Budget 2009-10 Highlights

• Fringe Benefit Tax and Commodity Transaction Tax abolished.
• Personal income tax exemption hiked by Rs 10,000. No surcharge of 10% on personal income tax.
• Centralised processing center at Bengalooru to streamline taxation.
• No change in corporate tax.
• Increase in exemption slab for senior citizens by Rs 15,000.
• Fiscal deficit at 6.8% of GDP.
• Proposes Rs 500 cr for rehabilation of displaced persons of northern and eastern areas of Sri Lanka.
• Aila Relief proposed at Rs 1,000 crore.
• Increased allocation for higher education. New IITs to be set up. Rs 2,113 cr for IITs and NITs.
• Rs 25 cr each for AMU campuses in Murshidabad and Mallapuram.
• Defence outlay goes up. One lakh dwelling units for paramilitary forces personnel to be constructed.
• Allowances to para-military forces at par with defence forces. One rank, one pension for ex-servicemen.
• One rank, one pension for ex-servicemen.
• Allocation for Commonwealth Games to be raised to Rs 3472 crore
• Online job exchange to be started with private partnership.
• Unique ID plan to roll out in 12-18 months.
• Top people from private sector to be given responsibility of vital national projects.
• Interest subsidy for home loans up to Rs 1 lakh.
• All BPL families to be bought under one smart card program.
• 50% of all rural women to be brought into self-help group programmes.
• Rural mega clusters in Bengal and Rajasthan.
• To add handloom clusters in West Bengal and Tamil Nadu.
• 75% hike in irrigation projects.
• Rural Housing: Allocation to Indira Awaas Yojna hiked by 63% to Rs 8,883 cr. Rs 7000 crores for rural electrification scheme.
• Rs 31,100 crore allocation for NREGA. NREGA gave employment opportunities to more than 4.479 cr households.
• Rs 100 cr one-time grant to expand banks in non-banking areas.
• Banks, insurance to stay with Govt. Banking network to be expanded.
• Expert panel to look into petroleum product pricing. Domestic oil prices must be in sync with global prices.
• 'Aam Admi' is the focus of all our programmes and schemes: Pranab
• Tax system should be such that it shold encourage voluntary compliance.
• Income Tax forms to be made user-friendly. Saral-II forms to simplify taxation process.
• Export Credit Guarantee scheme extended till March 2010.
• Stimulus package to print media extended till December 31.
• Farmers loan interest to come down to 6%. Interest subvention scheme for farm loans to be manitained.
• Additional budget allocation for farmers.
• IIFCL will refinance 60% of commercial bank loans in PPP. IIFCL to look at infrastructure needs.
• Mumbai flood management allocation hiked to Rs 500 cr.
• 87% rise in urban renewal mission. Housing allocation hiked.
• Fiscal stimulus at 3.5% of GDP
• Allocation for NHAI up 23%
• Trade in goods and services doubled in 2008
• Job creation hit due to economic slowdown: Pranab
• Govt took 3 stimulus packages so far. Two worst quarters of the global economic crisis is now behind us: Pranab
• One budget can not solve all problems: Pranab
• Foreign capital inflow is important
• Increased focus on growth and encourage nation's development
• Sustain growth rate of 9% for a longer period. Farm sector growth at 4%
• Union Finance Minsiter begins his speech. This is Pranab Mukherjee's 4th budget.
• Cabinet approves Union Budget.