Highlights of Union Budget 2010-11 - India News and Travel Times Provides India-centric and other News and Features

Union Finance Minister Pranab Minister on Friday presented the Union Budget 2010-11 in the Parliament. Finance Minister said that the challenge before Government is to quickly revert to high GDP growth path of nine per cent to harness economic growth to make it more inclusive, consolidate gains and to add to the impressive recovery in the past few months with faster recovery in the coming months Highlights of Union Budget 2010-11 are as follows: To strengthen food security and concentrate on supporting and delivering services to the economically backward sections Target growth rate in manufacturing at 18.5 per cent Make development more inclusive Return to high GDP Consult with Chief Ministers 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 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% 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 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.