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Pranab presents Union Budget 2011-12 in Parliament
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Development needs to be more inclusive: Pranab
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Corruption needs to be fought unitedly
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Economy showed remarkable resilience to domestic and international shocks
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GDP growth at 8.2% last year
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GDP growth to be 8.6% in FY 11
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GDP growth to be around 9% in FY 12
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Registered mutual funds from foreign subscriptions
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Direct Tax Code Bill likely to be passed by Parliament next FY
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DTC Bill after getting Standing Committee report
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Govt to keep up tempo of disinvestment process
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New Companies Bill in current session
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Rs 6000 cr to capitalise public banks
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Cash subsidy details for fertilizers, fuels by June
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To extend interest rate benefits on some housing loans
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Propose to provide Rs 300 crore to boost output of pulses
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To provide Rs 300 crore to increase palm oil output
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To provide Rs 300 crore to raise coarse cereal output
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Rs 7860 crore for farmer development program
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FM proposes 15 mega food parks
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To provide additional 3% interest benefit on some farm loans
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To set up additional 4 mn ton food-grain storage facilities by March 2012`
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Financial sector reforms to move forward
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Insurance Amendment bill, LIC bill in current session
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Pension Development Authority bill in current session
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Five-fold strategy to combat black money
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Infra spending to be raised by 23%
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Nabard capital base to be strengthened with Rs 10,000 cr
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Money laundering legislation’s scope expanded
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Strength of ED increased three-fold
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NREGA wages to indexed to inflation
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Increased outlay in social sector
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RS 58,000 cr for Bharat Nirman
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Rs 52000 crore for education
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Investment in fertiliser prod to be considered as infrastructure sub-sector
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Proposal to introduce self-assessment of customs duty
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Importers and exporters to assess payment of duty themselves
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A new scheme for refund of service tax on lines of drawback of duties
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Tax free bonds of Rs 30,000 cr to be issued for infrastructure development
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Tax free bonds to cover Warehousing Corp, NHAI, IRFC & HUDCO
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Educational scholarships for SC/ST and needy
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Credit flows to farmers raised from Rs 3.75 lakh cr to Rs 4.75 lakh cr
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Govt to promote organic farming methods to benefit farmers
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Banking Laws Amendment Bill in current session
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SBI Subsidiaries bill, BIFR bill also in current session
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Indian micro finance equity with SIDBI to be formed at Rs 100 cr
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Proposal to increase rural housing fund to Rs 3,000 cr
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Plans to create a Women SHG development fund with a corpus of Rs 500 cr
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Allocation under RKVY to be raised from Rs 6755 cr in the current year to Rs 7860 cr
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Rs 300 cr for promoting pulses cultivation in rain-fed areas
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Rs 300 cr to promote farm product cultivation
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State innovation councils to be set up
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National mission for hybrid electric machines
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Anganwadi workers salary increased from Rs 1500 to Rs
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National Knowledge Network by 2013
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Rs 54 crore each for AMU centres
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Relaxation in exit age for BLP pension scheme
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To spend Rs 267.6 bn on health next fiscal year
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To spend Rs 1.64 lakh crore on defence next FY
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Rs 9 lakh ex gratia for disabled defence personnel
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Rs 30,000 cr tax free bonds for infratructure
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Relation in e-filing on taxes for small tax payers
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Rs 25-30 crore for development in Naxal area
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Fiscal consolidation impressive
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Agriculture has rebounded
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Food 20.2% Feb 20, 2010 - 9.3% in January 2011
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Idea to improve deliverance, PDS and governance
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Need to ensure private investment
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Service sector continues to grow in double digits
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Resources not a major concern in medium term
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Quality of outcome needs to improve
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Leakages need to be plugged in schemes
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Public Debt Management Agency Bill soon
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Work on model for GST roll out
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GTC, GST will improve governance
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Indian economy on pre-recession growth trajectory
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Budget 2011-12 is transition towards more transparent and result-oriented economic mgt
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Direct transfer of cash subsidy for kerosene, LPG and fertilizer to BPL
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Nandan Nilikani committee to look at direct transfer
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Some divestment decisions rescheduled
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GST roll out from April 1, 2012
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Considering news fertilizer subsidy policy
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Need to ensure that private investment revival is sustained
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This FY current account deficit near previous year`s level
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Govt to retain at least 51% ownership of state-run companies
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Discussions on to further liberalise FDI policy
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Govt has to reconcile ecological concerns with development
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FII investment in corporate bonds hiked to USD 40 bn
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FIIs allowed to invest in mutual funds
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Women’s Self Help fund to be set up
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Committee on micro-finance has submitted report
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RBI guidelines for Banking licenses soon
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Integrated development programme for Naxal affected areas
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Old age pension raised from Rs 200 to Rs 500
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Rs 21,000 cr for literacy project Sarva Shikha Abhyan
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Special allocation of funds for cleaning of rivers other than the Ganges
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Rs 10,000 croe for rural telephony
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Net revenue loss on account of direct taxes will be Rs 11,500 cr
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Net revenue gain on account of indirect taxes will be Rs 11,300 cr
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Agriculture has grown at 5.4%
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Industry has grown at 8.1%
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Services sector had grown at 9.6%
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Exports grew at 24.1% in FY 11
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Imports grow at 11.6% in FY11
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Taking steps to simplify tax procedures
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Expect inflation to be lower next year
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Rs 40,000 cr divestment target
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Rs 100 cr equity fund for microfinance
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Rs 3000 crore for Rural Housing Fund
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Considering Nutrient Based urea subsidy policy
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Housing loan limit raised to Rs 25 lakh for priority sector lending
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1% interest subvention on housing loans up to Rs 15 lakh
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Difference in wholesale and retail food prices is not
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Portfolio investment would be permitted in SEBI
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1% interest subvention on housing loans up to Rs 15 lakh
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Difference in wholesale and retail food prices is not
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Portfolio investment would be permitted in SEBI
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Budget allocation of Rs 100 cr for Ladakh, Rs 150 cr for Jammu
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Budget allocation for implementation of projects identified by taskforce
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Gross tax collections at Rs 9.32 lakh
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Black Money: Information exchange deal with 13 countries
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Fiscal deficit for current year at 5.1%; lower than estimate
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Fiscal deficit for next fiscal at 4.6%
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Idea to make tax moderate, payment simple, collection easy
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Rs 1.80 lakh exemption for general tax payer; will accrue benefit Rs 2000
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Senior citizens age limit reduced from 65 years to 60 years
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Amount of exemption on senior citizens increased from Rs 240000 to Rs 250000
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Very senior citizens to get higher exemption limit of Rs 5 lakh
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Surcharge of 7.5 reduced to 5% on corporates
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Direct Tax raised from 18& to 18.5% on corporates
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MAT introduced on developers of SEZ
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Tax sop on infra bonds investment increased by a year
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No roll back in service tax, to stay at 10%
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No roll back in excise duty, to stay at 10%
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Hike in service tax on domestic and international travel
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Revenue deficit fixed at 1.8% in 2011-12
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Budget estimates for 2011-12 projects Rs 9,32,440 crore –up by 24%
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States to get Rs 300 cr for modernising stamps & registration administration
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Expect revenue deficit to be 3.4% of GDP this FY
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Expect net revenue deficit to be 1.8% of GDP next FY
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Net market borrowing to be Rs 3.43 lakh crore next fiscal year
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To retain factory tax rate at 10%
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Iron-ore export tax raised to 20%
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Changes in excise tax to result in Rs73 bn gain next FY
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Stainless steel scrap exempted from Import Tax
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To bring more businesses under service tax ambit
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To raise service tax on domestic air travel by Rs 50/ ticket
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To raise service tax on international air travel by Rs 250/ ticket
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Net tax to Centre will be Rs 6,64,457 crore
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Non-tax receipts pegged at Rs 1,25,435 crore
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Budget estimates for 2011-12 projects Rs 9,32,440 crore- a rise of 24%
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Excise & customs duty proposals to result in the net gain of Rs 7,300 cr
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Basic customs duty on agricultural machinery reduced to 4.5% from 5%
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Basic customs duty on raw silk reduced from 30 to 5%
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Export duty rates on iron ore unified and kept at 20% ad valorem
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Peak rate of customs duty kept at 10% in view of global economic situation
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No change in CENVAT rates
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Nominal 1% central excise duty on 130 items entering the tax net
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Ambit of service tax increased
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Service tax widened to cover hotel accommodation above Rs 1,000/day
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Service tax widened for A/C restaurants serving liquor
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Service tax on some category of hospitals, diagnostic tests
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Net revenue loss on account of taxes and duties will be Rs 200 cr
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Some legal services to be brought under service tax net
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Service by an individual to another individual exempted
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Service tax to result in a revenue gain of Rs 4,000 crore
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Propose additional tax deduction of Rs 20,000 for infra investments
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Expect net revenue loss of Rs 115 bn due to tax exemptions
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Total plan expenditure will go up 100% in nominal terms in the next year
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Revenue deficit fixed at 2.3% in revised estimates of 2010-11