Union Finance Minister Pranab Mukharjee presented the union budget 2012-13 in the parliament on 16 March 2012. The minister in his budget speech, projected the economic growth for 2012-13 to be 7.6%.
While the total tax receipts for fiscal year 2012-13 is estimated to be 1077612 crore rupees, the total budgetary expenditure is projected to be 1490925 crore rupees. Budgetary allocations for various sectors including education, health, agriculture, defence also received a reasonable hike.
The highlights of Budget Estimates 2012-13 are presented below:
• Gross Tax Receipts estimated at 1077612 crore rupees.
• Net Tax to Centre estimated at 771071 crore rupees.
• Non-tax Revenue Receipts estimated at 164614 crore rupees.
• Non-debt Capital Receipts estimated at 41650 crore rupees.
• Temporary arrangement to use disinvestment proceeds for capital expenditure in social sector schemes extended for one more year.
• Total expenditure for 2012-13 budgeted at 1490925 crore rupees.
• Plan expenditure for 2012-13 at 521025 crore rupees is 18 per cent higher than Budget Estimate of 2011-12. 99 per cent of the total plan outlay met in the Eleventh Plan.
• Non-plan expenditure estimated at 969900 crore rupees.
• 365216 crore rupees estimated to be transferred to States.
• Fiscal deficit at 5.1 per cent of GDP in Budget Estimate 2012-13.
• Net market borrowing required to finance the deficit to be 4.79 lakh crore rupees in 2012-13.
• Central Government debt at 45.5 per cent of GDP in 2012-13 as compared to Thirteenth Finance Commission target of 50.5 per cent.
• Effective Revenue Deficit to be 1.8 per cent of GDP in 2012-13.