28 February 2011

Latest Updates of Union Budget 2011-12

Here are the latest updates:

* MF can accept subscription foreign investors who meet KYC norms
* Discussions underway to relax FDI policy
* To introduce Public Debt AMC of India Bill in FY12
* Divestment in FY12 seen at Rs 40000cr
* Preparations for GST rollout in final stages
* Will introduce GST Bill in current session
* Govt will move to direct transfer of fertiliser subsidy to cos
* Extension of NBS to cover urea under review
* Significant progress on the GST network
* Direct Tax Code will be effective April 1, 2012
* New Public debt mgmt bill to be introduced in Parliament soon
* DTC will be finalised in 2011
* Govt in the process of setting up independent debt managing committee within finance ministry
* Average inflation and current account deficit to be lower and better managed next yr
* Expect inflation and CAD to be lower in 2011-2012
* Current account deficit poses concerns due to its composition
* Exports grown by 29.4%; imports grown by 17.6%
* Current account deficit at 2009-10 levels
* Impact of monetary tightening to show up with a lag
* Huge differences between wholesale and retail prices not acceptable
* Expect RBI to moderate inflation in coming months
* Shortfalls in distribution and marketing systems in food
* Economy has shown resilience to external and internal shocks
* Consumers have been denied a seasonal fall in food prices

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