CHAPTER 1: INTRODUCTION

The Union Budget 2012-13 presented by the Finance Minister Shri Pranab Mukherjee in LokSabha today identifies five objectives to be addressed effectively in the ensuing fiscal year. They include focus on domestic demand driven growth recovery; create conditions for rapid revival of high growth in private investment; address supply bottlenecks in agriculture, energy and transport sectors particularly in coal, power, national highways , railways and civil aviation; intervene decisively to address the problem of malnutrition especially in the 200 high-burden districts and expedite coordinated implementation of decisions being taken to improve delivery systems , governance, and transparency; and address the problem of black money and corruption in public life. The Finance Minister called for a need to have a close look at the growth of revenue expenditure, particularly, on subsidies. He announced that from 201213 while subsidies related to food and for administering the Food Security Act will be fully provided for, all other subsidies would be funded to the extent that they can be borne by the economy without any adverse implications. He said that the Government will endeavor to restrict the expenditure on central subsidies under 2 per cent of GDP in 2012-13and over the next three years, it would be further brought down to 1.75 per cent of GDP.Shri Mukherjee said that based on recommendations of the Task Force headed by Shri Nandan Nilekani, a mobilebased Fertilizer Management System has been designed to provide end-to-end information on movement of fertilizers and subsidies which will be rolled out nation-wide during 2012. He said that transfer of subsidy to the retailer and eventually to the farmers will be implemented in subsequent phases which will benefit 12 crore farmer families The Union Budget for FY13 is presented at a time when the domestic economy is in the midst of a slowdown with the downturn in the global economic environment further impeding the growth momentum. Measures for boosting demand, especially on the investment front through progressive policy action and at the same time laying a credible fiscal consolidation road map were widely
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anticipated in this budget. However, the announcements in the Union Budget for FY13 could best be described as workmanlike in nature. Acknowledging that the government has limited fiscal space to manoeuvre, the realistically high fiscal deficit target of 5.1% could ensure that going ahead the economic agents would set their expectations on growth on the right path. The Union Budget FY13, though lacks major big bang announcements, it has made an attempt to manage the government finances in a much prudent manner. Hike in the excise duties and service tax was required to garner more revenue. The increase in the tax limits though marginal, would ensure some savings to the middle income group which constitute the majority of the population, thereby boosting demand. Further, the intention to implement the Advance Pricing Agreement which would significantly bring down tax litigation and provide tax certainty to foreign investors is a positive development. On the expenditure front, governments decision to stay away from allocating a major proportion of funds towards the social sector or new announcements is a welcome move as it would lead to divergence of funds towards other productive areas. The government has also emphasised the need to accelerate infrastructure development. Allowing irrigation terminal markets, common infrastructure in agriculture markets, soil testing laboratories and capital investment in fertiliser sector, Oil and Gas/LNG storage facilities and oil and gas pipelines, fixed network for telecommunication and telecommunication towers eligible for Viability Gap Funding (VGF) for support to Public Private Participation (PPP) projects would enhance financing. However, it would be the effective realization of the scheme which would boost infrastructure development as during the previous budget announcements lack of implementation had created bottlenecks. The focus of the government on capital market is a positive given it would accelerate capital generation and funding requirement for the Indian corporate thereby boosting investment. Besides, allowing External Commercial Borrowings (ECBs) to part finance Rupee debt of existing power projects, for capital
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expenditure on the maintenance and operations of toll systems for roads and highways and also for working capital requirements of the airline industry is commendable as it would ensure securing of funds by these sectors which are facing financing crunch. The biggest disappointment in the budget was that the government did not lay down a strong reform agenda. While it was highly expected that specific progressive policy action would be taken regarding subsidies, FDI, labour laws or land acquisitions, the budget failed to deliver on Fiscal Arithmetic for FY13 The fiscal year FY13 is expected to witness a slow pace of recovery in growth, thus entailing lower revenue generation and exacting higher expenditure from the government. For FY13, total expenditure is budgeted to increase by 13.1% to ` 14,909.25 bn as compared to the revised estimates (RE) of ` 13,187.20 bn for FY12. As in the last budget, the plan expenditure received a major boost with an allocation of ` 5,210.25 bn, an increase of 22.1% over FY12 (RE). However, unlike the previous budget where the non-plan expenditure was budgeted to decline, this time around it is budgeted to increase by 8.7% to ` 9,699 bn. The subsidy burden during FY13 though budgeted to decrease by 12.2% during FY13 from the revised estimates of FY12; it is budgeted to increase by over 32.0% over the budget estimate of FY12. The government aims to restrict the expenditure on Central subsidies to under 2% of GDP in FY13 through better targeting and leakage proof delivery of the subsidies. For FY13, the Gross Tax Receipts are estimated to increase by 15.6% over FY12 (BE) and by 19.5% over the FY12 (RE) given the moderation in the economic growth. On the direct tax front, corporate profitability is expected to remain subdued; revenue from corporate tax is budgeted to increase only by 13.9% (RE). In spite of broadening of the income tax slabs, the personal income tax collection is budgeted to increase by 13.9% in FY13 over FY12 (RE). The 2% increase in excise duties from 10% to 12% is expected to lead to larger collection of indirect taxes; revenue from Union excise duty is budgeted to increase by

29.0%. Further as a result of an increase in service tax from 10% to 12%, services tax is budgeted to increase by 30.5% by FY13. Unlike in the previous budget, Non-tax revenue is budgeted to record an increase of 32% during FY13 as compared to (RE) of FY12. This would be achieved primarily owing to significant 82.0% increase in other Non-tax revenue collections as external grants as well as interest receipts have been budgeted to register a decline. During this budget, the Government plans to generate only ` 300.00 bn through disinvestments. During the previous year against a target of ` 400.00 bn, the Government had been able to raise only about ` 140.00 bn from disinvestment. As a result of expected lower revenue regeneration as compared to higher expenditure the government has pegged the fiscal deficit target of 5.1% during FY13 as compared to an estimated of 5.95% during FY12. Market borrowings are slated to increase by around 9.8% to around ` 4790.00 bn as compared to ` 4364.14 bn in FY12 (RE).

CHAPTER 2 : OVERVIEW OF THE ECONOMY

GDP growth estimated at 6.9 per cent in real terms in 2011-12. Slowdown in comparison to preceding two years is primarily due to deceleration in industrial growth. Headline inflation expected to moderate further in next few months and remain stable thereafter. Steps taken to bridge gaps in distribution, storage and marketing systems have helped in more effective management of inflation. Developments in Indias external trade in the first half of current year have been encouraging. Diversification in export and import market achieved. Current account deficit at 3.6 per cent of GDP for 2011-12 and reduced net capital inflow in the 2nd and 3rd quarters put pressure on exchange rate. Indias GDP growth in 2012-13 expected to be 7.6 per cent +/- 0.25 per cent. Deterioration in fiscal balance in 2011-12 due to slippages in direct tax revenue and increased subsidies.

FRBM ACT Introduction of amendments to the FRBM Act as part of Finance Bill, 2012. Concept of Effective Revenue Deficit and Medium Term Expenditure Framework statement are two important features of amendment to FRBM Act in the direction of expenditure reforms. Effective Revenue Deficit is the difference between revenue deficit and grants for creation of capital assets. This will help in reducing consumptive component of revenue deficit and create space for increased capital spending.
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 Medium-term Expenditure Framework statement will set forth a threeyear rolling target for expenditure indicators. Recommendations of the Expert Committees to streamline and reduce the number of centrally sponsored schemes and to address plan and non-plan classification to be kept in view while implementing Twelfth Plan. Central Plan Scheme Monitoring System to be expanded for better tracking and utilisation of funds.

SECTORAL IMPACT
SECTOR Agriculture Social Sector Infrastructure Services Banking, Financial Services and Insurance (BFSI) Hospitality IT&ITeS Media & Entertainment Real Estate & Construction Telecom Manufacturing Automotive Capital Goods & Engineering Cement Consumer Goods Gems & Jewellery Leather Metals & Mining MSMEs Oil & Gas Pharma & Healthcare Power Textiles Neutral Positive Marginally Positive Positive Negative Marginally Positive Positive Positive Marginally Positive Marginally Positive Positive Marginally Positive Neutral Marginally Positive Marginally Positive Positive Neutral Positive+/Positive/Marginally Positive RATING Positive+ Positive Positive

CHAPTER 3 : AGRICULTURE SECTOR

AGRICULTURE India was expected to become independent in urea production in the next 5 years. Basic customs duty on some water soluble fertilizers and liquid fertilizers, other than urea, reduced from 7.5% to 5% and from 5% to 2.5% respectively. Government took steps to finalize pricing and investment policies for urea to reduce Indias import dependence in urea. Agricultural credit target was raised to 5.75 trillion rupees in 2012 13. Rs. 5 billion provided to broaden scope of production of fish to coastal aquaculture. Outlay for Rashtriya Krishi Vikas Yojana (RKVY) was increased to Rs. 9,217 crore in 2012-13. Rs. 300 crore to Vidarbha Intensified Irrigation Development Programme under RKVY. Initiative of bringing Green Revolution to Eastern India (BGREI) resulted in increased production and productivity of paddy. Allocation for the scheme increased to Rs. 10 billion in FY13. A new centrally sponsored scheme titled National Mission on Food Processing to be started in FY13 in co-operation with state governments Irrigation and Water Resource Finance Company were operationalized to mobilize large resources to fund irrigation projects. Allocation for Accelerated Irrigation Benefit Programme (AIBP) in FY13 was stepped up by 13% to Rs.142.42 billion. Structural changes in Accelerated Irrigation Benefit Programme (AIBP)were made to maximize flow of benefit from investments in irrigation projects. A flood management project was approved by Ganga Flood Control Commission at a cost of Rs. 439 crore for Kandi sub-division of Murshidabad District.

 Interest subvention scheme for providing short term crop loans to farmers at 7% interest per annum to be continued in FY13. Additional subvention of 3% is available for prompt paying farmers. Short term Regional Rural Bank (RRB) credit refinance fund were set up to enhance the capacity of the RRBs to disburse short term crop loans to small and marginal farmers. The scheme of capitalization of weak RRBs extended by another 2 years to enable all the states to contribute their share. Investment-linked deduction of capital expenditure incurred in cold chain facility and warehouses for storage of food grains provided at the enhanced rate of 150% as against the current rate of 100%.

CHAPTER 4 : SOCIAL SECTOR

HUMAN RESOURCE DEVELOPMENT & SOCIAL JUSTICE Allocation of Rs. 158.50 billion for Integrated Child Development Service (ICDS) scheme, representing an increase of 58% over BE FY12. Allocation for Scheduled Castes Sub Plan at Rs. 371.13 billion, representing an increase of 18% over BE FY12. Allocation for Tribal Sub Plan at Rs. 217.10 billion, representing an increase of 17.6%. Allocation of Rs. 7.50 billion proposed for Rajiv Gandhi Scheme for Empowerment of Adolescent Girls, SABLA. Allocation under National Social Assistance Programme (NSAP) raised by 37% to Rs. 84.47 billion in FY13. In the ongoing Indira Gandhi National Widow Pension Scheme and Indira Gandhi National Disability Pension Scheme for BPL beneficiaries, pension amount was raised from Rs. 200 to 300 per month. Lumpsum grant on the death of primary breadwinner of a BPL family, in the age group of 18-64 years, doubled to Rs.20,000. To enhance access under Swavalamban scheme, LIC was appointed as an aggregator and all public sector banks were appointed as Points of Presence (PoP) and Aggregators. Special grant was provided to various universities and academic institutions.

EDUCATION 6,000 schools were proposed to be set up at block level as model schools in Twelfth Plan. Rs. 3,124 crore provided for Rashtriya Madhyamik Shiksha Abhiyan (RMSA) representing an increase of 29 per cent over BE 2011-12.
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 For FY13, Rs. 255.55 billion provided for Right to Education - Sarva Shiksha Abhiyan (RTE-SSA), representing an increase of 21.7% over FY12. To ensure better flow of credit to students, a Credit Guarantee Fund was set up. 119.37 billion rupees allocated for National Programme of Mid-Day Meals in schools. Special grant provided to various universities and academic institutions.

HEALTH Pradhan Mantri Swasthya Suraksha Yojana expanded to cover up gradation of 7 more Government medical colleges. Budgetary allocation for rural drinking water and sanitation was increased from Rs. 110 billion to Rs. 140 billion, representing an increase of over 27%. No new case of polio reported in last one year. Scope of Accredited Social Health Activist ASHA was enlarged. This also enhanced their remuneration. Allocation for NRHM increased from Rs. 18,115 crore in 2011-12 to Rs. 20,822 crore in 2012-13. National Urban Health Mission was launched. Proposal to allow deduction of up to Rs. 5,000 for preventive health checkup. Existing vaccine units were modernized and new integrated vaccine unit was set up in Chennai.

EMPLOYMENT AND SKILL DEVELOPMENT MGNREGS has had a positive impact on livelihood security. Need to bring about greater synergy between MGNREGA and agriculture and allied rural livelihoods.

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 Allocation of `3915 crore made for National Rural Livelihood Mission representing an increase of 34 per cent. To ease access to bank credit, corpus for Womens SHGs Development Fund enlarged. Proposal to establish Bharat Livelihoods Foundation of India through Aajeevika scheme. Allocation for Prime Ministers Employment Generation Programme increased by 23 per cent to `1,276 crore in 2012-13. Skill Development Projects approved by National Skill Development Corporation expected to train 6.2 crore persons at the end of 10 years. `1,000 crore allocated for National Skill Development Fund in 2012-13. To improve the flow of institutional credit for skill development, a separate Credit Guarantee Fund to be set up. Himayat scheme introduced in J&K to provide skill training to 1 lakh youth in next 5 years. Entire cost to be borne by Centre.

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CHAPTER 5 : INFRASTRUCTURE SECTOR

INFRASTRUCTURE AND INDUSTRIAL DEVELOPMENT During Twelfth Plan period, investment in infrastructure to go up to `50 lakh crore with half of this, expected from private sector. More sectors added as eligible sectors for Viability Gap Funding under the scheme Support to PPP in infrastructure. Government has approved guidelines for establishing joint venture companies by defence PSUs in PPP mode. First Infrastructure Debt Fund with an initial size of `8,000 crore launched earlier this month. Tax free bonds of `60,000 crore to be allowed for financing infrastructure projects in 2012-13. A harmonised master list of infrastructure sector approved by the Government. IIFCL has put in place a structure for credit enhancement and take-out finance for easing access of credit to infrastructure projects. National Manufacturing Policy National Manufacturing Policy announced with the objective of raising, within a decade, the share of manufacturing in GDP to 25 per cent and creating of 10 crore jobs. Power and Coal Coal India Limited advised to sign fuel supply agreements with power plants, having long-term PPAs with DISCOMs and getting commissioned on or before March 31, 2015. External Commercial Borrowings (ECB) to be allowed to part finance Rupee debt of existing power projects. Transport: Roads and Civil Aviation Target of covering a length of 8,800 kilometre under NHDP next year.
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 Allocation of the Road Transport and Highways Ministry enhanced by 14 percent to `25,360 crore. ECB proposed to be allowed for capital expenditure on the maintenance and operations of toll systems for roads and highways, if they are part of original project. Direct import of Aviation Turbine Fuel permitted for Indian Carriers as actual users. ECB to be permitted for working capital requirement of airline industry for a period of one year, subject to a total ceiling of US $ 1 billion. Proposal to allow foreign airlines to participate upto 49 per cent in the equity of an air transport undertaking under active consideration of the government. Delhi Mumbai Industrial Corridor In September 2011 central assistance of `18,500 crore spread over 5 years approved. US $ 4.5 billion as Japanese participation in the project. Housing Sector Various proposals to address the shortage of housing for low income groups in major cities and towns including allowing ECB for low cost housing projects and setting up of a credit guarantee trust fund etc. Fertilisers Government has taken steps to finalise pricing and investment policies for urea to reduce Indias import dependence in urea. Textiles Government has announced a financial package of `3,884 crore for waiver of loans of handloom weavers and their cooperative societies. Two more mega handloom clusters, one to cover Prakasam and Guntur districts in Andhra Pradesh and another for Godda and neighbouring districts in Jharkhand to be set up. Three Weavers Service Centres one each in Mizoram, Nagaland and Jharkhand to be set up for providing technical support to poor handloom weavers.
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 `500 crore pilot scheme announced for promotion and application of Geo-textiles in the North Eastern Region. A powerloom mega cluster to be set up in Ichalkaranji in Maharashtra with a budget allocation of `70 crore. `5,000 crore India Opportunities Venture Fund to be set up with SIDBI. To enable greater access to finance by Small and Medium Enterprises (SME), two SME exchanges launched in Mumbai recently. Policy requiring Ministries and CPSEs to make a minimum of 20 per cent of their annual purchases from MSEs approved. Of this, 4 per cent earmarked for procurement from MSEs owned by SC/ST entrepreneurs.

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CHAPTER 6 : SERVICE SECTOR

MEDIA & ENTERTAINMENT Entertainment and amusement services have been included in the negative list of service tax. The industry has been exempted from service tax on copyrights relating to recording of cinematographic films.

REAL ESTATE AND CONSTRUCTION External Commercial Borrowings (ECBs) are allowed for low cost affordable housing projects. For affordable housing, the rate of withholding tax on interest payments on ECBs is proposed to reduce from 20% to 5% for three years. Set up Credit Guarantee Trust Fund to ensure better flow of institutional credit for housing loans. Enhance provisions under Rural Housing Fund from ` 30 bn to ` 40 bn. Extend the scheme of interest subvention of 1% on housing loan up to ` 1.5 mn where the cost of the house does not exceed ` 2.5 mn for another year. Enhance the limit of indirect finance under priority sector from ` 0.5 mn to ` 1 mn. Investment-linked deduction of capital expenditure incurred in affordable housing business is proposed to be provided at the enhanced rate of 150%, as against the current rate of 100%. Construction services relating to residential dwelling and low-cost mass housing up to an area of 60 sq. mtr. under the scheme of Affordable Housing in partnership are also included in the exemptions. For people already owning an apartment, there is a rise in exemption for the monthly charges payable by a member to a housing society from ` 3,000 to ` 5,000.

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CHAPTER 7 : INVESTMENT SECTOR

SUBSIDIES Some subsidies, while being inevitable, may become undesirable if they compromise the macroeconomic fundamentals of economy. Subsidies related to administering the Food Security Act will be fully provided for. Endeavour to keep central subsidies under 2 per cent of GDP in 2012-13. Over next 3 year, to be further brought down to 1.75 per cent of GDP. Based on recommendation of task force headed by Shri Nandan Nilekani, a mobile-based Fertilizer Management System has been designed to provide end to-end information on movement of fertilisers and subsidies. Nation-wide rollout during 2012. All three public sector Oil Marketing Companies have launched LPG transparency portals to improve customer service and reduce leakage. Endeavour to scale up and roll out Aadhaar enabled payments for various government schemes in at least 50 districts within next 6 months. TAX REFORMS DTC Bill to be enacted at the earliest after expeditious examination of the report of the Parliamentary Standing Committee. Drafting of model legislation for the Centre and State GST in concert with States is under progress. GST network to be set up as a National Information Utility and to become operational by August 2012. DISINVESTMENT POLICY Government has further evolved its approach to divestment of Central Public Sector Enterprises by allowing them a level playing field vis--vis the private sector in respect of practices like buy backs and listing at stock exchanges. For 2012-13, `30,000 crore to be raised through disinvestment. At least 51 percent ownership and management control to remain with Government.
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STRENGTHENING INVESTMENT ENVIRONMENT Foreign Direct Investment Efforts to arrive at a broad based consensus in consultation with the State Governments in respect of decision to allow FDI in multi-brand retail upto51 per cent. Advance Pricing Agreement Provision regarding implementation of Advance Pricing Agreement to be introduced in Finance Bill, 2012. Financial Sector Rajiv Gandhi Equity Saving Scheme to allow for income tax deduction of 50 percent to new retail investors, who invest upto `50,000 directly in equities and whose annual income is below `10 lakh to be introduced. The scheme will have a lock-in period of 3 years. Capital Market Various steps proposed to be taken for deepening the reforms in the Capital markets, including simplifying process of IPOs, allowing QFIs to access Indian Bond Market etc. Legislative Reforms Official amendment to The Pension Fund Regulatory and Development Authority Bill, 2011, The Banking Laws (Amendment) Bill, 2011 and The Insurance Law (Amendment) Bill, 2008 to be moved in this session. Various Bills proposed to be moved in the Budget session of the Parliament to take forward the process of financial sector legislative reforms. Capitalisation of Banks and Financial Holding Company To protect the financial health of Public Sector Banks and Financial Institutions,`15,888 crore proposed to be provided for capitalisation. Possibility of creating a financial holding company to raise resources to meet the capital requirements of PSU Banks under examination.

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 A central Know Your Customer depository to be developed in 2012-13 to avoid multiplicity of registration and data upkeep. Priority Sector Lending Revised guidelines on priority sector lending to be issued after stake holder consultation. Financial Inclusion Out of 73,000 identified habitations that were to be covered under Swabhimaan campaign by March, 2012, about 70,000 habitations have been covered. Rest likely to be covered by March 31, 2012. As a next step, Ultra Small Branches are being set up at these habitations. In 2012-13, Swabhimaan campaign to be extended to more habitations. Regional Rural Banks Out of 82 RRBs in India, 81 have successfully migrated to Core Banking Solutions and have also joined the National Electronic Fund Transfer system. Proposal to extend the scheme of capitalisation of weak RRBs by another 2 years to enable States to contribute their share.

INCLUSION Scheduled Castes and Tribal Sub Plans Allocation for Scheduled Castes Sub Plan at `37,113 crore in BE 2012-13 represents an increase of 18 per cent over BE 2011-12. Allocation for Tribal Sub Plan at `21,710 crore in BE 2012-13 represents an increase of 17.6 per cent. Food Security National Food Security Bill, 2011 is before Parliamentary Standing Committee. A national information utility for computerisation of PDS is being created. To become operational by December, 2012.

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Multi-sectoral Nutrition Augmentation Programme A multi-sectoral programme to address maternal and child malnutrition in selected 200 high burden districts is being rolled out during 2012-13. Allocation of `15,850 crore made for Integrated Child Development Service (ICDS) scheme, representing an increase of 58 per cent over BE 2011-12. `11,937 crore allocated for National Programme of Mid Day Meals in schools. An allocation of `750 crore proposed for Rajiv Gandhi Scheme for Empowerment of Adolescent Girls, SABLA. Rural Development and Panchayati Raj Budgetary allocation for rural drinking water and sanitation increased from `11,000 crore to `14,000 crore representing an increase of over 27 per cent. Allocation for PMGSY increased by 20 per cent to Rs.24,000 crore to improve connectivity. Major initiative proposed to strengthen Panchayats through Rajiv Gandhi Panchayat Sashaktikaran Abhiyan. Backward Regions Grant Fund scheme to continue in twelfth plan with enhanced allocation of `12,040 crore in 2012-13, representing an increase of 22 per cent over the BE 2011-12. Rural Infrastructure Development Fund (RIDF) Allocation under RIDF enhanced to `20,000 crore. `5,000 crore earmarked exclusively for creating warehousing facilities. Warehousing The proposal for setting up the national food Processing Mission is a welcome move which will definitely contribute to enhanced growth of the sector on account of improved centre state coordination and execution of policies. The increase in excise duty across categories ranging from 1-2% will contribute to inflationary pressures and we seek a roll back. Since the

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industry is low margin and high volume the roll back becomes even more pertinent. Enhancement in investment linked deduction of capital expenditure towards cold chain facility, warehouses is a positive move towards incentivizing flow of money in these areas. Creation of 2 million tones of storage capacity in the form of modern silos has already been approved. Nearly 15 million tones capacity is being created under the Private Entrepreneurs Guarantee Scheme, of which 3 million tones of storage capacity will be added by the end of 2011-12 and 5 million would be added next year The reduction in customs duty on probiotics and Soya protein concentrate and isolated soya protein as well as reduction in excise duty on all processed soya food products, as also the reduction in concessional basic customs duty along with reduced excise duty of 6% on iodine, is a step in the right direction towards achieving nutrition and health goals

INVESTMENTS AND CAPITAL MARKET Rajiv Gandhi Equity Saving Scheme allowed income tax deduction of 50% to new retail investors, who invest up to Rs. 50,000 directly in equities and whose annual income is below Rs. 1 million to be introduced. The scheme has a lock-in period of three years. The Government made it mandatory for companies to issue IPOs of Rs. 100 million and above in electronic form through nationwide broker network of stock exchanges. The Government provided opportunities for wider shareholder participation through electronic voting facilities. Removal of the cascading effect of Dividend Distribution Tax (DDT) in a multi-tier corporate structure. Continuation to allow repatriation of dividends from foreign subsidiaries of Indian companies at a lower tax rate of 15% up to March 31, 2013. Reduction in securities transaction tax by 20% from 0.125% to 0.1% on cash delivery transactions.
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 Efforts arrived at a broadbased consensus in consultation with the State Governments in respect of decision to allow FDI in multi-brand retail upto 51 per cent. Provision regarding implementation of Advance Pricing Agreement was introduced in Finance Bill, 2012. Various steps were taken for deepening the reforms in the Capital markets, including simplifying process of IPOs, allowing QFIs to access Indian Bond Market etc. To protect the financial health of Public Sector Banks and Financial Institutions, Rs. 15,888 crore proposed was provided for capitalization. A central Know Your Customer depository was developed in 2012-13 to avoid multiplicity of registration and data upkeep.. Out of 82 RRBs in India, 81 successfully migrated to Core Banking Solutions and have also joined the National Electronic Fund Transfer system. Proposal to extend the scheme of capitalization of weak RRBs by another 2 years to enabled States to contribute their share.

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CHAPTER 8 : MANUFACTURING SECTOR

CAPITAL AND ENGINEERING GOODS Full exemption from basic customs duty on equipment imported for road and highway construction projects. Import of equipment for expansion or setting up of fertilizer projects to be fully exempt from basic customs duty of 5% for three years. Basic customs duty to be reduced from 10% or 7.5% to 2.5% on machinery and instruments needed for surveying and prospecting for minerals. Basic customs duty to be reduced from 10% to 7.5% for equipment required for installation of train protection and warning system and up gradation of track structure for high speed trains. Full exemption from import duty on certain categories of specified equipment needed for road construction, tunnel boring machines and parts of their assembly. Tax concessions proposed for parts of aircraft and testing equipment for third party maintenance, repair and overhaul of civilian aircraft. Basic customs duty to be reduced from 7.5% to 2.5% on plant and machinery imported for setting up or substantial expansion of iron ore pellet plants or iron ore beneficiation plants. Full exemption from basic customs duty to automatic silk reeling and processing machinery as well as its parts. Plant and equipment required for the initial setting up of solar thermal projects are fully exempted from special CVD. Reduction in basic customs duty from 7.5% to 5% on specified coffee plantation and processing machinery. Reduction in basic customs duty from 7.5% to 2.5% on sugarcane planter, roof or tuber crop harvesting machine and rotary tiller and weeder.

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 Concessional import duty available for installation of mechanized handling systems and pallet racking systems in mandis or warehouses for horticultural produce to be extended. Full exemption from import duty on tunnel boring machines and parts of their assembly.

CONSUMER GOODS Basic customs duty reduced from 7.5% to 5% on specified coffee plantation and processing machinery. Full exemption from basic customs duty on waste paper, LCD and LED TV panels and parts of memory card for mobile phones. Reduction of basic customs duty on specified raw materials for the manufacture of adult diapers from 10% or 7.5% to 5% with countervailing duty of 6% and nil special countervailing duty. Basic customs duty on bicycles increased from 10% to 30% and on bicycle parts from 10% to 20%. Basic customs duty on soya protein concentrate and isolated soya protein reduced from 30% and 15% respectively to 10%. Simultaneously, excise duty on all processed soya food products is being reduced to 6%. Concessional basic customs duty of 2.5% along with reduced excise duty of 6% on iodine. Basic customs duty on probiotic products reduced from 10% to 5%. Coating chemical used for compact fluorescent lamps is proposed to be fully exempt from basic customs duty. Excise duty on LED lamps reduced to 6%. Increase in basic excise duty on cigarettes of more than 65 mm length by adding an ad valorem component of 10% to the existing specific rates. The ad valorem duty would be chargeable on 50% of the retail sale price declared on the pack. Increase in basic excise duty on hand-rolled bidis from ` 8 to ` 10 per thousand and on machine rolled bidis from ` 19 to ` 21 per thousand. The
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existing exemption available to hand-rolled bidis for clearances up to 2 mn bidis per annum is being retained. The rates of duty specified under the compounded levy scheme per packing machine for pan masala, gutkha, chewing tobacco, unmanufactured tobacco and zarda scented tobacco in pouches are being stepped up taking into account improvements in the efficiency of machines used by this industry. A new centrally sponsored scheme titled National Mission on Food Processing would be started, in cooperation with the State Governments in FY13. Investment-linked deduction of capital expenditure incurred on cold chain facility is proposed to be provided at the enhanced rate of 150% as against the current rate of 100%. Bee keeping and production of honey and beeswax is proposed to be added for the purposes of investment-linked deduction. Weighted deduction at the rate of 150% of expenditure incurred on skill development in the manufacturing sector is proposed to be provided in accordance with specified guidelines. Exemption limit for the general category of individual taxpayers enhanced from ` 0.18 mn to ` 0.20 mn. Also, the upper limit of 20% tax slab raised from ` 0.80 mn to ` 1.00 mn.

POWER Allocation of tax-free bonds amounting to ` 100 bn towards the power sector, out of the` 600 bn tax free bonds for financing infrastructure projects during FY13. Permitting External Commercial Borrowings (ECBs) to part finance rupee debt of existing power projects. Coal India Limited (CIL) has been advised to sign fuel supply agreements with power plants which have entered into long-term Power Purchase Agreements with distribution companies (DISCOM) and would get
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commissioned on or before March 31, 2015. Further, an inter ministerial group has been set up to undertake periodic review of the allocated coal mines and shall make recommendations on de-allocations, if required. Extension of the sunset date by one year i.e. on or before March 31, 2013 to claim 100% deduction of profits for 10 years. Reduction in the rate of withholding tax on interest payments on external commercial borrowings from 20% to 5% for three years to provide low cost funds to the sector. Additional 20% depreciation in the initial year to be extended to new assets acquired by power generation companies. 100% Counter Vailing Duty (CVD) or excise duty exemption in plants, equipment etc used in the initial set up of solar energy and solar thermal projects. Full exemption of basic customs duty and a 1% concessional CVD to steam coal used in thermal power projects for a period of two years i.e. till March 31, 2014.

SOCIAL SECURITY AND THE NEEDS OF WEAKER SECTIONS Allocation under NSAP raised by 37 per cent to `8,447 crore in 2012-13. In the ongoing Indira Gandhi National Widow Pension Scheme and Indira Gandhi National Disability Pension Scheme for BPL beneficiaries, pension amount to be raised from `200 to `300 per month. Lump sum grant on the death of primary breadwinner of a BPL family, in the age group 18-64 years, doubled to `20,000. To enhance access under SWAVALAMBAN scheme, LIC appointed as an Aggregator and all Public Sector Banks appointed as Points of Presence (PoP) and Aggregators. Special grant provided to various universities and academic instiutions. Security A provision of `1,93,407 crore made for Defence services including `79,579 crore for capital expenditure. Any further requirement to be met.
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 `1,185 crore proposed to be allocated for construction of nearly 4,000 residential quarters for Central Armed Police Forces. `3,280 crore proposed to be allocated for construction of office building of Central Armed Police Forces. Scheme to create National Population Register likely to be completed within next 2 years.

GOVERNANCE UID-Aadhaar Enrolment of 20 crore persons completed under UID mission. Adequate funds to be allocated to complete enrolment of another 40 crore persons. Public Procurement Legislation Bill regarding Public Procurement Legislation to be introduced in the Budget Session of the Parliament. Legislative measures for strengthening anti-corruption framework are at various stages of enactment.

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CHAPTER 9 :BUDGET ESTIMATES 2012-13

Gross Tax Receipts estimated at `10,77,612 crore. Net Tax to Centre estimated at `7,71,071 crore. Non-tax Revenue Receipts estimated at `1,64,614 crore. Non-debt Capital Receipts estimated at `41,650 crore. Temporary arrangement to use disinvestment proceeds for capital expenditure in social sector schemes extended for one more year. Total expenditure for 2012-13 budgeted at `14,90,925 crore. Plan expenditure for 2012-13 at `5,21,025 crore is 18 per cent higher than BE 2011-12. This is higher than 15 per cent projected in Approach to the Twelfth Plan. 99 per cent of the total plan outlay met in the Eleventh Plan. Non-plan expenditure estimated at `9,69,900 crore. `3,65,216 crore estimated to be transferred to States including direct transfers to States and district level implementing agencies. Entire amount of subsidy is given in cash and not as bonds in lieu of subsidies. Fiscal deficit at 5.9 per cent of GDP in RE 2011-12. Fiscal deficit at 5.1 per cent of GDP in BE 2012-13. Net market borrowing required to finance the deficit to be `4.79 lakh crore in 2012-13. Central Government debt at 45.5 per cent of GDP in 2012-13 as compared to Thirteenth Finance Commission target of 50.5 per cent. Effective Revenue Deficit to be 1.8 per cent of GDP in 2012-13.

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CHAPTER 10: TAX PROPOSALS

DIRECT TAXES Tax proposals for 2012-13 mark progress in the direction of movement towards DTC and GST. DTC rates proposed to be introduced for personal income tax. Exemption limit for the general category of individual taxpayers proposed to be enhanced from `1,80,000 to `2,00,000 giving tax relief of `2,000. Upper limit of 20 per cent tax slab proposed to be raised from `8 lakh to `10 lakh. Proposal to allow individual tax payers, a deduction of upto `10,000 for interest from savings bank accounts. Proposal to allow deduction of upto `5,000 for preventive health check up. Senior citizens not having income from business proposed to be exempted from payment of advance tax. To provide low cost funds to stressed infrastructure sectors, rate of withholding tax on interest payment on ECBs proposed to be reduced from 20 per cent to 5 per cent for 3 years for certain sectors. Restriction on Venture Capital Funds to invest only in 9 specified sectors proposed to be removed. Proposal to continue to allow repatriation of dividends from foreign subsidiaries of Indian companies at a lower tax rate of 15 per cent upto 31.3.2013. Investment link deduction of capital expenditure for certain businesses proposed to be provided at the enhanced rate of 150 per cent. New sectors to be added for the purposes of investment linked deduction. Proposal to extend weighted deduction of 200 per cent for R&D expenditure in an in house facility for a further period of 5 years beyond March 31, 2012.

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 Proposal to provide weighted deduction of 150 per cent on expenditure incurred for agri-extension services. Proposal to extend the sunset date for setting up power sector undertakings by one year for claiming 100 per cent deduction of profits for 10 years. Turnover limit for compulsory tax audit of account and presumptive taxation of SMEs to be raised from `60 lakhs to `1 crore. Exemption from Capital Gains tax on sale of residential property, if sale consideration is used for subscription in equity of a manufacturing SME for purchase of new plant and machinery. Proposal to provide weighted deduction at 150 per cent of expenditure incurred on skill development in manufacturing sector. Reduction in securities transaction tax by 20 per cent on cash delivery transactions. Proposal to extend the levy of Alternate Minimum Tax to all persons, other than companies, claiming profit linked deductions. Proposal to introduce General Anti Avoidance Rule to counter aggressive tax avoidance scheme. Measures proposed to deter the generation and use of unaccounted money. A net revenue loss of `4,500 crore estimated as a result of Direct Tax proposals.

INDIRECT TAXES Service Tax Sevice tax confronts challenges of its share being below its potential, complexity in tax law, and need to bring it closer to Central Excise Law for eventual transition to GST. Overwhelming response to the new concept of taxing services based on negative list.

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 Proposal to tax all services except those in the negative list comprising of 17 heads. Exemption from service tax is proposed for some sectors. Service tax law to be shorter by nearly 40 per cent. Number of alignment made to harmonise Central Excise and Service Tax. A common simplified registration form and a common return comprising of one page are steps in this direction. Revision Application Authority and Settlement Commission being introduced in Service Tax for dispute resolution. Utilization of input tax credit permitted in number of services to reduce cascading of taxes. Place of Supply Rules for determining the location of service to be put in public domain for stakeholders comments. Study team to examine the possibility of common tax code for Central Excise and Service Tax. New scheme announced for simplification of refunds. Rules pertaining to point of taxation are being rationalised. To maintain a healthy fiscal situation proposal to raise service tax rate from 10 per cent to 12 per cent, with corresponding changes in rates for individual services. Proposals from service tax expected to yield additional revenue of `18,660 crore. Other proposals for Indirect Taxes Given the imperative for fiscal correction, standard rate of excise duty to be raised from 10 per cent to 12 per cent, merit rate from 5 per cent to 6 per cent and the lower merit rate from 1 per cent to 2 per cent with few exemptions. Excise duty on large cars also proposed to be enhanced. No change proposed in the peak rate of customs duty of 10 per cent on nonagricultural goods.

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 To stimulate investment relief proposals for specific sectors - especially those under stress. Agriculture and Related Sectors Basic customs duty reduced for certain agricultural equipment and their parts Full exemption from basic customs duty for import of equipment for expansion or setting up of fertiliser projects upto March 31, 2015. Infrastructure Proposal for full exemption from basic customs duty and a concessional CVD of 1 per cent to steam coal till 31st March, 2014. Full exemption from basic duty provided to certain fuels for power generation. Mining Full exemption from basic customs duty to coal mining project imports. Basic custom duty proposed to be reduced for machinery and instruments needed for surveying and prospecting for minerals. Railways Basic custom duty proposed to be reduced for equipments required for installation of train protection and warning system and upgradation of track structure for high speed trains. Roads Full exemption from import duty on certain categories of specified equipment needed for road construction, tunnel boring machines and parts of their assembly. Civil Aviation Tax concessions proposed for parts of aircraft and testing equipment for third party maintenance, repair and overhaul of civilian aircraft. Manufacturing Relief proposed to be extended to sectors such as steel, textiles, branded readymade garments, low-cost medical devices, labour-intensive sectors

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producing items of mass consumption and matches produced by semimechanised units. Health and Nutrition Proposal to extend concessional basic customs duty of 5 per cent with full exemption from excise duty/CVD to 6 specified life saving drugs/vaccines. Basic customs duty and excise duty reduced on Soya products to address protein deficiency among women and children. Basic customs duty and excise duty reduced on Iodine. Basic customs duty reduced on Probiotics. Environment Concessions and exemptions proposed for encouraging the consumption of energy-saving devices, plant and equipment needed for solar thermal projects. Concession from basic customs duty and special CVD being extended to certain items imported for manufacture for hybrid or electric vehicle and battery packs for such vehicles. Proposal to increase basic customs duty on imports of gold and other precious metals. Insurance Proposal to move Insurance Laws (Amendment) Bill and LIC Amendment Bill in the current session. Services provided by life insurance companies in the area of investment are also proposed to be brought into the service tax net on the same lines as ULIPs. The Rashtriya Swasthya Bima Yojana (RSBY) to be extended to cover unorganised sector workers in hazardous mining and associated industries like slate and slate pencil, dolomite, mica and asbestos etc. Black Money Proposal to lay a white paper on black money in current session of Parliament.
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 Measures proposed to deter the generation and use of unaccounted money. Others Indian Stamp (Amendment) Bill, 2012; and Public Debt Management Agency of India Bill, 2012 to be proposed in the Budget session of the Parliament. On the death of the primary breadwinner of a below poverty line family, in the age group of 18 to 64 years, a lumpsum grant of ` 10,000 has been doubled to ` 20,000 with a matching contribution by the State Governments under the National Family Benefit scheme. Restriction on Venture Capital Funds to invest only in nine specified sectors proposed to be removed. Additional resource mobilisation Proposals to increase excise duty on demerit goods such as certain cigarettes, hand-rolled bidis, pan masala, gutkha, chewing tobacco, unmanufactured tobacco and zarda scented tobacco. Cess on crude petroleum oil produced in India revised to `4,500 per metric tonne. Basic customs duty proposed to be enhanced for certain categories of completely built units of large cars/MUVs/SUVs. Rationalization measures Excise duty rationalised for packaged cement, whether manufactured by mini cement plants or others. Levy of excise duty of 1 per cent on branded precious metal jewellery to be extended to include unbranded jewellery. Operations simplified and measures taken to minimise impact on small artisans and goldsmiths. Branded Silver jewellery exempted from excise duty. Chassis for building of commercial vehicle bodies to be charged excise duty at an ad valorem rate instead of mixed rate. Import of foreign-going vessels to be exempted from CVD of 5 per cent retrospectively.
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 Duty-free allowances increased for eligible passengers and for children of upto 10 years. Proposals relating to Customs and Central excise to result in net revenue gain of `27,280 crore. Indirect taxes estimated to result in net revenue gain of `45,940 crore. Net gain of `41,440 crore in the Budget due to various taxation proposals.

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CHAPTER 11: THE IMPACT OF BUDGET 2012-13

Agriculture: The agriculture sector has been growing at a steady pace since last year and hence, it is positive for this years budget. Certain moves such as raising the agricultural credit and introducing a short term agricultural credit refinance fund worked well for farmers. However, the mere pumping of credit did not result in an increased agricultural output. Certain investments had to be made into other supporting services as well. Social Sector: Despite the financial constraints, considerable efforts were put into the realization of inclusive development. Additional budget resources positively met the needs of the poor and bridged the gaps in the development of social infrastructure. The budget paid good attention to skill development. This helped improve education and in turn contributed to the economic development. Furthermore, school education was also exempted from service tax. Infrastructure: The move to execute public-private partnerships brought about a fast paced change in the infrastructure scenario of the country. Proposed allocation to the Ministry of Road Transport and Highway boosted the logistics and transportation sector. Considerable attention was also paid to the development of rural infrastructure which helped in the indirect development of the agricultural sector. Banking Sector: Firm support to the capital base of banks boosted the credit and development of the banking sector. Better credit flow to most important sectors encouraged and supported overall fiscal growth in 2013. Strengthening of financial institutions helped them in maintaining their minimum capital. Interest
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subvention and better credit schemes were provided to farmers and this helped them repay their loans on time, thus ensuring smooth financial operations in banks. In terms of foreign investment, participation of foreign entities was encouraged greatly. Taxation: Income tax exemption benefited individuals considerably. However, service tax was increased and this resulted in higher service tax charges. Tax exemption in a lot of other areas was also introduced. Hospitality: The permit to use input tax credits in various hospitality services eliminated the cascading effect of taxes. It also brought down the operating costs of travel operators, thus increasing their marginal profits. The over impact, however, was not seen to be very considerable. Media & Entertainment: Entertainment and amusement taxes were exempted from service tax and this boosted the development of this sector. The overall impact was marginally positive for this sector. Exclusion of the entertainment and amusement services from service tax is expected to boost the industry. Also, exemption of copyrights relating to recording of cinematographic films from service tax will impact the industry positively. Overall, the announcements in the Budget are expected to have a marginally positive impact on the sector. Automobile Manufacturing Sector: The effect of budget 2012 -13 in this sector was pretty much neutral. Vehicle price hikes and the increase in custom duty of large passenger vehicles led to an increase in excise duties, but it did not have any significant impact on the sale of cars. Reduction of excise duties on hybrid cars made them affordable, thus encouraging their sales. The development in this sector and the development of infrastructure went hand in hand.

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Pharmaceuticals & Healthcare: 200% weight deduction in pharmaceutical R&D brought about some changes in the sector, boosting the active pharmaceutical ingredient (API) in India. On the other hand, the price of raw materials hiked due to an excise duty hike. In terms of healthcare, there was improvement in the rural as well as the urban sector. Investments in hospitals increased with an enhanced rate of deduction linked to capital expenditure. Real estate and construction: The Budgets focus on providing low-cost and affordable housing is laudable. The extension of enhanced limit for interest subvention and increase in the priority sector lending limit are expected to benefit buyers in tier-II, III cities and towns. The accessibility of ECBs and ease in withholding tax on interest payments may encourage private developers to invest in affordable housing projects. The incentives given to the construction sector are likely to have a multiplier effect on the economy nvia growth in downstream sectors and increase in employment. Overall the Budget is positive for the sector.

Capital and engineering goods: Several positive measures focusing on the agricultural and related sectors were announced, including reduced customs duty on specified agricultural machinery and processing equipment. Apart from this, equipment imported for road construction and fertilizer projects also received a whole bunch of duty exemptions. However, increase in standard rate of excise duty from 10% to 12% has partially offset the significant positive impact of reduction or exemption in import and customs duties to some extent on the capital and engineering goods sector. The Union Budget FY13 also outlines the importance of the infrastructure sector with greater emphasis on capital investment required in construction of national highways and encouraging PPP projects. Demand for construction equipment is likely to be boosted owing to several positive proposals in the

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infrastructure sector. Allocation of ` 795.79 bn for capital expenditure made in the defense services will also provide a boost to the capital and engineering goods industry in FY13. Overall, the Budget is anticipated to have a positive impact on the capital and engineering goods Sector

Consumer goods: Enhancement of the exemption limit for the general category of individual taxpayers is expected to leave the consumers with a higher disposable income adding to the demand for consumer goods. The reduction in central excise duty on processed soya food products, iodine and LED lamps is likely to result in a fall in prices of these and related products. Reduction/exemption in customs duty on coffee plantation and processing machinery, LCD and LED TV panels, parts of memory card for mobile phones, raw materials for the manufacture of adult diapers, soya protein concentrate and isolated soya protein, probiotic products, iodine and coating chemical used for compact fluorescent lamps is likely to boost domestic production of the final products manufactured using the above raw materials/machinery, thereby providing a boost to the domestic industry. Increase in the basic customs duty on bicycles and bicycle parts will discourage imports of such products, thereby protecting the domestic manufacturers. Increased thrust on measures to incentivize food processing by launching the National Mission on Food Processing and by increasing the investment-linked deduction on cold chain facilities is likely to have a positive impact on the processed food category of the consumer goods sector in the medium to long term period. Deduction on the expenditure incurred on skill development in the manufacturing sector is likely to impact the sector positively. In the medium term, the consumer goods sector is expected to remain buoyant on the backdrop of positive announcements in the FY13 Budget coupled with strong domestic consumption. Negative announcements of an increase in basic excise duty on cigarettes and hand-rolled bidis and increase in the rates of duty specified under the compounded levy scheme on pan masala, gutkha, chewing tobacco,
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unmanufactured tobacco and zarda scented tobacco in pouches are likely to have a marginally negative impact on the sector. However, on the overall basis, FY13 Budget is positive for the consumer goods sector.

Power The overall focus of the Government has been towards increasing investments through the allocation of ` 100 bn tax free bonds as well as increasing the financing options in the sector through the introduction of ECBs as well as reducing their interest rates. This is expected to improve the working capital requirements of the companies in this sector. The Government also focuses on reducing the raw material cost through the agreement with CIL and reducing the duties imposed on the steam coal used as an input in the thermal power plants. This measure will help the power generation companies to stabilize the volatile prices of raw materials. Proposals such as extension of the sunset date, providing additional 20% depreciation during the initial years etc are expected to encourage more companies to enter the power sector or the existing companies to expand operations. Reducing the CVD by 100% in the initial set up of solar power plants is expected to have a positive impact as it is expected to promote the renewable energy generation and usage in India. This will further encourage new players or existing players to enter into the renewable segment of the power sector. These measures are expected to have a positive impact on the power sector.

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CHAPTER 12: CONCLUSION

Fiscal deficit projected at 5.1% of GDP in 2012-13: Based on a projected buoyancy in non-tax revenue and indirect taxes The nominal growth rate of GDP is expected to be 14% for 2012-13: This translates into a 6.5% inflation rate, assuming a 7.6% GDP projection in the next fiscal Exemption limit for general category of individual taxpayers has been raised from Rs1.8 lakh to Rs 2 lakh Growth impulse could be dampened by the 2% hike in excise duty and service tax: These hikes are expected to add to inflationary pressures and would work against budget expectations of lower inflation Over the medium term, the Government believes to bring down fiscal deficit further and has targeted a reduction in fiscal deficit to 4.5% by FY2014 and 3.9% by FY2015: Fiscal consolidation will remain a challenge Budget targets to contain the central subsidies under 2% of GDP in 201213: It will be a difficult task Gross market borrowings will finance 93% of the fiscal deficit in 2012-13: Indication of government borrowing to finance non-plan expenditures The Government did not enunciate any actionable roadmap for implementation of either the GST or the DTC No revival of investment allowance, no restoration of tax exemption on dividend income or capital gains for infrastructure capital fund / company and no hike in depreciation rate in budget Reduction in withholding tax on interest payable on External Commercial Borrowings (ECBs) in certain sectors and extension of concessional tax treatment on the repatriation of overseas dividends are welcome: The raising of the ECB limit for infrastructure sector will also encourage investment in the sector.
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 The removal of cascading impact of DDT, which was recommend by FICCI is most welcome. The extension of tax benefit period for companies engaged in in-house R&D activities may also provide some relief to the companies. Provision of extension of 200% weighted deduction for R&D expenditure is specially welcome as it has been announced for a period of 5 years 150% weighted deduction for agricultural extension will hopefully encourage private sector investment in agriculture and raise crop yields For the power sector besides access to low cost funds the Budget has also extended the sunset date by one year until March 31, 2013 by claiming 100% deduction of profits for 10 years along with an additional distribution of 20%. This measure would encourage investment in power generation.

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CHAPTER 13: WIBLIOGRAPHY

Websites or links referred are as follows http://www.zdnet.com/budget/stories/main/0,10475,2636557,00.ht ml http://www.gazhoo.com/doc/201105281211242104/Project+Repor t+on+budget 2012-2013 www.scribd.com www.slideshare.net www.eprimers.org

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