Despite fuel price hike, Pranab Mukherjee managed to make both the salaried class as well as the entrepreneurs happy.Highlights of 2010-11 budget presented by Finance Minister Pranab Mukherjee in parliament Friday:
-- Concessional duty of 4 percent for solar power rickshaw developed by Council of Scientific and Industrial Research
-- Concessional customs duty of 5 percent for cable TV operators for importing equipment
-- Toys fully exempt from central excise duty
-- Service sector tax retained at 10 percent to aid the introduction of GST; more services to be taxed
-- Accredited news agencies exempt from service tax
-- Net revenue gain Rs.22,500 crore
-- Taxes on large cars and SUVs increased 2 percent to 22 percent
-- Basic duty of 5 percent on crude oil restored
-- Tax on cigarettes, cigars and chewing tobacco increased
-- Rs. 26,000 crore revenue loss due to reduction of direct taxes
-- Partial roll back of reduction in central excise duty
-- Income up to Rs.1.6 lakh per year exempt from income tax; up to Rs.5 lakh to be taxed at 10 percent; income of Rs.5-8 lakh to be taxed at 20 percent and income above Rs.8 lakh to be taxed at 30 percent
-- IT returns forms for individual tax payers to be further simplified
-- Expenditure in 2010-11 estimated at 11,l8,749 crore
-- Fiscal deficit estimated at 5.5 percent in 2010-11; an improvement of 1 percent over 2009-10
-- Two more centralised tax processing centres to be set up in addition to the one at Bangalore
-- National Social Security Fund created for workers in unorganised sector with allocation of Rs.1,000 crore
-- Government to give Rs.1,000 for each National Pension Scheme account opened by workers in the unorganised sector
-- Exclusive skill development programme for the textile sector
-- Fifty percent hike in allocation for schemes for women and child development
-- Rs.4,500 crore allocated for ministry of social justice and empowerment, a hike of 80 percent
-- Rs.2,600 crore allocated for ministry of minorities affairs
-- Rs.1,900 crore for Unique Identification Authority of India
-- Rs.147,344 crore allocated for defence
-- 2,000 youth to be recruited in central paramilitary forces
-- Draft Food Security Bill prepared and will be put in the public domain
-- Allocation on primary education raised from Rs.26,800 crore to Rs.31,300 crore
-- Banking facilities to be provided to all habitations with a population of 2,000 and more
-- Rs.66,100 crore allocated for rural development in 2010-11; Rs.40,100 crore for National Rural Employment Scheme; RS.48,000 crore for Bharat Nirman
-- Rs.1,270 crore allocated for Rajiv Awas Yojana for slum dwellers, up from Rs.150 crore, an increase of 700 percent with the aim of creating a slum free India.
-- Forty-six percent of plan allocations in 2010-11 will be for infrastructure development
-- Coal Regulatory Authority to be set up to benchmark standards of performance
-- Allocation for new and renewable energy sector increased 61 percent from Rs.620 crore to Rs.1,000 crore in 2010-11
-- National Clean Energy Fund to be established
-- Rs.200 crore allocated as special package for Goa to prevent erosion and increase green cover
-- Government committed to growth of SEZs
-- Four-pronged strategy for growth of agricultural sector
-- Rs.200 crore to be provided in 2010-11 for climate-resilient agricultural initiative
-- Involvement of private sector in grain storage to continue for another two years
-- In view of drought and floods, debt repayment period extended to June 2010
-- Five more mega food processing projects in addition to 10 existing ones
-- FDI flows in April-December 2009 $20.9 billion
-- FDI policy to be made more user-friendly with one comprehensive document
-- Apex level financial stability council to be set up for banking sector
-- Indian Banking Association to give additional licences to private players
-- Provision for further capital for regional rural banks
-- Roadmap for reducing public debt in six months
-- Implementation of direct tax code from April 2011
-- Government actively engaged in finalising structure of general sales tax regime; hopes to implement it from April 2011
-- New fertiliser policy from April 2010; will lead to improved productively and more income for farmers
-- Economy stabilised in first quarter of 2009-10; strong rebound in second quarter; overall growth at 7.2 and could be higher when Q3 and Q4 are taken into account
-- Export figures for January encouraging
-- Hope to breach 10 percent growth mark in not too distant future
-- Government set in motion steps to bring down food inflation
-- Need to review stimulus package; need to make growth more broad-based
-- India has weathered global economic crisis well; Indian economy in far better position than it was a year ago. In 2009 Indian economy faced grave uncertainty; delay in southwest monsoon had undermined agricultural production
-- First challenge now is to quickly revert to 9 percent growth and then aim for double digit growth; need to make recovery more broadbased
-- Second challenge is to make growth more inclusive; have to strengthen food security
-- Third challenge is to overcome weakness in government's public delivery mechanism; a long way to go in this
-- Toys fully exempt from central excise duty
-- Service sector tax retained at 10 percent to aid the introduction of GST; more services to be taxed
-- Accredited news agencies exempt from service tax
-- Net revenue gain Rs.22,500 crore
-- Taxes on large cars and SUVs increased 2 percent to 22 percent
-- Basic duty of 5 percent on crude oil restored
-- Tax on cigarettes, cigars and chewing tobacco increased
-- Rs. 26,000 crore revenue loss due to reduction of direct taxes
-- Partial roll back of reduction in central excise duty
-- Income up to Rs.1.6 lakh per year exempt from income tax; up to Rs.5 lakh to be taxed at 10 percent; income of Rs.5-8 lakh to be taxed at 20 percent and income above Rs.8 lakh to be taxed at 30 percent
-- IT returns forms for individual tax payers to be further simplified
-- Expenditure in 2010-11 estimated at 11,l8,749 crore
-- Fiscal deficit estimated at 5.5 percent in 2010-11; an improvement of 1 percent over 2009-10
-- Two more centralised tax processing centres to be set up in addition to the one at Bangalore
-- National Social Security Fund created for workers in unorganised sector with allocation of Rs.1,000 crore
-- Government to give Rs.1,000 for each National Pension Scheme account opened by workers in the unorganised sector
-- Exclusive skill development programme for the textile sector
-- Fifty percent hike in allocation for schemes for women and child development
-- Rs.4,500 crore allocated for ministry of social justice and empowerment, a hike of 80 percent
-- Rs.2,600 crore allocated for ministry of minorities affairs
-- Rs.1,900 crore for Unique Identification Authority of India
-- Rs.147,344 crore allocated for defence
-- 2,000 youth to be recruited in central paramilitary forces
-- Draft Food Security Bill prepared and will be put in the public domain
-- Allocation on primary education raised from Rs.26,800 crore to Rs.31,300 crore
-- Banking facilities to be provided to all habitations with a population of 2,000 and more
-- Rs.66,100 crore allocated for rural development in 2010-11; Rs.40,100 crore for National Rural Employment Scheme; RS.48,000 crore for Bharat Nirman
-- Rs.1,270 crore allocated for Rajiv Awas Yojana for slum dwellers, up from Rs.150 crore, an increase of 700 percent with the aim of creating a slum free India.
-- Forty-six percent of plan allocations in 2010-11 will be for infrastructure development
-- Coal Regulatory Authority to be set up to benchmark standards of performance
-- Allocation for new and renewable energy sector increased 61 percent from Rs.620 crore to Rs.1,000 crore in 2010-11
-- National Clean Energy Fund to be established
-- Rs.200 crore allocated as special package for Goa to prevent erosion and increase green cover
-- Government committed to growth of SEZs
-- Four-pronged strategy for growth of agricultural sector
-- Rs.200 crore to be provided in 2010-11 for climate-resilient agricultural initiative
-- Involvement of private sector in grain storage to continue for another two years
-- In view of drought and floods, debt repayment period extended to June 2010
-- Five more mega food processing projects in addition to 10 existing ones
-- FDI flows in April-December 2009 $20.9 billion
-- FDI policy to be made more user-friendly with one comprehensive document
-- Apex level financial stability council to be set up for banking sector
-- Indian Banking Association to give additional licences to private players
-- Provision for further capital for regional rural banks
-- Roadmap for reducing public debt in six months
-- Implementation of direct tax code from April 2011
-- Government actively engaged in finalising structure of general sales tax regime; hopes to implement it from April 2011
-- New fertiliser policy from April 2010; will lead to improved productively and more income for farmers
-- Economy stabilised in first quarter of 2009-10; strong rebound in second quarter; overall growth at 7.2 and could be higher when Q3 and Q4 are taken into account
-- Export figures for January encouraging
-- Hope to breach 10 percent growth mark in not too distant future
-- Government set in motion steps to bring down food inflation
-- Need to review stimulus package; need to make growth more broad-based
-- India has weathered global economic crisis well; Indian economy in far better position than it was a year ago. In 2009 Indian economy faced grave uncertainty; delay in southwest monsoon had undermined agricultural production
-- First challenge now is to quickly revert to 9 percent growth and then aim for double digit growth; need to make recovery more broadbased
-- Second challenge is to make growth more inclusive; have to strengthen food security
-- Third challenge is to overcome weakness in government's public delivery mechanism; a long way to go in this
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