Indian Union Government Budget 2009 – highlights
Mr. Pranab Mukherjee, Indian Finance Minister, presented the Budget for fiscal year 2009-10 before the Indian Parliament today at 11 AM.
With the Congress led coalition voted back to power with a stronger mandate and with no road blocks witnessed in the previous term when the UPA Government needed the support of the Left Front comprising of the Communist parties, expectations were high for a reformist budget.
Major highlights of the budget, related to taxes:
1. Fringe benefit tax abolished
2. Surcharge on income tax reduced by 10%
3. Corporate taxes unchanged
4. Basic Income Tax Exemption limit for women increased to Rs.190,000
There are several other measures. But the stock markets, so far hyped with psudo budget proposals made by the media, has shown big thumbs down and the markets have tanked nearly 1000 points, one of the biggest single day falls in recent times.
However the budget effect might get reversed within one or two days as the markets understand the proposals better and the impact on specific companies and sectors is fully analysed.
For details budget proposals and points, visit www.ndtvprofit.com, www.ibnlive.com and www.moneycontrol.com (you can also read industry and stock market pundits’ reactions to the budget in these sites)
