Budget 2011 Highlights

• See FY2011 farm growth at 5.4%, GDP growth at 8.6%-FM
• FY2011 industrial growth seen at 8.1% and Services at 9.6%
• GDP growth seen at 8.75-9.25% in FY2012
• Preparation for GST rollout in final stages-FM
• Mulling nutrient-based subsidy policy for urea-FM
• Domestic Mutal Funds to have access to foreign investors, positive for ICICI Bank and HDFC Bank
• Govt plans to move towards direct cash transfer of subsidies to people. Expect systems to be ready by Mar 12
• Expect to introduce constitutional bill for introduction of GST Bill. Positive for retail sector, top pick- Pantaloon Retail
• FY2012 divestment target at Rs40,000cr
• FII investment in corporate bonds hiked to US $ 40Bn - Positive for Banks