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Cabinet approves Budget 2009


cii
Pranab tables Budget
Budget speech completed. Finance Bill-II 2009 introduced.
  • Customs duty on bio-diesel reduced.
  • Silver to cost more.
  • Tax to be levied on Law Firms.
  • Textile units to receive tax holiday.
  • LCD TVs to cost less. Custom duty on LCD TVs cut from 10% to 5%.
  • Set-Top Boxes to cost more. Customs duty of 5% on set-top boxes.
  • To extend tax holiday for commercial production of mineral oil and natural gas.
  • Enhance budgetary support by Rs 40,000 cr.
  • Fringe Benefit Tax abolished.
  • Commodity Transaction Tax abolished.
  • Personal income tax exemption hiked by Rs 10,000.
No surcharge of 10% on personal income tax.
  • Centralised processing center at Bengalooru to streamline taxation.
  • No change in corporate tax.
  • Increase in exemption slab for senior citizens by Rs 15,000.
  • Fiscal deficit at 6.8% of GDP.
  • Proposes Rs 500 cr for rehabilation of displaced persons of northern and eastern areas of Sri Lanka.
  • Aila Relief proposed at Rs 1,000 crore.
  • Increased allocation for higher education. New IITs to be set up. Rs 2,113 cr for IITs and NITs.
  • Rs 25 cr each for AMU campuses in Murshidabad and Mallapuram.
  • Defence outlay goes up. One lakh dwelling units for paramilitary forces personnel to be constructed.
  • Allowances to para-military forces at par with defence forces.
  • One rank, one pension for ex-servicemen.
  • Allocation for Commonwealth Games to be raised to Rs 3472 crore
  • Online job exchange to be started with private partnership.
Unique ID plan to roll out in 12-18 months.
  • Top people from private sector to be given responsibility of vital national projects.
  • Interest subsidy for home loans up to Rs 1 lakh.
  • All BPL families to be bought under one smart card program.
  • 50% of all rural women to be brought into self-help group programmes.
  • Rural mega clusters in Bengal and Rajasthan.
  • To add handloom clusters in West Bengal and Tamil Nadu.
  • 75% hike in irrigation projects.
  • Rural Housing: Allocation to Indira Awaas Yojna hiked by 63% to Rs 8,883 cr. Rs 7000 crores for rural electrification scheme.
  • Rs 31,100 crore allocation for NREGA. NREGA gave employment opportunities to more than 4.479 cr households.
  • Rs 100 cr one-time grant to expand banks in non-banking areas.
  • Banks, insurance to stay with Govt. Banking network to be expanded.
  • Expert panel to look into petroleum product pricing. Domestic oil prices must be in sync with global prices.
  • 'Aam Admi' is the focus of all our programmes and schemes: Pranab
  • Tax system should be such that it shold encourage voluntary compliance.
  • Income Tax forms to be made user-friendly. Saral-II forms to simplify taxation process
Export Credit Guarantee scheme extended till March 2010.
  • Stimulus package to print media extended till December 31.
  • Farmers loan interest to come down to 6%. Interest subvention scheme for farm loans to be manitained.
  • Additional budget allocation for farmers.
  • IIFCL will refinance 60% of commercial bank loans in PPP. IIFCL to look at infrastructure needs.
  • Mumbai flood management allocation hiked to Rs 500 cr.
  • 87% rise in urban renewal mission. Housing allocation hiked.
  • Fiscal stimulus at 3.5% of GDP
  • Allocation for NHAI up 23%
  • Trade in goods and services doubled in 2008
  • Job creation hit due to economic slowdown: Pranab
  • Govt took 3 stimulus packages so far. Two worst quarters of the global economic crisis is now behind us: Pranab
One budget can not solve all problems: Pranab
  • Foreign capital inflow is important
  • Increased focus on growth and encourage nation's development
  • Sustain growth rate of 9% for a longer period. Farm sector growth at 4%
  • Union Finance Minsiter begins his speech. This is Pranab Mukherjee's 4th budget.
  • Cabinet approves Union Budget.

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