Nilekani’s UID project gets Rs. 14,000 cr

May 23, 2012 at 10:17 am | Posted in Process, The Market | Comments Off on Nilekani’s UID project gets Rs. 14,000 cr

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Union Budget 2012 highlights

Nilekani’s UID project gets Rs. 14,000 cr

For the introduction of Goods and Services Tax, the government has set up an Empowered Group headed by Nandan Nilekani, Chairman, Unique Identification Authority of India (UIDAI)

Friday, March 16, 2012

BANGALORE, INDIA: Former Infosys CEO Nandan Nilekani’s ambitious scheme of Unique IDs will get a boost in 2012-13, as  Finance Minister Pranab Mukherjee has okayed approved about Rs. 14,000 crore for his Aadhaar scheme.

This is expected to help enrollments of about 40 crore Indian residents and the project is aimed to be complete by June 2013.

Finance Minister Mukherjee informed the Lok Sabha during his Union Budget address that UIDAI has completed about about 20 crore enrollments. About 14 crore Aadhaar numbers have been issued till date. For the introduction of Goods and Services Tax, the government has set up an Empowered Group headed by Nandan Nilekani, Chairman, Unique Identification Authority of India (UIDAI)

The National Securities Depository Limited (NSDL) has been selected as technology partner for incubating the National Information Utility that will establish and operate the IT backbone for the GST.

Highlights of Budget 2012

1.FY12-13 GDP expected to grow 6.9pc
2. Expect inflation to come down shortly
3. FY 13 Focus on domestic demand
4. Nandan Nilekani’s UID project gets a boost with Rs. 14,000 cr allotment

5. Govt to retain 51 pc in PSUs
6. Tax relief for retail
7. Rs. 15888 crore allocated for banks
8. Considering 49 pc FDI in airlines
9. FY 13 divestment target Rs. 30000 crore
10. GST network to start in August
11. To present new micro Finance Bill
12. Slowdown attributed to slow industrial growth.
13. DTC implementation defereed

14. Companies initiating IPO for Rs. 10 cr or more, will be in electronic form
15. Credit link subsidy programme for micro enterprises

16: Tax exemption limit increased just by Rs. 20,000 – Upto Rs. 2 lakh: Income Rs. 2-5 lakh – 10 per cent tax; From Rs. 5-10 lakh 20 per cent
17. NO change in corporate tax rate
18. Restriction on venture capital investment goes
19. Tax deduction extended up to 200 per cent for research
20. School education exempt from service tax
21. A Rs.. 193,407-crore provision for Defence services in 2012-13
22. Rs.. 1000 crore for National Skill Development Corporation
23. 14 crore Aadhar enrolment planned in the year, starting from April 2012
24. Government allocates Rs.. 5,000 crore venture fund for MSME sector
25. Defence Budget increased by more than 17 per cent!