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Budget 2011-2012  Speech of Pranab Mukherjee  Minister of Finance February 28, 2011 Madam Speaker, I rise to present the Union Budget for 2011-12. We are reaching the end of a remarkable fiscal year. In a globalised world with its share of uncertainties and rapid changes, this year brought us some opportunities and many challenges as we moved ahead with steady steps on the chosen path of fiscal consolidation and high economic growth.

Highlights of Union Budget 2011-12 * Direct tax sops to result in Rs 11,500 cr net revenue loss * Investment-linked deductions for fertilisers and developers of affordable housing * Low withholding tax of 5% for notified infra funds * Foreign dividend tax rate cut to 15% for Indian companies

Important Points of Rail Budget 2011-12 · No hike in passenger fare and freight rates  · Highest ever Plan outlay of Rs 57,630 crore proposed for Railways  · Rs. 9,583 crore provided for new lines  · 1300 km new lines, 867 km doubling of lines and 1017 km gauge conversion targeted in 2011-12 · 56 new Express Trains, 3 new Shatabdis and 9 Duronto trains to be introduced  · AC Double Decker services on Jaipur-Delhi and Ahmedabad-Mumbai routes · New Super AC Class to be introduced  · A new portal for e-ticketing to be launched shortly · Booking charges will be cheaper with a charge of only Rs 10 for AC classes and Rs 5 for others  · Pan-India multi-purpose smart card 'Go India' to be introduced  · 236 more stations to be upgraded as Adarsh Stations  · 47 additional suburban services in Mumbai and 50 ne...

My budget is pro-people: Mamata Railway Minister Mamata Banerjee has refuted charges that her budget was "populist or West Bengal-oriented" saying she had kept the interest of the nation in mind and given projects to every region. Countering CPI(M)'s allegations that she had made Railways bankrupt, she said, "Their government (in West Bengal) is bankrupt. It has Rs two lakh crore debt. Charity begins at home." On charges of populism, Banerjee said, "They are opportunist people. If this is pro-people let it be populist. When they know they cannot fight they make all such allegations. We have given projects to entire country including Jammu and Kashmir, Manipur and Assam. Bengal is not outside India." She said her opponents were "till yesterday shouting that Railways will not be able to pay dividends. Today you see the magic. 

Railways to extend more facilities to employees, families  Medical facilities for staff and their families in remote areas, increasing scholarship amount to girl child and setting up a Board to develop schools were some of the proposals put forth for welfare of Railway employees. The Railway Budget also included proposal for expansion of the scope of liberalised active retirement scheme guaranteed for safety category staff by enhancing the existing criteria of grade from Rs 1800 to Rs 1900. In order to provide easy access to medical facilities in remote and inaccessible areas for employees, Railway Minister Mamata Banerjee has proposed to provide 20 Road Medical Vans at different locations. 

9 Durontos, 3 Shatabdis, double decker AC trains announced As many as nine new Duronto trains, three Shatabdi Express trains and double-decker air conditioned services on two routes were announced by Railway Minister Mamata Banerjee on Friday. The new Shatabdi Express would link Pune-Secunderabad, Jaipur-Agra and Ludhiana-Delhi while the AC double-decker services are proposed on Jaipur-Delhi and Ahmedabad-Mumbai routes.  

Budget : Top- Story Economy to grow by 9 % in 2011-12: Survey India's economy will revert to the pre-crisis growth level of 9 per cent in the next fiscal, buoyed by strong fundamentals, the Economic Survey 2010-11 predicted on Friday. "Based on the performance of the economy over the last five years and analysis of the underlying trends... India's real GDP is expected to grow by 9 per cent (+/-0.25) in 2011-12," the pre-Budget Survey tabled in Parliament on Friday said.