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Union Budget 2010-11

Union Finance Minister Pranab Minister on Friday presented the Union Budget 2010-11 in the Parliament.

Highlights of Union Budget 2010-11:

* First challenge before Government is to quickly revert to high GDP growth path of nine per cent

* Second challenge is to harness economic growth to make it more inclusive and consolidate gains.

* Impressive recovery in the past few months can witness faster recovery in the coming months

* To strengthen food security.

* Focus shifted to non-governmental actors. Government to concentrate on supporting and delivering services to the economically backward sections

* Growth rate in manufacturing was 18.5 per cent

* Economy stabilised in Q1 of 2009

* Development needs to be more inclusive

* Challenge is to return to high GDP

* Government to consult with CMs to bring down inflation

* Income tax reforms nearly complete

* Earnest endeavour to implement General Sales Tax in April 2011

* Disinvestment target: Rs 25,000 crore this year

* Government hopes to implement direct tax code from April 2011

* Fertiliser subsidy to be reduced

* To discuss Kirit Parikh report in due course

* Status paper on public debt within six months

* Rs 16,500 crore capital support for PSU banks
Government to provide Rs 300 crore for agriculture impetus.

* Two per cent loan subsidy for farmers.

* To extend farm loan payment by six months.

* Banks consistently meeting targets.

* Banking licence for pvt, NBFC players being considered.

* Bank farm loan target: Rs 3.75,lakh crore.

* Nutrient based fertiliser subsidy scheme to come into force from April 1.

* Government has decided to set up apex-level Financial Stability and Development Council.

* RBI considering some additional banking licenses to private companies, NBFC will also be considered if they meet criteria.

* Five mega food parks to be set up.

* Power sector allocation doubled.

* To establish clean energy fund.

* Renewable energy allotment up by 61 per cent.

* Government committed to ensure continued growth of Special Economic Zones.

* Need to take firm view on opening up of the retail sector.

* Rs 200 crore to Goa for restoring beaches.

* Rs 500 crore for Clean Ganga mission.

* Tamil Nadu gets Rs 200 crore for textile development.

* School education allocation hiked to 31,036 crore.

* Social sector spending up to Rs 1.37 lakh crore.

* Government to provide Rs 66,100 crore for rural development.

* To build 20 km of highway every day.

* Health allocation to 22,300 crore.

* Textile ministry to train 30 lakh people

* Banks for all villages with population of 2,000

* Health insurance to NREGA beneficiaries

* Smart Card extended to NREGA

* Indira Awas Yojana scheme”s unit cost raised to Rs 45,000 in plain area and Rs 48,500 in hilly areas

* Allocated Rs 2,400 crore for MSMEs

* IIFCL to double refinancing banks for infra

* Rs 3675 crore education grant to states

* NREGA allocation to Rs 40,100 crore

* Power sector allocation doubled to Rs 5130 crore

* FDI regime to be simplified

* Rural development allocation increased to Rs 61,000 crore

* 25 per cent of plan outlay earmarked for rural infrastructure development

* Allocation for urban development increased by 75 per cent to Rs 5,400 crore in 2010-11

* Pvt sector to meet foodgrain storage deficit

* Rs 100 crore woman farmer fund scheme

* Interest subvention for low-cost housing extended

* Tech advisor group under Nandan Nilekani

* National Commission for Delivery of Justice and Legal reform proposed

* Defence allocation at Rs14 lakh crore

* First set of UID numbers this year

* 15 per cent hike in planned expenditure, six per cent in non-planned

* Gross tax receipts: Rs 746 lakh crore

* 55 per cent fiscal deficit target

* Fiscal deficit to be brought down to 48 per cent this year

* 2009-10 fiscal deficit revised to 69 per cent

* Rs 20,000 additional tax break for infra bonds

* 30 per cent income tax on Rs 8 lakh and above

* 20 per cent income tax on Rs 5 – Rs 8 lakh

* 10 per cent income tax on Rs 1.6 – Rs 5 lakh

* No income tax upto Rs 1.6 lakh

* Infotech usage in tax management to be enhanced

* Direct tax receipts to fall by Rs 56,000 crore

* R&D Corp Tax break up to 200 per cent

* Corp Min Alternate Tax up from 15 to 18 per cent

* Corporate tax surcharge down from 10 to 7.5 per cent

* Rs 20,000 additional tax break for infra bonds

* Standard excise rate up from 8 to 10 per cent

* Large cars, SUVs excise up to 22 per cent from 20 per cent

* Stimulus-led excise duty rollback partially reversed

* Excise on cigars, cigarettes to go up

* Five per cent import duty on crude petroleum restored

* To levy excise duty of Re 1/lt on petrol

* Growth incentives coming up

* Partial rollback of excise duty on cement.

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