GENERAL BUDGET 2010-11

  • THE FINANCE MINISTER SHRI PRANAB MUKHERJEE  LAYS EMPHASIS ON CONSOLIDATED GROWTH, IMPROVING INVESTMENT ENVIRONMENT, INCLUSIVE DEVELOPMENT AND STRENGTHENING  TRANSPARENCY AND PUBLIC ACCOUNTABILITY IN BUDGET 2010-11.
  • THE TOTAL EXPENDITURE PROPOSED IN THE BUDGET ESTIMATES IS RS.11,08,749 CRORE , AN INCREASE OF 8.6 PER CENT OVER LAST YEAR.
  • THE PLAN AND NON-PLAN EXPENDITURE ESTIMATED AT RS.3,73,092 CRORE AND RS.7,35,657 CRORE RESPECTIVELY, AN INCREASE OF 15 PERCENT IN PLAN EXPENDITURE AND 6 PER CENT IN NON-PLAN EXPENDITURE OVER THE BE OF PREVIOUS YEAR.
  • FISCAL DEFICIT  AT  5.5 PER CENT OF GDP WORKS OUT TO BE RS. 3,81,408 CRORE.
  • ROLLING TARGETS FOR FISCAL DEFICIT  PEGGED AT 4.8 PER CENT AND 4.1 PER CENT  FOR 2011-12 AND 2012-13.
  • NET MARKET BORROWING WOULD BE OF THE ORDER OF RS. 3,45,010 CRORE  LEAVING ENOUGH SPACE TO MEET CREDIT  NEEDS OF PRIVATE SECTOR.
  • AGAINST A FISCAL DEFICIT OF 7.8 PER CENT IN 2008-09 , INCLUSIVE OF OIL AND  FERTILIZER BONDS, THE COMPARABLE FISCAL DEFICIT IS 6.9 PER CENT  AS PER RE 2009-10.
  • GROSS TAX RECEIPTS ESTIMATED AT RS.7,46,651 CRORE AND NON-TAX RECEIPT ESTIMATED AT RS. 1,48,118  CRORE.
  • STATUS PAPER GIVING ROAD MAP FOR CURTAILING  THE OVERALL PUBLIC DEBT  TO BE BROUGHT OUT WITHIN 6 MONTHS.


  • ABOUT RS. 25,000 CRORES TO BE RAISED  THROUGH DISINVESTMET PROGRAMME
  • TO SIMPLIFY THE FDI REGIME,  FOR THE FIRST TIME BOTH OWNERSHIP & CONTROL RECOGNISED AS CENTRAL TO THE FDI POLICY.
  • RS. 16,500 CRORE  TO BE PROVIDED  TO PUBLIC SECTOR BANKS  TO ACHIEVE A MINIMUM 8 PER CENT TIER-I
  • GROWTH OF 127 PER CENT  RECORDED IN EXPORTS FROM SEZs TILL DECEMBER, 2009.
  • A FOUR-PRONGED STRATEGY TO SPUR THE GROWTH IN AGRICULTURE SECTOR ENVISAGED. WHICH INCLUDES AGRICULTURAL PRODUCTION, REDUCTION IN WASTAGE OF PRODUCE , CREDIT SUPPORT  TO FARMERS AND THRUST TO THE FOOD PROCESSING SECTOR.
  • AGRICULTURE CREDIT FLOW TARGET  RAISED TO RS. 3,75,000 CRORE  FROM  RS.3,25,000 CRORE
  • SUBVENTION  FOR TIMELY  REPAYMENT OF CROP LOAN  INCREASED FROM 1 PER CENT TO 2 PER CENT.
  • INFRASTRUCTURE DEVELOPMENT  GETS AN ALLOCATION OF Rs. 1,73,552 CRORE, 46  PER CENT OF TOTAL PLAN ALLOCATION , AN INCREASE OF 13 PER CENT  IN ROAD  TRANSPORT SECTOR.
  • INDIA INFRASTRUCTURE  FINANCE COMPANY LIMITED’S  DISBURSEMENTS TO REACH RS. 20,000 CRORE BY MARCH 2011.
  • ALLOCATION FOR POWER SECTOR INCREASED  BY MORE THAN DOUBLED TO RS. 5,130 CRORE.
  • NEW TAX INCENTIVES  ANNOUNCED FOR INFRASTRUCTURE SECTOR.
  • NATIONAL CLEAR ENERGY FUND FOR FUNDING RESEARCH AND INNOVATIVE PROJECTS  IN CLEAN ENERGY TECHNOLOGIES  TO BE SET UP.
  • SPENDING ON SOCIAL SECTOR  TO ACCOUNT FOR 37 PER CENT OF  TOTAL PLAN OUTLAY  AT RS.1,37,674 CRORE
  • ALLOCATION FOR RURAL DEVELOPMENT ENHANCED TO RS.66,100  CRORES. ALLOCATION FOR NREGA  STEPPED UP TO 40,100 CRORE.
  • RS. 48,000 CRORE ALLOCATED FOR BHARAT NIRMAN  PROGRAMME
  • BACKWARD REGION GRANT FUND  ALLOCATION ENHANCED TO RS. 7,300 CRORE.
  • RAJIV AWAS YOJNA FOR SLUM DWELLERS AND URBAN POOR TO GET RS. 1,270 CRORE , AN INCREASE OF OVER 700 PER CENT
  • NATIONAL SOCIAL SECURITY FUND FOR UNORGANISED SECTOR WORKERS TO BE  SET UP WITH  AN INITIAL AMOUNT OF RS. 1,000 CRORE.
  • MAHILA KISAN SASHAKTIKARAN PARIYOJNA  WITH  A PROVISION OF RS.100 CRORE LAUNCHED
  • 80 PER CENT INCREASE IN THE ALLOCATION  FOR MINISTRY OF SOCIAL JUSTICE & EMPOWERMENT  AT RS 4,500 CRORE.
  • MINORITY AFFAIRS TO GET  RS.2,600 CRORE, AN INCREASE OF 50 PER CENT.
  • TO REWRITE AND CLEAN UP THE FINANCIAL SECTOR LAWS, FINANCIAL SECTOR LEGISLATIVE REFORMS COMMISSION  TO BE SET UP.
  • UNIQUE IDENTIFICATION AUTHORITY OF INDIA TO  GET AN ALLOCATION OF RS. 1,900 CRORE. A TECHNOLOGY ADVISORY GROUP FOR UNIQUE PROECT TO BE   SET UP.
  • ALLOCATION  FOR DEFENCE INCREASED TO  RS.1,47,344 CRORE
  • NATIONAL MISSION FOR DELIVERY OF JUSTICE AND LEGAL REGORMS TO BE SET UP  TO PROVIDE TIMELY JUSTICE TO ALL.
  • INCOME TAX SLABS BROADENED  –  10 PER CENT ON INCOME ABOVE  RS 1.6 LAKH TO 5.00 LAKH, 20 PER CENT   ON INCOME ABOVE 5.OO LAKH  TO 8.00 LAKH , 30 PER CENT ON ABOVE RS. 8.00 LAKH
  • ADDITIONAL DEDUCTION OF RS. 20,000 FOR INVESTMENT IN INFRASTRUCTURE BONDS
  • SURCHARGE OF 10 PER CENT ON DOMESTIC COMPANIES REDUCED TO  7.5 PER CENT
  • MAT INCREASED  FROM 15 PER CENT TO 18 PER CENT
  • WIGHTED DEDUCTION  NON EXPENDITURE INCURRED ON IN-HOUSE  R&D FROM 150 PER CENT TO 200 PER CENT
  • LIMIT OF TURNOVER FOR PRESUMPTIVE TAXATION OF SMALL BUSINESS ENHANCED TO RS. 60 LAKH.
  • LIMITS OF TURNOVER NEEDING AUDIT ENHANCED TO 60 LAKH FOR BUSINESSES AND RS. 15 LAKH FOR PROFESSIONS.
  • PROPOSAL OF DIRECT TAX TO RESULT IN REVENUE LOSS OF RS. 26,000 CRORE WHERE AS INDIRECT TAXES  TO RESULT  IN A REVENUE GAIN OF RS. 46,500 CRORE.
  • SERVICE TAX PROPOSALS TO  RESULT IN NET REVENUE GAIN OF RS.3,000 CRORE.
  • ACCREDITED NEWS AGENCIES  WHICH PROVIDES NEWS FEED ONLINE EXEMPTED FROM SERVICE TAX
  • SARAL –II  FOR INDIVIDUALSALARY  TAXPAYERS READY FOR NOTIFICATION
  • SERVICE TAX RETAINED AT 10 PER CENT.
  • CERTAIN NEW SERVICES  TO BE BROUGHT  WITHIN SERVICE TAX PURVIEW..
  • MICRO-WAVE OVENS, PRE-PACKAGED IMPORTED GOODS,  MOBILE PHONES, WATCHES, READYMADE GARMENTS, TOY BALOONS, LONG PEPPER, REPLACEABLE HOUSEHOLD WATER FILTER  TO BE CHEAPER.
  • INFOTAINMET SECTOR TO BENEFIT FROM CONCESSIONAL CUSTOM DUTY
  • INDIAN RUPEE TO GET A SYMBOL, JOIN THE SELECT CLUB OF CURRENCIES
  • SPECIAL DUTY CONCESSIONS TO PROMOTE CLEAN ENVIRONMENT CLEAN ENERGY CESS @ RS. 50 PER TONNE ON COAL
  • RATE REDUCTION IN CENTRAL EXCISE DUTIES PARTIALLY ROLLED BACK AD VALOREM ON NON PETRO PRODUCTS & CARS INCREASED BY 2 PER CENT
  • UNIFORM BASIC DUTY OF 5 PER CENT AND CVD OF 4 PER CENT ON IMPORT OF MEDICAL EQUIPMNET.
  • SCIENTIFIED INPUTS FOR ORTHOPAEDIC IMPLANTS EXEMPTED FROM IMPORT DUTY
  • CENTRAL EXCISE ON PETROL & DIESEL RAISED BY RS. ONE PER LITRE.
  • MAJOR TAX RELIEF TO AGRICULTURE & RELATED SECTORS
  • PROJECT IMPORT STATUS FOR THE SETTING UP OF COLD STORAGES

·         FULL EXEMPTION FROM EXCISE DUTY TO TRAILERS & SEMI –TRAILERS.

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