Budget 2009 Highlights

Budget 2009 has just been released and here are the highlights of the Budget. The Budget is viewed by the Industry fraternities as not a dream Budget and showed disappointment and doubts on the execution of the fiscal schemes allocated. There are still lot of reasons to smile for Agri and Infra and the common voter of India. The Industry experts say it focuses more on the next 9 months rather than a vision for the next 5 years,but overall a inclusive and balanced budget which has benefitted more agricutural and farm sector, Infrastructure and satisfies farmers and some section of voters.

Highlights: It covers the following budget allocations
Public Investment ,Highways and Railways, Agricultural Development,Food Security,Inclusive Growth and Oil industry, Income Tax reforms and Minority Welfare,Increased spending for educational Institutions.

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  Aims to sustain 9% growth rate of GDP by 2014 and see farm sector's growth @ 4%
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  Focus on Infrastructure and Farm sector by providing financial stimulus Package for tax reliefs at 1.86,000 crores
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  Additional excise duty on Cars and duty on petrol driven trucks has been cut.
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  Fringe Benefit and Commodity Tax Benefit abolished.
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  IIFCL to given more flexibility to provide finance assistance to infrastructure companies to attract more private investment.
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  Banks and Insurance Companies continue to be held by Government at 51 % stake.
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  25kgs of rice to be given at 3 Rs a Kilo for poor in the rural areas and modernisation of employment exchange to help youth get placed.
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  Slum free India in 5 years --The Budget has allocated crores of money for urban Housing and Development for slum dwellers and an additional 500 crores for Mumbai storm water drainage.
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  Credit Flow for Agriculture is allocated at 3,25,000 crores and 6 to 7% interest rate to farmers.Additional assistance for Irrigation. Immense assistance to exporters and importers and the export credit guarantee scheme is extended till Martch 2010.
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  Income Tax return forms to be made simpler and saral2 Form to be introduced soon.
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  Fertiliser products to be available at reasonable prices to ensure fertiliser utilisation and Govt plans to bring in the system of direct transfer of subsidies to farmers.
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  Increased allocation at 2131 Crores for educational Institutions by setting up new IIT's and NIIT.
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  One lakh new Houses for Paramilitary forces and other allowances.
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  National ID cards by Unique ID plan to be rolled out in 12 months.39 thousand and 100 crores allocation of money to NREGA project with a wage of Rs. 100 per day.