India Union Budget 2010-11

Indian finance minister Pranab Mukherjee presented Union Budget for 2010-11 in Indian parliament on 26th February 2010. The budget was a well balanced budget as per the expectations, most of its key points were based on Development of India which were already discussed in last few days by media.

13th Finance Commission of India headed by Vijay Kelkar presented its report on 25th February 2010 in parliament. It clearly showed that India was firmly on growth track and suggested reforms to consolidate this growth rate for future.

Reducing subsidy and gradually decreasing stimulus measures that were taken by Indian government in wake of global slowdown is also suggested by the economic survey 2009-10. Indian government has already revealed its mood to take next step in economic reforms and was just looking for right opportunity to implement the same. Now, these reports have helped Indian government to take these firm steps at a time when political environment and conditions are in its favor.

This budget will help India to achieve its long term goal thanks to Finance Minister Pranab Mukherjee and Prime Minister of India Manmohan Singh. We must understand and appreciate their efforts to make India a global economic superpower in years to come. A news article published in Hindu 'Short term pains for long term gains' depicts this story.

Highlights of Union Budget 2010

1. New Income Tax Slabs : Putting more disposable income in the hands of every Indian (who is far above the poverty line).

2. Raised fuel prices : Since friday 26th fuel prices of petrol has been raised by 2.71 and that of diesel by 2.55 per liter. The actual price that a consumer will pay depends on local taxes one has to pay. 

Fuel prices in India are artificially controlled by Indian government and they do not represent the actual global fuel prices. 

This price rise is to accommodate 5% custom duty on crude oil and 7.5% duty on diesel and petrol. This is something that Government has been waiting to implement since last few months but was unable to do due to political compulsion from opposition and partners.

It is sure to fire price rise on one hand but will help Indian economy in long term (and may be in near future). One must support government here for a wider economic stability of the country. Now, we have to see how and when government takes such stand on LPG.

Rest of the first hand information on Government of India Union Budget can be had from NIC (a website owned by government). This is all in todays edition of About India Today.