Union Budget 2009-10 focussed on growth

Fringe Benefit Tax abolished | Tax slab raised to Rs 1.6 lakh | Rice, wheat at Rs 3 per kg to poor

New Pension Scheme introduced | No change in Corporate tax | Budget expenditure of 2009-10 at Rs 10,28,032cr

Products that became cheap
Footwear, LCD TVs, Branded Jewellery, Drugs for heart treatment, Textiles, Bulk drugs

Products that became expensive
Set-top boxes, Gold and Silver import, Gold Bars, Mobile phones

• Rural jobs scheme is allocated Rs 39,000 cr
• Small businesses exempt from advance tax
• Surcharge of 10% on personal income tax eliminated
• Commodity transaction tax to be axed
• Commonwealth allocation hiked to Rs 16,300 cr

• 8% excise duty on man-made fibre restored
• Tax holiday extended for textile units
• Custom duty on set top boxes now at 5 per cent
• Poliical funding gets 100% tax reduction
• Tax holiday for exporters has been extended till 2011
• MAT hiked to 15% of book profit
• There is an hike in IT exemption for women to Rs 1,90,000
• IT exemption by Rs 15000 for senior citizens
• GST will be dual in nature
• Introduction of Goods and Services Tax on April 1, 2010
• Federal tax\GDP ratio is 11.5 per cent
• Share of direct taxes increased by 56pc
• New direct tax code in next 45 days
• Direct tax share gone up by 58pc
• Fiscal deficit estimated at 6.8 per cent
• Tax GDP improves to 11.9 pc
• Planned expenditure raised by 34 per cent
• Expenditure has crossed Rs 10 lakh crore mark
• Non planned expenditure estimated at 3.9 lakh
• National Ganga Project hiked to Rs 562 cr
• Allocation of Rs 50 cr to Chandigrah University
• Rashtriya Mahila Kosh corpus to be raised to 500cr
• Rs 350 cr allocated for Below Poverty Line (BPL) families
• Rs 2,000 cr for rural housing fund
• Rural mega clusters in Bengal and Rajasthan
• NREGA outlay increased by 144%
• Subvention of 1% as incentives to farmers
• Indira Awaas Yojna hiked by 63% to Rs 8,883 cr
• Real wage of Rs.100/day provided under NREGA
• Rs. 31,100 crore allocation for NREGA
• Public Sector Unitss remains under Govt control
• Additional 1000 cr for irrigation programmes
• Expert group to look into petroleum product pricing
• Farmer loan waiver period has been extended by six months
• Rashtriya Krishi Vikas Yojna stepped up by 30%
• Agri credit for at Rs 3.25 lakh crore for 09-10
• Hike in infrastructure to over 9 pc of GDP by 2014
• Fund for urban poor housing at Rs 3,973,000cr
• JNNURM allocation hiked by 87 per cent
• Fiscal stimulus of Rs 1,86,000 cr provided
• 23% hike in fund allocation for highway development
• IIFCL will refinance 60% of commercial bank loans
• Fiscal stimulus steps helped the economy

Varun Gandhi plays Hindutva card

INDIAN ELECTION NEWS: Varun Gandhi sings a different song. A day after the Election Commission filed a case against Varun Gandhi for his communal remarks, he said that he is the victim of a political conspiracy. Varun mentioned that he is well aware of his roots as a proud Gandhi, an Indian and is also a Hindu in equal measure.

Briefing to the media Varun Gandhi said that there was an effort to malign his faith. He told to the press that anyone attempting to identify with Hinduism was inevitably branded communal.

In his own words: "I am a victim of political conspiracy." Varun Gandhi, son of sitting Pilibhit MP and former central minister Maneka Gandhi said this on tuesday.

Gandhi added, "Nothing I have said was to incite anybody. There is a rigorous attempt to malign my faith," he said, adding "each time anyone tries to identify with Hindusim, he is being branded communal."

Watch the latest videos on YouTube.com

He also said that he is a pro-India and he is not against anybody.

BJP spokesperson, Ravi Shankar Prasad, later on the day, said, "We disapprove and disassociate ourselves from the statements made by Varun Gandhi."



Youtube video of Varun Gandhi communal remarks

Labels: Varun Gandhi, Varun Gandhi Apology, Varun Gandhi Speech, Indian Election, Election Commission

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Though direct tax unchanged but is second fastest growing economy said in Interim Budget 2009/10

The Interim Budget was presented today in the Lok Sabha, India Parliament by acting finance finance minister Pranab Mukherjee. The budget showed a mixed view by critics but the most awaited subject was Direct Tax, and it was unchanged. Well, nothing to be sad of it, at least in this world economy slow down the economy of India has maintained a growth rate of over 9% and the per capita has rose by 7.4%.

Pranab Mukherjee presented the budget in the Parliament after a gap of 25 years.

Highlights of the Budget
Below are the highlights of the Interim Budget presented by acting finance minister Pranab Mukherjee in the Lok Sabha today:

* Fiscal deficit 5.5 pct of GDP in 2009/10.

* Revenue deficit 4 pct of GDP in 2009/10.

* Gross market borrowing 3.62 trillion rupees in 2009/10.

* Total plan spending is 9.53 trillion rupees in 2009/10.

* 2009/10 gross budgetary support 2.85 trillion rupees.

* GDP growth 7.1 pct in 08/09.

* The country has weathered inflation crisis. There is no room for complacency.

* It is the time for extraordinary measures to be taken.

"Now most of the economies are struggling to stay afloat, ours is a healthy 7.1 % of GDP growth. It is the second fastest growing economy in the world.

* Additional measures may be taken in the post-poll budget.

Tax:

* There is a substantial relief of about 400 bn rupees due to tax cuts in 2008/09.

"Distortions in tax structure reduced by expanding the tax base and moderating the tax rates.

* New technology has enhanced the tax compliance.

Defence:

*Defence expenditure increased to Rs 1,41,703 cr.
*2008-09 defence plan expenditure was only Rs 73,600 cr. Now it is an increase of Rs 13,279 crore this year.

Farm:

* 2008/09 farm outlook is encouraging.

* Government will be providing interest subsidy to farmers in this fiscal year.

* Farm loan waiver has so far cost 653 billion rupees.

Social sectors:

* It is the time to strengthen the social security nets.

* Rural job schemes will hence forth get 301 bn rupees in 2009/10.

* Rural health spending 120.7 billion rupees.

* The midday meals scheme for schools will cost 80 bn rupees.

* Urban renewal spending in 2009/10 will be at 118.4 bn rupees.

* Rural sanitation spending will be at 12 billion rupees for 2009/10.


2008/09 data:

* 2008/09 fiscal deficit seen at 6 percent of GDP.

* 2008/09 to end with revenue deficit of 4.4 percent of GDP.

* 2008/09 revised estimate of spending 9.9 trillion rupees.

* 2008/09 revised estimate of extra non-plan spending 1.1 trillion rupees.

* 2008/09 revised estimate of tax collection 6.28 trillion rupees.

* Apr-Nov FDI registered at $23.3 billion.