India Union Budget 2010

Highlights of the 2010-2011 Budget

 
-- Rs.1,900 crore for Unique Identification Authority of India
-- Rs.147,344 crore allocated for defence

-- Service sector tax retained at 10 percent to aid the introduction of GST; more services to be taxed
-- Income up to Rs.1.6 lakh per year exempt from income tax; up to Rs.5 lakh to be taxed at 10 percent; income of Rs.5-8 lakh to be taxed at 20 percent and income above Rs.8 lakh to be taxed at 30 percent

-- National Social Security Fund created for workers in unorganised sector with allocation of Rs.1,000 crore
-- Government to give Rs.1,000 for each National Pension Scheme account for workers in the unorganised sector
-- Fifty percent hike in allocation for schemes for women and child development
-- Rs.4,500 crore allocated for ministry of social justice and empowerment, a hike of 80 percent
-- Rs.2,600 crore allocated for ministry of minorities affairs
-- Draft Food Security Bill prepared and will be put in the public domain
-- Allocation on primary education raised from Rs.26,800 crore to Rs.31,300 crore
-- Banking facilities to be provided to all habitations with a population of 2,000 and more
-- Rs.66,100 crore allocated for rural development in 2010-11
-- Rs.1,270 crore allocated for Rajiv Awas Yojana for slum dwellers, an increase of 700 percent

-- Forty-six percent of plan allocations in 2010-11 will be for infrastructure development
-- Allocation for new and renewable energy sector increased 61 percent  to Rs.1,000 crore in 2010-11
-- National Clean Energy Fund to be established
-- Government committed to growth of SEZs
-- Rs.200 crore to be provided in 2010-11 for climate-resilient agricultural initiative
-- Involvement of private sector in grain storage to continue for another two years
-- In view of drought and floods, debt repayment period extended to June 2010
-- Five more mega food processing projects in addition to 10 existing ones

-- FDI policy to be made more user-friendly with one comprehensive document
-- Apex level financial stability council to be set up for banking sector
-- Indian Banking Association to give additional licences to private players
-- Provision for further capital for regional rural banks