Budget 2009:Highlights

Pranab Mukherjee quoted Mahatma Gandhi in his speech.Democracy is the art and science of mobilizing the entire physical, economic and spiritual resources of various sections of the people in the service of the common good of
all.

BUDGET 2009-10 CHALLENGES

1. to lead economy to high GDP growth rate of 9 per cent per annum at the earliest
2. to deepen and broaden the agenda for inclusive development to improve delivery mechanisms of the government.
3. to lead economy to high GDP growth rate of 9 per cent per annum at the earliest

BUDGET HIGHLIGHTS

• to deepen and broaden the agenda for inclusive development to improve delivery mechanisms of the government.
• Govt unlikely to unveil any significant economic reform plans
• Agriculture sector may get a boost
• Big investments in irrigation and seeds may be on the anvil
• Government may ease export curbs on wheat and rice
• Fiscal deficit was projected to be 5.5% of GDP in Interim Budget
• This is Pranab Mukherjee's fourth Union Budget
• Economic growth slipped from 9% to 6.7% in 2008-09
• Gross budgetary support in the range of Rs 3,35,000 cr
• Govt to raise borrowing target to tackle budget deficit
• Fiscal sops likely for slowdown-hit sectors
• Govt may announce auctioning 3-G spectrum
• FM to announce PSU disinvestment plans
• PSU sell-off to help fund rural and social programmes.
• Infrastructure sector likely to get attention
• I am deeply aware of the youth's challenges
• I am conscious of people's faith in UPA
• FM Pranab Mukherjee begins his Budget speech
• Cabinet approves Union Budget
• High expectations for reformist Budget from the UPA
• Budget to carry forward NREGA and JNNURM
• Fringe Benefit Tax may be scrapped
• Securities Transaction Tax may be reduced
• Challenge before UPA to return to 9% growth
• Re-energise government and reinstitutionalise development
• One Budget can't solve all issues
• Improve rule of law for all citizens
• Mandate for inclusive growth
• Strengthen the delivery mechanism for healthcare
• Increase investment in infrastructure
• I am deeply aware of the youth's challenges
• New company IIFCL to look at infrastructure needs
• Two worst quarters since September slowdown behind us
• Signs of revival in the domestic industry
• Fiscal stimulus gave economy a boost
• Govt took 3 stimulus packages to fight slowdown
• Economic growth is a synergy of states and Centre
• Integration of Indian economy with rest of the world
• Significant hike in foreign capital
• 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
• 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
• 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
• 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
• Pranab Mukherjee quotes Kautilya in Budget speech
• Incentives in interest rates to farmers to pay back
• 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
• 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
• 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% cent of rural women in self-help groups
• Rural mega clusters in Bengal and Rajasthan
• Rs 25 cr each for AMU campuses in Murshidabad and Mallapuram
• Rs 2,113 cr for IITs and NITs
• Pension of non-commissioned officers to be hiked
• Commonwealth allocation hiked to Rs 16,300 cr
• Allocation of Rs 50 cr to Chandigarh University
• Rs 50 crore allocation for Punjab 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
• Rs 1,000 cr for Aila rehabilitation programme to West Bengal
• New pension benefits for 12 lakh jawans and JCOs
• Allocation for rehab of Lankan Tamils
• Higher public investment in infrastructure
• Defence outlay has gone up
• Recent initiative, on direct taxes side, of the setting up of a Centralized Processing Centre (CPC) at Bengaluru where all electronically filed returns, and paper returns filed in entire Karnataka, will be processed.
• National pension scheme exempt from STT
• Political funding to get 100 per cent tax deductions.
• Deduction under section 80-DD in respect of maintenance, including medical treatment, of a dependent who is a person with severe disability being raised from the present limit of Rs.75,000 to Rs.1 lakh.
• Sun-set clauses for deduction in respect of export profits under sections 10A and 10B of the Income-tax Act being extended by one more year i.e. for the financial year 2010-11.
• Exemption limit in personal income tax raised by Rs.10,000 from Rs.1.50 lakh to Rs.1.60 lakh for all other categories of individual taxpayers.
• Total budget expenditure for 2009-10 will Rs 10,28,032 cr
• Share of direct taxes has increased to 56 per cent in 2008-09
• GST to come into effect from April 01, 2010
• Corporate tax unchanged
• New tax code to be set up in 45 days
• Goods and Services Tax to be introduced from April 1, 2010
• Govt committed to tax reforms
• Anonymous funds to charitable bodies get some tax relief
• Commodities Transaction Tax to be abolished
• MAT hiked to 15% of book profit
• Fringe Benefit Tax to be scrapped
• Surcharge on personal Income tax slashed 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
• Branded jewellery for women to become cheaper
• Sensex crashes 869 Points
  
• 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
• Excise duty on fibre for cheaper cloth reduced
• Service tax to be levied on law firms
• Excise duty on petrol-driven small trucks reduced 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
• Pranab Mukherjee ends Budget speech by quoting the Mahatma Gandhi