Union Budget 2010 Live updates, latest news
FINANCE MINISTER Pranab Mukherjee is delivering the Budget 2010 speech in the Lok Sabha today, February 26. The Budget 2010 is expected to provide some relief to people suffering from higher prices whereas the corporates will expect more sops.
FINANCE MINISTER Pranab Mukherjee is delivering the Budget 2010 speech in the Lok Sabha today, February 26. The Budget 2010 is expected to provide some relief to people suffering from higher prices whereas the corporates expect more sops from the Finance Minister.
Highlights of Budget 2010:
The FM has said Saral 2 forms for simplification of tax filing will be rolled out in 2010. He also announced government subsidy in cash for oil and fertilisers and proposed to include the same in fiscal accounting. FM revealed that the Net Market borrowing stands at 345010 crores and announced the revised fiscal deficit targets at 6.9 per cent, fiscal deficit at 5.5 per cent. He also announced 15 per cent increase in plan expenditure and 6 per cent boost in non-plan expenditure. He revealed that Advance tax receipts are expected at Rs 746651 cr; while Net tax revenue receipts at Rs 14118 cr. The good news for the defence forces is that their allocation has been raised to Rs 147344 cr, Rs 60000 cr allocated for defence expenditure as part of Budget 2010. The FM has proposed 1900 crore for UID authority. He also increased subvention of 5 per cent in repayment of farmer loans, while for home owners, he proposed 1 per cent interest subsidy scheme for affordable housing.
For minorities the FM has allocated 2600 crores, whereas the allocation for NREGA has been increased to Rs 40100 cr. Giving an impetus to the health care, the Budget 2010 allocates 22300 crore, whereas it is also proposed that 35 per cent of development funds will be invested in rural India.
The FM has said Saral 2 forms for simplification of tax filing will be rolled out in 2010. He also announced government subsidy in cash for oil and fertilisers and proposed to include the same in fiscal accounting. FM revealed that the Net Market borrowing stands at 345010 crores and announced the revised fiscal deficit targets at 6.9 per cent, fiscal deficit at 5.5 per cent. He also announced 15 per cent increase in plan expenditure and 6 per cent boost in non-plan expenditure. He revealed that Advance tax receipts are expected at Rs 746651 cr; while Net tax revenue receipts at Rs 14118 cr. The good news for the defence forces is that their allocation has been raised to Rs 147344 cr, Rs 60000 cr allocated for defence expenditure as part of Budget 2010. The FM has proposed 1900 crore for UID authority. He also increased subvention of 5 per cent in repayment of farmer loans, while for home owners, he proposed 1 per cent interest subsidy scheme for affordable housing.
For minorities the FM has allocated 2600 crores, whereas the allocation for NREGA has been increased to Rs 40100 cr. Giving an impetus to the health care, the Budget 2010 allocates 22300 crore, whereas it is also proposed that 35 per cent of development funds will be invested in rural India.
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