Sugar Industry Boost: Indian Union Budget 2011-12

Finance Minister Pranab Mukherjee presented the Union Budget 2011-12 in Parliament on Monday. Has he lived up to the expectations of the taxpayers?

Is it a populist Budget? Will it also help India to grow?

So what has been the impact of this Budget on sugar industry?

With basic food and fuel to be exempted from central excise duty and basic customs duty on agricultural machinery reduced to 4.5 per cent from 5 per cent. The Indian sugar industry is likely to be benefit.

Benefit of investment linked deduction extended to businesses engaged in the
production of fertilizers.

* Scope of exemptions from Excise Duty enlarged to include equipments needed for storage and warehouse facilities on agricultural produce.

* Basic Custom Duty reduced for specified agricultural machinery from 5 per cent to 2.5 per cent.

* Basic Custom Duty reduced on micro-irrigation equipment from 7.5 per cent to 5 per cent.

* De-oiled rice bran cake to be fully exempted from basic Custom Duty.

Union Budget 2011-2012 Highlights. . .