Budget Highlights By Finance Minister Pranab Mukherjee in Lok Sabha on Friday
By ugesh sarkar, Section News
Posted on Fri Feb 26, 2010 at 01:06:27 AM EST
Following are the highlights of the Budget speech for 2010-11 by Finance Minister Pranab Mukherjee in Lok Sabha on Friday.
- India weathered economic crisis well
- Need to review stimulus imparted to econony
- Need to review public spending and mobilise resources
- High food inflation due to bad monsoon & drought conditions
- Steps being taken to tackle price rise
- Economy in far better position than it was eight years ago
- First challenge is to quickly revert to 9% high GDP growth
- Second to make growth more inclusive and consolidate gains
- Impressive recovery in past few months
- Economy stabilised in Q1 of 2009 itself
- 18.5% manufacturing growth in Dec highest in two decades
- Faster recovery seen in the coming months
- Figures for merchandise exports for January encouraging
- Food security strengthened
- Govt's focus on services to economically backward sections
- Hope to implement Direct Tax Code from April 2011
- Status paper on public debt within six months
- Endeavour to implement General Sales Tax in April 2011
- Govt will raise Rs 25,000 cr from disinvestment in PSUs
- Market cap of five PSUs listed since October up 3.5 times
- Fuel price deregulation proposal will be taken up
Source: The Pioneer Budget Highlights By Finance Minister Pranab Mukherjee in Lok Sabha on Friday
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- Nutrient-based fertiliser subsidy from April 1, 2010
- FDI inflows steady; Govt simplifying FDI regime
- To set up Financial Stability and Development Council
- RBI mulling additional banking licenses to pvt
- NBFC will be considered if they meet criteria
- 2% interest subvention on handicraft exports for 1 more yr
- Rs 200 crore for climate resilient agriculture initiative
- Committed to growth of Special Economic Zones
- Need for firm view on opening up retail sector
- Farm loan repayment eased by 6 months till June 30, 2010
- Crop loan interest subsidy for timely payment raised to 2%
- Propose to maintain thrust of rural, urban infra upgrade
- IIFCL authorised to refinance infrastructure projects
- Rs 1,73,552 cr provided for infrastructure development
- Railways allocation hiked Rs 950 cr to Rs 16,752 crore
- Govt proposes to set Coal Development Regulatory Authority
- Mega power plant policy modified to lower generation cost
- Allocation to power sector more than doubled to Rs 5,130 cr
- Govt for competitive bid for coal blocks for captive power
- Rs 500 crore for solar and hydro projects in Ladakh region
- New Clean Energy Fund for research in new energy sources
- Renewable Energy Ministry allocation up 61% to Rs 1000 cr
- Rs 200 cr one-time grant to Tirupur textile cluster in TN
- Outlay for Ganga River Basin Authority doubled to Rs 500 cr
- Alternative port at Sagar Island in West Bengal
- Draft of Food Security Bill ready; in public domain soon
- Outlay for social sectors pegged at Rs 1,37,674 crore
- Social sector outlay 37 per cent of total plan allocation
- Plan allocation for school education Rs 31,036 cr
- Allocation for health and family welfare Rs 22,300 cr
- For rural development Rs 66,100 cr allocated
- Indira Awas Yojana unit cost raised to Rs 45,000 in plains & Rs 48,500 in hilly areas.
- Allocation for urban development raised 75% to Rs 5,400 cr
- 1% loan interest subsdiy for houses upto Rs 20 lakh
- Outlay for micro & small scale sector raised to Rs 2,400 cr
- Rs 1,270 crore for slum development programme, up 700%
- National Social Security Fund with Rs 1000 cr outlay
- Allocation for women and child development hiked 80%
- Rs 1,000/yr to a/c holders under New Pension Scheme
- Outlay for Minority Affairs Min raised to Rs 2,600 cr
- Rs 1,900 cr for Unique Identification Authority of India
- Unique identity symbol for Indian Rupee like US Dollar etc.
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