Pranab Mukherjee tables Union Budget 2010-11

Posted By: Staff
Subscribe to Oneindia News

New Delhi, Feb 26: Finance Minister Pranab Mukherjee presented the Union Budget 2010, what has come to be received as a practical and realistic budget.

The Budget 2010 focused on various areas including infrastructure, rural development, green energy, industries, women and children, agriculture and farmers, and education besides addressing major national issues such as inflation and even security.

Some of the proposals that the finance minister made in his fifth budget, which were received well include, the increase in allocation to sectors such as power and infrastructure, simplification of FDI policy and the income tax slabs.

While the markets cheered Murkherjee's budget, the hike in the petroproducts created chaos in the Parlaiment leading to the Opposition staging a walk out.

Like any budget, the 2010 one too had its share of pros and cons.

Budget 2010: Live Updates

- FM ends the 90-minute long speech saying that this budget belongs to aam admi, the farmer, and the entrepreneur
12: 50 PM

- Service tax retained at 10 per cent

- Customs duty on gold ore to go down

- Customs duty on silver at Rs 1500/kg

- Rationalisation of customs on gaming software

- Uniform concessional duty of 5 per cent on all medical appliances

- Excise revenues to grow Rs 43,500 cr

- More services to be taxed
12: 45 PM

- Mobile phones to get cheaper

- 5 per cent customs duty on crude petroleum product

- Peak customs duty remains at 10 per cent

- Excise duty on CFL goes down to 4 per cent

- Cess of Rs 50/ton on Indian coal
12: 41 PM

- Markets respond positively to the Budget. Sensex surges by 300 points

- Opposition stages a walk out on the CET hike on petro products
12: 34 PM

- Excise rollback goes up from 8 per cent to 10 per cent

- R&D deduction gets hiked

- Partial rollback of excise duty on cement, larger cars

- Excise duty on all tobacco products up

- CET on petro products raised by Re 1/ litre

- Ruckus in the parliament, Pranab Mukherjee loses cool
12: 28 PM

- Income tax slabs widened

- No income tax upto Rs 1.6 lakhs

- Income of Rs 1.6 to 5 lakhs: 10 per cent tax

- Rs 5 to 8 lakh - 20 per cent tax

- Max Alternate Tax (MAT) hiked to 18 per cent ( from 15 per cent)

- Corporate surcharge down to 7.5 per cent (from 10 per cent)
12: 18 PM

- FM on tax reforms

- 'Tax reforms a process, not destination'

- Income tax department to be user friendly

- Infotech usage in tax management to be increased

- Tax payers have reacted positively to concessions
12: 14 PM

- Fiscal deficit target at 5.5 per cent for FY11

- 15 per cent rise in plan expenditure

- FY10 fiscal deficit revised to 6.9 per cent of GDP
12: 09 PM

- First set of Unique Identification (UID) numbers will be released this year

- Tech advisor group under Nandan Nilekani

- National Commission for Delivery of Justice and Legal reform proposed

- Budget makes space for security concerns
12: 05 PM

- Skill development program for textile industry

- Textile ministry to train 30 lakh people

- Rs 61,000 cr for rural development

- Rs 12,000 crore relief to drought affected region of Bundelkhand

- Banks for villages wiht a population of 200

- Women and Child development plans proposed in 2009-10 are ready for implementation

- Health insurance to NREGA beneficiaries

- Smart Card extended to NREGA
11: 59 AM

- NREGA allocation 40,100 cr

- Indira Awaz Yojana allocation Rs 10,000 cr

- Health allocation to 22,300 crore

- Rs 5000 cr allocated for solar hydro projects in Ladakh region

- Allocation to power sector doubled to Rs 5,130 crore

- Budget 2010 promises to wipe India off slums
11: 51 AM

- Increase allocation in school education to 31,036 cr

- Pranab invokes Mahatama Gandhi while speaking on rural development

- Increased allocation of 26 per cent to bridge the gap of development between backward regions and other developed regions of the country
11: 47 AM

- Focus on clean energy and industries

- Establishment of National Clean Energy Fund

- Grant of 200 cr to Tamil Nadu Textiles

- Food security bill draft ready

- Rs 500 cr for clean Ganga

- Mention of West Bengal creates noise in the Parliament
11: 41 AM

- Infrastructure thrust should be maintained

- 13 per cent hike in allocation for road transport

- Construction of 20 km of highway every day

- Railways to be modernised

- Double plan allocation for power sector
11: 38 AM

- Budget focuses on agriculture and farmers

- Extend loan payments for calamity hit farmers

- 2 per cent loan subsidy for farmer loans

- 4 pronged strategy for agriculture

- Development of food processing sector by providing infrastructure

- Five mega food parks to be set up

- Rs 300 cr proposed for Rashtriya Krishi Vikas Yojana
11: 32 AM

- Parikh panel's proposals on fuel pricing to be considered

- Additional banking licences to private players

- Rs 16,500 crore allocated as capital support for PSU banks
11: 27 AM

- Finance Panel's recommendations have been considered

- The panel has recommended withdrawal of stimulus

- Income tax reforms almost complete

- GST will be implemented next year

- Direct Tax code by Apr 2011

- Rs 25000 cr disinvestment target this year

- Fertiliser subsidy will be reduced

- Government taking steps to simplify FDI to woo foreign investors

- Review of public spending needed
11: 22 AM

- FM addresses the problem of Inflation

- State governments will be consulted over inflation

- Efforts to lower inflation in next two months

- Double digit food inflation a big concern
11: 17 AM

- FM gives brief overview of the economy (Economic Survey 2009-10)

- Indian economy has shown encouraging recovery signs

- Economy stabilised in Q1 of 2009

- Growth in manufacturing 18.5 pc, highest record in 2 decades

- Export figures are also encouraging
11: 12 AM

- Indian economy in better condition than it was earlier: Pranab Mukherjee

- Three challenges of 2009-10 budget remain relevant today

- First challenge: Revert back to GDP growth of 9 pc and slowly increase it to a double digit growth

- Second challenge: Using growth in development of the nation through infrastructure

- Third challenge: Weakness of government system. Structuring the system is needed
11: 08 AM

- FM begins budget speech recalling 2009's interim budget and Union Budget 2009-10 when Indian economy was still weak from the global slump
11:04 AM

- Pranab Mukherjee enters Parliament with a briefcase carrying the Budget
10: 47 AM

Finance Minister Pranab Mukherjee is all set to present the Union budget 2010 in the Parliament on Friday, Feb 26. While there are some hear-says of the minister going the populist way, it is inevitable for him to do the balancing act as the economic growth must be sustained.

News Stories on Union Budget 2010

Experts and analysts believe that new spending will take a back seat in the Budget 2010 and the focus will be on fiscal deficit, dealing with liquidity and withdrawal of stimulus packages.

In Union Budget 2009-10, the Mukherjee slashed taxes and pushed spending to stimulate the economy to help the Indian economy stay afloat amid the global slump.

However, if the Finance Minister is planning on withdrawal of fiscal stimulus, then the tax cuts may be reversed.

Speaking of taxes, there are expectations that the Direct Taxes Code might come into force from the next fiscal year.

The budget comes amid positive numbers in terms of domestic demand, growth in manufacturing sector and Indian Industrial Production index. Inflation, food Inflation and price rise are, nevertheless, still major woes scathing the country.
10:08 AM

OneIndia News

Please Wait while comments are loading...