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Sunday, July 8, 2012

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21.03.12

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INDIAN UNION BUDGET (2012-13) HIGHLIGHTS

Budget Proposals

Ø Fiscal Deficit pegged at 5.1%

Ø Net market borrowings of Rs4.8lac crs

Ø Divestment target set at Rs300bn

Ø Raise agricultural credit target to Rs5,75,000crs

Ø Infusion of close to Rs160bn to capitalize nationalized banks

Ø 200bps increase in service tax and excise duty from 10% to 12%

Ø Issue of Tax Free Bonds of Rs600bn for financing infrastructure projects

Budget Provisions

Ø 20% reduction in STT 0.125% to 0.1% (Securities Transaction Tax) on delivery transactions

Ø New Rajiv Gandhi Equity Scheme which allows 50% deduction for retail investors earning less than Rs10lacs annually and investing Rs50,000 with a lock-in period of 3 years.

Ø Two way fungibility of IDR (Indian depository receipts ) permitted

Ø Allowing QFI (Qualified Foreign Investors) to access the Indian Corporate Bond Markets

Ø Tax free bonds doubled to Rs600 bn

Ø Allocation of Rs200 bn for rural infrastructure development fund

Ø Allocation of Rs240bn for rural roads planned for FY 13

Ø NHDP allocation increased by 14% to Rs254bn in FY13 and award of projects worth 8800km in FY13

Ø ECB loan to part finance capex and withholding tax on ECB is reduced from 20% to 5%

Ø Irrigation projects now qualify for viability funding

Ø Extension of 80IA tax benefits

Opportunity Missed

Ø Absence of roadmap on implementing DTC and GST

Ø Fuel Subsidy at Rs450bn seems to assume an impending oil price hike

Ø Lacks concrete measures to kick start the investment cycle

Ø Diesel Decentralization not taken up in the budget

Ø Minor Reign of personal taxation slabs unlikely to put more money in the hands of the consumer

Ø Higher taxation likely to fuel inflation

Infrastructure

To Award Contracts to build 8800 km of Road in 2012/13

Government to provide 600 billion rupees in tax free for financing Infrastructure projects in 2012/13

Growth and Inflation

Economy Expected to grow at 7.6% in 2012/13 plus or minus 0.25%

Expect headline inflation to moderate in next few months and remain stable thereafter

Subsidies

To keep 2012-2013 subsidies under 2% of GDP

Fiscal Deficit

Fiscal Deficit seen at 5.1% of GDP in 2012-13

Fiscal Deficit seen at 5.9% of GDP in 2011-12

Spending

Total expenditure in 2012/13 seen at 14.9 trillion Rupees

Plan expenditure budgeted at 521.25 billion rupees in 2012/13

Revenue

Gross Tax receipts seen at 10.8 trillion rupees in 2012-13

Non Tax revenue seen at 1.64 trillion rupees in 2012-13

Others

Income tax exemption limit raised from Rs. 1,80,000 to Rs. 2,00,000 - 10 % tax .

2-5 lakh income - 20 % . 5-10 lakh and - 30 % tax

Gold imports to India, the world's top importer, are likely to fall significantly in 2012 as the government's decision to double import duty to four per cent

To allow External Commercial Borrowing of up to $1Bln to raise working capital for airlines industry for 1 year

To allow External Commercial Borrowing to part finance rupee debt in power profit

Risk Management

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