Indian Budget focus:
The Finance Minister Pranab Mukherjee is no imposter like his predecessor. But he, without fleecy options today, bound by the recent time of Finance Ministry stewardship, has planned a Budget 2010-11 which has failed to come the set issues of reaction open debt, curb the dangerously high business deficit[ even the claimed target for 2010-11 of 5.5 per cent is too high, and will equal a huge diversion of assets with open sector banks away from private sector investment], and introduce innovation into the peaked industries much as Textiles, Food Processing, Power Generation and Distribution. Hence, despite his heroic try to put together an auspicious Budget, he has at prizewinning produced a damp squib for business reforms.
Financial Minister Pranab Mukherjee presented the union budget for the year 2010 in Lok Sabha .With India’s more than half of the population embroiled in abject poverty and more than ninety five percent people spending their lives under great financial stress, his latest budget seems to have kept only five percent upper crest of the society under its lenses of welfare. For poor and the most underdeveloped people of our society the budget seems to be nil. For them the condition stable as last year.
BUDGET HIGHLIGHTS
Income Tax :
# Personal Income Tax slabs widened
# Income up to Rs 1.6 lakh – NIL
# Above Rs 1.6 lakh to 5 lakh -- 10%
# Above Rs 5 lakh to 8 lakh -- 20%
# Above Rs 8 lakh -- 30%
# Deduction of Rs 20,000 in long term infrastructure bonds
# Contribution under central scheme to be included for Health Insurance exemption
# Income Tax Department ready with Saral-2 form for salaried tax-payers
# 2,000 Income Tax Returns daily
# Revamp needed of internal working system
# One percent interest subsidy on home loan up to Rs 10 lakh March 2011
# weighted deduction on RD raised to 200% from 150%=
# Professionals with Rs 15 lakh income need account audit
# Interest on tax deduction, not paid, raised to 18%
Budget has boosted the tourism sector as the two star category hotels have been approved investment linked deduction. This deduction can help adding more exposure capacity to the industry.
Central paramilitary forces, especially those fighting Maoist rebels, have been availed only less money for the coming fiscal in the budget presented by Finance Minister Pranab Mukherjee on Friday.
India's defense expenditure has been raised to Rs.147,344 crore (Rs.1.47 trillion/$32 billion) for 2010-11, up 8.13 percent from the revised estimates of the previous fiscal, in the budget
Due to the increasing reports of the use of fake currency notes in various parts of the country it has been decided that the Indian currency notes will have a distinct identity to distinguish it from other similar looking currencies.
India's health allocation has moved to Rs.2,700 crore to Rs.22,300 crore (Rs.223 billion/$4.82 billion)
2% hike in excise tax on prices of large cars, and sports and multi-utility vehicles in the general budget.
The prices of precious metals continue to rise. Since the customs duty is levied on these at specific rates, on gold and platinum from Rs.200 -300 per 10 grams . On silver from Rs.1,000 to Rs.1,500 per kg.
Railway Budget:
# Railway Minister Mamata Banerjee appeals to playing houses to join hands for building partnership with Railways. Presenting Railway Budget for 2010-11, Banerjee says a special duty force module be ordered up for early clearance of projects.
# No amount hike for passengers.
# Railways not to be privatized; It module remain with the government, says Banerjee. While not privatizing, Railways hit to amend playing models for improving earnings,.
# Railways 2020 vision document module contains short, medium and long-term goals. Commitments satisfied to the maximum. Out of 120 trains announced in last budget, exclusive threesome remains to be flagged off because of demand of broad-gauge lines.
# Plans to launch a pilot send for fire detection. The polity also plans to construct more underpasses for safety, the rector said while presenting the Railway Budget.
# India's railways has ordered up a special duty force to clear assets proposals in 100 days
# Railways module provides houses to all its employees in the incoming 10 old in collaboration with the Urban Development ministry.
# Railways to enhance effort to biocentrism staff benefit fund. Centre for Railway Research to be ordered up at IIT-Kharagpur. Chittaranjan Locomotive Works capacity to be improved from 200 to 275 engines a year.
# Integral Coach Factory in city to be modernized and a new unit to be ordered up there. If realty is available, Railways willing to ordered up a technologist Multiple Unit works in West Bengal.
# No forceful acquisition of realty for transport corridor project. One member of apiece family of realty losers to be given employment in the transport corridor as also in the new projects.
# High-speed sacred traveler corridors to be constructed; National High Speed Rail Authority to be ordered up.
# Railways expects to process earnings from non set activities. The polity aims to process non set earnings to Rs10 1000000000 rupees from Rs1.5 billion.
# Railways expects to process earnings from non set activities. The polity aims to process non set earnings to Rs10 1000000000 rupees from Rs1.5 billion.
# Despite slowdown, Railways to exceed transport loading direct by eight meg tones during 2009-10. Freight loading direct for 2010-11 fixed at 944 Meg tones, 54 meg tonnes more than the current year's revised target. Gross reciprocation acknowledgement for 2010-11 pegged at Rs94,765 crore.
# Allocation for cerebration of new lines increased from Rs2848 crore to Rs 4411 crore.
# Rs1,302 crore provided for traveler amenities in the 2010-11 railway budget against Rs 923 crore last year.
# Railways to hit master organization for North Eastern region. Special condition between India and Bangladesh to be started to immortalize 150th relationship anniversary of Rabindranath Tagore.
# 101 additional services to move on city suburban railways. Survey module is conducted to enter Sealdah and Howrah stations in West Bengal. To immortalize Rabindranath Tagore's 150th relationship anniversary, 'Bharat Teertha' trains to enter individual journeying centers crossways the country.
