Interim Union Budget Snippets 2009-2010

16 Feb '09

2 min read

The Minister for External Affairs, Shri Pranab Mukherjee, who is holding the additional charge of the Finance Ministry, has just risen in the Parliament to read his Union Budget (Interim) 2009-2010.

Fibre2fashion is privileged to bring his announcements and declarations on the Budget for the coming fiscal, live.

Following are the highlights of Pranab Mukherjee's presentation of the Union Budget (Interim) 2009-2010:

- World economy may fare worse in 2009 than 2008

- Need to revert to fiscal consolidation at earliest

- Gross domestic saving rate at 37.7%, Widening of fiscal deficit

- Sustained growth over 9% in last 4 years

- Government to provide interest subsidy to farmers in FY10

- Growth of 7.1% GDP makes India 2nd fastest growing economy

- May need to consider addl fiscal measures in next full budget

- To expand schemes for employment

- Tax rates must fall during crisis time

- Govt decided to relax FRBM targets

- Govt revises fertiliser subsidy to Rs 44,863 cr vs Rs 95,000 cr

- FY10 Budget revenue deficit seen at 4%, fiscal deficit at 5.5%

- Higher education for all

- Interest subvention for some export loans extended

- Rs. 953,231 crore expenditure proposed for 2009-10

- Interest subvention of two per cent on pre and post shipment credit for certain employment oriented sectors like textiles (including Handlooms and Handicrafts), carpets, leather, gem and jewellery, marine products and SMEs has been extended till September 30, 2009 from March 31, 2009.

Fibre2fashion News Desk - India

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