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Pranab Mukherjee Presents India's Budget for 2010-11

26 February, 2010 02:01:00 Yashpal - Singh
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image Pranab Mukherjee presents Union Budget for 2010-11

New Delhi (ABC Live): Indian Finance Minister Pranab Mukherjee presents Union Budget for 2010-11 in the Lok Sabha on Friday amidst high expectations but inflation and rising fiscal deficit remain a matter of concern.

New Delhi (ABC Live): Indian Finance Minister Pranab Mukherjee presents Union Budget for 2010-11 in the Lok Sabha on Friday amidst high expectations but inflation and rising fiscal deficit remain a matter of concern.

Following are the highlights of the Finance Minister's Budget speech -

  1.  * India weathered economic crisis well
  2.  * Need to review stimulus imparted to economy
  3.  * Need to review public spending and mobilize resources
  4.  * High food inflation due to bad monsoon & drought conditions
  5.  * Steps being taken to tackle price rise
  6.  * Economy in far better position than it was eight years ago
  7.  * First challenge is to quickly revert to 9% high GDP growth
  8.  * Second to make growth more inclusive and consolidate gains
  9.  * Impressive recovery in past few months
  10.  * Economy stabilized in Q1 of 2009 itself
  11.  * 18.5% manufacturing growth in Dec highest in two decades
  12.  * Faster recovery seen in the coming months
  13.  * Figures for merchandise exports for January encouraging
  14.  * Food security strengthened
  15.  * Govt's focus on services to economically backward sections
  16.  * Hope to implement Direct Tax Code from April 2011
  17.  * Status paper on public debt within six months
  18.  * Endeavor to implement General Sales Tax in April 2011
  19.  * Govt will raise Rs 25,000 cr from disinvestment in PSUs
  20.  * Market cap of five PSUs listed since October up 3.5 times
  21.  * Fuel price deregulation proposal will be taken up
  22.  * Nutrient-based fertilizer subsidy from April 1, 2010
  23.  * FDI inflows steady; Govt simplifying FDI regime
  24.  * To set up Financial Stability and Development Council
  25.  * RBI mulling additional banking licenses to pvt
  26.  * NBFC will be considered if they meet criteria
  27.  * 2% interest subvention on handicraft exports for 1 more yr
  28.  * Rs 200 crore for climate resilient agriculture initiative
  29.  * Committed to growth of Special Economic Zones
  30.  * Need for firm view on opening up retail sector
  31.  * Farm loan repayment eased by 6 months till June 30, 2010
  32.  * Crop loan interest subsidy for timely payment raised to 2%
  33.  * Propose to maintain thrust of rural, urban infra upgrade
  34.  * IIFCL authorised to refinance infrastructure projects
  35.  * Rs 1,73,552 cr provided for infrastructure development
  36.  * Railways allocation hiked Rs 950 cr to Rs 16,752 crore
  37.  * Govt proposes to set Coal Development Regulatory Authority
  38.  * Mega power plant policy modified to lower generation cost
  39.  * Allocation to power sector more than doubled to Rs 5,130 cr
  40.  * Govt for competitive bid for coal blocks for captive power
  41.  * Rs 500 crore for solar and hydro projects in Ladakh region
  42.  * New Clean Energy Fund for research in new energy sources
  43.  * Renewable Energy Ministry allocation up 61% to Rs 1000 cr
  44.  * Rs 200 cr one-time grant to Tirupur textile cluster in TN

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