Re: General Budget........releases........

On Mon, Jul 6, 2009 at 3:39 PM, PIB Calcutta <pib.calcutta@gmail.com> wrote:

GENERAL BUDGET 2009-10
PRESS INFORMATION BUREAU
GOVERNMENT OF INDIA
****
FISCAL DEFICIT PROJECTED AT 6.8% OF GDP; REVENUE DEFICIT ESTIMATED
WOULD BE 4.8 % IN 2009-10
GOVERNMENT SPEND TO INCREASE BY 36%
DEFENCE OUTLAY GOES UP TO RS.1,41,703 CRORE; PROVISION FOR SUBSIDY
RAISED TO RS.1,11,276 CRORE
New Delhi,Asadha 15,1931
July 06, 2009

       The Finance Minister Shri Pranab Mukherjee has said that the fiscal
deficit as a percentage of GDP is projected at 6.8% as compared to
2.5% of the Budget Estimates (BE) for 2008-09 and 6.2% as per the
provisional accounts of 2008-09.  Presenting the General Budget for
2009-10 in Lok Sabha today, Shri Mukherjee assured that the government
will address the issue in right  earnest to come back the path of
fiscal consolidation at the earliest as this level of deficit was a
matter of concern.
       The Finance Minister informed that the Budget Estimates for 2009-10
provide for a total expenditure of Rs.10,20,838 crore consisting of
Rs.6,95,689 crore towards Non Plan and Rs.3,25,149 crore towards Plan
expenditure.  At this level the Non Plan expenditure marks an increase
of 37% over BE 2008-09 whereas the Plan expenditure increases by 34%.
The increase in expenditure in 2009-10 BE has been pegged at 36%.  The
Finance Minister pointed out that the Non Plan expenditure mainly
increases on account of implementation of the 6th Pay Commission
recommendations, increased food subsidy and higher interest payment
arising out of the larger fiscal deficit in 2008-09.
       Shri Mukherjee provided a substantially increased Defence outlay of
Rs.1,41,703 crore in the budget for 2009-10 as against Rs.1,05,600
crore in BE 2008-09.  He informed the Lok Sabha that the total
provision for subsidies during 2009-10 has been raised to Rs.1,11,276
crore from Rs.71,431 crore in BE 2008-09.
       The Finance Minister told the Lok Sabha that the gross tax receipts
are budgeted at Rs.6,41,079 crore in 2009-10 as compared to
Rs.6,87,715 crore in BE 2008-09, given the possibility of economic
down turned persisting in the current year.  He informed that the non
tax revenue receipts, is likely to be better at Rs.1,40,279 crore in
the current fiscal as compared to Rs.95, 785 crore in BE 2008-09.  The
revenue deficit is projected at 4.8% of GDP as against 1% in BE
2008-09 on 4.6% as per provisional accounts of 2008-09.

bsc/rcj/skk/dk/kol/15:35 hrs.

GENERAL BUDGET 2009-10
PRESS INFORMATION BUREAU
GOVERNMENT OF INDIA
****
GROSS BUDGETARY SUPPORT INCREASED BY RS. 40,000 CRORE
STATES TO BE PERMITTED TO BORROW ADDITIONAL 0.5% OF GSDP
New Delhi, Asadha 15,1931
July 06, 2009

       The Finance Minister Shri Pranab Mukherjee in his Budget Speech
informed the Lok Sabha today that government has taken a conscious and
bold decision to enhance the Gross Budgetary Support (GBS) for the
Annual Plan 2009-10 by Rs.40,000 crore over the Interim Budget for
2009-10.   He stressed that bulk of enhanced GBS is directed towards
public investment in infrastructure with special emphasis on rural
infrastructure, raising growth potential and leading to income
generations.
       Besides this, Shri Mukherjee informed the House that the State
Governments will be permitted to borrow additional 0.5% of their GSDP
by relaxing the fiscal deficit target under FRBM from 3.5% to 4% of
their GSDP.  This will enable the State Governments to raise
additional open market loans of about Rs.21,000 crore in the current
year.
Thus, total additionality  in the Plan Expenditure by Centre and the
States put together would be Rs.61,000 crore over Interim Budget.  "I
do believe that this fiscal expansion will go a long way in reversing
the impact of slowdown and accelerate over growth revival in the
medium term", Shri Mukherjee emphasized

bsc/rcj/skk/dk/kol/15:35 hrs.

GENERAL BUDGET 2009-10
PRESS INFORMATION BUREAU
GOVERNMENT OF INDIA
****
INCOME TAX EXEMPTION LIMIT INCREASED BY RS.15,000 FOR SENIOR CITIZENS
AND BY RS. 10,000 FOR OTHERS
10% SURCHARGE ON PERSONAL INCOME TAX TO GO
New Delhi, Asadha 15,1931
July 06, 2009

       The Finance Minister Shri Pranab Mukherjee in his Budget Speech today
in the Lok Sabha  proposed in increase the personal income tax
exemption limits to be raised by Rs. 15,000 for senior citizens from
Rs. 2.25 lakh to Rs.2.40 lakh.  Further, he proposed to raised the
exemption limits by Rs.10,000 from Rs.1.80 lakh to Rs.1.90 lakh for
women taxpayers and from Rs.1.50 lakh to Rs.1.60 lakh for all other
categories of individual tax payers.
       Shri Mukherjee also told the House that he proposes to increase the
deduction under Section 80-DD to Rs.1 lakh from the present limit of
Rs.75,000 in respect of maintenance including medical treatment of a
dependent who is a person with severe disability.
       The Finance Minister recognized that surcharge of direct taxes should
be removed as the Government has set out National Calamity Contingency
Fund to build up resources to meet emergency situations.  Under lining
that such removal has to be balanced with the revenue needs of the
Government, Shri Mukherjee said that in the first instance he propose
to phase out the surcharge on direct taxes by eliminating the
surcharge of 10% on personal income tax.
       Further, to make the process of income tax return form simple and
user friendly, Shri Mukherjee has asked his department work on SARAL
II form for early introduction.

bsc/rcj/skk/dk/kol/15:36 hrs.

GENERAL BUDGET 2009-10
PRESS INFORMATION BUREAU
GOVERNMENT OF INDIA
****
INCOME OF NPS TRUST TO BE EXEMPT FROM INCOME TAX; ALSO FROM DDT AND STT
New Delhi, Asadha 15,1931
July 06, 2009

       Shri Pranab Mukherjee, Minister of Finance in his Budget Speech
informed the Lok Sabha today that he proposes to exempt the income of
New Pension System (NPS) Trust from the income tax and any dividend
paid to this Trust from Dividend Distribution Tax (DDT).  Similarly,
all purchases sales of equity shares and derivatives by the NPS Trust
will also be exempt from this Securities Transaction Tax (STT), he
added.
       The Finance Minister further proposed to enable self employed persons
to participate in the NPS and avail of the tax benefits available
thereto.  Underlining  that NPS will continue to be subjected to the
Exempt-Exempt-Taxed (EET) method of tax treatment of savings,  Shri
Mukherjee said that it is proposed to provide necessary fiscal support
to the NPS for the establishment this much needed social security
system.
       "The New Pension System is an important milestone in the development
of a sustainable, efficient, voluntary and defined pension system in
India", Shri Mukherjee emphasized.

bsc/rcj/skk/dk/kol/15:36 hrs.

GENERAL BUDGET 2009-10
PRESS INFORMATION BUREAU
GOVERNMENT OF INDIA
****
TAX HOLIDAY FOR OIL AND GAS BLOCKS TO BE AWARDED UNDER NELP-VIII
New Delhi, Asadha 15,1931
July 06, 2009

       The Finance Minister Shri Pranab Mukherjee  in his Budget proposals
presented to the Lok Sabha today informed that he proposes to extend
income tax holiday to natural gas under Section 80-IB (9) of the
Income Tax Act, which was hitherto available on profits from
commercial production or refining mineral oil.  He said that this tax
benefit will be available to undertakings in respect of profits
derived from the commercial production of mineral oil and natural gas
from oil and gas blocks  which are awarded under the New Exploration
Licencing Policy-VIII round of bidding.
       He also proposed to retrospectively amend the provisions of said
Sections to provide that "undertaking" for the purposes of Section
80-IB (9) will mean all blocks awarded in any single contract.

bsc/rcj/skk/dk/kol/15:37 hrs.

GENERAL BUDGET 2009-10
PRESS INFORMATION BUREAU
GOVERNMENT OF INDIA
****
CONVERGENCE OF NREGS WITH OTHER RELATED SCHEMES TO BE INITIATED:
FINANCE MINISTER
144% INCREASE IN THE NREGA ALLOCATION
New Delhi, Asadha 15,1931
July 06, 2009

       The Union Finance Minister Shri Pranab Mukherjee has announced that
convergence of National Rural Employment Guarantee Scheme (NREGS) with
other schemes relating to agriculture, forest, water resources, land
resources and rural roads is being initiated to increase the
productivity of assets and resources under NREGA.  In the first stage,
a total of 115 pilot districts have been selected for such
convergence.  Details of these measures and convergence guidelines
will be formulated by the Ministry of Rural Development, Shri
Mukherjee added.
       Presenting the budget proposals 2009-10 in the Lok Sabha today, Shri
Mukherjee said that NREGA has been a magnificent success providing
employment opportunities for more than 4.47 crore households during
2008-09.  Mr. Mukherjee announced an allocation of Rs.39,100 crore for
the year 2009-10 for NREGA which marks an increase of 144% over
2008-09 Budget Estimates.

bsc/aks/skk/dk/kol/15:37 hrs.



GENERAL BUDGET 2009-10
PRESS INFORMATION BUREAU
GOVERNMENT OF INDIA
****
POOR PERSONS TO HAVE LEGAL ENTITLEMENT FOR FOOD
NATIONAL FOOD SECURITY BILL TO BE READY SOON
New Delhi, Asadha 15,1931
July 06, 2009

       In a significant move to ensure food security to poor persons,
Government has proposed to bring out the draft National Food Security
Bill very soon.  The work on the Bill has begun in right earnest.  A
draft Bill will be put on the website of the Department of Food and
Public Distribution for public debate and consultation.  This was

announced by the Finance Minister Shri Pranab Mukherjee while

presenting the Budget 2009-10 in the Lok Sabha today.
       Under this Act, every family living below the poverty line in rural
or urban areas will be entitled by law to 25 kilos of rice or wheat
per month at Rs.3 a kilo.

bsc/aks/skk/dk/kol/15:37 hrs.

GENERAL BUDGET 2009-10
PRESS INFORMATION BUREAU
GOVERNMENT OF INDIA
****
PRADHANMANTRI ADARSH GRAM YOJANA (PMAGY) LAUNCHED
New Delhi, Asadha 15,1931
July 06, 2009

       The Government has launched a new scheme called Pradhanmantri Adarsh
Gram Yojana (PMAGY) for the integrated development of scheduled castes
dominated villages in the country.  The Finance Minister while
presenting the Budget 2009-10 in the Lok Sabha today said that there
are about 44,000 villages in which the population of scheduled castes
is above 50 per cent.  Shri Mukherjee said that the new scheme PMAGY
will be launched this year on a pilot basis in 1000 such villages.  An
amount of Rs.100 crore has been allocated for this Scheme, he added.
Under this Scheme, each village would be able to avail gap funding of
Rs.10 lakh over and above the allocations under Rural Development and
Poverty Alleviation Schemes.  On successful implementation of the
pilot phase, the PMAGY would be extended in coming years.

bsc/aks/skk/dk/kol/15:38 hrs.


GENERAL BUDGET 2009-10
PRESS INFORMATION BUREAU
GOVERNMENT OF INDIA
****
ALLOCATION FOR BHARAT NIRMAN PACKAGE OF SIX SCHEMES OF RURAL
DEVELOPMENT TO STEP UP BY 45%
RS.2000 CRORE ALLOCATED FOR RURAL HOUSING FUND
New Delhi, Asadha 15,1931
July 06, 2009

       The Finance Minister Shri Pranab Mukherjee in his Budget Speech in
the Lok Sabha today said that the allocation for the Bharat Nirman
programme of six schemes for the development of rural infrastructure
is being stepped up by 45% in 2009-10 over the BE of 2008-09.  This
programme is an important initiative for bridging the gap between the
rural and urban areas and improving the quality of life of people
particularly the poor in the rural areas, he added.
       The Minister said that the allocation for the Pradhanmantri Gram
Sadak Yojana (PMGSY) is proposed to be increased to Rs.12,000 crore,
for the Rajiv Gandhi Grameen Viduytikaran Yojana (RGGVY) to Rs. 7,000
crore and for the Indira Awas Yojana (IAY) to Rs.8,800 crore.
       The Minister also announced that a sum of Rs.2000 crore is proposed
to be allocated for Rural Housing Fund in the National Housing Bank
(NHB) from the shortfall in the priority sector lending of commercial
banks. This will boost the resource base of NHB for their re-finance
operations in rural housing sector.  The move will broaden the pace of
rural housing.

bsc/aks/skk/dk/kol/15:38 hrs.

--
Palash Biswas
Pl Read:
http://nandigramunited.blogspot.com/