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BUDGET LAUNCHES MAJOR ASSAULT ON POVERTY AND UNEMPLOYMENT
FOCUS ON THE COMMONMAN
MAJOR THRUST ON INITIATIVES TO TAKE FORWARD THE AGENDA OF COMMON MINIMUM PROGRAMME
ALLOCATION OF RS.11,000 CRORE FOR NATIONAL RURAL EMPLOYMENT GUARANTEE SCHEME
NATIONAL RURAL HEALTH MISSION TO BE LAUNCHED.
BUDGET OUTLAY FIXED AT RS. 514344 CRORE
REVENUE DEFICIT AMOUNTS TO RS. 95312 CRORE WHICH IS 2.7 PER CENT OF GDP
FISCAL DEFICIT PEGGED AT RS. 151144 CRORE WHICH IS 4.3 PER CENT OF GDP
PRIMARY DEFICIT INCREASES TO RS. 17199 CRORE AT 0.5 PER CENT OF GDP
INCOME TAX BRACKETS ALTERED AS PART OF MAJOR OVERHAUL OF DIRECT TAXES TO PROVIDE BIG RELIEF TO PERSONAL INCOME TAXPAYERS. NO SURCHARGE UPTO RS. 10 LAKH TAXABLE INCOME
STANDARD DEDUCTION, SECTION 88 AND 80L ABOLISHED
A CONSOLIDATED LIMIT OF RUPEE ONE LAKH FOR SAVINGS TO BE DEDUCTED FROM THE INCOME BEFORE TAX IS CALCULATED
DEDUCTION ON HOUSING LOAN INTEREST, MEDICAL INSURANCE PREMIA ETC TO CONTINUE
TO COUNTER TAX EVASION, A NEW TAX AT THE RATE OF 0.1 PER CENT PROPOSED ON WITHDRAWALS EXCEEDING RS.10,000 FROM THE BANKS
COLLECTIVE FRINGE BENEFITS TO BE TAXED AT 30 PER CENT
NOMINAL INCREASE IN THE SECURITIES TRANSACTION TAX
NEW CORPORATE TAX STRUCTURE WITH 30 PER CENT CORPORATE INCOME TAX RATE FOR DOMESTIC COMPANIES PLUS 10 PER CENT SURCHARGE
CUSTOMS DUTY STRUCTURE TO BE BROUGHT CLOSER TO THAT OF EAST ASIAN NEIGHBOURING COUNTRIES. PEAK RATE FOR NON AGRICULTURAL PRODUCTS REDUCED FROM 20 PER CENT TO 15 PER CENT
MAJOR RELIEF IN CUSTOMS DUTY TO LEATHER AND FOOTWEAR, PHARMACEUTICALS, BIOTECHNLOGY, IT INDUSTRIES
EXCISE DUTY ALSO REDUCED SUBSTANTIALLY ON VARIOUS PRODUCTS
COVERAGE OF ANTYODAYA ANNA YOJANA TO BE EXTENDED TO 2.5 CRORE FAMILIES.
NON-LAPSABLE FUND TO BE CREATED FOR SARVA SHIKSHA ABHIYAN
TOTAL SANITATION CAMPAIGN TO BE EXTENDED TO ALL DISTRICTS.
BACKWARD REGIONS GRANT FUND TO BE ESTABLISHED WITH ALLOCATION OF RS. 5,000 CRORE
SPECIAL PACKAGE OF RS.450 CRORE FOR HIGHWAY DEVELOPMENT IN THE NORTH-EASTERN REGION.
RS.630 CRORE TO BE PROVIDED TO THE NATIONAL HORTICULTURE MISSION.
NEW SCHEME FOR DEVELOPMENT/STRENGTHENING OF AGRICULTURAL MARKETING INFRASTRUCTURE, GRADING AND STANDARDIZATION TO BE INTRODUCED.
NATIONAL PROJECT FOR REPAIR, RENOVATION AND RESTORATION OF WATER BODIES TO BE LAUNCHED.
NATIONAL AGRICULTURAL INSURANCE SCHEME WILL CONTINUE FOR RABI AND KHRAIF 2005-06.
KNOWLEDGE CENTRE TO BE SET UP IN EVERY VILLAGE.
MANUFACTURING COMPETITIVENESS PROGRAMME TO BE LAUNCHED TO HELP SMALL AND MEDIUM ENTERPRISES.
NABARD TO WORK OUT SCHEME FOR PROVIDING FINANCIAL PACKAGE TO THE SUGAR INDUSTRY.
100 ITIS IDENTIFIED FOR UPGRADATION.
BSNL TO PROVIDE PUBLIC TELEPHONES IN NEXT THREE YEARS TO REMAINING VILLAGES.
NATIONAL HIGHWAY DEVELOPMENT PROJECT III TO BE LAUNCHED TO TARGET SELECTED HIGH DENSITY HIGHWAYS
CREATION OF RURAL ELECTRICITY DISTRIBUTION NETWORK ENVISAGED.
RS.172,500 CRORE GROSS BUDGETARY SUPPORT FOR PLAN IN 2005-06
SB/OK/AK/SKA/SKS
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