Highlights of Finance Budget 2010-11

  • National Social Security Fund created for workers in unorganised sector with allocation of Rs.1,000 crore
  • Government to give Rs.1,000 for each National Pension Scheme account opened by workers in the unorganised sector
  • Exclusive skill development programme for the textile sector
  • Fifty percent hike in allocation for schemes for women and child development
  • Rs.4,500 crore allocated for ministry of social justice and empowerment, a hike of 80 percent
  • Rs.2,600 crore allocated for ministry of minorities affairs
  • Rs.1,900 crore for Unique Identification Authority of India
  • Rs.147,344 crore allocated for defence
  • 2,000 youth to be recruited in central paramilitary forces
  • Draft Food Security Bill prepared and will be put in the public domain
  • Allocation on primary education raised from Rs.26,800 crore to Rs.31,300 crore
  • Banking facilities to be provided to all habitations with a population of 2,000 and more
  • Rs.66,100 crore allocated for rural development in 2010-11; Rs.40,100 crore for National Rural Employment Scheme; RS.48,000 crore for Bharat Nirman
  • Rs.1,270 crore allocated for Rajiv Awas Yojna for slum dwellers, up from Rs.150 crore, an increase of 700 percent with the aim of creating a slum free India.
  • Forty-six percent of plan allocations in 2010-11 will be for infrastructure development
  • Coal Regulatory Authority to be set up to benchmark standards of performance
  • Allocation for new and renewable energy sector increased 61 percent from Rs.620 crore to Rs.1,000 crore in 2010-11
  • National Clean Energy Fund to be established
  • Rs.200 crore allocated as special package for Goa to prevent erosion and increase green cover
  • Government committed to growth of SEZs
  • Four-pronged strategy for growth of agricultural sector
  • Rs.200 crore to be provided in 2010-11 for climate-resilient agricultural initiative
  • Involvement of private sector in grain storage to continue for another two years
  • In view of drought and floods, debt repayment period extended to June 2010
  • Five more mega food processing projects in addition to 10 existing ones
  • FDI flows in April-December 2009 $20.9 billion
  • FDI policy to be made more user-friendly with one comprehensive document
  • Apex level financial stability council to be set up for banking sector
  • Indian Banking Association to give additional licences to private players
  • Provision for further capital for regional rural banks
  • Roadmap for reducing public debt in six months
  • Implementation of direct tax code from April 2011
  • Government actively engaged in finalising structure of general sales tax regime; hopes to implement it from April 2011
  • New fertiliser policy from April 2010; will lead to improved productively and more income for farmers
  • Economy stabilised in first quarter of 2009-10; strong rebound in second quarter; overall growth at 7.2 and could be higher when Q3 and Q4 are taken into account
  • Export figures for January encouraging
  • Hope to breach 10 percent growth mark in not too distant future
  • Government set in motion steps to bring down food inflation
  • Need to review stimulus package; need to make growth more broad-based
  • India has weathered global economic crisis well; Indian economy in far better position than it was a year ago. In 2009 Indian economy faced grave uncertainty; delay in southwest monsoon had undermined agricultural production
  • First challenge now is to quickly revert to 9 percent growth and then aim for double digit growth; need to make recovery more broad based
  • Second challenge is to make growth more inclusive; have to strengthen food security
  • Third challenge is to overcome weakness in government's public delivery mechanism; a long way to go in this

 



 

 

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