Budget 2009

Here are the key highlights of the much awaited union budget 09:



• Govt committed to tax reforms
• Hike in IT exemption to Rs 2,40,000 for senior citizens
• Commodities Transaction Tax to be scrapped
• Fringe Benefit Tax to be scrapped
• Service tax to be levied on law firms
• 10 pc surcharge on personal income tax scrapped
• Excise duty on petrol-driven small trucks down to 10%
• Exemption of duty on goods made at construction sites restored
• Drugs for heart diseases to become cheaper
• Banking network to be expanded
• Customs duty on gold and silver import increased
• Mobile phone accessories to become cheaper
• Pranab's Budget brings little cheer for the market
• Branded jewellery for women to become cheaper
• Customs Tax holiday extended for textile units
• Small businesses exempt from advance tax
• Custom duty on LCD panels halved
• Set-top boxes to cost more
• Anonymous funds to charitable bodies to get some tax relief
• MAT hiked to 15% of book profit
• Hike in IT exemption for women to Rs 1,90,000
• General Sales Tax model will have a Central GST and State GST
• duty on bio-diesel reduced
• Share of direct taxes has increased to 56 per cent in 2008-09
• GST to come into effect from April 01, 2010
• Corporate tax unchanged
• New tax code to be set up in 45 days
• Goods and Services Tax to be introduced from April 1, 2010
• 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
• Defence outlay remains unchanged
• Rs 1,000 cr for Aila rehabilitation to West Bengal
• Rs 25 cr each for AMU campuses in Murshidabad and Mallapuram
• Rs 2,113 cr for IITs and NITs
• Funds for GSI to enhance exploration of minerals
• New pension benefits for 12 lakh jawans and JCOs
• Pension of non-commissioned officers to be hiked
• Allocation for rehab of Lankan Tamils
• One lakh dwelling units for paramilitary forces to be built
• Commonwealth allocation hiked to Rs 3472 crore
• Allocation of Rs 50 cr to Chandigarh University
• Govt to hike allocation to National Ganga Project to Rs 562 cr
• One rank, one pension for ex-servicemen from July 1
• Allowances to para-military forces at par with defence forces
• Unique Identification ID project to roll out in 12-18 months
• Unique Identification ID project to tap private talent
• Allocation for NRHM to be raised by Rs 257 cr
• National action plan on climate change
• Full interest subsidy for students in approved institutions
• Modernisation of national employment exchanges
• 50% cent of rural women in self-help groups
• Rural mega clusters in Bengal and Rajasthan
• Interest subsidy for home loans up to Rs 1 lakh
• Interest subsidy on education loans
• Rashtriya Mahila Kosh corpus to be raised to Rs 500 crore
• Rs 2,000 cr for rural housing fund under National Housing Bank
• National Mission for female literacy
• NREGA allocation up 144%
• Work on National Food Security scheme for subsidised food
• Rs 100 cr one-time grant to expand banks in unbanking areas
• Indira Awaas Yojna hiked by 63% to Rs 8,883 cr Allocation for PM Gram Sadak Yojna up by 59 per cent
• Rs 39,100 crore allocation for NREGA
• NREGA gave employment opportunities to more than 4.47 cr households
• Aam Aadmi is the focus of all UPA's schemes
• Govt to shift to nutrient based fertiliser subsidy regime
• One banking centre in every bloc
• Banks, insurance to stay with Govt
• Raise threshold for non-promoter public listed companies
• FM recalls Indira Gandhi's bank nationalisation
• Move towards energy security via Integrated Energy Act
• Saral-II forms to simplify taxation process
• An expert panel will look into petroleum product pricing
• Domestic oil prices must be in sync with global prices
• Fertiliser subsidy to go directly to farmers
• Export Credit Guarantee scheme extended till March 2010
• Pranab Mukherjee quotes Kautilya in Budget speech
• Incentives in interest rates to farmers to pay back
• Print media stimulus package extended by six months
• Target for agriculture credit raised to Rs 3,25,000 cr in 2009-10
• FIIs have returned to India in last few months
• Storm-water drainage project fund hiked to Rs 500 cr
• Blueprint for national gas grid
• Additional budget allocation to farmers
• Allocation of Rashtriya Krishi Vikas Yojna stepped up by 30%
• Total fiscal stimulus during '08-09 is Rs 1,86,000 cr
• Hike in allocation for Mumbai flood management
• Housing allocation hiked under Rajiv Awaas Yojana
• Fund allocation for urban poor accommodation is 3,973,000 cr
• JNNURM allocation hiked by 87 per cent
• NHAI allocation up by 23 per cent
• Hike infrastructure investment to over 9% of GDP by 2014
• IIFCL will refinance 60% of commercial bank loans in PPP
• IIFCL will look at new projects
• IIFCL will also look at incremental lending by banks
• New company IIFCL to look at infrastructure needs
• Two worst quarters since September slowdown behind us
• Signs of revival in the domestic industry
• Fiscal stimulus gave economy a boost
• Govt took 3 stimulus packages to fight slowdown
• Integration of Indian economy with rest of the world
• Significant hike in foreign capital
• Trade in goods and services doubled in 2008
• Challenge before UPA to return to 9% growth
• Re-energise government and reinstitutionalise development
• One Budget can't solve all issues
• Improve rule of law for all citizens
• Mandate for inclusive growth
• Strengthen the delivery mechanism for healthcare
• Increase investment in infrastructure



But what has been the over all response to the bugdet?
Look out for our next post on the over opinions pouring in! We would also love to hear your comments on the budget....

Source for the budget:cnn ibn