Date : 06-Jul-2009
Subject : Union Budget Highlights 2009-10
Finance minister Pranab Mukherjee begins presentation of Union Budget 2009-10 in Lok Sabha. Some of the major excerpts of the budget speech are:
  • Customs duty on gold and silver import increased
  • Customs duty of 5% being levied on import of set-top boxes
  • Excise duty on petrol-driven small trucks reduced to 10%
  • Excise duty on fibre for cheaper cloth reduced
  • 100% deduction in donation to electoral trusts
  • Service tax to be levied on law firms
  • Exemption of duty on goods made at construction sites restored
  • Drugs for heart diseases to become cheaper
  • Drugs for heart diseases to become cheaper
  • Customs duty on gold and silver import increased
  • Commodities Transaction Tax to be rolled back
  • Exemption of duty on goods made at construction sites restored
  • Mobile phone accessories to become cheaper
  • New direct tax code in 45 days
  • Set-top boxes to cost more
  • Anonymous funds to charitable bodies to get some tax relief
  • Small businesses exempt from advance tax
  • Custom duty on LCD panels halved
  • Customs duty on bio-diesel reduced
  • Tax holiday extended for textile units
  • Total budget expenditure for 2009-10 will Rs 10,28,032 cr
  • Higher public investment in infrastructure
  • One lakh dwelling units for paramilitary forces to be built
  • Allocation for rehab of Lankan Tamils
  • New pension benefits for 12 lakh jawans and JCOs
  • Pension of non-commissioned officers to be hiked
  • Defence outlay has gone up
  • Fringe Benefit Tax to be scrapped
  • Eliminate the surcharge on personal Income tax by 10%
  • Hike in IT exemption for women to Rs 1,90,000
  • Hike in IT exemption to Rs 2,40,000 for senior citizens
  • General Sales Tax model will have a Central GST and State GST
  • GST to come into effect from April 01, 2010
  • Corporate tax unchanged
  • Interest subsidy on students' loans in higher education
  • Rs 1,000 cr for Aila rehabilitation programme to West Bengal
  • Rs 25 cr each for AMU campuses in Murshidabad and Mallapuram
  • Rs 2,113 cr for IITs and NITs
  • Government to spend Rs.12K cr on rural roads in FY'10
  • Commonwealth allocation hiked to Rs 16,300 cr
  • Govt to hike allocation to National Ganga Project to Rs 562 cr
  • Rs 7000 cr for rural electrification
  • Rice, wheat at Rs 3 per kg to the poor
  • One rank, one pension for ex-servicemen from July 1
  • Allowances to para-military forces at par with defence forces
  • Unique Identification ID project to tap private talent
  • National action plan on climate change
  • Full interest subsidy for students in approved institutions
  • Modernisation of national employment exchanges
  • 50% cent of rural women in self-help groups
  • Real wage of Rs.100/day provided under NREGA
  • Allocation of Rs 50 cr to Chandigrah University
  • Rs 100 cr one-time grant to expand banks in unbanking areas
  • Allocation for PM Gram Sadak Yojna up by 59 per cent
  • Work on National Food Security scheme for subsidised food
  • Government to shift to nutrient based fertiliser subsidy regime
  • Rural mega clusters in Bengal and Rajasthan
  • Interest subsidy on education loans
  • National Mission for female literacy
  • Rural mega clusters in Bengal and Rajasthan
  • Interest subsidy for home loans up to Rs 1 lakh
  • LNG infrastructure in the country being expanded
  • Government to introduce food security bill
  • Scheduled commercial bks can set up offsite ATM
  • Will create close to 12 million jobs
  • Institutional refo reform measures to stabilise BOP
  • Aiming for direct transfer of subsidy to farmers
  • Rs 4000cr fund to incentivise banks & SFCs to lend
  • To provide all possible relief to exporters
  • Banking network to be expanded
  • One banking centre in every bloc
  • Rs 31,100 crore allocation for NREGA
  • NREGA gave employment opportunities to more than 4.479 cr households
  • Banks, insurance to stay with Government
  • Raise threshold for non-promoter public listed companies
  • Indira Awaas Yojna hiked by 63% to Rs 8,883 cr
  • 1% int subvention to farmers making timely payment
  • Allocation to NHAI increased by 23%
  • An expert group will look into petroleum product pricing
  • GDP grew at 6.7% in 2008-09
  • Move towards energy security via Integrated Energy Act
  • Saral-II forms to simplify taxation process
  • Domestic oil prices must be in sync with global prices
  • Raise threshold for non-promoter public listed companies
  • Hike in allocation for Mumbai flood management
  • LNG infrastructure in the country being expanded
  • Total fiscal stimulus during '08-09 is Rs 1,86,000 cr
  • Set up a task force for farmer lending
  • Allocation of Rashtriya Krishi Vikas Yojna stepped up by 30%
  • Additional budget allocation to farmers
  • Will ensure farm sector growth at 4%
  • Need to strengthen improve regulatory framework
  • Private investment has been the key growth driver
  • FIIs have returned to India in last few months
  • Print media stimulus package extended by six months
  • Target for agriculture credit raised to Rs 3,25,000 cr in 2009-10
  • Export Credit Guarantee scheme extended till March 2010
  • Incentives in interest rates to farmers to pay back
  • Agriculture loans in time
  • Storm-water drainage project fund hiked to Rs 500 cr
  • Blueprint for national gas grid
  • IIFCL will refinance 60% of commercial bank loans in PPP
  • IIFCL will look at new projects
  • IIFCL will also look at incremental lending by banks
  • JNNURM allocation hiked by 87 per cent
  • Hike infrastructure investment to over 9% of GDP by 2014
  • Fund alloction for urban poor accommodation is 3,973,000 cr
  • Housing allocation hiked under Rajiv Gandhi Rozgar Yojana
  • Trade in goods and services doubled in 2008
  • Significant hike in foreign capital
  • Need to reduce population below poverty line
  • New company IIFCL to look at infrastructure needs
  • Signs of revival in the domestic industry
  • Fiscal stimulus gave economy a boost
  • Govt took 3 stimulus packages to fight slowdown

Source : Indiamart

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