India Union Budget 2010

Highlights of the 2010-2011 Government of India Budget

The 2011 Government of India Budget may be found here.

INFRASTRUCTURE, DEFENSE, AND ENERGY

• 46% of plan allocations in 2010-11 will be for infrastructure development
• Rs.147,344 crore allocated for defence
• Rs.1,900 crore for Unique Identification Authority of India
• Allocation for new & renewable energy sector increased 61%  to Rs.1,000 crore in 2010-11
• National Clean Energy Fund to be established

AGRICULTURE & FOOD

• 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
• Five more mega food processing projects in addition to 10 existing ones

TAXATION

• Service sector tax retained at 10 percent to aid the introduction of GST; more services to be taxed
• Income up to Rs.1.6 lakh per year exempt from income tax; up to Rs.5 lakh to be taxed at 10%; income of Rs.5-8 lakh to be taxed at 20% and income above Rs.8 lakh to be taxed at 30%

WELFARE & RURAL DEVELOPMENT

• 50% 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%
  
• Allocation on primary education raised from Rs.26,800 crore to Rs.31,300 crore
• Rs.66,100 crore allocated for rural development in 2010-11
• Rs.1,270 crore allocated for Rajiv Awas Yojana for slum dwellers, an increase of 700%

BANKING

• Indian Banking Association to give additional licences to private players
• Banking facilities to be provided to all habitations with a population of 2,000 and more
• Provision for further capital for regional rural banks