Highlights of the Budget speech for 2010—11 by Finance Minister Pranab Mukherjee

Following are the highlights of the Budget speech for 2010—11 by Finance Minister Pranab Mukherjee in Lok Sabha today.

* Gross tax receipts pegged at Rs 7,46,656 crore for 2010—11
* Non—tax revenues at Rs 1,48,118 crore
* Total expenditure pegged at Rs 11.8 lakh crore, up 8.6%
* Defence allocation at Rs 1,47,344 crore in 2010—11
* Fiscal deficit seen at 5.5 per cent now
* Fiscal deficit seen at 4.8% in FY’11 & 4.1% in FY’12
* Govt to continue giving cash subsidy for fuel & fertiliser
* Govt’s net borrowing to be Rs 3,45,010 crore for 2010—11.

* Income Tax department ready with two—page Saral—2 forms
* Income Tax slabs broadened * Income up to Rs 1.6 lakh — nil
* Income above Rs 1.6 lakh—up to Rs 5 lakh — 10 per cent
* Income above Rs 5 lakh—up to Rs 8 lakh — 20 per cent
* Income above Rs 8 lakh — 30 per cent * New tax rates offer relief to 60% of tax payers * Additional deduction of Rs 20,000 on long term infra bonds
* Excise duty on all non—petro products hiked to 10% from 8%
* One—time interim relief to housing and real estate sector
* Housing projects given 5 yrs to complete to avail tax break
* Investment linked tax deductions allowed to two—star hotels
* PlanCom to prepare action plan for Naxal—hit areas
* Eschew violence,join mainstream: FM to “misguided elements”
* Outlay for Ganga River Basin Authority doubled to Rs 500 cr

* Alternative port at Sagar Island in West Bengal
* Draft of Food Security Bill ready; in public domain soon
* Outlay for social sectors pegged at Rs 1,37,674 crore
* Social sector outlay 37 per cent of total plan allocation
* Plan allocation for school education Rs 31,036 cr
* Allocation for health and family welfare Rs 22,300 cr
* For rural development Rs 66,100 cr allocated
* Indira Awas Yojana unit cost raised to Rs 45,000 in plains & Rs 48,500 in hilly areas.

*Allocation for urban development raised 75% to Rs 5,400 cr
*1% loan interest subsdiy for houses upto Rs 20 lakh
*Outlay for micro & small scale sector raised to Rs 2,400 cr

* Rs 1,270 crore for slum development programme, up 700%
* National Social Security Fund with Rs 1000 cr outlay
* Allocation for women and child development hiked 80%
* Rs 1,000/yr to a/c holders under New Pension Scheme
* Outlay for Minority Affairs Min raised to Rs 2,600 cr
* Rs 1,900 cr for Unique Identification Authority of India
* Unique identity symbol for Indian Rupee like US Dollar