Indian Budget 2010 - 11 Highlights, Hindi & English PDF Documents, Live Update

As Union Finance Minister Pranab Mukherjee presents the Indian Budget 2010-11 on Friday, I will update this page with minute by minute live commentary along with highlights, complete PDF documents in Hindi and English, analysis and reactions of common people & Indian industry.

The Live Commentary of Union Budget 2010 - 11:

• FY11 net service gains seen at Rs 3,000 cr
• Service tax to GDP ratio 1%
• Service tax unchanged at 10%, to maintain stimulus
• To waive excise duty on solar panels
• Fresh services to be brought under service tax
• Rationalisation of customs duty on gaming software
• Toys exempted from excise duty, to become cheaper
• Jewellery to be more expensive
• Monorail granted project import status
• CDs to be cheaper
• Excise duty on CFL halved to 4%
• Customs duty on Gold and Platinum hiked
• Refrigerators to be costlier
• Televisions to be costlier
• Mobile phones to become cheaper
• Peak customs duty unchanged at 10%
• Cement to be costlier
• Air conditioners to be costlier
• Oppostion walkout in Lok Sabha
• Uproar in Parliament over hike in fuel prices
•  Partial rollback of excise duty on cement
• To levy excise duty of Re 1/lt on petrol
• Excise on cigars, cigarettes to go up
• 5% import duty on crude petroleum restored
• Opposition disrupts budget speech 
• Peak excise duty increased
• Stimulus-led excise duty rollback partially reversed
• Large cars, SUVs excise up to 22% from 20%
• Standard excise rate up from 8 to 10%
• Deduction up to Rs 20000 on investment in infra bonds
• Corporate tax surcharge down from 10 to 7.5%
• R&D Corp Tax break up to 200%
• Corp Min Alternate Tax up from 15 to 18%
• Minimum Alternate tax hiked to 18%
• 30% tax on income above Rs 8 lacs
• 20% tax on income between Rs5 lacs to 8 lacs
• 10% tax on income between Rs1.6 lacs to 5 lacs
•  No income tax upto Rs 1.6 lakh
• 2009-10 fiscal deficit revised to 6.9%
• FY12 fiscal deficit target at 4.8%
• FY13 fiscal deficit target at 4.1%
• More than 50% increase in funds for minority welfare
• Gross tax receipts: Rs 7.46 lakh cr
• 5.5 % fiscal deficit target 
• 15% hike in planned expenditure, 6 in non-planned
  
• Defence allocation at Rs 1.4 lakh crore
• Home loans up to Rs 20 lacs to get intrest subvention of 1% up to March 11 
• Rs 1900 Crs allocated for UID project
• Tech advisor group under Nandan Nilekani
• Rs 100 cr woman farmer fund scheme
• Banks for all villages with population of 2,000
• Interest subvention for low-cost housing extended
• Textile ministry will train 30 lakh people
• National Social Security fund for unorganised workers
• Intrest subvention for housing loans up to 1 lacs
•  Rs 3675 cr education grant to states
• Rs 1200 Crs assistance for drought in Bundelkhand
• Rs 48000 Crs for Bharat Nirman
•  Rs 10,000 Crs allocated for Indira Awaas Yojna
• Rural development allocation to Rs 61,000 cr
• NREGA scheme allocation raised to Rs 41000 Crs
• To build 20 km of highway every day
• Health allocation to 22,300 crore
• Social sector spending up to Rs 1.37 lakh cr 
• Rs 500 crore for Clean Ganga mission
• To provide 2% loan subisdy to farmers
• chool education allocation hiked to 31,036 cr
• Tamil Nadu gets Rs 200 cr for textile development
• Rs 200 crore to Goa for restoring beaches 
• Renewable energy allotment up by 61%
• Rs 1.73 lakh Crs, which is 46% of total plan outlay, reserved for infrastructure development
• 5 mega food parks to be set up
• Road development allocation: Rs 19484 cr
• 2 per cent loan subsidy for farmers 
• Rs 3000 Crs for agricultural impetus  
• FDI policy to be made more user-friendly
• Rs 16,500 cr capital support for PSU banks 
• Banking licence for pvt, NBFC players being considered
• Fertiliser subsidy to be reduced  
• Direct tax code in effect by April 1
• Disinvestment target:Rs 25,000 cr this year
• Calibrated exit strategy for fiscal stimulus
• Need to review stimulus, go back to fiscal prudence
• Significant private investment inflow expected to boost GDP
• Economy can achieve GDP growth of 10%
• GST to be in place next year
• Income tax reforms nearly complete
• Thrust on rural infrastructure
• Govt to consult with CMs to bring down inflation
• Challenge is to return to high GDP
• Economy stabilised in Q1 of 2009
• Development needs to be more inclusive
• India faces a challenge of reverting to double digit growth
• FY 2009-10 was a challenging year
• Need to improve food security and healthcare systems
•  Indian economy in far better position than last year: FM
• Pranab Mukherjee starts Budget speech
• Pranab Mukherjee arrives in Parliament
• Parliament to convene at 11 am
•  Pranab Mukherjee arrives at Finance Ministry
• All eyes on stimulus rollback
• Pranab Mukherjee reaches North Block

Download Union Budget 2010-2011 (ZIP Format)

• Part I - (Budget at a Glance, Budget Highlights, Budget Speech, FRBM, Key to Budget
                 Documents, Memorandum)
• Part II - (Demands for Grants)
• Part III - (Finance Bill)
• Part IV - (Expenditure Budget Volume I)
• Part V - (Expenditure Budget Volume II )

Budget Highlights 

>	English Version (PDF)
>	Hindi Version (PDF)

>	Annual Financial Statement
>	Finance Bill
>	Memorandum
>	Receipt Budget
>	Expenditure Budget
>	Customs & Central Excise
>	The Macro Economic Framework Statement
>	The Medium Term Fiscal Policy Statement
>	The Fiscal Policy Strategy Statement
>	Statement of Revenue Foregone
>	Implementation of Budget Announcements

Budget 2010: At a Glance

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.

Income Tax, Corporate Tax & Direct Tax in Budget 2010-11

Direct tax slabs: income upto 1.6 lakh = nil, 1.6-5 lakh = 10%, 5-8 lakh = 20%, above 8 lakh = 30%

• More services to be brought under service tax net
• Service tax to result in net revenue gain of Rs 3000cr
• Customs duty on gold to be reduced; silver at Rs 1500/kg
• Uniform concessional duty of 5% on all medical appliances
• Rationalising of customs on gaming software
• Custom duty of one of the key component of microwave oven reduced
• Peak customs duty unchanged at 10%
• Custom duty for importing of duplication of prints of films revised
• No capital gains tax on conversion of a business entity into Limited Liability Partnership

Cheaper & Costlier: Budget 2010-11 At a Glance

Costlier

• Jewelery
• Gold and Platinum
• Refrigerators
• Televisions
• Cement
• Air Conditioners
• Cigarettes
• SUVs

Cheaper

• Gaming softwares
• Toys
• CDs
• CFLs
• Mobile Phones

Indian Budget 2010 - 11 Highlights, Hindi & English PDF Documents, Live Update

Budget Speech 2010: Finance Minister Pranab Mukherjee's Budget Speech in Lok Sabh

Railway Budget 2010-11: Hindi & English Budget Speech, Highlights

Budget Speech 2010: Finance Minister Pranab Mukherjee's Budget Speech in Lok Sabha

Union Finance Minister Pranab Mukherjee will present the Indian Budget 2010-11 around 11 am on Friday. Come back to this page for the complete Budget speech both in Hindi and English. I will update this page with full version of Pranab mukherjee's speech in Lok Sabha as he start delivering.

Download Budget Speech - Hindi Version 

English Version

Budget  2010-2011

Speech  of

Pranab Mukherjee

Minister of Finance

February  26,  2010

Madam Speaker,

            I rise to present the Union Budget for 2010-11.

FM to present Budget amidst stimulus rollback speculations

Union Finance Minister, Pranab Mukherjee will present the Finance Budget 2010-11 around 11 am on Friday.

Partial rollback of stimulus packages is the most speculated issue in this budget season and thus, all eyes would be on Pranab Mukherjee as he would table the Budget 2010-11 in parliament.

Excise and service tax should remain intact: India Inc.

With the stimulus rollback being the central theme of upcoming Union Budget, India Inc is lobbying hard to retain the excise and service tax as it is.

Corporate India unanimously opine that withdrawal of stimulus packages or increment in service and excise tax at the current stage, can deflect the growth process.

Fiscal consolidation top priority for FM

Fiscal consolidation will undoubtedly be the top priory of finance ministry while presenting Budget 2010-11 on 26th February in Parliament.

It would be a tough call for Union Finance Minister, Pranab Mukherjee, to balance the withdrawal of stimulus packages without hampering the economic growth. Growing fiscal deficit in the current scenario calls for an immediate roll back of stimulus packages which, were provided to help the industries cope up with the global economic meltdown.

Women's rights groups seeking more funds

The various organizations working specifically for distressed women have urged the Union Finance Minister, Pranab Mukherjee to allocate an increased amount of fund towards the women upliftment schemes.

Defence sector wishlist for Union Budget 2010

The country's Defence sector is looking forward for ample amount of funds to upgrade the sector in upcoming Union Budget 2010-11.

Today India is being eyed by a number of global aerospace and defence companies as an alternate manufacturing base. Thus, the sector suggests that government can cash in this golden opportunity through various measures like introduction of the use of multipliers, well-defined SQRs (service quantitative requirements), Formulation of national industrialisation policy, extension of validity of offset banking, increased FDI (foreign direct investment) etc.

The Union Finance Minister, Pranab Mukherjee, will table the Union Budget 2010-11 on February 26th in Parliament.

Jewelry industry hopes for OGL on gold imports

The gems and jewellery industry has sought zero duty and open general license (OGL) on gold imports in the forthcoming Union Budget.

Introduction of OGL would allow jewelers to import gold at a much lower cost, thus, opening varied opportunities for the jewellry industry.

Budget should boost infra sector: Steel industry

The Steel industry is expecting a higher government spending on the infrastructure sector with the continuation of stimulus package.

A calculative push towards the infrastructure sector can be instrumental in boosting the alloy industry.

Power sector Hoping to discourage Chinese imports with budget 2010-11

The low-priced Chinese power equipment imports pose a serious threat to the local manufacturers and hence, the heavy industries ministry has sought government's aid to address the crucial issue in the Union budget 2010-11.

Currently, power equipments for mega power projects enjoy a duty free import, while a negligible duty of 5 percent is imposed on the import of smaller power project equipments. On the flip side, China, levies a custom duty of as much as 30 percent on the heavy engineering equipment imports which makes it almost impossible for the Indian players to compete in the Chinese market.

Rupee strengthens prior to Union Budget 2010

The Indian Rupee strengthens consecutively for the second session, with the rupee trade ending on 46.2125 against per dollar yesterday. A gain of approximately 0.24% was registered on the closing.

The apparent gain in rupee has become all the more significant as the Indian Union Budget is less than a fortnight away.

The dollar index lost against most of majors for the day while Euro and Pound recovered against it.

Rural electrification may find importance in Budget 2010-11

In a bid to percolate power supply to each and every corner of rural India, government may allocate a significant amount in the forthcoming Budget to cater the rural electrification project.

Many corporate houses and Non-Government Organisations (NGOs) have come forward to support the project.

Education sector expects its due from Budget 2010-11

The Centre for Budget and Governance Accountability (CBGA) and Oxfam India has asked for an increased allocation of funds in the Union budget 2010-11 to support the various health and education schemes.

The education sector was promised a public spending of six percent of GDP, but the actual spending on the sector remains almost half of the promised amount.

Telecom sector seeking fresh incentives in the upcoming Budget

The telecom industry would be looking forward for requisite announcements regarding the growth of telecom equipment manufacturing segment and the popularization of m-commerce. Relaxation of severe tax-regime would eternally top the sector's demand list.

The industry seeks a unified tax rate system, since it has to serve the dual taxes of Central and State-level, making the sector loose as much as 30 per cent of its revenues.

IT sector waits anxiously for Budget 2010-11

Country's IT sector is waiting expectantly for the upcoming Union Budget 2010-11 as the industry is hoping for a tax holiday under the Software Technology Park (STP) scheme.

With the sunset clause, under section 10 A and 10 B, coming to an end, a tax holiday for the companies operating in software technology parks can be allowed.

Budget may continue stimulus for export sector

Certain segments of export sector are likely to enjoy extended fiscal incentives in the Union Budget 2010-11. The forthcoming Union Budget 2010-11 is likely to continue with most of the fiscal incentives extended for various segments of export sector.

Real estate players pin high hopes on Budget '10

The major players of real estate industry has lined up their demands and expectations from the forthcoming Union budget 2010-11. The developers expect the government to pay special attention towards this sector and come up with requisite incentives and schemes, benefiting the real estate industry.