Union  general Budget 2010-2011  Union Finance Minister Pranab Mukherjee presented the 'Union Budget 2010' in Lok Sabha on Friday, 26 February 2010 and announced a slew of measures focusing on agriculture, growth and infrastructure. The corporate, banking and agriculture sectors got a major boost in the Union Budget 2010-11.    The FM also hiked the Excise Duty from 8% to 10%, while the Service Tax has been retained at 12%.The taxpayers got a huge relief, as the Finance Minister changed the income tax slabs, making it wider and simpler. There was a partial excise rollback on cement and large cars, which mean the prices of these items, will go up. The excise duty on cigarettes has gone up. Mr. Mukherjee said that the manufacturing growth in 20009-10 has been highest in the last two decades. He also said that thrust in rural infrastructure spending in a must. Talking about Food Security and Inflation, he said that India need to strengthen the food security.      Highlights of Union Budget 20010-11  NEW DELHI, February 26, 2010: Following are the highlights of Budget 2010-11

Finance minister     Pranab Mukherjee

Vision & Objective GDP Growth to be targeted at 9% Target of Rs 25,000 cr disinvestment this year Direct Tax Code and GST will be implemented from April 1, 2011 Fertilizer Subsidy to be reduced GDP to reach 10% in near future To consider Parikh Report on Fuel Price FDI Regime to be simplified Inflation Rate to be lowered in 2 Months 2% interest subvention for Exports extended for one year Committed to SEZ Growth  Taxation Income Tax Form Saral-2 to be re-introduced from next year No increase in Exemption Limit for the Taxpayers Tax Slabs changed Income up to Rs. 1.6 lakh - nil Income from Rs. 1.6 lakh - Rs 5 lakh - 10% tax Income from Rs 5 lakh - 8 lah - 20% tax Income of above Rs 8 lakh - 30% tax 60% of the taxpayers to be benefited Rs. 20,000 tax exemption for investment in infrastructure bonds.  Tax Exemption under 80c will be Rs 1.2 lakh instead of Rs 1 lakh  Corporate Surcharge reduced from 10% to 7.5% MAT (Minimum Alternative Tax) increased to 18% from 15% Excise Duty hiked from 8% to 10% Service Tax remained at 12% for Goods No Service Tax on News Agencies  R&D deduction hiked CET (Central Excise Tariff) on Petroleum Products hiked by Rs 1 Petrol, Diesel Prices to go up Partial Rollback on Excise Duty on Cement, Large Cars Cement and Large Cars to be costlier CHEAPER PRODUCTS CNG, Mobile, Medicines, Medical Equipments, Farm Equipments, Mobile Phones, Mobile chargers, Watches, Readymade Garments, Microwave Ovens, Toys, Foreign Farm Equipments, Set Top Boxes, Water Purifier, LED Lights COSTLIER PRODUCTS   Petrol, Diesel, Coals, cigarettes, Cement, Large  Cars, Jewellry, Gold, TV Sets, ACs, Silver, Pan Masala  Banking  More Private Banks to be encouraged Additional Banking License to Private Players FY10 Capital for PSU Banks stand at Rs 16,500 crore Rs 1,200 crore to be allocated to PSU Banks Rural Banks to be supported Banks to get Rs 6,000 crore to improve fundamental structure Banks for all villages with a population of 2,000   Agriculture  Four-pronged agricultural strategy to be adopted More help to Food Processing Sector Rs 400 crore to be allocated for Green Revolution in Eastern India Rs 300 crore for Rashtriya Krishi Vikash Yojna Extend Loan Repayment for drohught-hit Farmers Farmers, who repay loan on time, will get a waiver of 2% Farmers to get Loans at 5% To extend farm loan repayment by 6 months Agriculture Loan for Farmers increased to Rs 3,75,000 crore New Food Policy from April 1, 2010 Rs 300 crore to be allocated for Pulse Production   Infrastructure Rs. 1.37 lakh crore for Infrastructure Development Railways to be allocated Rs 16,772 crore Road Development allocation increased to 19,894 crore 20 km National Highway to be built everyday Proposal to hike allotment for renewable energy by 61% To Establish Clean Energy Fund More than double allocation for Power Sector to 5,130 crore Coal Regulatory Authority to be set up One-time grant of Rs 200 crore for Tamil Nadu dor Textiles NREGA Allocation at Rs 40,100 crore Rs 1200 crore package for drought-hit Bundelkhand Ganages - Rs 500 crore Bharat Nirman Yojna - Rs 48,000 crore Solar Energy - Rs 1,000 crore Tirupur Textile Industry - Rs 500 crore Goa - Rs 200 crore special package To set up 20,000 MW Solar Power by 2022 Delhi-Mumbai Industrial Corridor to be set up   Education:  Allocation for School Education increased from Rs 26,800 crore to Rs 31,036 crore Allocation for Health at 22,300 crore Sarva Sikha Abhiyaan - Rs 36,000 crore   Urban Development & Housing:  Rs 5,400 crore for Urban Development - hike of 75%  Rs 61,000 crore for rural Development Indira Awas Yojna to get Rs 10,000 crore House Loans up to Rs 10 lakh - 1% subsidy extended for one year Focus on Slum Development   Social Sector National Social Security Fund for unskilled labourers to be set up with Rs 1,000 crore National Pension Scheme - New Accounts to get Rs 1,000 per year by the government National Health Insurance Scheme for NREGA Workers, who work for 15 days in a Month Farmer Fund for Women - Rs 100 crore Dalits and Poor to get more focus   Technology  Unique ID to be given on time Rs 19000 crore allocated for Unique ID Project Rupee to have new Symbol. A new look Rupee to come up soon.   Plan & Expenditure Gross Tax Receipts - Rs 7.46 lakh crore 15% rise in plan expenditure Fiscal Deficit for FY 2010 revised to 6.9% of GDP Fiscal Deficit - 5.5% for FY 2011 Fiscal Deficit - 4.8% for FY 2012 Defence Allocation - Rs 147,344 crore.

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