Finance Minister Pranab Mukherjee presented the Union Budget 2012-13 in the Parliament on Friday with the key proposals like Tax relief to individuals, promise to curb black money, major push on infrastructure, capital market reforms and huge subsidy cut. The finance Minister said that government was making efforts to increase the availability of residential quarters to Forces and announced that it envisages constructing nearly 4,000 such quarters for CAPF for which Rs 1,185 Crore is allocated.
The Budget identified five objectives to be addressed effectively in the coming fiscal year. These will include focus on domestic demand driven growth recovery, create conditions for revival of high growth in private investment, address supply bottlenecks in agriculture, energy and transport sectors and intervene decisively to address the problem of malnutrition in 200 high-burden districts.
The Budget also intends to address the problem of black money and corruption in public life. A white paper on black money will be placed in Parliament during the current session.
The Home Ministry got Rs 54,449 Crore in the General Budget, a two per cent cut than last year, with an emphasis to provide new residential quarters and barracks for Central Armed Police Forces personnel. A provision of Rs 3,280 Crore for 2012-13 has also been made for construction of office buildings including land acquisition and barracks to accommodate 27,000 personnel.
In highly volatile movements, the BSE benchmark Sensex today plunged nearly 210 points as the government's budgetary proposals to raise taxes dampened the market sentiment, even as global stock markets were firm.
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