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Union Budget Of India Explained

The Union Budget of India, also known as the Annual Financial Statement in Article 112 of the Constitution of India, is the yearly budget of the Republic of India, offered each year in February by the Finance Minister of India in Parliament. The Indian union budgets have to be conceded by the House prior to its execution that can come into effect on April 1, which is called to be the start of India's financial year. Earlier Finance Minister Morarji Desai offered the budget eight times, the most by any.

The turn of the year and it is time for the ministry to plan out for the annual budget. The union Finance Minister P. Chidambaram put forward his 5th budget in the Parliament. The key features of the Indian union budgets this time are; to lead economy to sky-scraping GDP growth rate of 9 per cent per annum at the earliest and to intensify and enlarge the agenda for comprehensive development to recover deliverance mechanisms of the government.

The union budget of India comprises of the following highlights :

The Income Tax threshold previously which was Rs. 1, 10, 000 has been elevated to Rs. 1,50,000.

• In addition to new tax slabs have been established and the tax limit has been raised for both women and senior women citizens.
• The bar has been raised to 1.80 lakh and 2.25 lakh respectively.
• Tax holidays for construction of hospitals and endorsing cultural tourism have been introduced.
• It has been anticipated in the union budget that direct tax proposals should be revenue neutral.
• The target for plan expenditure has been set at Rs. 2, 43,000 crore and that of non plan at Rs. 5, 74, 000.
• Expurgate duties have been concentrated on pharmaceutical goods, cars, water purification system, etc.
• At the same time, customs duty on life saving drugs, which was 10% earlier, has been reduced too as now it has become 5 %.
• Asset managing service provided by mutual funds and stock exchange services will be focused to Services Tax net.
• An amount of Rs. 624 crore has been owed for the 2010 Commonwealth games according to the Indian union budgets this year.
• Numerous of schemes have been commenced for the profit of the farmers such as resolution of loans for a single time for farmers, realization of debt relief and debt waiver. Moreover, Indebtedness will be tackled by covering the agricultural loans in the Waiver scheme. The Agriculture Ministry will be funded with Rs. 75 crore to set up laboratories of mobile soil testing crosswise the country. NREGA scheme will be pioneered in 596 Indian rural districts.
• The fund for rural infrastructural progress has been heaved to almost Rs. 14,000 crore under the Indian union budget.
• Foreign investment amounting to as much as 8 billion dollars has been billed for exploration as well as for advancement of oil blocks in the union budget of India.
• The Ministry of Women and Child Development has been consigned a sum of Rs. 7200 crore.
• Diverse amount of funds have been allocated for the refinement of drinking water. • Developmental events such as that of border areas have been suitably assisted financially. The resources for the advancements of the North-East region has been elevated to Rs.16, 400 crore.
• Monetary support has been lent to SC and ST candidates and students pursuing M. Phil.
• Minorities’ expansion has been given a keen eye remaining to which the allowance of funds for the Ministry of Minority Affairs have been increased to Rs. 1000 crore.
• Moreover as per the Indian union budgets plentiful of funds have been allocated for the smooth operation of Sarva Shiksha Abhiyan, Mid Day Meal scheme and others. Many other institutions for higher education, technical education, etc. have been projected to be set up.
• The bar of funds owed to the Bharat Nirman has been increased to Rs. 31, 280 crore.

The hymn behind introduction of all these plans in the union budget of India is keeping inflation under complex check.