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INTRODUCTION..
Finance minister Mr. Pranab Mukherjee presented the Union Budget 2009-10 in the Lok Sabha on July 6,2009. Union budget is a schematic plan of Indias financial and operational goals. It is an action plan that facilitates allocation of resources in India . The government recognizes the challenges that this task entails, particularly at a time when the world is struggling with an unprecedented financial crisis and economic slowdown that has also affected India.
CHALLENGES:
The first challenges is to lead the economy back to the high
delivery mechanisms.
Power
Gas Assam gas cracker project Agricultural development
Student loans to weaker sections Welfare of minorities Welfare of workers in the unorganized sector Employment exchanges Handlooms Health Environment and climate change
National security One Rank One Pension for ex-servicemen(OROP) Education Commonwealth games 2010
BUDGET at a GLANCE :
1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19.
2008-2009 Revised Estimates 562173 465970 96203 338780 9698 2567 326515
2009-2010 Budget Estimates 614497 474218 140279 406341 4225 1120 400996
BUDGET ESTIMATES:
Revenue Receipts Tax Revenue (net to Centre) Non-tax Revenue Capital Receipts (5+6+7)$ Recoveries of Loans Other Receipts
900953 617996
561790 192694 56206 282957 241656 41301 900953 803446 97507 241273 (4.4) 326515 (6.0) 133821 (2.5)
1020838 695689
618834 225511 76855 325149 278398 46751 1020838 897232 123606 282735 (4.8) 400996 (6.8) 175485 (3.0)
20.
21.
BUDGET HIGHLIGHTS:
Tax proposals
Direct Taxes : The Direct Taxes Code, along with a
Discussion Paper, to be released to the public for debate. The Direct Taxes Code Bill will be finalized for introduction in Lok Sabha sometime during the Winter Session based on the inputs received.
achieve stable framework by maintaining the overall rate structure for customs and central excise duties as well as service tax.
who repay short-term crop loans on schedule. Additional allocation of Rs 411 crore made.
Abolition of commodities transaction tax. Investment linked tax incentives to be provided for setting up
and operating cold chain, warehousing facilities for storing agricultural produce.
AUTO:
Weighted deduction of 150% for expenditure relating to in-
BANKING:
IIFCL to refinance 60% of banks loans to PPP. Target for agricultural credit in FY 10 hiked by 13.2% & additional
capital infusion.
to power projects.
capacity 50 cubic meters per hour or more has been withdrawn. Such plants will now attract customs duty of 7.5%.
EDUCATION :
Increase in provision for scheme Mission in Education through
Rs 827 crore allocated to open one Central University in each Rs 2,113 crore allocated for IITs and NITs. Higher education overall Plan budget hiked by Rs 2,000 crore
Benefits to access higher education to enable economically National Mission for Female Literacy to be launched with focus
on minorities ,SC, ST, and other marginalized groups. Allocation of Rs 13,100 crore to Sarva Shiksha Abhiyan (SSA).
April ,2010.
and pastries.
Increase in tax exemption on personal income. Fringe benefit tax (FBT) abolished. Minimum alternate tax (MAT) on book profits hiked to 15%
from 10%
PHARMACEUTICALS:
Customs duty on nine specified life savings drugs to
5%.These drugs exempt from excise and CVD. Provision for the National Rural Health Mission increased by Rs 2,050 crore over and above Rs 12,070 crore provided in the Interim Budget.
SOFTWARE:
Tax deductions under STPI scheme extended by one
more year. Rate of minimum alternate tax (MAT) on book profits increased from 10% to 15% carry-forward provision for taxcredit extended to 10 years.
HOTELS:
The outlay for Commonwealth Games to be stepped up
from Rs2100 crore in the Interim Budget to Rs 3500 crore Greater focus on infrastructure development . Also , the Budget has indicated getting the GDP growth rate back on track.
TELECOM:
Allotted Rs 39,100 crore for the National Rural Employment
Guarantee Scheme (NREGS),an increase of 144%. Full exemption of the countervailing duty (CVD) OF 4% on accessories, parts and components imported for the manufacture of mobile phones has been reintroduced for another year.
VIEWS:
A M NAIK CMD, Larsen & Toubro
The plethora of infrastructure investments and other investments and other outlays will help stimulate growth for infrastructure companies and the economy in general. But there is nothing for the power sector. At L&T, we expect our order intake and sales to continue to maintain growth as per our guidance levels.
KRIS GOPALKRISHNAN CEO& MD, Infosys
I m positive on the budget at the highest level through the impact on the IT sector is minimal. It could have been better, its still positive. The proposals on FBT , corporate and personal tax and reforms in the tax system and transfer pricing will help.
It is a progressive Budget. The focus on rural and infrastructure development will usher in opportunity for growth industries , including auto mobiles.
TUSHAR PODDAR- VP& Chief India Economist,
Goldman Sachs The fiscal proposals are commendable and a short-term increase in deficit is warranted. Financing the deficit will not be difficult. There were hopes of structural reforms, which were not met. The short-term policy objective of stimulating demand will likely be achieved.
The budget signals significant demand stimulus emanating from rural and infrastructure sectors.
CONCLUSION:
Union Budget 2009-10 can be termed as Rasna delivered in a Mirinda bottle. Functionally there are no problems with the Budget 2009-10, but it certainly didnt meet the expectations that India Inc had with it. It simply lacked the expected Fizz!
However, it would appreciate that a single budget speech cannot solve all our problems nor is the union budget the only instrument to do so, yet it is an important means to share the vision of the government.
SOURCES:
BIBLIOGRAPHY: Websites www.indiabudget.nic.com www.economywatch.com www.personalmoney.in www.indiainfoline.com www.thehindubusinessline.com Magazine and newspapers Competition success review. Economic times.
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