Pranab Mukherjee - Finance minister has presented the budget for the financial year FY 2012-13.
Some of the highlights of the Budget 2012 that is claimed to have direct and indirect impact on the IT industry are: Economy to grow at 7.6% in 2012-13; Defence budget raised to Rs. 1.93 lakh crore; UID allocation at Rs. 14,232cr in FY13; Aadhar platform to drive Public Distribution system; Increase in investments in infrastructure through PPP; 12th plan infrastructure investment at Rs. 50 lakh crore; Share of manufacturing in GDP will be increased; Rs. 30,000 crore for disinvestment in FY13; To implement DTC at the earliest; Efforts on to drive consensus on FDI; Mobile phone bills to increase; LCD and LED panels exempted from custom duty; Mobile phone parts exempted from basic customs duty; Restrictions on venture capital investment removed; No change in corporate tax; Mobile-based fertilizer management system to be provided for transparent transfer of subsidy; Provide wider shareholder opportunities through electronic voting; Work to improve farm technology; Telecom towers made eligible for viability gap funding; 9.4% growth in services; Fertiliser subsidies implementation to be changed by using more IT; GST network approved and will be implemented by August. Mr. Mukherjee proposes to provide Rs. 15,888 cr for bank recapitalization.
