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: in.news.yahoo.com
26/2/10
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