Budget 2009

[EnlightenedMonk]

Hey there guys,

Just posted this thread to give everybody a live feed of all the statistics, announcements etc that are being made by Pranab Mukherjee as part of the Budget 2009.

Feel free to post your comments...

Cheers !!!

 

[EnlightenedMonk]

• Integration of Indian economy with rest of the world
  
• Significant hike in foreign capital
  
• Trade in goods and services doubled in 2008
  
• Indian economy changed in the past decade
  
• Challenge before UPA to return to 9% growth
  
• Re-energise government and reinstitutionalise development

 

[EnlightenedMonk]

• 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

 

[EnlightenedMonk]

• 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

 

[EnlightenedMonk]

• Fertiliser subsidy to go directly to farmers
  
• Export Credit Guarantee scheme extended till March 2010
  
• Pranab Mukherjee quotes Kautilya (our esteemed member) 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

 

[EnlightenedMonk]

Also quoted that -

Petroleum prices domestically should be in sync with global prices (which essentially means that they will remove subsidies gradually)

 

[EnlightenedMonk]

• Aam Aadmi is the focus of all UPA's schemes
  
• Govt to shift to nutrient based fertiliser subsidy regime
  
• Banking network to be expanded
  
• 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

 

[EnlightenedMonk]

• 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

 

[EnlightenedMonk]

• 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

 

[EnlightenedMonk]

• 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

 

[EnlightenedMonk]

• 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

 

[EnlightenedMonk]

• Total budget expenditure for 2009-10 will Rs 10,28,032 cr
  
• Higher public investment in infrastructure
  
• Defence outlay has gone up

 

[EnlightenedMonk]

• Eliminate the surcharge on personal Income tax by 10%
  
• Hike in IT exemption for women to Rs 1,90,000
  
• Hike in IT exemption to Rs 2,40,000 for senior citizens
  
• General Sales Tax model will have a Central GST and State GST
  
• 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
  
• Govt committed to tax reforms

Sops flying thick and fast

 

[EnlightenedMonk]

Fringe Benefit Tax to be Scrapped !!!

Big Relief

 

[ZOOM]

Also quoted that -

Petroleum prices domestically should be in sync with global prices (which essentially means that they will remove subsidies gradually)

This highly promising feature of this Budget for 2010 FY. It will atleast reduce indiscriminate consumption of Fuel by Indian Motorist at the cost of India's Fiscal deficit. FM should keep Kerosine and Cooking Gas out of the ambit of free pricing and should bring in more regulation to curb black marketing of the same, since on most occassion this highly subsidized commodity may not reach targeted population.

 

[ZOOM]

Fringe Benefit Tax to be Scrapped !!!

Big Relief

Yes, this has caused a loud cheers from our Company staff.

 

[EnlightenedMonk]

• Commodity Transaction Tax to be abolished
  
• MAT hiked to 15% of book profit

 

[ZOOM]

E Monk, please report any indication of hiking FDI in Defence to 49% which is a need of hour to bring pace in Defence R&D and Production.

 

[EnlightenedMonk]

E Monk, please report any indication of hiking FDI in Defence to 49% which is a need of hour to bring pace in Defence R&D and Production.

Nope... Nothing of that sort has been announced yet... Will keep you guys posted... For now I guess it stays at 26%

 

[EnlightenedMonk]

Anonymous funds to charitable bodies get some tax relief



Now, I don't know much about this... but isn't this the standard way of money laundering ??? Anonymous funds to Charitable Bodies...