Monday

Union budget 2009-10: Highlights


Following are the highlights of Union budget 2009-10:

* Government plans to bring back the economy to a high growth of 9%
* GDP growth dipped to 6.7% in FY '09
* FM to make pre-budget talks with state FMs an annual affair
* Fiscal deficit up from 2.7% to 6.8% of GDP
* Return to fiscal prudence at the earliest
* "Aam admi" is focus of all programmes and schemes
* IT exemption limit raised; Rs50,000 for senior citizens
* Limit raised by Rs10,000 for tax payers, including women
* 10% surcharge on personal income tax scrapped
* Fringe Benefit Tax abolished
* No change in corporate tax
* Defence gets Rs1,41,703 cr, up 34%
* Total fiscal stimulus in 2008-09 amounts to Rs1,86,000 crore
* IIFCL to evolve mechanism for increased infrastructure funding
* IIFCL to re-finance commercial bank loans up to 60% in critical projects through PPP to the tune of Rs1,00,000 crore
* Allocations for highways being stepped up by 23%
* Funds for housing, amenities for urban poor, up Rs3,973 crore
* Funds for JNNURM up 87% to Rs12,887 crore
* Assistance for storm-water drainage project up by Rs300 crore
* Farm credit target up at Rs3,25,000 crore from Rs2,87,000 crore
* Interest rates incentive to farmers to repay loans on time
* Additional Rs1,000 crore for accelerated irrigation scheme
* Export Credit Guarantee scheme extended till March 2010
* 2% interest subvention (IS) scheme extended till March 2010
* IS scheme to cover seven job-oriented sectors, including textile, handicrafts and handlooms.
* Commodity Transaction Tax abolished
* New pension system trust exempted from STT; DDT
* Minimum Alternate Tax hiked to 15% from 10%
* Tax holiday on petroleum sector extended to natural gas
* 100% tax deduction on political donations
* Stimulus for print media for another six months
* Fertiliser subsidy to be nutrient-based, not price-based
* Expert group to form viable pricing for imported petroleum goods
* Banks and insurance firms to remain in the public sector
* Rs100 crore one-time grant to expand banks in unbanked areas
* Government committed to providing Rs100 per day as wages under NREGA
* * Allocation of Rs39,100 crore to be made for NREGA
* NREGA coverage increased to 4.74 crore households in FY '09
* Work National Food Security scheme has begun
* Allocation for Bharat Nirman being raised by 45%
* Rs2,000-crore rural housing fund under National Housing Bank
* Mission for female literacy with focus on minorities, SC/STs
* 50% of all rural women to be brought into SHG programmes
* Full interest subsidy for students in select institutions. Five lakh students to benefit
* Modernisation of national exployment exchanges
* Action for social security to unorganised sector workers
* New pension benefits for 12 lakh jawans and JCOs from July
* One lakh dwelling units for paramilitary forces
* Unique Identification Card to citizens in 12-18 months
* Provision of Rs120 crore for UIC project
* Rs2,113 crore allocated for IITs and new IITs
* Rs3,472 crore for Commonwealth Games, up from Rs2,112 crore
* Customs, excise and service tax base rates unchanged
* Allocation for Indira Awas Yojana increased 63%
* IT returns to be made simpler
* Eight missions being launched under plan on climate change
* Allocation for market development assistance scheme up 148%
* Allocation for Rural Health Mission raised by Rs257 crore above interim budget
* Rs500 crore for rehabilitation of Sri Lankan Tamils
* Rs1,000 crore for infrastructure in cyclone-hit area in WB
* Total expenditure crosses Rs10 lakh crore for the first time
* Share of direct taxes in revenue increased to 56% in FY '09

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