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Media Information
Highlights of Union Budget 2010-11

Published & Updated as on - 2010-02-28

Union Finance Minister Pranab Minister on Friday presented the Union Budget 2010-11 in the Parliament.

Finance Minister said that the challenge before Government is to quickly revert to high GDP growth path of nine per cent to harness economic growth to make it more inclusive, consolidate gains and to add to the impressive recovery in the past few months with faster recovery in the coming months.

Highlights of Union Budget 2010-11 are as follows:
To strengthen food security and concentrate on supporting and delivering services to the economically backward sections
Target growth rate in
manufacturing at 18.5 per cent
Make development more inclusive
Return to high GDP
Consult with Chief Ministers to bring down inflation
Income tax reforms nearly complete
Earnest endeavour to implement General Sales Tax in April 2011
Disinvestment target: Rs 25,000 crore this year
Government hopes to implement direct tax code from April 2011
Fertiliser subsidy to be reduced
Status paper on public debt within six months
7Rs 16,500 crore capital support for PSU banks
Government to provide Rs 300 crore for agriculture impetus
Two per cent loan subsidy for farmers
To extend farm loan payment by six months
Banks consistently meeting targets
Banking licence for pvt, NBFC players being considered
Bank farm loan target: Rs 3.75,lakh crore
Nutrient based fertiliser subsidy scheme to come into force from April 1
Government has decided to set up apex-level Financial Stability and Development Council
RBI considering some additional banking licenses to private companies, NBFC will also be considered if they meet criteria
Five mega food parks to be set up
Power sector allocation doubled
To establish clean energy fund
Renewable energy allotment up by 61 per cent
Government committed to ensure continued growth of Special Economic Zones
Need to take firm view on opening up of the retail sector
Rs 200 crore to Goa for restoring beaches
Rs 500 crore for Clean Ganga mission
Tamil Nadu gets Rs 200 crore for textile development
School education allocation hiked to 31,036 crore
Social sector spending up to Rs 1.37 lakh crore
Government to provide Rs 66,100 crore for rural development
To build 20 km of highway every day
Health allocation to 22,300 crore
Textile ministry to train 30 lakh people
Banks for all villages with population of 2,000
Health insurance to NREGA beneficiaries
Smart Card extended to NREGA
Indira Awas Yojana scheme's unit cost raised to Rs 45,000 in plain area and Rs 48,500 in hilly areas
Allocated Rs 2,400 crore for MSMEs
IIFCL to double refinancing banks for infra
Rs 3675 crore education grant to states
NREGA allocation to Rs 40,100 crore
Power sector allocation doubled to Rs 5130 crore
FDI regime to be simplified
Rural development allocation increased to Rs 61,000 crore
25 per cent of plan outlay earmarked for rural infrastructure development
Allocation for urban development increased by 75% to Rs 5,400 crore in 2010-11
Pvt sector to meet foodgrain storage deficit
Rs 100 crore woman farmer fund scheme
Interest subvention for low-cost housing extended
National Commission for Delivery of Justice and Legal reform proposed
Defence allocation at Rs14 lakh crore
First set of UID numbers this year
15 per cent hike in planned expenditure, six per cent in non-planned
Gross tax receipts: Rs 746 lakh crore
55 per cent fiscal deficit target
Fiscal deficit to be brought down to 48 per cent this year
2009-10 fiscal deficit revised to 69 per cent
Rs 20,000 additional tax break for infra bonds
30 per cent income tax on Rs 8 lakh and above
20 per cent income tax on Rs 5 - Rs 8 lakh
10 per cent income tax on Rs 1.6 - Rs 5 lakh
No income tax upto Rs 1.6 lakh
Infotech usage in tax management to be enhanced
Direct tax receipts to fall by Rs 56,000 crore
R and D Corp Tax break up to 200 per cent
Corp Min Alternate Tax up from 15 to 18 per cent
Corporate tax surcharge down from 10 to 7.5 per cent
Rs 20,000 additional tax break for infra bonds
Standard excise rate up from 8 to 10 per cent
Large cars, SUVs excise up to 22 per cent from 20 per cent
Stimulus-led excise duty rollback partially reversed
Excise on cigars, cigarettes to go up
Five per cent import duty on crude petroleum restored
To levy excise duty of Re 1/lt on petrol
Growth incentives coming up
Partial rollback of excise duty on cement. (ANI)

Source: 26/2/10

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