Monday, February 28, 2011

Union Budget 2011-12 Summary

The Union Budget 2011-12 aims to sustain economic growth, strengthen infrastructure, moderate the price rise, particularly of agricultural produce and reduce social imbalances through inclusive development. Presenting the budget 2011-12 in the Lok Sabha February 28, the Finance Minister Shri Pranab Mukherjee said that the budget is a transition towards a more transparent and result oriented economic management system in India. He said while developments on India’s external sector have been encouraging, continued high food prices have remained our principal concern. He said that the trend revealed shortcomings in distribution and marketing system. The Finance Minister said that huge differences between wholesale and retail prices are at the expense of remunerative prices for the farmers and competitive prices for consumers.

For sustaining growth tax reform will continue with the Direct Taxes Code (DTC) to be operationalised from April, 2012 while a Constitution Amendment Bill is proposed to be introduced during the current session of Parliament as a step towards roll out of the Goods and Services Tax (GST). He said the introduction of DTC and GST will result in moderation of rates, simplification of laws and better compliance. The Finance Minister re-iterated the Government’s resolve to move towards direct transfer of cash subsidy to people living below poverty line in a phased manner. He said that the Nutrient Based Subsidy (NBS) has improved the availability of fertilizers and the Government is actively considering extension of NBS regime to cover urea.

Finance Minister announced a number of measures to strengthen the agricultural sector particularly in the areas of pulses, vegetables and oil palm . He announced Rs. 300 crore expenditure to promote 60,000 pulses villages in rain fed areas for increasing crop productivity and strengthening market linkages. He also proposed to spend Rs. 300 crore to promote oil palm plantation in 60,000 hectares and Rs. 300 crore for the initiative on vegetable cluster. Rs. 400 crore is proposed to be spent to improve rice based cropping system in the Eastern Region. Capital investment in fertilizer production is proposed to be included as an infrastructure sub-sector since investment in the sector is capital intensive.

The allocation for social sector has been increased by 17% to Rs. 1,60,887 crore which amounts to 36.4% of the total plan allocation. Bharat Nirman, which includes Pradhan Mantri Gram Sadak Yojana (PMGSY), accelerated irrigation benefit programme, Rajiv Gandhi Grameen Vidyutikaran Yojana, Indira Awas Yojana, National Rural Drinking Water Programme and Rural Telephony have together been allocated Rs. 58,000 crore. Remuneration for Anganwadi workers have been increased to Rs. 3000 per month from Rs. 1500 per month while the Anganwadi helpers will get Rs. 1500 per month. This will be effective from 1st April 2011 benefiting about 22 lakh Anganwadi workers and helpers.

The allocation on education has been increased by 24% to Rs. 52,057 crore. Sarva Shiksha Abhiyan gets Rs. 21,000 crore which is 40% higher than the previous year’s allocation of Rs. 15,000 crore. The Finance Minister also proposed to introduce a scholarship scheme for needy students belonging to the Scheduled Castes and Scheduled Tribes studying in classes IX and X. It would benefit about 40 lakh students. Plan allocation for Health has also been increased by 20 per cent to Rs. 26,760 crores. The Rashtriya Swasthaya Bima Yojana will be extended to the unorganized sector workers in hazardous mining and associated industries.

Underlining the need to strengthen Public Sector Banks (PSBs) the Finance Minister proposed to provide Rs. 6000 crore to maintain tier 1 capital to risk weighted asset ratio. He also proposed to infuse Rs. 500 crore into Regional Rural Banks (RRB) . A Women’s Self Help Groups Development Fund with a corpus of Rs. 500 crore is proposed to be created. He also proposed to create a micro finance equity fund of Rs. 100 crore with Small Industrial Development Bank of India (SIDBI) for providing equity to smaller micro finance institutions. Rs. 3000 crore will be provided to NABARD to help handloom weaver cooperative societies to become financially viable.

Interest subvention of 1 per cent on housing loans will now be available for loans upto Rs. 15 lakh where the cost of house does not exceed Rs. 25 lakh. The present limit for the loan amount is Rs. 10 lakh while the cost of the house should not exceed Rs. 20 lakh.

The total plan expenditure has been increased by 18.3 per cent to Rs. 4,41,547 crore and the non-plan expenditure increases by 10.9 per cent to Rs. 8,16,182 crore. The gross tax receipts are estimated to grow by 24.9 per cent to Rs. 9,32,440. Rs. 2,01,733 crore will be transferred to the Sates and UTs as plan and non plan transfers. This also marks a rise of 23 per cent over budget estimates of last year. The fiscal deficit is estimated at Rs. 4,12,817 crore which works out to 4.6 per cent of the GDP.

Turning to the direct taxes, the Finance Minister proposed to increase the exemption limit for general category individual tax payers by Rs. 20,000 to Rs. 1,80,000 per year. This will provide a uniform tax relief of Rs. 2000 to every tax payer of this category. The benefit for senior citizens will now be available at 60 years of age and the exemption limit will go up from Rs. 2,40,000 to Rs. 2,50,000. Those who are 80 years and above have been brought under a new category called very senior citizens and the exemption limit in this category will be Rs. 5 lakhs.

The minimum alternate tax rate has been hiked from 18 per cent to 18.5 per cent of book profits. Developers of Special Economic Zones as well as units operating MAT in SEZs have been brought under MAT. Tax benefit for investment in long term infrastructural bonds will continue for one more year. Income from foreign subsidiaries of Indian Company will now attract a lower tax of 15 per cent tax on dividends.

Turning to indirect tax, the finance Minister said that there are 370 items that enjoy the exemption from Central Excise Duty but are chargeable to VAT. He proposed to withdraw the exemption on 130 of these items. The remaining 240 items would be brought into the tax net when GST is introduced. A nominal 1 per cent central excise duty is being imposed on 130 items. The basic customs duty has been reduced from 30 to 5 per cent on raw silk, from 5 to 2.5 per cent on certain textile intermediates and from 7.5 per cent to 5 per cent on certain inputs for manufacture of technical fibre and yarn. Stainless steel scrap has been fully exempted from customs. Export duty on iron ore has been increased to 20 per cent ad valorem both for lumps and fines. The basic customs duty on pet coke and gypsum has been reduced 2.5 per cent to give relief to cement industry.

On the service tax front a few new services have been brought under tax net. Hotel accommodation in excess of Rs. 1000 per day and service provided by air conditioned restaurants with licence to serve liquor have been brought under the tax net. Service tax on air travel has been raised by Rs. 50 in case of domestic air travel and Rs. 250 on international journey by economy class. Services provided by Life Insurance Company in the area of investment and some more legal services have also been brought under tax net.

Finance Minister said the proposals on direct taxes are estimated to result in a revenue loss of Rs. 11,500 crore while those on the service tax will yield Rs. 4000 crore more. The Finance Minister has kept the disinvestment target at Rs. 40,000 crore for the coming year. He, however, reiterated that the Government is committed to retain at least 51 percent ownership and management control of the CPSUs. He said that as an emerging economy India stands at the threshold at the decade which presents immense possibilities. He said we have the voice on the global stage and we must not let the recent trends and tensions hold us back from converting these possibilities into realities.

Union Budget 2011-12 Highlights:

· Critical institutional reforms set pace for double-digit growth

· Scaled up flow of resources infuses dynamism in rural economy

· GDP estimated to have grown at 8.6% in 2010-11

· Exports grown by 9.6%, imports by 17.6% in April-January 2010-11 over corresponding period last year

· Indian economy expected to grow at 9% in 2011-12.

· Five-fold strategy to deal with black money. Group of Ministers to suggest ways for tackling corruption

· Public Debt Management Agency of India Bill to come up next financial year

· Direct Tax Code (DTC) to be effective from April 01, 2012

· Phased move towards direct transfer cash subsidy to BPL people for better delivery of kerosene, LPG and fertilizer mooted

· Rs.40,000 crore to be raised through disinvestment in 2011-12

· FDI policy to be liberalized further

· SEBI registered mutual funds permitted to accept subscription from foreign investors who meet KYC requirement

· FII limit for investment in corporate bonds in infrastructure sector raised

· Additional banking license to private sector players proposed

· Rs.6000 crore to be provided in 2011-12 for maintaining minimum Tier I Capital to Risk Weighted Asset Ratio (CRAR) of 8% in public sector banks

· Rs.500 crore to be provided to regional rural banks to maintain 9% CRAR

· India Microfinance Equity Fund of Rs.100 crore to be created by SIDBI

· Rs. 500 crore Women SHG Development Fund to be created

· Micro Small and Medium Enterprises MSME gets boost as Rs. 5000 crore provided to SIDBI and Rs.3000 crore to NABARD

· Existing housing loan limit enhanced to Rs.25 lakh for dwelling units

· Provision under Rural housing Fund enhanced to Rs.3000 crore

· Allocation under Rashtirya Krishi Vikas yojna (RKVY) increased to Rs.7860 crore

· Allocation of Rs.300 crore to promote 60000 pulses villages in rainfed areas

· Rs. 300 crore vegetable initiative to achieve competitive prices

· Rs.300 crore to promote higher production of nutri-cereals

· Rs.300 crore to promote animal based protein

· Rs.300 crore Accelerated Fodder Development Programme to benefit farmers in 25000 villages

· Credit flow to farmers raised from Rs.3,75,000 crore to Rs.4,75,000 crore

· Rs.10,000 crore for NABARD’s Short Term Rural Credit Fund for 2011-12

· 15 more mega food parks during 2011-12

· National food security bill to be introduced this year

· Capital investment in storage capacity to be eligible for viability gap funding

· 23.3% increase in allocation for infrastructure

· Tax-free bonds of Rs.30,000 crore proposed by government undertakings

· Environmental concerns relating to infrastructure projects to be considered by Group of Ministers

· National Mission for Hybrid and Electric Vehicles to be launched

· 7 Mega clusters for leather products to be set up

· Allocation for social sector increased by 17% amounting to 36.4% of total plan allocation

· Bharat Nirman allocation increased by Rs.10,000 crore

· Rural broadband connectivity to all 2.5 lakh panchayats in three years.

· Bill to amend Indian Stamp Act to introduce. Rs.300 crore scheme for modernization stamp and registration administration

· Significant increase in remuneration of Angawadi workers and helpers

· Allocation for education increased by24%. Rs.21,000 crore allocated for Sarv Shikshya Abhiyan registering an increase of 40%

· 1500 institute of higher learning to be connected by March 2012 with Knowledge Knowledge Network.

· National Innovation Council set up. Additional Rs.500 crore for National Skill Development Fund

· Plan allocation for health stepped up by20%

· Indira Gandhi National Old Age Pension Scheme liberalized further

· Rs.200 crore for Green India Mission

· Rs.200 crore for cleaning of rivers

· Rs.8000 crore provided for development needs of J&K

· 10 lakhs Aadhaar(UID) numbers to be generated everyday from 1st October

· Fiscal deficit kept at 4.6% of GDP for 2011-12

· Income Tax exemption limit for general category in individual tax payers enhanced from Rs.1,60,000 to Rs.1,80,000

· Qualifying age for senior citizens lowered to 60; senior citizen above 80 year to get Rs.5,00,000 IT exemption

· Surcharge on corporate lowered to 5%


The King's Speech" won the top Academy Award, for best picture, giving the British royals drama a total of four Oscars.

The acclaimed film about the efforts of the future King George VI to overcome a crippling stammer went into the event with a leading 12 nominations. It won such key awards as best actor for its star, Colin Firth.

The best picture award was accepted by its producers, Iain Canning, Emile Sherman and Gareth Unwin.

The nine other contenders were "Black Swan," "The Fighter," "Inception," "The Kids Are All Right," "127 Hours," "The Social Network," "Toy Story 3," "True Grit" and "Winter's Bone."

British actor Colin Firth won the Academy Award for his lead role as stammering wartime monarch King George VI in "The King's Speech."


BEST PICTURE: The King's Speech (Iain Canning, Emile Sherman and Gareth Unwin, Producers)

DIRECTING: The King's Speech (Tom Hooper)

ACTOR IN A LEADING ROLE: Colin Firth in The King's Speech

ACTRESS IN A LEADING ROLE: Natalie Portman in Black Swan

ACTOR IN A SUPPORTING ROLE: Christian Bale in The Fighter

ACTRESS IN A SUPPORTING ROLE: Melissa Leo in The Fighter

FOREIGN-LANGUAGE FILM: In a Better World (Denmark) (defeating Montrealer Denis Villeneuve’s Incendies)

ANIMATED FEATURE FILM: Toy Story 3 (Lee Unkrich)

WRITING (ADAPTED SCREENPLAY): The Social Network (Screenplay by Aaron Sorkin)

WRITING (ORIGINAL SCREENPLAY): The King's Speech (Screenplay by David Seidler)

SHORT FILM (ANIMATED): The Lost Thing (Shaun Tan and Andrew Ruhemann)

DOCUMENTARY (SHORT SUBJECT): Strangers No More (Karen Goodman and Kirk Simon)

SHORT FILM (LIVE ACTION): God of Love (Luke Matheny)

ART DIRECTION: Alice in Wonderland

MAKEUP: The Wolfman (Rick Baker and Dave Elsey)

COSTUME DESIGN: Alice in Wonderland (Colleen Atwood)

CINEMATOGRAPHY: Inception (Wally Pfister)

VISUAL EFFECTS: Inception (Paul Franklin, Chris Corbould, Andrew Lockley and Peter Bebb)

FILM EDITING: The Social Network (Angus Wall and Kirk Baxter)

DOCUMENTARY (FEATURE): Inside Job (Charles Ferguson and Audrey Marrs)

MUSIC (ORIGINAL SCORE): The Social Network (Trent Reznor and Atticus Ross)

MUSIC (ORIGINAL SONG): We Belong Together from Toy Story 3 (Music and Lyric by Randy Newman)

SOUND MIXING: Inception (Lora Hirschberg, Gary A. Rizzo and Ed Novick)

SOUND EDITING: Inception (Richard King)

2010-2020 Decade of Innovation in the Country

Dr Ashwani Kumar, Minister of State for Science and Technology and Earth Sciences, said, 2010-2020 has been declared as the decade of Innovation in the country and 14 national innovation universities will be established to take forward this goal. A National Innovation Council has been constituted which has been tasked to formulate a roadmap for Innovations by creating a framework for evolving an Indian model of inclusive growth, develop and champion innovative attitudes and approaches, identify ways and means to scale and sustain innovations, facilitate innovations by SMEs and encourage academic and R&D establishments for innovations. The Council will also promote the setting up of State and Sector specific Innovation Councils which will help to implement strategies for innovation. Speaking at the 6th Bry-Air Awards for Excellence in Heating, Ventilating, Air-Conditioning, and Refrigerating (HVAC&R), here yesterday Dr Ashwani Kumar said that a vast part of the global innovation system is pursuing new processes of innovation led by the technocratic push. In India, innovation is also seen as a means of creating sustainable and cost effective solutions for people at the bottom of the pyramid – also known as “disruptive innovation” which is being employed as a strategy for inclusive growth. The aim is to re-define innovations to go beyond formal R&D parameters and facilitate innovative solutions that lead to inclusive growth for the people and by the people.

Saturday, February 26, 2011

34th National Games conclude in Ranchi

The 34th edition of the National Games is all set to conclude with a gala closing ceremony in Ranch. Services stamped their authority with eight Golds on the penultimate day of the competitions. They left their rivals far behind while being on top of the medal tally with 70 Gold, 50 Silver and 42 Bronze. Manipur held on to the second position with 48 Gold, 37 Silver and 33 Bronze while Haryana displaced Maharashtra from the number three spot with 42 Gold, 33 Silver and 40 Bronze. 35th National Games will held on 2012 at Kerala.

State Wise Medals Tally
Medals Tally (State wise)
State Gold Silver Bronze Total
SERVICES 70 50 42 162
MANIPUR 48 37 33 118
HARYANA 42 33 40 115
MAHARASHTRA 41 44 47 132
JHARKHAND 33 26 37 96
DELHI 32 26 41 99
KERALA 30 29 28 87
MADHYA PRADESH 25 32 46 103
PUNJAB 23 38 54 115
UTTAR PRADESH 20 22 28 70
KARNATAKA 16 19 20 55
TAMILNADU 14 12 27 53
TRIPURA 6 2 1 9
ASSAM 5 11 18 34
GOA 5 5 6 16
ORISSA 5 4 3 12
WEST BENGAL 4 10 21 35
RAJASTHAN 4 1 10 15
BIHAR 1 5 6 12
SIKKIM 1 2 1 4
GUJARAT 0 3 4 7
MIZORAM 0 1 5 6
NAGALAND 0 0 2 2
Overall Total 444 447 588 1479

Sport Wise Medals Tally
Medals Tally (Sport Wise)
Sport Gold Silver Bronze Total
Athletics 44 45 43 132
Wushu 40 40 58 138
Swimming 40 40 40 120
Shooting 33 33 33 99
Canoe & Kayak 31 32 30 93
Cycling 24 24 24 72
Wrestling 21 21 42 84
Boxing 20 20 40 80
Gymnastics 20 20 20 60
Rowing 17 18 16 51
Taekwondo 16 16 32 64
Judo 16 16 32 64
Karate 15 15 30 60
Weightlifting 15 15 13 43
Fencing 12 12 24 48
Archery 12 12 12 36
Lawn Bowls 8 8 16 32
Table Tennis 7 7 14 28
Tennis 6 6 12 24
Badminton 6 6 12 24
Equestrian 6 6 6 18
Diving 6 6 6 18
Triathlon 4 4 4 12
Sepak Takraw 4 4 4 12
Squash 2 2 4 8
Kabaddi 2 2 4 8
Kho-kho 2 2 2 6
Netball 2 2 2 6
Handball 2 2 2 6
Hockey 2 2 2 6
Football 2 2 2 6
Basketball 2 2 2 6
Volleyball 2 2 2 6
Water Polo 2 2 2 6
Rugby 7s 1 1 1 3
Overall Total 444 447 588 1479

34th National Games Top Medal Winners

Top Medal Winners
Sport Athlete State Gold Silver Bronze Total
SWIMMING Richa Mishra DELHI 11 4 1 16
SWIMMING Virdhawal Khade MAHARASHTRA 8 2 2 12
SWIMMING A.p. Gagan Wllallmath KARNATAKA 6 0 2 8
CYCLING Rameshwori Devi Chabungbam MANIPUR 5 1 0 6
CANOE & KAYAK Simimol KERALA 5 0 0 5
GYMNASTICS Dipa Karmakar TRIPURA 5 0 0 5
SWIMMING Rohit Havaldar KARNATAKA 4 4 1 9
CYCLING Mahitha Mohan KERALA 4 4 0 8
CANOE & KAYAK Minimol KERALA 4 0 0 4
SHOOTING Tejaswini Sawant MAHARASHTRA 4 0 0 4
WUSHU Sapna Devi Yumlembam MANIPUR 4 0 0 4
WUSHU Roshan Singh Nandeibam MANIPUR 4 0 0 4
CANOE & KAYAK Bhupender Pundir SERVICES 4 0 0 4
CYCLING Sombir Mahala SERVICES 4 0 0 4
CYCLING Helen Devi Thokchom MANIPUR 3 4 0 7
CYCLING Atul Singh SERVICES 3 3 0 6
CANOE & KAYAK Digvijay Negi SERVICES 3 3 0 6
SWIMMING Arjun Jaya Prakash KARNATAKA 3 2 0 5
CYCLING Suchitra Devi Konsam MANIPUR 3 2 0 5
SWIMMING Ashwin Menon KARNATAKA 3 1 1 5
CANOE & KAYAK Silpamol KERALA 3 1 1 5
SWIMMING Sandeep Sejwal MADHYA PRADESH 3 1 1 5
CANOE & KAYAK Chingching Arambam MANIPUR 3 1 1 5
SWIMMING Poorva Shetye MAHARASHTRA 3 1 0 4
WUSHU A. Toshibala Ngangom MANIPUR 3 1 0 4
ROWING Pratima Puhan ORISSA 3 1 0 4
TABLE TENNIS Sharath Kamal Achanta TAMILNADU 3 1 0 4
WUSHU Chaobi Devi Sanglakpam DELHI 3 0 0 3
DIVING Hrutika Shriram MAHARASHTRA 3 0 0 3
CYCLING Gurbaj PUNJAB 3 0 0 3
CANOE & KAYAK Johnson Meitei Ningthoujam SERVICES 3 0 0 3
CANOE & KAYAK Jemsboy Oinam SERVICES 3 0 0 3