Union Budget 2009-10 Highlights

Finance Minister Pranab Mukherjee has presented Budget 2009-10 in Parliament. The budget was a big disappointment. Bombay Stock Exchange crashed down today as it was let down by the finance minister. Following are the budget 2009-10 highlights:

Total budget expenditure for 2009-10 will Rs 10,28,032 crore.
50 per cent of rural women in self-help groups
Higher public investment in infrastructure
Defence outlay has gone up
Rs.1,000 crore for Aila rehabilitation programme
Rs.25 crore each for AMU campuses in Murshidabad and Mallapuram
Rs.2,113 crore for IITs and NITs
Commonwealth allocation hiked to Rs 16,300 crore
Government to hike allocation to National Ganga Project to Rs 562 crore
One rank, one pension for ex-servicemen from July 1
Allowances to para-military forces at par with defence forces
Unique Identification ID project to tap private talent
Full interest subsidy for students in approved institutions
Goods and Services Tax to be introduced from April 1, 2010
New tax code to be set up in 45 days
Eliminated surcharge on personal Income tax by ten per cent
Hike in IT exemption of Rs.10,000 (for older people it is Rs.15000)
Commodities Transaction Tax to be scrapped
Small businesses exempt from advance tax
Custom duty on LCD panels halved; Branded jewellery, mobile phone accessories and drugs for heart diseases to become cheaper
Customs duty on bio-diesel reduced
Tax holiday extended for textile units
Customs duty on gold and silver import increased (ANI)
Abolition of Fringe Benefit Tax (FBT)
Aim to create 12 million jobs
JNNURM allocation hiked by 87 per cent
Additional budget allocation to farmers
Rs 2,000 crore for rural housing fund under National Housing Bank
Allocation to Indira Awaas Yojna hiked by 63% to Rs 8,883 cr. Rs 7000 crores for rural electrification scheme.
Rs 31,100 crore allocation for NREGA.