Finance Minister Pranab Mukherjee presented the annual budget in the Parliament on Friday, 26 February 2010. Here's a look.
"My Precious" -- Finance Minister with the briefcase that will shape the nation's future in the coming year.
Before presenting the Budget on the floor of the House, Finance Minister Pranab Mukherjee arrives at the North Block.
Battling Opposition's wrath for price rise, the annual financial statement will present the UPA government's strategy and set the agenda for the coming year.
Opening new doors?
Pranab Mukherjee opens the file to present the annual budget 2010-2011.
The finance minister said there is a need to review stimulus measures and also unveiled a roadmap for implementation of GST and direct tax code.
Seeking to allay popular fear over the state of the economy, the Finance Minister said that the "worst is over". He also said that growth rate of the economy could be higher, referring to the second quarter ending September 2009 which recorded a growth rate of 7.9 per cent.
Hopeful -- Indian economy now in a far better position than it was eight years ago, said Pranab Mukherjee.
But at the same time, he added that challenges for the economy are not any less than those nine months ago when he presented the last year's Budget in July 2009.
Some of the sops doled out by the Finance Minister to cheer up the aam aadmi:
No tax on income upto Rs 1.6 lakh
10 per cent for income above Rs 1.6 lakh and up to Rs 5 lakh
20 per cent for income above Rs 5 lakh and up to Rs 8 lakh, and
30 per cent for income above Rs 8 lakh
Finance Minister, however, mentioned that duties and taxes will be increased as part of the stimulus roll back leading to a hike in petrol and diesel prices.
The finance minister also hiked allocations for infrastructure sector; he also said that the government was ready with the draft Food Security Bill; the Health Ministry has been allocated at Rs 22,300 crore.
The allocation for the government's flagship social schemes National Rural Employment Guarantee Act (NREGA) and Bharat Nirman has been increased to Rs 41,000 crore and Rs 48,000 crore respectively.
Finance Minister has pruned tax rates and new tax rates would offer relief to 60 per cent of taxpayers.
Finance Minister Pranab Mukherjee pegged the fiscal deficit for 2010-11 at 5.5 per cent of the Gross Domestic Product (GDP).
But the proceedings weren't smooth. The Finance Minister got agitated after an angry Opposition walked out of the Lok Sabha protesting against government's move to hike the fuel prices.
Though irked by the walk out, Pranab Mukherjee continued with the Budget presentation.
Despite BJP's walk out, Pranab Babu's annual financial statement for the year 2010 has already got a thumbs up from the markets and Industry Inc. They are reveling his fiscal consolidation move.
