As he had highlighted in the Economic Survey tabled in Parliament last Friday, Finance Minister Pranab Mukherjee while presenting the Union Budget on Monday said growth in 2010-11 has been broad-based but inflation continues to remain a concern.
Mukherjee however exuded confidence that the RBI's monetary policy would lead to moderation in inflation in the coming months. Mukherjee also put emphasis on increasing agricultural productivity to curb food inflation.
The Finance Minister did not disappoint individual tax payers either and raised the threshold income tax limit to Rs. 1.8 lakh from the present Rs. 1.6 lakh. This now becomes uniform for both men and women.
He brought down the eligibility age for senior citizen's tax exemption to 60 years from 65. Mukherjee also announced that exemption for senior citizens would be Rs. 2.5 lakh from the present Rs. 2.4 lakh.
He also announced a special category of tax-paying senior citizens. Those 80 or above would get an exemption of Rs. 5 lakh, he said.
Mukherjee also said last year had been a remarkable fiscal year and that the Indian economy was expected to grow steadily at 9 per cent.
Mukherjee said: "I see Budget 2011-12 as a transition towards more transparent and a result-oriented economic management."
Mukherjee however exuded confidence that the RBI's monetary policy would lead to moderation in inflation in the coming months. Mukherjee also put emphasis on increasing agricultural productivity to curb food inflation.
The Finance Minister did not disappoint individual tax payers either and raised the threshold income tax limit to Rs. 1.8 lakh from the present Rs. 1.6 lakh. This now becomes uniform for both men and women.
He brought down the eligibility age for senior citizen's tax exemption to 60 years from 65. Mukherjee also announced that exemption for senior citizens would be Rs. 2.5 lakh from the present Rs. 2.4 lakh.
He also announced a special category of tax-paying senior citizens. Those 80 or above would get an exemption of Rs. 5 lakh, he said.
Mukherjee also said last year had been a remarkable fiscal year and that the Indian economy was expected to grow steadily at 9 per cent.
Mukherjee said: "I see Budget 2011-12 as a transition towards more transparent and a result-oriented economic management."
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