Highlights of the Interim Budget 2009-10
Union External Affiars Minister Pranab Mukherjee, who is holding additional charge of the finance portfolio, while presenting the Interim Budget for 2009-10 on Monday in Parliament, said tax rates must fall further.
However, he disappointed those who had believed that he will announce some sops to shore up the economy.
He also did not announce the third economic package in the interim Budget.
He further said:
Rs 40,000 crore (Rs 400 billion) relief extended through tax cuts to counter economic slowdown.
Allocation for Unique Identification programme has been pegged at Rs 100 crore (Rs 1 billion).
Plan expenditure in 2009-10 may have to be increased substantially at the time of presentation of overall budget if we have to give economy the stimulus it needs.
Allocation for JNNURM programme raised to Rs 11,842 crore (Rs 118.42 billion). Bharat Nirman programme gets Rs 40,900 crore (Rs 409 billion) in 2009- 10.
Rajiv Gandhi Rural Drinking Water Mission gets Rs 7,400 crore (Rs 74 billion) in 2009-10.
Integrated Child Development Scheme gets Rs 6,705 crore (Rs 67.05 billion) in 2009-10.
Allocation for Sarva Shiksha Abhiyan programme increased to Rs 13,100 crore (Rs 131 billion).
Flagship NREGA scheme gets Rs 30,100 crore (Rs 301 billion) in 2009-10.
Budgetary support increased for Ministries of Rural Development, Road Transport & Highway, Power, Railways, Industrial Policy & Promotion and IT.
Budget estimate for expenditure for 2009-10 put at Rs 953,231 crore (Rs 9532.31 billion). This includes Rs 285,145 crore (Rs 2851.45 billion) for plan expenditure while non-plan spend put at Rs 668,883 crore (Rs 668.83 billion).
Revised fiscal defict esimated at 6 per cent of GDP as against 2.5 per cent in the Budget estimate. Revised revenue deficit placed at 4.4 per cent as against 1 per cent in the Budget estimate for 2008-09.
Fiscal deficit has gone up from Rs 133,287 crore (Rs 1332.87 billion) in the budget estimates to Rs 326,515 crore (Rs 3265.15 billion) in the revised estimates for 2008-09.
Tax collections down by Rs 60,000 crore (Rs 600 billion) over budget estimates for 2008-09.
Fertiliser subsidy increased by Rs 44,863 crore (Rs 448.63 billion) from about Rs 14,000 crore (Rs 140 billion) during 2008-09.
Central plan expenditure increased from Rs 2,43,386 crore (Rs 2,433.86 billion) to Rs 2,82,957 crore (Rs 2,829.57 billion).
Revised budget estimates for 2008-09 increased to Rs 909,053 crore (Rs 9,090.53 billion) from Rs 750,884 crore (Rs 7,508.84 billion).
Rs 632 crore (Rs 6.32 billion) provided for recaptalisation of Regional Rural Banks.
Non-performing assets of public sector banks have fallen from 7.8 per cent in 2007 to 2.3 per cent in March 2008.
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