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Current Affairs Jan 10- Feb 2011

Current Affairs Jan 10- Feb 2011

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Published by ABID H

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Published by: ABID H on Apr 04, 2011
Copyright:Attribution Non-commercial


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Highlights of Economic Survey 2011
Economy to grow at 8.6 per cent in 2010-11 and 9 % in the next fiscal.
Growth broad based with rebound in Agriculture, continued momentum in manufacturing andprivate services
Fundamentals strong with Savings & Investments up, exports rising rapidly and inflation falling
Agriculture likely to grow at 5.4% in 2010-11; Industrial output grows by 8.6% ; manufacturingsector registers 9.1%
Exports in April-December 2010 up by 29.5%
Imports in April- December 2010 up by 19%
Trade gap narrowed to USD 82.01 billion in Apr-Dec 2010.
59% rise in Net Bank Credit
Social program spending stepped up by 5 percentage points of GDP over past 5 years
9.7% growth of GDP at market prices
Inflation expected to be 1.5% higher than what it would be if we were not on growth turnpike
Production of foodgrains estimated at 232.1 mn tons
Forex Reserves estimated at USD 297.3 bn
Gross Fiscal Deficit stands at 4.8% of GDP down from 6.3% last year 
Inflation expected to be 1.5 per cent higher than what It would be if the economy were not ongrowth path.
Economy sees broad-based growth; rebound in farm and Continued momentum inmanufacturing, private services.
Fundamentals strong with growing savings and Investments, rapid rise in exports.
Industrial output grows by 8.6 per cent; manufacturing Sector registers 9.1 per cent.
Food inflation, higher commodity prices and volatility, In global commodity markets cause of concern.
Inflation continues to be high; need to monitor emerging trends in inflation on a sequentialmonthly basis.
To check food inflation, the government should improve delivery mechanisms by strengtheninginstitutions and addressing corruption.
Savings rate has gone up to 33.7 per cent, while the investment rate is up at 36.5 per cent of GDP.
Rising food inflation underlines need for larger investment in farming, enroute to 2nd GreenRevolution.
Social programme spending stepped up by 5 percentage points of GDP over past 5 years.
Production of foodgrains estimated at 232.1 mn tonnes.
Forex Reserves estimated at USD 297.3 billion.
Accelerated investments needed in infrastructure to Address delays, cost overruns, regulatoryimpediments.
Telecom sector did exceedingly well; role of services Sector as the potential growth enginelaudable.
Policies needed to promote new areas such as accounting, legal, tourism, education, financialand other services.
Economic growth to be faster than ever before in next two decades.
Need for efficient taxation of goods and services by a new GST regime.
Improve convergence of social and financial inclusion schemes to check unemployment, povertyand leakages.
Reform university and higher education; correct demand supply mismatch in job market.
Meet resource gap in higher education through public private partnership, with regulatoryoversight.
Standard rate of excise duty held at 10 percent; no change in CENVAT rates.
Personal income tax exemption limit raised to Rs 180,000 from Rs 160,000 for individual tax payers.
For senior citizens, the qualifying age reduced to 60 years and exemption limit raised to Rs 2.50 lakh.
Citizens over 80 years to have exemption limit of Rs 5 lakh.
To reduce surcharge on domestic companies to 5 percent from 7.5 percent.
A new revised income tax return form 'Sugam' to be introduced for small tax papers.
raise minimum alternate tax to 18.5 percent from 18 percent.
Iron ore export duty raised to 20 percent
Nominal one per cent central excise duty on 130 items entering the tax net. Peak rate of customs duty maintained at 10per cent in view of the global economic situation.
Service tax widened to cover hotel accommodation above Rs 1,000 per day, A/C restaurants serving liquor, somecategory of hospitals, diagnostic tests.
Service tax on air travel increased by Rs 50 for domestic travel and Rs 250 for international travel in economy class. Onhigher classes, it will be ten per cent flat.
Works of art exempt from customs when imported for exhibition in state-run institutions; this now extended to privateinstitutions.
Subsidy bill in 2011-12 seen at 1.44 trillion rupees.
Food subsidy bill in 2011-12 seen at 605.7 billion rupees.
Revised food subsidy bill for 2010-11 at 606 billion rupees.
Revised fertilizer subsidy bill for 2010-11 at 550 billion rupees.
Revised petroleum subsidy bill in 2010-11 at 384 billion rupees.
State-run oil retailers to be provided with 200 billion rupee cash subsidy in 2011-12.
Fiscal deficit seen at 5.1 percent of GDP in 2010-11.
Fiscal deficit seen at 4.6 percent of GDP in 2011-12.
Total expenditure in 2011-12 seen at 12.58 trillion rupees.
Plan expenditure seen at 4.41 trillion rupees in 2011-12, up 18.3 percent.
Gross tax receipts seen at 9.32 trillion rupees in 2011-12.
Non-tax revenue seen at 1.25 trillion rupees in 2011-12.
Corporate tax receipts seen at 3.6 trillion rupees in 2011-12.
Tax-to-GDP ratio seen at 10.4 percent in 2011-12; seen at 10.8 percent in 2012-13.
Customs revenue seen at 1.52 trillion rupees in 2011-12.
Service tax receipts seen at 820 billion rupees in 2011-12.
Economy expected to grow at 9 percent in 2012, plus or minus 0.25 percent.
Inflation seen lower in the financial year 2011-12.
Disinvestment in 2011-12 seen at 400 billion rupees.
Government committed to retaining 51 percent stake in public sector enterprises.
Net market borrowing for 2011-12 seen at 3.43 trillion rupees, down from 3.45 trillion rupees in 2010-11.
Gross market borrowing for 2011-12 seen at 4.17 trillion rupees.
Revised gross market borrowing for 2010-11 at 4.47 trillion rupees.
To create infrastructure debt funds.
FDI policy being liberalized.
To boost infrastructure development with tax-free bonds of 300 billion rupees.

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