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Monday, July 6, 2009

Indian Budget 2009-10

Finance Minister Mr Pranav Mukherjee presented the budget for the year 2009-2010 in the Lok Sabha on 6th July 2009.

You can download the highlights and whole budget document.

Indian Budget for the year 2009-10

Some highlights :

                     Commodities Transaction Tax to be scrapped

                     Fringe Benefit Tax to be scrapped

                     Service tax to be levied on law firms

                     10 pc surcharge on personal income tax scrapped

                     Excise duty on petrol-driven small trucks down to 10%

                     Exemption of duty on goods made at construction sites restored

                     Drugs for heart diseases to become cheaper

                     Customs duty on gold and silver import increased

                     Mobile phone accessories to become cheaper

                     Branded jewellery for women to become cheaper

                     Customs duty on bio-diesel reduced

                     Tax holiday extended for textile units

                     Small businesses exempt from advance tax

                     Custom duty on LCD panels halved

                     Set-top boxes to cost more

                     Anonymous funds to charitable bodies to get some tax relief

                     MAT hiked to 15% of book profit

                     General Sales Tax model will have a Central GST and State GST

                     Share of direct taxes has increased to 56 per cent in 2008-09

                     Hike in IT exemption to Rs 2,40,000 for senior citizens

                     Hike in IT exemption for women to Rs 1,90,000

                     Hike in IT exemption for all to Rs 1,60,000

                     Corporate tax unchanged

                     New tax code to be set up in 45 days

                     Goods and Services Tax to be introduced from April 1, 2010

                     Total budget expenditure for 2009-10 will Rs 10,28,032 cr

                     Plan expenditure, for both Centre and States, to go up by Rs 61,000 cr

                     Fiscal deficit in 2009-10 is proposed at 6.8 per cent of GDP

                     Higher public investment in infrastructure

                     Defence outlay has gone up

                     Rs 1,000 cr for Aila rehabilitation to West Bengal

                     Rs 25 cr each for AMU campuses in Murshidabad and Mallapuram

                     Rs 2,113 cr for IITs and NITs

                     Funds for GSI to enhance exploration of minerals

                     New pension benefits for 12 lakh jawans and JCOs

                     Pension of non-commissioned officers to be hiked

                     Allocation for rehab of Lankan Tamils

                     One lakh dwelling units for paramilitary forces to be built

                     Commonwealth allocation hiked to Rs 3472 crore

                     Allocation of Rs 50 cr to Chandigarh University

                     Govt to hike allocation to National Ganga Project to Rs 562 cr

                     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 roll out in 12-18 months

                     Unique Identification ID project to tap private talent

                     Allocation for NRHM to be raised by Rs 257 cr

                     National action plan on climate change

                     Full interest subsidy for students in approved institutions

                     Modernisation of national employment exchanges

                     50%  of rural women in self-help groups

                     Rural mega clusters in Bengal and Rajasthan

                     Interest subsidy for home loans up to Rs 1 lakh

                     Interest subsidy on education loans

                     Rashtriya Mahila Kosh corpus to be raised to Rs 500 crore

                     Rs 2,000 cr for rural housing fund under National Housing Bank

                     National Mission for female literacy

                     NREGA allocation up 144%

                     Work on National Food Security scheme for subsidised food

                     Rs 100 cr one-time grant to expand banks in unbanking areas

                     Indira Awaas Yojna hiked by 63% to Rs 8,883 cr

                     Allocation for PM Gram Sadak Yojna up by 59 per cent

                     Rs 39,100 crore allocation for NREGA

                     NREGA gave employment opportunities to more than 4.47 cr households

                     Aam Aadmi is the focus of all UPA's schemes

                     Govt to shift to nutrient based fertiliser subsidy regime

                     Banking network to be expanded

                     One banking centre in every bloc

                     Banks, insurance to stay with Govt

                     Raise threshold for non-promoter public listed companies

                     Move towards energy security via Integrated Energy Act

                     Saral-II forms to simplify taxation process

                     An expert panel will look into petroleum product pricing

                     Domestic oil prices must be in sync with global prices

                     Fertiliser subsidy to go directly to farmers

                     Export Credit Guarantee scheme extended till March 2010

                     Incentives in interest rates to farmers to pay back

                     Print media stimulus package extended by six months

                     Target for agriculture credit raised to Rs 3,25,000 cr in 2009-10

                     FIIs have returned to India in last few months

                     Storm-water drainage project fund hiked to Rs 500 cr

                     Blueprint for national gas grid

                     Additional budget allocation to farmers

                     Allocation of Rashtriya Krishi Vikas Yojna stepped up by 30%

                     Total fiscal stimulus during '08-09 is Rs 1,86,000 cr

                     Hike in allocation for Mumbai flood management

                     Housing allocation hiked under Rajiv Awaas Yojana

                     Fund allocation for urban poor accommodation is 3,973,000 cr

                     JNNURM allocation hiked by 87 per cent

                     NHAI allocation up by 23 per cent

                     Hike infrastructure investment to over 9% of GDP by 2014

                     New company IIFCL to look at infrastructure needs

                     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

                     Govt took 3 stimulus packages to fight slowdown

                     Trade in goods and services doubled in 2008

(with inputs from ibnlive)

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