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| You are here :Home >> Budget Stories >> Report | |||||||||
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| 2009-07-06 12:48:06 | |||||||||
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Budget Highlights: Benefits to farmers, exporters Commodity Online NEW DELHI: Following are the major highlights of the annual budget that Indian Finance Minister Pranab Mukherjee is presenting in the Parliament on Monday. **Farm loan waiver scheme extended by six months. **Incentives in interest rates to farmers to pay back agriculture loans in time **Target for agriculture credit raised to Rs 3,25,000 crore in 2009-10 from Rs 287,000 crore. **To provide all possible relief to exporters **Irrigation benefit program increased by Rs.1000cr **Farm loan waiver scheme extended by 6 months **Int subvention scheme for farm loans to continue **1% int subvention to farmers making timely payment **Target Agri credit flows at Rs 3.25 lkh cr **Allocation to NHAI increased by 23% (YoY) **IIFCL to finance 60% of commercial bank loans for PPP **Global financial conditions have seen improvement **Sign of revival in domestic industry and return of FIIs **Fiscal stimulus at 3.5% of GDP **Significant rise of foreign capital inflows important **Gross capital flow fell in wake of global fin crisis **Job creation hit due to economic slowdown **Pace of job creation affected by dip in GDP **Will ensure farm sector growth at 4% **Need to strengthen improve regulatory framework **Private investment has been the key growth driver **Raise investment in infra to 9% of GDP by 2014 **Sustain growth rate of 9% over extended period **Poll result is mandate for inclusive growth **Fringe Benefit tax to be abolished **Government intends to introduce nutrient based subsidy regime in fertilizers from the present product pricing regime. This will ensure availability of fertilizers at reasonable prices and unshackling of the industry to attract new investment. **Government intends to directly transfer subsidies to farmers. **Allocation for NREGA Schemes for 2009-10, Rs 3900 cr -- an increasre of 144% over 2008-09 BE estimates. **Govt to set up an expert group on pricing petro products. **Petrol and Diesel prices to be in sync with global prices, a panel to be set up to review domestic fuel prices. **To develop long distance GAS highway Govt intends to bring fiscal deficit to FRBM target of 3% as soon as possible. **Rs 7000 cr for rural electrification scheme **To launch employment exchange under PPP project **New Direct Tax Code in 45 days **Tax to GDP Ratio at 11.5% **IT exemption for senior citizens hiked by 15,000 to Rs 2,40,000 **Exemption limit for income tax raised by 10,000 for general category **To remove surcharge of 10% on Personal income tax **GST to be introduced from April 1, 2010 **Tax Holiday for exporters extended to 2011 **Investment linked tax benefits for gas networks and cold chains **Will abolish to CTT in line with recommendation of Economic Advisory Council of Prime Minister **Branded jewellery exempt from excise duty **Duty on gold re-imposed **Customs duty hike on gold and silver **Exemption of excise duty on petrol, diesel blended with biofuel **Tax exemption holiday for gems, jewellery and textiles |
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