Finance Minister Pranab Mukherjee unveils Union Budget 2009-10

06 Jul '09

3 min read

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

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