Welcoming the Union Budget announced by the Union Finance Minister today, FICCI Tamil Nadu State Council described that Finance Minister's promise and efforts of presenting a “Social Budget”.

The main thrust of the Union Budget is to peddling hard towards to high growth and to overcome the recent economic and global slowdown.

Encouraging RBI to release more licenses to financial institutions and banks with more autonomy is a symptom of economic stimulus. The budget 2010 has allocated Rs. 1.73 lakh crore to infrastructure sector and the road transport sector will receive Rs. 19894 crores. This is a major boost to the infrastructure sector.

Announcing 5 more farm projects to boost agriculture and extending the repayment tenure for farm loans by 6 months, increasing the agriculture credit to Rs. 375000 crores and allocation of Rs.400 crore to green revolution are warm gestures to Indian Agriculture and allied sectors.

The Finance Minister has been sensitive to the needs of the common man and that has reflected in his new income tax slab structure for individual tax payers. The highest tax slab has now been raised from Rs 5 lakh to Rs 8 lakh.

Though it is an “Aam admi budget”, but the cavity has shown by levying excise duty of Rs. 1 / per liter on petrol and customs duty on Silver. Increasing the MAT from 15 to 18 percent is a slight disappointment to industry when they demand for cut down to 10 percent.

Waiver of excise duty on solar energy equipment will boost the solar based industries. Reducing the corporate tax to 7.5% is welcome by the industry. Overall, it is a balanced budget that addresses the needs of individual and industry.

Powered by Capital Market - Live News