Highlights of 2010-11 budget presented by Finance Minister Pranab Mukherjee in parliament Friday,26th feb 2010:
Reactions & Budget impact
- Budget a right mix, says PM
- Dictatorship of Congress government will not work: Lalu
- Pranab had no choice on fuel price hike: PM
- Markets happy, Sensex jumps 300 points as FM concludes Budget speech
Taxation
- 25% tax savings for people who are earning upto Rs 1 lakh pm
- Service tax unchanged at 10%
- Online news agencies to attract tax
- Account editing for companies with income above Rs 15 lakhs
- More services to be taxed
- Peak custom duty unchanged at 10%
- 5% custom duty on crude petrol back
- Minimum alternate tax hiked from 15% to 18%
- Corporate surcharge down from 10% to 7. 5%
Tax slabs
- Upto 1.6 lakhs- Nil
- Above 1.6 lakhs to Rs 5 lakhs- 10%
- Above 5 lakhs to 8 lakh: 20%
- Above 8 lakhs 30%
- R&D deduction hiked
What cost less
- Rationalisation of custom duty on gaming software; gaming software to cost less
- Mobile phones to be cheaper
What cost more
- Petro products to cost more
- Cement to cost more
- Large cars, SUVs to cost more
- Cigarettes, non-smoking, chewing tobacco to cost more
- Gross Tax Receipts Rs 7. 46 Lakh crore
- Fuel price hike in due course
- Gold, silver to cost more
- TVs, air-conditioners to go up
- Air travel to get costlier
Govt. expenditure
- Fiscal stimulus to be partially rolled back
- Defence allocation up by 6000 cr
- 15% rise in plan expenditure
- Fiscal deficit 5.5% for FY 11
- Fiscal deficit 4.8% for FY 12
- Special allocation for unorganized labour sector
IT- sector
- Technology Advisory Group to function under Nandan Nilekani
Banking & Finance
- Rs 16,500 cr allocated to public sector banks
- Divestment proceedings to be spent on social sector
- Double digit food inflation a worry
- RBI considering giving banking licenses to more private players
- Medium term growth plan to cross double-digit figure
- Private investment can sustain 9% growth
- Need to review fiscal stimulus
- GDP to reach 10% soon
- Efforts on to reduce inflation in two months
Urban Development
- Slum free India at the earliest
- Bharat Nirman outlay Rs 48,000 cr
- NREGA allocation Rs 40,100 cr
- Banks in all villages with over 2000 population
- Subsidy for affordable housing increased
Power
- Plan allocation to renewable energy ministry hiked
- Coal regulatory authority to be set up
- National clean energy fund to be set up
Education
- Increase in allocation for school education
Infrastructure
- Plan allocation doubled for power sector
- To construct 20 km highway everyday
- 13% rise in allocation for transport sector
- 5 mega food parks to be set up
- Infrastructure thrust to be maintained in rural and urban areas
- Govt. committed to SEZ growth
Agriculture sector
- Budget gives strong focus to boost agri production
- Rashtriya Krishi Vikas Yojna to get Rs 300 cr
- Four pronged strategy to boost agri production
- Repayment of loans to be extended to 6 months in drought and flood hit areas
- Fertilizer subsidy to be reduced
- Failure in agriculture sector compensated by good show in manufacturing sector
Exports
- 2% interest subvention for exports extended
- Interest subvention to benefit handicraft, jewellery and gem exports
Textiles
- One-time 200 cr for allotment to Tripura Textile sector in Tamil Nadu
Social and welfare sector
- New pension scheme for unorganized sector
- Exclusive skill development programme for textile sector
- Plan outlay increase for women and child welfare
- Plan outlay increase for ministry of social justice and women empowerment
- Outlay for Ministry of minority welfare increased
- Rs 1,900 cr for Unique Identity Authority (UIDA)
- Social sector spending up to 1.37 lakh crore
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