India Union Budget 2009 – 2010 - HIGHLIGHTS Pranab Kumar Mukherjee The Current Finance Minister of India. Finance Minister since Jan 24, 2009 Born on

India Union Budget 2009 – 2010 - HIGHLIGHTS

Pranab Kumar MukherjeeThe Current Finance Minister of India.

Finance Minister since Jan 24, 2009Born on December 11, 1935

A prominent State Leader of Indian National Congress and

The leader of the house in the Lok Sabha

Recently, Mr.Mukherjee announced Union Budget 2009-10 in Lok Sabha.

06 July 2009

The Budget Highlights

India targets return to 9% growth

12 million new jobs each year and reduce poverty by half by 2014.

Will create close to 12 million jobs

Allocation of railways increased to 15,800cr


Fiscal stimulus of 1,86,000cr provided

LNG infrastructure in the country being expanded

Rs 3937cr for improvement of urban poor

Funding to NHAI stepped up by 23%


Allocation for Jawaharlal Nehru Urban Renewal Mission raised by 87% to Rs.12,887 crore

Tax department to work on early introduction of Saral 2 forms

Stimulus for print media extended from June 13 to Dec 31

Rs.1,000 crore to accelerate irrigation projects


Agriculture development fund increased from Rs.2.87 lakh crore to Rs.3.25 lakh crore

Market development assistance scheme for exporters increased by 148 percent to Rs.124 crore

Pre-shipment interest subvention set at 2% for textile exporters

Will make sufficient funds for infrastructure development


Allocation for urban poor schemes to be raised to Rs.39,730 crore in 2009-10

Rs 2,000 crore for rural housing fund under National Housing Bank

For Indira Awas Yojana, allocation to be increased by 63 per cent in 2009-10 to touch Rs 8,800 crore.

Allocation for flagship Bharat Nirman progamme is being raised by 45 per cent.


NREGA coverage increased from 3.39 crore households in 2007-08 to 4.74 crore

households in 2008-09

Rashtriya Mahila Kosh corpus to be raised from Rs 100 crore to Rs 500 crore

National Mission for Female Literacy with emphasis on minorities, Scheduled Castes and Scheduled Tribes to be launched

50% of all rural women to be brought into self- help group programmes


Full interest subsidy for students taking courses in approved institutions. Five lakh students to benefit.

Modernisation of national employmentexchanges to be carried out.

Action initiated to provide social security to unorganised sector workers.

First Unique Identification Card to citizens to roll out in 12-18 months. Pranab proposes

provision of Rs 120 crore for the project.


Under National Action Plan on climate change, eight national missions are being launched. For one of the missions, National Ganga Project, Government proposes to increase allocation to Rs 562 crore.

Allocation for National Rural Health Mission to be raised by Rs 257 crore over and above the outlay in the interim budget.

Commonwealth allocation hiked to Rs 16,300 cr

Rs 2,113 cr for IITs and NITs


Pension of non-commissioned officers to be hiked

Commonwealth allocation hiked to Rs 16,300 cr

Allocation of Rs 50 cr to Chandigrah University

Rs 500 crore for rehabilitation of internally displaced Tamils in Sri Lanka


Rs 25 cr each for AMU campuses in Murshidabad and Mallapuram

Rs 2,113 cr for IITs and NITs

Pension of non-commissioned officers to be hiked

Rs 1,000 cr for Aila rehabilitation programme to West Bengal


One rank, one pension scheme for ex-servicemen approved

Goods and Services Tax to be introduced from April 1, 2010

Govt committed to tax reforms

Total budget expenditure for 2009-10 will Rs 10,28,032 cr


Plan expenditure, for both Centre and States, to go up by Rs 61,000 cr

Fiscal deficit in 2009-10 is proposed at 6.8 per cent of GDP

Higher public investment in infrastructure

Defense outlay has gone up


Direct Tax code to be released in 45 days along with discussion paper

Share of direct taxes has increased to 56 per cent in 2008-09 over 41 per cent in 2007-08

Personal income tax exemption limit for senior citizens raised by Rs 15,000.

No change in corporate tax


Effort is to improve tax collection by eliminating distortions in tax system and expanding the base

IT exemption limit raised; Rs 50,000 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

Minimum Alternate Tax on book profits increased to 15 per cent from 10%.

Commodities Transaction Tax abolished

New pension system trust exempted from security transaction tax and dividend distribution tax


Income tax incentives on education loans expanded to cover vocational studies after schooling

Customs duty of 5 per cent being levied on import of set-top boxes used under

Conditional Access System

Presumptive Taxation of 8 per cent on businesses of turnover of up to Rs 40 lakh

Small businesses up to Rs 40 lakh turnover exempted from filing advance tax returns

Pranab Mukherjee, the 73 year old politician, said there would be significant foreign capital inflow increase and also said that….. “I am conscious of people's faith in UPA."

His promises are certainly for the betterment of the nation.

With the upcoming budget, let’s hope

to see India growing and reaching new

heights.

Documents

India Union Budget 2009 – 2010 - HIGHLIGHTS Pranab Kumar Mukherjee The Current Finance Minister of India. Finance Minister since Jan 24, 2009 Born on