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HIGHLIGHTS - 2010/11 budget presented to parliament

Source : REUTERS
Last Updated: Fri, Feb 26, 2010 11:30 hrs
HIGHLIGHTS - 2010/11 budget presented to parliament

Finance Minister Pranab Mukherjee presents his annual budget on Friday.

Following are the highlights of the budget:

BORROWING

nohup.out nohup.out_o_folder replace_dependentitem_tags.sh Gross market borrowing for 2010/11 seen at 4.57 trillion rupees ($98.9 billion), Forecast in Reuters poll was 4.61 trillion.

nohup.out nohup.out_o_folder replace_dependentitem_tags.sh Net market borrowing for 2010/11 seen at 3.45 trillion rupees.

FISCAL DEFICIT

nohup.out nohup.out_o_folder replace_dependentitem_tags.sh Fiscal deficit seen at 6.9 pct of GDP in 2009/10

nohup.out nohup.out_o_folder replace_dependentitem_tags.sh Fiscal deficit seen at 5.5 pct of GDP in 2010/11 (Reuters poll 5.6 pct)

nohup.out nohup.out_o_folder replace_dependentitem_tags.sh Fiscal deficit seen at 4.8 pct of GDP in 2011/12; 4.1 pct in 2012/13.

nohup.out nohup.out_o_folder replace_dependentitem_tags.sh Fiscal deficit seen at 3.81 trillion rupees in 2010/11; seen at 4.14 trillion rupees in 2009/10.

SPENDING

nohup.out nohup.out_o_folder replace_dependentitem_tags.sh Total expenditure in 2010/11 11.87 trillion rupees.

nohup.out nohup.out_o_folder replace_dependentitem_tags.sh 15 pct increase in plan expenditure in 2010/11

nohup.out nohup.out_o_folder replace_dependentitem_tags.sh 2009/10 revised estimate for tax collection 7.47 trillion rupees.

nohup.out nohup.out_o_folder replace_dependentitem_tags.sh Defence spending for 2010/11 at 1.47 trillion rupees.

nohup.out nohup.out_o_folder replace_dependentitem_tags.sh To invest 1.73 trillion rupees in infrastructure in 2010/11.

nohup.out nohup.out_o_folder replace_dependentitem_tags.sh Social sector spending at 1.38 trillion rupees for FY11.

nohup.out nohup.out_o_folder replace_dependentitem_tags.sh To provide 661 billion rupees for rural development.

REVENUE

nohup.out nohup.out_o_folder replace_dependentitem_tags.sh Total revenue receipts for 2010/11 seen at 6.82 trillion rupees.

nohup.out nohup.out_o_folder replace_dependentitem_tags.sh Revenue deficit seen at 4 pct of GDP in 2010/11

*Indirect tax proposals to result in net revenue gain of 435 billion rupees.

nohup.out nohup.out_o_folder replace_dependentitem_tags.sh Direct tax proposals to result in revenue loss of 260 billion rupees.

TAXES

nohup.out nohup.out_o_folder replace_dependentitem_tags.sh Federal excise duty on non petroleum products to go up to 10 pct from 8 pct

nohup.out nohup.out_o_folder replace_dependentitem_tags.sh Raises federal excise duty on petrol, diesel by 1 rupee per litre

nohup.out nohup.out_o_folder replace_dependentitem_tags.sh Government will be in a position to implement direct tax code from April 2011

nohup.out nohup.out_o_folder replace_dependentitem_tags.sh Aims to introduce Goods and Services Tax in April 2011

nohup.out nohup.out_o_folder replace_dependentitem_tags.sh Raises minimum alternate tax rate to 18 pct

nohup.out nohup.out_o_folder replace_dependentitem_tags.sh To impose clean energy levy of 50 rupees/tonne on coal, including imports

nohup.out nohup.out_o_folder replace_dependentitem_tags.sh Service tax rate kept unchanged at 10 pct

nohup.out nohup.out_o_folder replace_dependentitem_tags.sh Personal income tax slabs widened

SUBSIDIES

nohup.out nohup.out_o_folder replace_dependentitem_tags.sh Subsidy bill seen at 1.16 trillion rupees.

nohup.out nohup.out_o_folder replace_dependentitem_tags.sh Petroleum subsidy for 2010/11 seen at 31.08 billion rupees

nohup.out nohup.out_o_folder replace_dependentitem_tags.sh Fertiliser subsidy for 2010/11 seen at 499.8 billion rupees

nohup.out nohup.out_o_folder replace_dependentitem_tags.sh To provide government subsidy in cash instead of bonds for fertilisers, oil

nohup.out nohup.out_o_folder replace_dependentitem_tags.sh To provide 2 pct loan subsidy to farmers

STAKE SALES AND RADIO AIRWAVES AUCTION

nohup.out nohup.out_o_folder replace_dependentitem_tags.sh Estimates disinvestment proceeds of 400 bln rupees in 2010/11.

nohup.out nohup.out_o_folder replace_dependentitem_tags.sh Estimates 350 billion rupees in 2010/11 from 3G wireless radio spectrum auction.

CREDIT TO SECTORS

nohup.out nohup.out_o_folder replace_dependentitem_tags.sh 3.7 trillion rupees farm credit target for FY11.

nohup.out nohup.out_o_folder replace_dependentitem_tags.sh External commercial borrowing will be available for food storage industries

nohup.out nohup.out_o_folder replace_dependentitem_tags.sh India Infrastructure Finance Company Limited to lend 200 billion rupees by March 2011.

MUKHERJEE ON THE STATE OF ECONOMY

nohup.out nohup.out_o_folder replace_dependentitem_tags.sh Final FY10 GDP figure maybe higher than estimate of 7.2 pct

nohup.out nohup.out_o_folder replace_dependentitem_tags.sh Need to review public spending

nohup.out nohup.out_o_folder replace_dependentitem_tags.sh Government to simplify FDI policy

nohup.out nohup.out_o_folder replace_dependentitem_tags.sh Roadmap within six months to cut public debt

nohup.out nohup.out_o_folder replace_dependentitem_tags.sh To set up finance sector legislative reform commission

nohup.out nohup.out_o_folder replace_dependentitem_tags.sh "The Indian economy now, is in a far better position than it was a year ago."

nohup.out nohup.out_o_folder replace_dependentitem_tags.sh "The first challenge before us is to quickly revert to the high GDP growth path of 9 percent."

nohup.out nohup.out_o_folder replace_dependentitem_tags.sh "After successfully managing the effects of the global slowdown, we need to strengthen the domestic macroeconomic environment to help consolidate the rebound in growth."

nohup.out nohup.out_o_folder replace_dependentitem_tags.sh "We need to reduce the stimulus, important to the economy, and move towards the preferred path of fiscal consolidation."

nohup.out nohup.out_o_folder replace_dependentitem_tags.sh "We need to make growth more broad based and ensure the supply demand imbalances are better managed."

(For full coverage of India Budget 2010, please click http://in.reuters.com/news/globalcoverage/india-budget-2010)

(Compiled by Krittivas Mukherjee and Matthias Williams)

(For more news on Reuters Money visit http://www.reutersmoney.in)




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