Friday, February 26, 2010

Union Budget for 2010-11

Budget is known as the Annual Financial Statement. It is an estimate of the inflows and outflows of the government for a certain financial year. It lists the financial accomplishments of the previous year and enumerates the new fiscal policy to be followed during the current financial year. The Finance Minister puts down a report that contains Government of India’s revenue and expenditure for one fiscal year. The fiscal year runs from April 01 to March 31.

Indian industry today welcomed the Union Budget for 2010-11 saying it was a balanced approach though it expressed disappointment over the hike in minimum alternate tax (MAT) from 15 per cent to 18 per cent. 

Key Highlights
  • GDP Growth to be targeted at 9%
  • Target of Rs 25,000 cr disinvestment this year
  • Fertilizer Subsidy to be reduced
  • GDP to reach 10% in near future
  • To consider Parikh Report on Fuel Price
  • Rs 400 crore to be allocated for Green Revolution in Eastern India
  • Rs 300 crore for Rashtriya Krishi Vikash Yojna
  • Extend Loan Repayment for drohught-hit Farmers
  • Four-pronged agricultural strategy to be adopted
  • More help to Food Processing Sector
  • Farmers, who repay loan on time, will get a waiver of 2%
  • Farmers to get Loans at 5%
  • To extend farm loan repayment by 6 months
  • Agriculture Loan for Farmers increased to Rs 3,75,000 crore
  • New Food Policy from April 1, 2010
  • Rs 300 crore to be allocated for Pulse Production
  • Rs. 1.37 lakh crore for Infrastructure Development
  • Road Development allocation increased to 19,894 crore
  • More than double allocation for Power Sector to 5,130 crore
  • Farmer Fund for Women - Rs 100 crore
  • Dalits and Poor to get more focus
  • NREGA Allocation at Rs 40,100 crore
  • Rs 1200 crore package for drought-hit Bundelkhand
  • Bharat Nirman Yojna - Rs 48,000 crore
  •  Solar Energy - Rs 1,000 crore
  • Allocation for School Education increased from Rs 26,800 crore to Rs 31,036 cror
  • Allocation for Health at 22,300 crore
  • Sarva Sikha Abhiyaan - Rs 36,000 crore 
  • Rs 61,000 crore for rural Development
  • Indira Awas Yojna to get Rs 10,000 crore
  • House Loans up to Rs 10 lakh - 1% subsidy extended for one year
  • Focus on Slum Development
  • National Social Security Fund for unskilled labourers to be set up with Rs 1,000 crore
  •  National Pension Scheme - New Accounts to get Rs 1,000 per year by the government
  • National Health Insurance Scheme for NREGA Workers
  • Rural Banks to be supported
  • More Private Banks to be encouraged
  • Banks to get Rs 6,000 crore to improve fundamental structure
  • Defence Allocation - Rs 147,344 crore
  • Gross Tax Receipts - Rs 7.46 lakh crore
  • Railways to be allocated Rs 16,772 crore
     

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