Today, the Finance Minister of India, Pranab Mukherjee will announce the Union Budget for 2009-10 in Parliament.
Fibre2fashion brings you each and every budget updates and details related to the textile and apparel industry.
Following are the highlights of the entire Budget Speech:
- UPA's victory is a mandate for inclusive growth
- Budget might not really be the Dream Budget
- Strong rise in flow of foreign capital, despite economic slowdown
- Govt plans to bring back economy to high GDP growth rate
- Budget to be a 'more participatory' exercise
- Economic crisis: The worst is behind us
- More stimulus packages are needed
- Fiscal deficit grow from 2.7 - 6.8% of GDP
- Sops for exporters
- Loan for farmers Rs 3,00,000 at 7% per annum
- Export Credit Guarantee scheme extended till March-2010
- Govt to set-up expert group to advise on petro pricing products
- Allocation for market development assistance scheme enhanced
- Rs 1 lakh crore projects for Infrastructure revival
- Extension of stimulus package for print media
- Extension of interest subvension scheme extended up to March 2010 to cover sectors like handicrafts and handlooms
- JNNURM support to create 12 mn job a year
- Income-tax return forms to be made more user-friendly
- Saral Form II to be reintroduced
- Modernisation of national exployment exchanges to be carried out
-Eight national missions are being launched for Under National Action Plan on climate change
- Budget expenditure crosses Rs 10 LAKH crore for the 1st time
- Crop loan at 6 pc interest for farmers
- New direct tax code to be released in 45 days
- No change in Corporate Tax
- Fringe benefit tax abolished
- Surcharges on income tax phased out
- To introduce GST by April 1, 2010
- 4% excise duty on cotton products restored
- increase in the duty on MMF from 4 to 8%
- Customs duty on gold and silver import increased
- Some law services brought under service tax
- Excise duty on fibre for cheaper cloth reduced
- Full exemption from excise duty on branded jewellery
- To set up handloom mega cluster in Raj, TN, WB
- New mega clusters for carpets to be also set up in Srinagar (J&K) and Mirzapur (UP)
- List of specified raw materials and equipment imported by manufacturer-exporters of leather goods, textile products and footwear industry which are fully exempt from customs duty, subject to specified conditions, to be expanded
- Footwear of RSP exceeding Rs.250 but not exceeding Rs.750 per pair
Fibre2fashion News Desk - India
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