duty for Indian Budget 2012-13:

Excise duty on big cars raised to 24% from 22%. Customs duty increases from 50% to 75% on the import of some vehicle Excise duty brought down to 6 % on all processed food. Customs duty on import of aircraft parts, tyres and testing equipment is fully exempted now. Exemption from basic customs duty for road and highway construction equipment. Full exemption from basic customs duty on LNG, natural gas and uranium for generation of electricity for two years. Customs duty is increased on bicycles and its parts Customs duty raised from 2% to 4% on standard gold. Standard excise duty rate raised 12% from 10%.

2012 Budget Plans and Policies:

Kisan credit cards can now be used in ATMs also. 27% increase in funds for drinking water and sanitation. The rural sanitation programme has got a whopping increase of 133%, up from Rs 1500 crore to Rs 3500 crore. New warehouses for food-grain stocks to be built. 50 MN of tons storage capacity will be created in the year of union budget 2012-13. Government will set up company to finance minor irrigation works. Rs 20,822 crore earmarked for National Rural Health Mission against Rs 18,115 crore this year. Rs 242 crore project with World Bank assistance to improve dairy production. ECB for low cost housing projects and ECB cap raised for airlines. Govt. raises foreign loan limit for aviation sector. Rajeev Gandhi equity scheme to boost stock market. Tax-free bonds limit is increased in budget 2012-13.

Securities Transaction Tax (STT) reduced from 0.125% to 0.1%. New equity saving schemes for small investors and Measures to boost equity market. Baggage allowance raises from Rs 25,000 to Rs 35,000 for the people of Indian origin and from Rs 12,000 to Rs 15,000 for the children Oil cess on domestic crude raised to Rs 4,500 per ton from Rs 2,500 per ton. Withholding tax on airlines, power, road, brides, ports, shipyard, fertilisers, dams and affordable houses lowered to 5% from 20% for 3 years.

FY13 News:

FY13 tax receipts seen up 15%, while FY13 gross taxes at 10.6% of GDP. Estimates FY13 fiscal deficit at 5.1% of GDP while FY13 subsidy to be under 2% of GDP. FY13 midday meal scheme outlay at Rs 11937 crore. PSU Banks' recap plan for FY13 is Rs. 15,888 crore. FY12 fiscal deficit at 5.9% of GDP.

Income tax exemption limit raised to Rs.2 lakh to provide relief of Rs.2,000 for all assessees; 20 per cent tax on income over Rs.10 lakh, up from Rs.8 lakh. Deduction of up to Rs.10,000 from interest from savings bank accounts. Defence to get Rs.1.93 lakh crore during 2012-13. Service tax rate raised from 10 per cent to 12 per cent to bring in Rs.18,660 crore. Number of proactive steps taken on black money (stashed away abroad); information has started flowing in, prosecution to be initiated; White Paper in current session. No change in corporate taxes but measures to enable them better access funds. Withholding tax on external commercial borrowings reduced from 20 per cent to five per cent for power, airlines, roads, bridges, affordable houses and fertiliser sectors. National Skill Development Fund allocated Rs.1,000 crore. Four thousand residential quarters to be constructed for paramilitary forces with an allocation of Rs.1,185 crore. National Population Register to be completed in two years. Excise duty raised from 10 to 12 per cent. Cinema industry exempted from service tax.

Branded silver jewellery fully exempt from excise duty. Customs duty on warning systems/track upgrade equipment for railways reduced from 10 per cent to 7.5 per cent. Import duty on equipment for iron ore mining reduced from 7.5 to 2.5 per cent. Allocation of Rs.200 crore for research on climate change. Irrigation and water resource company to be operationalised. National mission on food processing to be started in cooperation with state governments. Integrated Child Development Scheme to be strengthened and restructured with allocation of Rs.15,850 crore. Allocation of Rs.14,000 crore for rural water supply and sanitation. Infusion of Rs.15,888 crore in public sector banks, regional rural banks and NABARD in 2012-13. Infrastructure will require Rs.50 lakh crore in 12th Plan, half of this from the private sector. Completion of highway projects 44 per cent higher than in previous fiscal. External commercial borrowing of up to $1 billion permitted for airline sector. External commercial borrowings permitted to low-cost housing sector. From 2012-13, full subsidies for providing food security; in other sectors to the extent the economy can bear this. Hope to raise Rs.30,000 crore from disinvestments. New equity savings scheme to provide for income tax deduction of 50 per cent for those who invest Rs.50,000 in equity and whose annual income is less than Rs.10 lakh. 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. Addressing malnutrition, black money and corruption in public life among five priorities in year ahead. India's inflation structural, driven largely by agricultural constraints. Current account deficit 3.6 per cent in 2011-12; this put pressure on exchange rate.

Growth in 2012-13 estimated at 7.6 per cent; expect inflation to be lower. Better monitoring of expenditure on government schemes. Fiscal 2011-12 year of recovery interrupted; reality turned out to be different. GDP growth in 2011-12 estimated at 6.9 per cent; had to battle double digit inflation for two years. Good news: agriculture and services continued to perform well; economy is now turning around; recovery in core sectors. Now at juncture where it is necessary to take hard decisions; have to accelerate pace of reforms.

Read more at: http://www.ndtv.com/article/india/union-budget-2012-highlights-186645&cp http://economictimes.indiatimes.com/union-budget-2012/liveblog/12277070.cms