Highlights of Union Budget 2010-11

By ANI
Friday, February 26, 2010

NEW DELHI - 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)

Filed under: India

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