The Union Budget of India, referred to as the Annual Financial Statement in Article 112 of the Constitution of India, is the annual budget of the Republic of India, presented each year on the last working day of February by the Finance Minister of India in Parliament. The budget has to be passed by the House before it can come into effect on April 1, the start of India’s financial year(1st April – March 31st).
- Total expenditure pegged at Rs 11.08 lakh crore, an increase of 8.6 per cent over 2009-10 Union Budget.
- Plan expenditure pegged at Rs 3,73,092 crore and Non-Plan expenditure at Rs 7,35,657 crore in budget estimates. 6 per cent increase in plan expenditure and 15 per cent in non-plan expenditure.
- The Gross Tax Receipts are estimated at Rs. 7,46,651 crore and Non Tax Revenue Receipts are estimated at Rs. 1,48,118 crore for 2010-11.
- Income tax slabs for individual taxpayers to be as follows:
o Income up to Rs 1.6 lakh – nil.
o Income above Rs 1.6 lakh and up to Rs 5 lakh – 10 per cent.
o Income above Rs 5 lakh and up to Rs 8 lakh – 20 per cent.
o Income above Rs 8 lakh – 30 per cent.
o Income above Rs 1.6 lakh and up to Rs 5 lakh – 10 per cent.
o Income above Rs 5 lakh and up to Rs 8 lakh – 20 per cent.
o Income above Rs 8 lakh – 30 per cent.
- Fiscal deficit pegged at 6.9 per cent in 2009-10 as against 7.8 per cent in the previous fiscal. Fiscal deficit seen at 4.8 per cent and 4.1 per cent in 2011-12 and 2012-13 respectively.
- Banks have been consistently meeting the targets set for agriculture credit flow in the past few years. For the year 2010-11, the target has been set at Rs.3,75,000 crore.
- Allocation for Mahatma Gandhi National Rural Employment Guarantee Scheme stepped up to Rs.40,100 crore in 2010-11.
- An amount of Rs.48,000 crore allocated for rural infrastructure programmes under Bharat Nirman.
- Unit cost under Indira Awas Yojana increased to Rs.45,000 in the plain areas and to Rs.48,500 in the hilly areas. Allocation for this scheme increased to Rs.10,000 crore.
- A 700% increase of Rs.1,270 crore allocated for Rajiv Awas Yojana as compared to Rs.150 crore last year.
- Rs 1,900 crore allocated to the Unique Identification Authority of India (UIDAI) for 2010-11.
- Defence allocation pegged at Rs 1,47,344 crore in 2010-11 against Rs 1,41,703 crore in the previous year.
- Allocation for National Ganga River Basin Authority (NGRBA) doubled in 2010-11 to Rs.500 crore.
- Rs.16,500 crore provided to ensure that the Public Sector Banks are able to attain a minimum 8 per cent Tier-I capital by March 31, 2011.
- Allocation to Backward Region Grant Fund enhanced by 26 per cent from Rs.5,800 crore in 2009-10 to Rs 7,300 crore in 2010-11.
- Allocation for Housing and Urban Poverty Alleviation raised from Rs.850 crore to Rs.1,000 crore in 2010-11.
- Rs 500 crore allocated for solar and hydro projects for Ladakh region.
- One-time grant of Rs 200 crore provided to Tirupur textile cluster in Tamil Nadu.
- Rs.200 crore provided as a Special Golden Jubilee package for Goa to preserve the natural resources of the State, including sea beaches and forest cover.
- A new initiative, “Swavalamban” will be available for persons who join New Pension Scheme (NPS), with a minimum contribution of Rs.1,000 and a maximum contribution of Rs.12,000 per annum during the financial year 2010-11, wherein Government will contribute Rs.1,000 per year to each NPS account opened in the year 2010-11. Allocation of Rs.100 crore made for this initiative.
- Mahila Kisan Sashaktikaran Pariyojana to meet the specific needs of women farmers to be launched with a provision of Rs 100 crore as a sub-component of the National Rural Livelihood Mission.
- Rate of Minimum Alternate Tax (MAT) increased from the current rate of 15 percent to 18 per cent of book profits.
From where the Rupee Comes from and the Rupee Goes to:
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