Information Madness

Image Credit - loupiote (Old Skool)

After Railway Minister's Indian Railways Budget 2010, now its time for the Union Budget of 2010-2011.

Union Finance Minister, Mr Pranab Mukherjee will announce the Union Budget for 2010 today. Analysts are saying that the budget will not be as clear as it suppose to be for the common man.

The Budget exercise would be replete with forecasts which are shaky. As John Kenneth Galbraith said: “The only function of economic forecasting is to make astrology look respectable.”

What's your take on the predictions of Union Budget 2010? Do you think that will have some benefits for common man?

Live blogging --

11:02 am -- Pranab Mukherjee Started the speech.

Updates -- Some Budget 2010 Highlights

Budget 2010 Income Taxes:

* Income tax form Saral – 2 to be re-introduced from next year
* No increase in the exemption limit for taxpayers
* Taxes and sheets changed
* Income up to Rs. 1.6 Lakah – zero
* Income from Rs. 1.6 Lakah – Rs Lakah 5 – 10% of taxes
* Income from Rs Lakah 5 – 8 lah – 20% of taxes
* Income over Rs Lakah 8 – 30% of taxes
* 60% of the taxpayers to be benefited
* Rs. 20,000 tax exemption for investment in bonds in the infrastructure.
* Exemption from tax under 80C will be Rs 1.2 Lakah instead of Rs 1 Lakah
* Reduced fees to the companies from 10% to 7.5%
* MAT (minimum alternative tax) for up to 18% from 15%
* Excise duty rose from 8% to 10%
* Is still in the Tax Department, 12% of goods
* There are no taxes on the Department of news agencies
* Research and development deduction increased
* CET (Central Excise Customs) on petroleum products by Rs 1
* Petrol and diesel prices to go up
* Partial restoration of excise duty on cement, and large vehicles
* Cement and large cars to be more expensive
* Cheaper products – compressed natural gas, mobile, and provision of medicines and medical equipment, agricultural equipment, mobile phones, Mobile trucks, watches, garments, microwave ovens, toys and foreign agricultural equipment, set top boxes, water purification, LED Lights
* Cost of products – gasoline, diesel and coal, cigarettes, cement, cars, big cars, flowers, gold, silver, that the masala

Infrastructure:

* Rs. Lakah 1.37 billion rupees for the development of infrastructure
* Railways, which will be allocated Rs 16,772 crore
* Develop ways to increase the allocation of Rs 19.894 billion
* 20 km on national highways to be built every day
* Proposal to increase the allocation for renewable energy projects by 61%
* To create a fund for clean energy
* More than twice for the allocation of the energy sector to 5,130 billion rupees
* Coal regulatory authority that will arise
* Grant a one-time Rs 200 billion rupees for the role of the Tamil Nadu textile industry
* NREGA allocation of Rs 40,100 crore in
* 1200 crore rupees package for drought-hit Bundelkhand
* Ganages – 500 crore rupees
* Bharat Nirman Yojna – 48,000 crore rupees
* Solar energy – Rs 1,000 crore
* Tirupur spinning and weaving industry – 500 crore rupees
* Goa – Rs 200 crore special package
* For the preparation of 20,000 MW of generating solar power by 2022
* Delhi and Mumbai industrial corridor will be established

Agriculture:

* Four-pronged agricultural strategy to be adopted
* Further assistance to the food processing sector
* Rs 400 crore to be allocated to a green revolution in eastern India
* Rs 300 billion rupees for the Rashtriya Krishi Vikash Yojna
* Expand the repayment of loans to farmers hit drohught
* Farmers, who repay the loan on time, you will get a waiver from 2%
* Farmers to obtain loans by 5%
* Extend the payment of agricultural loans by 6 months
* Agriculture loans to farmers to increase Rs 3,75,000 crore
* New Food Policy from April 1, 2010
* Rs 300 crore to be allocated to the production of pulse

Banking services:

* More private banks to be encouraged
* Additional to conduct private banking players
* FY10 capital for banks Prince Sultan stand at Rs 16,500 crore
* Rs 1,200 billion rupees to be allocated to the banks of Prince Sultan University
* Rural Banks to be supported
* Banks to get Rs 6,000 billion rupees to improve infrastructure
* Banks to all villages with a population of 2,000