Tuesday, July 7, 2009

Indian Union Budget 2009: Highlights & Report

Indian Union Budget 2009: Highlights & Report

Source - Here

Here are the Complete Highlights of Budget

  • Fiscal deficit up from 2.7 6.2% to 6.8% of GDP
  • ‘Aam admi’ is focus of all programmes and schemes .
  • IT exemption limit raised; Rs 15,000 for Sr.citizens
  • Limit raised by Rs 10,000 for tax payers, including women
  • 10% surcharge on personal income tax scrapped
  • Fringe Benefit Tax abolished
  • No change in corporate tax
  • Defence gets Rs 1,41,703 cr, up 34%
  • Total fiscal stimulus in 2008-09 amounts to Rs 1,86,000 cr
  • IIFCL to evolve mechanism for increased funding of infra
  • IIFCL to re-finance commercial bank loans up to 60 per cent in critical objects through PPP to tune of Rs 1,00,000 cr
  • Allocations for highways being stepped up by 23 per cent
  • Funds for housing, amenities for urban poor up Rs 3,973 cr
  • Funds for JN Urban Renewal Mission up 87% to Rs 12,887 cr
  • Assistance for storm-water drainage project up by Rs 300 cr
  • Farm credit target up at Rs 3,25,000 cr from Rs 2,87,000 cr
  • Interest rates incentive to farmers to repay loans on time
  • Additional Rs 1,000 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 7 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 petro sector extended to natural gas
  • 100% tax deduction on political donation
  • Stimulus for print media for another six months
  • Fertiliser subsidy to be nutrient-based, not price
  • Expert Grp to form viable pricing for imported petro goods
  • Banks and insurance firms to remain in public sector
  • Rs 100 cr one-time grant to expand banks in unbanked areas
    Govt committed to provide Rs 100 a day as wages under NREGA
  • Allocation of Rs 39,100 cr 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 per cent
  • Rs 2,000 cr rural housing fund under National Housing Bank
  • Mission for female literacy with focus on minorities, SC/ST * 50% of all rural women to be brought into SHG programmes
  • Full interest subsidy for students in select institutions
  • Five lakh students to benefit
  • Modernization of national employment exchanges
  • Action for social security to unorganized sector workers
  • New pension benefits for 12 lakh jawans and JCOs from July
  • One lakh dwelling units for paramilitary forces personnel
  • Unique Identification Card to citizens in 12-18 months
  • Provision of Rs 120 crore for UIC project
  • Rs 2,113 crore allocated for IITs and new IITs
  • Rs 3472 cr for Commonwealth Games from Rs 2112 cr
  • Customs, excise and service tax base rates unchanged
  • For Indira Awas Yojana, allocation increased 63%
  • Incom Tax returns to be made simpler
  • 8 missions being launched under Plan on climate change
  • Allocation for market development assistance scheme up 148%
  • Allocation for Rural Health Mission raised by Rs 257 cr above interim budget
  • Rs 500 cr for rehabilitation of Sri Lankan Tamils
  • Rs 1,000 cr for infrastructure in cyclone-hit area in WB
  • Total expenditure crosses Rs 10 lakh crore in history of India for first time.
  • Share of direct taxes in revenue increased to 56% in FY’09

Here is a pdf that will give you a complete overview and detailed highlights of Indian Union Budget 2009

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