Soon after the newly elected UPA government took charge, the regular budget of February, 2010 was eagerly awaited. The Finance Minister has in his masterly style presented a well balanced growth oriented Budget in the Parliament on 26th February, 2010 to achieve the following objectives:
Ø To quickly revert to the higher GDP growth of 9% and ultimately, cross the double digit as against the estimated growth rate of 7.2% for financial year 2009-10.
Ø To quickly revert to the higher GDP growth of 9% and ultimately, cross the double digit as against the estimated growth rate of 7.2% for financial year 2009-10.
Ø To harness economic growth to make development more inclusive and sustainable.
Ø To address the weaknesses in the Government system.
Ø Improving investment environment by taking special initiative to simplify Foreign Direct Investment.
Ø Taking special initiative to address the entire value chain in the agriculture sector by introducing Green Revolution, conversation of farming, storage and food processing.
Ø Substantial allocation to infrastructure and social sector
Ø Emphasis on clean energy and renewable energy
Ø Target of explicit reduction in the domestic public debt-GDP ratio
Ø Aim to introduce Goods and services Tax (GST) and Direct Tax Code (DTC) regime with effect from 1st April, 2011\
Ø To address the weaknesses in the Government system.
Ø Improving investment environment by taking special initiative to simplify Foreign Direct Investment.
Ø Taking special initiative to address the entire value chain in the agriculture sector by introducing Green Revolution, conversation of farming, storage and food processing.
Ø Substantial allocation to infrastructure and social sector
Ø Emphasis on clean energy and renewable energy
Ø Target of explicit reduction in the domestic public debt-GDP ratio
Ø Aim to introduce Goods and services Tax (GST) and Direct Tax Code (DTC) regime with effect from 1st April, 2011\
To achieve these objectives, the Finance Bill provides for the revenue mop up measures and expenditure plans: for more please refer Union Budget 2010-11 Revenue Plan
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