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Yojna Magazine April in PDF

Written By Winston Bensford on Sunday, August 19, 2012 | 6:28 PM


About This Issue-
The Union Budget 2012-13 presented by the Finance Minister Mr. Pranab Mukherjee
on 16th March 2012 seeks to accomplish the path of rapid, inclusive growth by
pursuing five major objectives to be addressed effectively in the ensuing fiscal year.
Termed realistic and pragmatic the budget focuses on domestic demand driven growth
recovery, create conditions for rapid revival of high growth in private investment, address
supply bottleneck in agriculture, energy and transport sectors; address the problem of
malnutrition and improve delivery system, governance and transparency, and address the
problem of black money and corruption in public life.
These objectives are to be met by raising higher revenue through indirect taxes and
tapping the services sector in a major way by hiking excise and services tax levy from 10
to 12 percent. Moreover, Government has taken steps to address the issue of black money, and a White Paper on Black Money is proposed to be laid in the current session of Parliament. A series of measures has been proposed to deter generation and use of unaccounted money.
The budget seeks to strike a balance between fiscal consolidation and strengthening macroeconomic fundamentals and the need to have a closer look at the growth of revenue expenditure, especially on subsidies. Expenditure on central subsidies would be kept to under 2 percent of GDP in 2012-13. Budget 2012-13 also calls for strengthening of investment environment, with efforts being made to arrive at a broad based consensus in respect of decision to allow FDI in multi-brand retail up to 51 per cent.
Outlays in critical sectors such as agriculture, education, healthcare and rural development have been enhanced. Development of infrastructure is an essential prerequisite for sustaining growth momentum. Due emphasis has been given to infrastructure and industrial development with infrastructure investment going up to Rs. 50 lakh crore during the 12th Plan, and half of this is expected from the private sector. Agriculture continues to be a priority with proposed increase of 18 percent in the total Plan Outlay for the Department of Agriculture and Cooperation. A National Mission on Food Processing will be launched in cooperation with the states during
2012-13 for better outreach of food processing sector. Health services will be increased by introducing a new programme-
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