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Prashant Budget »
Bhargava,BANGALORE,SUPPL Union Budget 2008 2009 »
Y CHAIN Interim Budget Speech »
Interim This Years Budget »
Budget About these links
Highlights
Acting
Finance
Minister
Pranab
Mukherje
e began
char...

Feb 16 (2 days ago)

Prashant
Bhargava,BANGALORE,SUPPLY
CHAINLoading...
Feb 16 (2 days ago)

Prashant
Bhargava,BANGALORE,SUP
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show details Feb 16 (2 days ago)

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from prashant.bhargava@in.sabmiller.com

Interim Budget Highlights

Acting Finance Minister Pranab Mukherjee began

charting spending plans for the 2009/10 fiscal year
from April to July, a stop-gap measure to take care of
essential spending during and in the immediate
aftermath of general elections.

• The Minister tabled a Rs 952,231 crore

(Rs 9.52 trillion/$190.6 billion) interim budget
for 2009-10

• The Minister made a huge allocation of

Rs 30,100 crore to Government's flagship
rural employment programme and many
other schemes in a bid to counter the
economic recession.

• There was no sector-specific tax sops for

the industry hit by the global economic
slowdown in the interim budget. No changes
were made in direct or indirect taxes.

• The budget lacked any positive triggers

for the reality & auto industry as no stimulus
package was announced.

• Faced with faltering growth, the

government has already announced two
stimulus packages, including extra spending
of $4 billion, while for its part the central
bank has cut its key lending rate by 350 basis
points since October to 5.50 per cent.

• The government has also unveiled plans

to borrow Rs 460 billion ($9.45 billion) by the
end of the fiscal year in March to fund its
stimulus measures and meet extra spending
 needs.

• Realty and auto stocks erased all gains

after the interim budget presented by the
acting Finance Minister Pranab Mukherjee
did not provide any sops to the sectors as
was expected.

Achievements Highlighted

• Tax collections in 2008-09 to exceed that of

2007-08.

• Economy grew at 9% for straight 3rd year

though Industrial production fell by 2 % in
December.

• GDP growth of 7.1% makes India second

fastest growing economy.

• Export growth rate in first 9 months of

2008-09 touched 17.1%.

• Exports in dollar terms rose 26.4% in last 4

yrs.

• Record of FDI at 32.4 billion dollar in 2008-

09.

• Need to consider additional fiscal

measures as the Global situation in 2009
may be worse.

• Gross domestic savings rate increased

from 29.8% in 2003-04 to 30.7% in 2007-08.
• Tax to GDP ratio increased from 9.2%
2003-04 to 4.5% 2007-08.

• Foodgrain production increased by 10

million tonnes each year to all time high of
230 million tonnes in 2007-08.

• Planned allocation for agriculture up by

300% between 2004 and 2009.

Suggestions

• Policy reforms in financial sector needed.

• Employment schemes need to be

strengthened.

• No tax changes in the Interim Budget.

• Rs 40,000 crore relief extended through tax

cuts.

• Distortions in tax structure have been

reduced .

• Custom duties rates steadily reduced.

• Govt may consider additional fiscal

measures in budget .

• Food, fertiliser, petroluem subsidies to go

up.

• Extension on excise duty relief

Defence
 • Defense spending up. Have allocated Rs
14,1703 cr in defense sector.

The minister announced an extension of interest

subsidies to debt-hit farmers, one of the first
measures in his budget speech.

Social Sector & Agriculture:

• UPA gave highest priority to rural

development. Corpus of Rural
Infrastructure Development Fund hiked to
Rs.14,000 crore (Rs.140 billion) from
Rs.5,500 crore (Rs.55 billion)

• 60.12 lakh houses built under Indira Awaas

Yojna.

• Agriculture outlook looks encouraging for

2009 if rainfall normal.

• Agriculture plan hiked by Rs 3,000 crore.

• Farm growth 3.7% in last 4 years.

• Agricultural credit disbursement has gone

up.

• Farmer's debt waiver: Rs. 65300 cr till now.

• Rs 8,300 cr for mid-day meal scheme.

• Rs 1,200 crore for Total Sanitation

Programme.
• To spend Rs 9.53 lakh cr in plan & non-
plan expenditure 13,100 cr for primary
education in Sarv Shiksha Abhiyaan.

• Outlook for higher education rose by 900%

in 11th five year plan.

• Six new IIMs & 2 more IITs in MP, HP to

start ops in '10.

• Educational loan scheme revised.

• 98% of habitation covered by elementary

education.

• Pension scheme for widows, severely

disabled launched.

• Indira Gandhi National Widow Pension

Scheme for widows.

• Widows to get priority in ITI.

Infrastructure

• Government spent Rs.70,000 (Rs.700

billion) crore on 37 infrastructure projects
in 2008-09

• Under public-private partnership (PPP), 54

central infrastructure projects approved

• Infrastructure spending to be 9% of GDP

 by 2014.

• 60.12 lakh houses built under Indira Awaas

Yojna.

PSU

• Public sector turnover : Rs. 10,87,000

crores.

• 55 loss making PSUs as against 72 when

UPA took over.

• Dividend contribution from PSUs

increased by 86%.

• PSU turnover up 84%.

Other

• Govt successful in attracting foreign

investors in infrastructure.

• UPA took prompt stimulus packages to

check slowdown.

• Grain production encouraging for coming

year.

• Per capita income growth rate at 7% per

annum for 4 years.

• Fiscal, revenue deficit down

Regards,

Prashant Bhargava

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