Budget 2005: Highlights
- Rs 5500cr outlay for 7 mega-cities Priority for roads, ports & airports
- SPl SPVs to fund infrastructure deficit Forex resources to be tapped
- Service tax on pipeline transmission at 10.2%
- Customs & excise on LPG & Kerosene 0% Cess on petrol and diesel at 50p/ litre
- Crude oil customs duty cut to 5% Peak duty reduction on petro products to 10%
- Savings till Rs 1 lakh to be deducted from taxable income
- No change in corporate tax for foreign companies
- Conveyance, canteen allowances outside tax net
- Standard deduction removed No tax for annual income of Rs 1 lakh
- Expert committee to be set up for EET system
- Exemption for women at Rs 1.25 lakh Exemption for senior citizens Rs 1.5 lakh
- Tax of 0.1% on cash withdrawal of Rs 10,000 per day
- Initial depreciation rate increased to 20% To levy fringe benefits tax of 30%
- Depreciation rate to be 15% for plant and machinery
- Corporate tax rate for domestic co's at 30% Corporate tax at 30% Surcharge of 10%
- STT to be increased to 0.02% from 0.015% for day traders
- Rs 1-1.5 lakh at 10% Rs 1.5-2.5 lakh at 20%
- More taxes on perks Deductions under medical insurance premiums to continue
- Fertiliser subsidy could be cut if natural gas is used
- To continue subsidies but in recast form
- Foodgrain procurement to be made more cost-effective
- Customs duty on industrial raw materials cut to 10%
- Customs duty on coking coal cut from 15% to 5%
- To allow banking companies to issue preference shares
- New Banking bill to be introduced in Budget session
- Credit linking target increased to 2.5 lakh SHGs
- 12th Finance commission to cost the centre Rs 26000 cr
- Revenue deficit 2.7%; Fiscal deficit 4.3%
- Plan expenditure of Rs 1,72,500 cr Non-plan expenditure Rs 3,70,847 cr
- Targets $15000 cr of exports by FY'09
- Will ensure devp schemes don't continue without checks
- Fertiliser subsidy could be cut if natural gas is used
- Defence allocation increased to Rs 83000 cr
- Rs 34375 cr on capital expenditure for defence
- Entire production, distribution chain to be covered soon
- VAT to be introduced from 1st April 2005
- To make Mumbai regional 'hub for finance'
- May allow trading of asset backed debt
- To clear legal validity of OTC derivative contracts
- Stamp duty exemption for corporatisation of stock exchanges
- FIIs to give collateral on derivatives trade
- To ammend Banking Regulation Act
- To remove cap/floor for SLR for banks
- Seeks overseas investment in mining, trade, pensions
- Trade policy to be further liberalised
- Forex to be used for infrastructure projects
- SMEs in Pharma, IT to get equity support
- Companies allowed to re-negotiate debt
- Financial package to to be worked out by NABARD
- Capital subsidy allocation for SSI's up to Rs 173 cr
- To extend insurance scheme for 2 mn handloom weavers
- Lower interest costs for Sugar industries
- To launch manufacturing competitiveness plan for SME's
- 10% capital subsidies scheme for textile sector
- To ask PSU banks to increase borrowers by 5 mn in FY'06
- New fund for strategic agriculture research Rs 50 cr allocated
- Rs 450 cr provided for Highway development in North East
- Micro-finance devpt fund increased to Rs 200 cr
- Services sector to get stable tax policy
- National Agriculture Insurance scheme to continue
- Rs 6,253 cr for devpt of SC/ST Special scheme for SC/ST students
- Loans for rural areas to increase by 30%
- Rs 1,08,500 cr to be disbursed as loans
- Comparative advantages in tea have eroded
- Price stabilisation fund for commodities not effective
- To provide telephone connections to 66,820 villages
- Rs 14,040 cr equity support & Rs 3,554 cr as loans for PSEs
- Rs 14,040 cr equity support & Rs 3,554 cr as loans for PSEs
- National Horticulture Mission to get Rs 630 cr
- 60 lakh additional houses for rural poor
- Telephone connectivity for 66,822 villages
- Electricity to 1.25 lakh villages
- Addl 1 cr hectare to be brought under irrigation
- Rs 4200 cr state plan for Jammu and Kashmir Rs 14379 cr allocation for J&K
- 2000 Rajiv Gandhi fellowships On pattern of UGC fellowships
- Double nutrition norms Centre to share half of state's burden
- Schemes for SC/STs Rs 6253 cr allocated
- Mid-day meal allocation up to Rs 3,010 cr vs Rs 1,675 cr
- Baramull-Udhampur railway project designated project of national importance
- Special grants for Bihar Over Rs 7900 cr granted to Bihar
- New backward regions grant fund to get Rs 5000cr
- Outlay on drinking water increased to Rs 4,750 cr
- 170 backward districts Backward regions fund Rs 5000 cr yearly
- Separate statement on 'gender' sensitivity Central assistance for teaching Urdu
- ICDS allocation up 47% to Rs 3142cr Pledges 'inclusive economic growth'
- New prarambikh shiksha fund To be allocated Rs 7156 cr
- Sectors getting jobs will get highest govt. priority
- Textile job potential seen 12 mn in 5 yrs Gross Budgetary Support up 16.9%
- National Rural Health mission to start in FY'06
- Allocation for mid-day meal goes up to Rs 3010 cr
- Education allocation at Rs 18,337 cr in in FY'06
- Food-for-work programme announced in 250 districts
- Allocation for health and family welfare at Rs 10,280cr
- 70 lakh extra jobs in IT by 2009 Fertilizer subsidy in FY'06 at Rs 16254cr
- Subsidy for Rural devt. at Rs 18,334 cr
- Allocation to increase to 10,280 crores
- Food-for-work programme successful Programme announced in 250 districts
- One crore to be employed in irrigation schemes
- Non-food credit up 21.5% To raise plan expenditure by 25.6%
- To raise plan expenditure by 25.6% in FY' 06
- FM: UPA committed to greatest good to greatest number
- Rs 10,216 cr for Tsunami relief and rehabilitation
- CMP mandated growth rate of 7-8% Growth rate to be 6.9% Ind growth up 8.9%
posted by The Soulforged @ 2/28/2005
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