Budget 2009 highlights
Highways and railways is being stepped up by 23%; railways Rs15,000 crore
Growth
• India infrastructure finance company IIFCL is given greater flexibility; used to take care of asset liability mismatch and free up capital for financing new projects; can facilitate incremental lending to infra sector
• IIFCL will finance 50% of projects; involving total investment of Rs1 trillion, public investment in infra to get a big boost. Asked my colleagues in the state governments to remove policy bottlenecks
• Budgetary allocation to highways and railways being stepped up by 23%; railways Rs15,000 crore.
• JNUURM allocation up by 87%
• Scheme for urban poor housing to Rs3,973 crore; Rajiv Gandhi Awas Yojana; slum free India
• Mumbai drainage allocation up
Reforms
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• Kautilya advice: return to frbm targets at the earliest after the negative effects of the global economy are overcome. Medium term perspective await the 13th FC.
• To bring fiscal deficit under control need institutional controls; will cover subsidy, expenditure and disinvestments
• Fertilizer subsidy: a nutrient based subsidy scheme as opposed to product based scheme; unshackling of fertilizer manufacturers will ; direct transfer of subsidy to the farmer
• Oil and petroleum subsidy: Three-fourths of our oil consumption is met through imports. Task force
• Direct tax reforms: asked the department to work on saral-2 form. We need a tax system that generates revenue on a sustained basis. More reforms spread over 5 years.
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• National food security act work has begun; 25kg of rice at Rs3 per kg ; read more reports and highlights;
Check out Budget Live Sites Union Budget 2009 Live From cnbc tv18 live NDTV ET Now
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Indian Government: The live stream is available from the National Informatics Centre, and can be viewed at http://indiabudget.nic.in/index.html
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Times Audience Network will be streaming ET Now online at Budgetlive.Economictimes.com.
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Sensex opens positive ahead of Budget 2009
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Bombay Stock Exchange's Sensex was trading above the 15,000 mark, higher by about 100 points while National Stock Exchange's Nifty climbed 27 points to 4451.25
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