Finance Minister Pranab Mukherjee presented the budget for the year 2011-12 with the focus on sustaining high economic growth, strengthening infrastructure, addressing price rise and giving a boost to the farm sector.The highlights of the budget presented by Mr. Mukherjee yesterday are:-Income Tax Exemption limit for individual tax payers raised by 20 thousand from the present 1,60,000 to 1,80,000 rupees.-Salaried taxpayers will not be required to file Income Tax returns.-Qualifying age for senior citizens lowered from 65 to 60 years, their tax exemption limit raised to 2 lakh 50 thousand rupees. Senior Citizens above 80 years to get tax exemption up to 5 lakh rupees.-Credit flow to farmers to be increased by one lakh crore rupees from the present 3 lakh 75 thousand rupees.- Loan at four percent interest for farmers who pay their dues on time as the interest subvention for these farmers raised from existing two to three percent.-Direct Cash Subsidy to the poor on kerosene and fertilizers from March next year.-Interest Subvention of one percent on housing loans will now be available for loans upto 15 lakh rupees where the cost of house does not exceed 25 lakh rupees. The present limit for the loan amount is 10 lakh rupees while cost of house should not exceed 20 lah rupees.-Allocation for Social Sector to be raised by 17 percent, education by 24 percent, health by 20 percent and infrastructure by 23.3 percent and Bharat Nirman allocation increased by 10 thousand crore rupees.-The corpus for the Rural Infrastructure Development Fund raised from 16 thousand crore rupees to 18 thousand crore rupees.-Nearly 22 lakh anganwadi workers and helpers to benefit from the two fold increase in their monthly remuneration. While the wages of Anganwadi workers will be increased from 1,500 to 3,000 rupees, that of anganwadi helpers from 750 to 1,500 rupees from first of April.-Incentives for exports.-Cement, hybrid vehicles, LED lamps, solar lanterns, laundry soap and agricultural machinery to cost less.-Ship repairing, cinematographic film, factory-built ambulances, raw silk, homeopathic medicines, sanitary napkins and baby and adult diapers to become cheaper.-Air-conditioned hotel accommodation with license to serve liquor and air-conditioned hospitals brought in service tax net.-Air travel to cost more.-Surcharge for corporate sector reduced to five from 7.5 per cent.-Incentives to attract Foreign Funds for Infrastructure Projects.-Higher allocation to Defence, rural banks, micro finance, small and medium enterprises, more funds to Green Revolution in Eastern Region, Environment Projects, pulse production and nutri-cereals.-15 more mega food parks, increasing storage capacity to 40 lakh tonnes by March 2012.-Direct Tax Code from next fiscal; To stay on course for transition to Goods and Services Tax.-Effective Revenue Deficit of 1.8 per cent of GDP are the highlights of the Budget for 2011-12.-Fiscal Deficit for 2011-12 pegged at 4.6 percent-Tax free bonds of 30 thousand crore rupees proposed.- Expressing “serious concern” over the generation and circulation of black money, Finance Minister said the government has adopted a five-fold strategy to deal with the menace.- Mr. Mukherjee said that with the focus on inclusive development, the government will introduce the National Food Security Bill in Parliament during the course of this year.-Describing agriculture development as central to the country's growth strategy, the Finance Minister said that four pronged strategy to give a boost to this sector has brought results and he announced the increase in allocation of Rashtriya Krishi Vikas Yojana by over 1,100 crore rupees. Mr Mukherejee said that in view of the spurt in food prices like fruits, vegetables, milk, meat etc, he will focus in his attention on the removal of bottlenecks in the production and distribution of these items.- Mr. Mukherjee reiterated the UPA Government's commitment to take further the process of economic reforms. He listed a number of legislations in the financial sector to be moved in Parliament including Bills on Insurance, Pension Fund regulation and Banking Laws Amendment.-At the outset, the Finance Minister said that the economy is back to its pre-crisis growth trajectory and it is expected to grow at nine percent in the next fiscal. He said that the agriculture has shown a rebound, industry is regaining momentum and service sector continues to be near double digit and fiscal consolidation has been impressive. He said that this year has also seen significant progress in the critical institutional reforms that will set the pace for double digit growth in the near future.The Prime Minister has said that the budget for the year 2011-12 meets all the challenges that the economy will face in the next fiscal. Dr Manmohan Singh said that adequate provisions have been made for infrastructure and social sector as well as agricultural development.Dr. Manmohan Singh said it is important to curb inflationary expectation and for this it is necessary to consolidate fiscal deficit. He said that the Finance Minister has done a commendable job on this front.Mr Mukherjee said his Budget proposals address the problem of high inflation and give a push to economic reforms.Home Minister P Chidambaram termed the budget as good and balanced.Terming the budget as timid former Finance Minister from the Opposition Yashwant Sinha said that the budget does not tackle any reforms.Leader of the Opposition in Lok Sabha Sushma Swaraj termed the budget as disappointing saying that it does not contain any plan for controlling prices and tackling unemployment.Janata Dal United leader Sharad Yadav said that there is nothing in the budget to bring down inflation.Senior CPI leader Gurudas Dasgupta said the budget is directionless.On the other hand RJD leader Lalu Prasad complimented the Finance Minister for presenting a budget which will boost the agricultural production in the country.Congress Spokesman Manish Tiwari said the Budget is a reflection of India's aspiration to become super power.Industry welcomed the budget saying it is positive and growth oriented. FICCI President Rajan Bharti Mittal said that the budget is balanced, will sustain growth momentum, with the main emphasis on agriculture and manufacturing.The common man expected more relief. Though the people welcomed the 20 thousand rupee raise in individual tax exemption limit, they felt that the limit should have been at least two lakh rupees.Farmers have welcomed the budget saying that the credit relief will help them in buying latest farming equipment.