Every year The Union Budget of India is presented during the month of February by the Finance Minister of India in Parliament. The budget for 2010-11 is will be declared on 26th Feb. Get the live Budget Speeches for 2010-11, Budget Highlights, Budget Expectations, Budget Glossary, .Expectations of industry by this interim budget 2010-11
Meanwhile Get the Review of Budget (2009-10):
Union Budget 2009-10
Democracy is the art and science of mobilizing the entire physical, economic and spiritual resources of various sections of the people in the service of the common good of all.
~Mahatma Gandhi
{Sh. Pranab Mukherjee quoting the Father of the Nation in his Budget address on 6th July, 2009}
More Updates on Union Budget (2009-10)
Economy Overview
Whole sale price index rose to nearly 13 per cent in August, 2008 and had an equally sharp fall to zero per cent in March, 2009.
Growth rate of Gross Domestic Product dipped from an average of over 9 per cent in the previous three fiscal years to 6.7 per cent during 2008-09.
The structure of Indias economy changed over the last ten years with contribution of the services sector to GDP at well over 50 per cent and share of merchandise trade doubling to 38.9 per cent of GDP in 2008-09.
Recognising economic recovery and growth as co-operative effort of the Central and State Governments, meeting with Finance Ministers of States held as part of preparation of the Budget. This is intended to become an annual feature.
Steps for Revival of Economy
Fiscal accommodation led to an increase in fiscal deficit from 2.7 per cent in 2007-08 to 6.2 per cent of GDP in 2008-09.
To counter the negative fallout of the global slowdown on the Indian economy, Government responded by providing three focused fiscal stimulus packages in the form of tax relief and increased expenditure on public projects along with RBI taking a number of monetary easing and liquidity enhancing measures.
The fiscal stimulus at 3.5 per cent of GDP at current market prices for 2008-09 amounts to Rs.1,86,000 crore.
Measures taken by the Government were effective in arresting the fall in GDP growth rate in 2008-09. 6.7 per cent growth rate recorded in 2008-09.
Highway/Railways:
Allocation to National Highways Authority of India (NHAI) for the National Highway Development Programme (NHDP) increased by 23 per cent over B.E. 2008-09 in B.E. 2009-10 and allocation for Railways increased from Rs.10,800 crore in Interim B.E. 2009-10 to Rs.15,800 crore in B.E. 2009-10.
Urban Infrastructure:
Allocation under Jawaharlal Nehru National Urban Renewal Mission (JNNURM) stepped up by 87 per cent to Rs.12,887 crore in B.E. 2009-10 over B.E. 2008-09. Allocation for housing and provision of basic amenities to urban poor enhanced to Rs.3,973 crore in B.E. 2009-10. This includes provision for Rajiv Awas Yojana (RAY), a new scheme announced.
Development of Agriculture:
Target for agriculture credit flow set at Rs.3,25,000 crore for the year 2009-10. In 2008-09 agriculture credit flow was at Rs.2,87,000 crore.
Interest subvention scheme for short term crop loans up to Rs.3 lakh per farmer at the interest rate of 7 per cent per annum to be continued. Additional subvention of 1 per cent to be paid from this year, as incentive to those farmers who repay short term crop loans on schedule. Additional allocation of Rs.411 crore over Interim B.E. 2009-10 made.
It was brought to the knowledge of the parliament that the revenue deficit has outgrown four-fold as a result of extension of stimulus package provided to lot of industries in the light of the global economic meltdown.
Improvement in Public Services:
Unique Identification Authority of India (UIDAI) to set up online data base with identity and biometric details of Indian residents and provide enrolment and verification services across country. Provision of Rs.120 crore made for this in the Budget. First set to roll out in 12-18 months.
Additional amount of Rs.2,284 crore proposed over Interim B.E. 2009-10 for construction of fences, roads, flood lights on the international borders.
Additional amount of Rs.430 crore provided over Interim B.E. 2009-10 to modernise police machinery in the States.
Programme for housing to create 1 lakh dwelling units for Central Para-military Forces personnel to be launched through innovative financing model.
Rs.827 crore allocated for opening one Central University in each uncovered State.
Rs.2,113 crore allocated for IITs and NITs which includes a provision of Rs.450 crore for new IITs and NITs.
Rs.50 crore allocated for Punjab University, Chandigarh. Plan allocation for Chandigarh to be suitably enhanced during the year to provide better infrastructure to the people of Chandigarh.
The overall Plan budget for higher education is to be increased by Rs.2,000 crore over Interim B.E. 2009-10.
Rs.1,000 crore allocated for programme for rebuilding the damaged infrastructure caused due to cyclone Aila in West Bengal.
Budget 2009-10 Highlights
Capture all the information related to the highlights of Union Budget (2009-10) here. See if the Finance Minister has lived up to your expectations or not.
Union Budget Speech :
This section is dedicated for you to be the first to read the word-for-word transcripts of India's Finance Minister in his speech on Union Budget of India 2009.
Budget Expactations :
Mr. Pranab Mukherjee will be in thick of the action when he rolls out the Union Budget (2009-10). See if this year's budget could meet the expectations of the people of India.
Rail Budget 2009-10 Highlights
Catch all the action of 2009 Railway Budget here with Surfindia. Get the budget highlights and latest information as the Railways Minister, Ms Mamta Banerjee unravels the Rail Budget.
Rail Minister Speech
Catch the entire transcript of budget speech in the parliament presented by the Railway Minister Ms Mamta Banerjee.
Rail Budget 2009-10 Updates
This section will acquaint you with all the updates of the newest edition of the Railway Budget (2009-10). Implementation of new fairs, more trains introduced and changes in rail facilities.
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