Highlights on Budget 2010

by GJSenthil 2010-02-28 01:15:05

"The first challenge is to return the GDP growth rate of 9 percent per annum at the earliest."

"The second challenge is to deepen and broaden the agenda for inclusive development."

"There are signs of revival in domestic industry and foreign investors have also returned to Indian markets in the last couple of months."

"It is possible that the two worst quarters since the global financial meltdown in September 2008 are behind us."

"While the global financial condition has shown improvement over the recent month, uncertainty relating to the revival of the global economy remains. We cannot, therefore, afford to drop our guard.

"We have to continue our efforts to provide further stimulus to the economy."

2008/09 GDP growth seen at 6.7 pct

To return to fiscal responsibility targets "at the earliest"

Plans institutional reforms to control fiscal deficit

"It is important to recognise that almost three quarters of our oil consumption makes through imports. Domestic prices of petrol and diesel have to be brought in sync with the global prices of these items."

"Governnment will set up an expert group to advise for a viable and sustainable system of pricing petroleum products.

"The public sector undertakings are the wealth of the nation and part of this wealth should rest in the hands of the people."

"While retaining at least 51 percent government equity in our enterprises, I propose to encourage a people's participation in our disinvestment programme."

"Here I must state clearly that public sector enterprises such as banks and insurance companies will remain in the public sector and will be given all support including capital infusion to grow and remain competitive."

To create an environment for private investment

To raise in a phased manner the limit for non-founder holdings in all companies

To ensure more flexibility to India Infrastructure Finance Co Ltd

Have asked states to remove bottlenecks on infrastructure projects

Allocates 5 bln rupees ($104 million) for Mumbai flood project

Liquefied natural gas infrastructure to be expanded

To raise allocation for National Highways development by 23 percent

To raise allocation for urban poor schemes to 39.73 billion rupees in 2009/10

Targeting agriculture credit of 3.25 trillion rupees

To pay additional interest subvention of 1 percent to farmers who pay short-term farm loans on schedule

To provide additional 10 billion rupees over interim budget for irrigation

To extend agriculture debt waiver by 6 months

Plans to move towards nutrient-based subsidy regime for fertilisers

To offer direct subsidy to farmers

To extend interest subvention to exporters in 7 sectors till March 2010

To give relief to exporters hit by global financial crisis

To allocate 40 billion rupees to encourage lending to small firms

To set aside 1 billion rupees for banking services in unbanked areas

To allocate of 391 billion rupees for rural jobs programme in 2009/10 , 144 percent more than in 2008/09

To raise allocation for rural roads scheme by 59 pct in 2009/10

To raise allocation to Bharat Nirman infrastructure programme by 45 percent

To allocate 70 billion rupees for rural electrification scheme

To allocate 20 billion rupees for rural housing under National Housing Bank

To set up 2 handloom clusters, 1 power loom cluster

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