India's Finance Minister Pranab Mukherjee
India's Finance Minister Pranab Mukherjee Reuters

 Finance Minister Pranab Mukherjee Friday presented the budget for 2012-13 in the Parliament.

Here are the highlights of the budget.

12:51 Iodised salt, match-boxes, soya products to become cheaper

12:50 Increase customs duty on imported cars to 75%

12:48 Raises custom duty on import on large SUVS

12:47 Increase excise duty on some Cigarettes

12:46 Customs duty on gold bar coins raised to 4%

12:45 Customs duty on platinum raised

12:44 Customs duty on gold raised

12:43 Some infra services exempted from service tax

12:42 Tax exemption of up to Rs 5,000 for health insurance towards annual preventive check up

12:41 Basic customs duty on bicycles raised to 30%

12:40 Exempts LCD LED panels from customs duty

12:39 Iron ore machinery part duty cut to 2.5%

12:40 Airline parts exempted from basic custom duty

12:38 Rs 15,890 crore for recapitalisation of PSU banks

12:38 Coal LNG exempt from customs duty

12:37 Exemption of customs duty of 5% on equipment for fertilizer plants

12:35 To keep peak custom rate unchanged

12:35 To raise duty on large cars 27 pc duty

12:34 Excise duty hiked to 12 pc from 10 pc

12:33 Service tax raised to 12 pc from 10 pc

12:31 FY13 market borrowing at Rs 4.79 lakh cr.

12:30 Introduction of compulsory reporting requirement of assets held abroad

12:29 To exempt some movie services from service tax

12:28 Govt services, education, entertainment, public transport exempted from service tax

12:27 School education exempted from service tax

12:24 FM says information on black money stashed abroad has started flowing in and prosecution to be executed in some cases

12:22 Removes restriction on venture capital investment

12:22 No change in corporate tax

12:20 Income above 10 lakh will have 30% income tax

12:20 Income from 5 to 10 lakh will have 20% income tax

12:20 Income Tax at 10 percent for Rs 2-5 lakh

12:19 Tax exemption limit up to 2 lakh

12:17 Introduce new law for micro finance institutions

12:16 FY12 fiscal deficit at 5.9% and FY13 fiscal deficit at 5.1%

12:15 7 medical colleges to be upgraded to All India Institutes

12:14 FY13 non plan expenditure at 9.7 lakh crores

12:13 Non-tax revenue receipts estimated at Rs 1.64 lakh crores

12:12 Additional 3 per cent interest subvention to farmers for promptly repaying their due

12:11 Rs 25,555 cr for Right to Education in FY13

12:10 Rs 193107cr in FY13 for defense

12:07 Rs 1000 crores for National Skill Development Fund in FY13

12:06 Rs 15,850 crore to be allocated to Integrated Child Development Scheme in 2012-13

12:05 Pranab says the Nandan Nilekani panel recommendation on direct transfer of subsidy accepted

12:04 NRHM allocation increased to Rs 20,820 cr.

12:03 FM announces new equity savings scheme

12:02 Rs 14000 crore for rural drinking and sanitation in FY 13

12:01 Rs 242 crore project with World Bank assistance to improve dairy production.

12:00 Credit guarantee fund for education loans

12:00 National mission for food processing

12:00 6,000 schools proposed to be set up in 12th year plan

11:58 1 percent loan subsidy on home loans up to Rs 15 lakh

11:57 New PDS for food security

11:56 Allocate Rs 14232 cr to UID project

11:55 Set up state-run irrigation facility

11:54 Remove infrastructure bottleneck: FM

11:53 Budget commits to multi-brand FDI

11:52 Tax free-infra bond for Rs 60,000

11:51 Allow ECB funding to finance working capital needs of airlines for 1 year

11:50 Rs 30,000 crore to be raised through disinvestment

11:49 To make 8,800 km of highways in FY13; outlay raised

11:48 Irrigation, dams eligible for a special fund

11:47 Tax exemption on individual share investment below Rs 10 lakhs

11:46 Become self sufficient in urea production in next 5 years

11:45 Some subsidies inevitable, says Pranab

11:44 FM promises tax incentive for new investors

11: 43 Considering FDI in airlines

11:42 Infrastructure debt fund launched

11:42 Sensex trading 180 points higher

11:40 Food subsidy will be fully provided for in the Budget

11 38 Consortium for direct lending approved

11: 36 Implement direct tax code the earliest

11:35 Focus on removing infrastructure bottlenecks

11: 34 Direct cash subsity to LPG, Kerosene

11: 30 Signs of turnaround in economy in March

11: 28 Address malnutrition decisively

11: 27 Bring down subsidy to 1.7 percent of GDP in the next 3 years

11: 25 Economy to grow at 7.6 percent in 2012/13

11: 24 Direct subsidy to retailers, farmers

11:23 Address the problem of black money; FM expects inflation will come down; Have to accelerate pace of reforms

11: 20 Need to improve supply side in economy says FM

11:15 Performance this year was disappointing but as compared to peers India was better says FM

11:10 Weak industrial growth has held us back says Pranab

11:05 Pranab Starts the budget presentation. He syas for Indian economy it has been a year of recovery interrupted.

10: 57 DMK MPs not attending Parliament for the Budget

10:45 Can Pranab Mukherjee take the initiative to halt the deteriorating economic growth? Can he make this a significant budget?

10:30 Rupee strengthens before budget

10:15 Oil & Gas: expect status quo to be maintained on customs and excise duties in the oil & gas sector in the light of the sustained high losses on sales of subsidized petroleum products at current retail selling price.

10:00 Nominal GDP growth of 14 to 14.5 percent is likely to be used for the budget arithmetic

09:45 In the fertilizer and chemical sector, there is an expectation that the customs duty on various inputs like LNG, Naphtha, Alcohol, Propylene etc will be removed from current rate of 5 percent.

09: 30 In the automobile sector, the expectation is that there will be an increase in excise duty across segments and also there is possibility of additional tax on diesel vehicles.

09: 20 Nifty crosses 5400. It is up by 25.60 points or 0.48 percent. Sensex is at 17760.01 up by 84.16 points or 0.48 percent

09:05 Finance Minister to meet the President

08:55 Market could remain highly volatile ahead of the presentation of the Budget.

Some major questions to be answered today are:

How large will the fiscal deficit and the government's borrowing be in FY 12-13?

Will there be any significant modification in the tax structure?

Will the latest state election results have a prominent influence on policies?

Will it be a populist budget or a pro-reform budget?

Following a year in which the fiscal deficit widened sharply, markets will be looking for signs that the deficit will fall in the next financial year that begins in April. There is a high possibility that the budget will be longer on promises than on specific measures.