FM expects 10% GDP growth: Union Finance minister, Pranab Mukherjee, presents the Union Budget 2010-11 in Parliament on friday. Pranab said that the Indian Economy is in a much better position than the previous year.
Further, he said that economy can achieve GDP growth rate of 10% in the coming financial year also, he takled about the facing the challenge of reverting to double digit growth. Significant private investment inflow is also expected to boost GDP growth rate.
Fertiliser subsidy reduced: The Finance Ministry has announced a reduction in fertiliser subsidy in Budget 2010-11, presented today in Parliament. The nation was already expecting a Stimulus rollback, and hence, the reduction in Fertiliser subsidy didn't come as a surprise. On the other hand, in order to strike a balance, Finance Minister, Pranab Mukherjee's budget offered a fresh subsidy of 2% on loans to farmers.
Besides, farm loan payments are to be extended for six months. After the revival of subsidies and taxes for the agricultural sector, the farm credits are targeted to be increased to Rs 3.75 lakh Crs.
Besides, farm loan payments are to be extended for six months. After the revival of subsidies and taxes for the agricultural sector, the farm credits are targeted to be increased to Rs 3.75 lakh Crs.
Govt. targets Rs. 25000 Cr through disinvestment: Union Finance Minister, Pranab Mukherjee's Budget 2010-11 targets a disinvestment of Rs. 25,0000 crores. Today, while presenting the Union Finance Budget 2010-11 at Parliament, Pranab said that the government has planned to disinvest in the market with an overall expectation of Rs. 25,000 crore. Finance Minister also supported the calibrated exit strategy for fiscal stimulus.
Income Tax slabs broadened in Union Budget: The finance ministry today while presenting Union Budget 2010-11, announced an enhancement in IT exemption limit and the withdrawal of surcharge. Budget 2010-11 broadened the IT slabs. The IT department now has to notify Saral 2 form for indivisual tax payers. The Minimum Alternate Tax has been hiked to 18 %.
The IT slabs has been revived as 10% tax on income between Rs1.6 lacs to 5 lacs, 20% tax on income between Rs5 lacs to 8 lacs and 30% tax on income above Rs 8 lac.
The IT slabs has been revived as 10% tax on income between Rs1.6 lacs to 5 lacs, 20% tax on income between Rs5 lacs to 8 lacs and 30% tax on income above Rs 8 lac.
Budget boosts infra sector: The Budget 2010-11 has addressed the Infrastructure issue with a number of allocations towards the various aspects of the sector. Finance Minister, Pranab Minister, announced a Rs. 10,000 crores allocation towards Indira Awaas Yojna and Rs. 48000 crores towards Bharat Nirman. 25% of the planned allocation is towards rural infrastructure.
An interest subvention for housing loans up to Rs. 1 lac has also been announced. The allocation towards NREGA scheme has been enhanced to Rs. 41000 crores. A fund of Rs. 5130 crores has been set aside for the power sector.
An interest subvention for housing loans up to Rs. 1 lac has also been announced. The allocation towards NREGA scheme has been enhanced to Rs. 41000 crores. A fund of Rs. 5130 crores has been set aside for the power sector.
Fuel Prices to go up: Budget 2010-11: Union Finance Minister, Pranab Mukherjee, announced a hike in the excise duty on petrol and diesel, while presenting Finance Budget 2010-11 in Parliament today.
The Excise duty on petrol and diesel has now been raised to Rs 1/litre. The Budget this year, has restored the 5% duty on crude petroleum and and 7.5% duty on petrol and deisel.
The Excise duty on petrol and diesel has now been raised to Rs 1/litre. The Budget this year, has restored the 5% duty on crude petroleum and and 7.5% duty on petrol and deisel.
