New Delhi: Finance Minister P Chidambaram on Friday presented a Budget which waived off loans worth Rs 60,000 crore to small farmers, hoped for an 8.8 percent growth and announced several social sector schemes.
Chidambaram, presenting the fifth and last full budget of the UPA government, allotted more funds on health and education.
He began his speech with concerns over inflation, which he blamed on domestic and global factors, and said the intention of his government was to make growth more inclusive with a focus on social sectors and agriculture.
"The economy is expected to grow by 8.7 percent," he said, referring to the growth for this fiscal projected by the Economic Survey tabled by him a day earlier. "But I personally think, the growth would be slightly higher at 8.8 percent."
Maintaining that keeping inflation under check was one of the “cornerstones” of the Government's policy, Chidambaram said the 11th Five Year Plan had begun on a robust note.
"Keeping inflation in check will be cornerstone of UPA government's policy," he said. "More can be done to improve inclusive growth," he said.
Best education for all
Chidambaram announced a 20 per cent hike in education budget—from Rs 28,674 crore to Rs 34,400 crore—and the setting up of more IITs and IIMs. Three new IITs will be set up in Andhra Pradesh, Bihar and Rajasthan.
Chidambaram also proposed setting up of national knowledge centres and allotted Rs 100 crore to the Information Technology sector.
“We must encourage our students to take up studies in science” and announced various scholarships for students pursuing the subject," he said
He also announced Rs 13,100 crore for Sarva Shiksha Abhiyan, Rs 8,000 crore for mid-day meal scheme and Rs 4,554 crore for secondary education scheme. With a clear emphasis on rural education, FM announced 410 additional Kasturba Gandhi Vidyalaya will be set up in backward blocks.
Axe the tax
Chidambaram announced major – and arguably populist - changes in the income tax slab. He said the threshold of exemption for all Income Tax assesses will be raised from Rs 1,10,000 to Rs 1,50,000, eliciting applause from the Parliamentarians. Personal income tax exemption slab for women will be at Rs 1.8 lakh.
Chidambaram, presenting the fifth and last full budget of the UPA government, allotted more funds on health and education.
He began his speech with concerns over inflation, which he blamed on domestic and global factors, and said the intention of his government was to make growth more inclusive with a focus on social sectors and agriculture.
"The economy is expected to grow by 8.7 percent," he said, referring to the growth for this fiscal projected by the Economic Survey tabled by him a day earlier. "But I personally think, the growth would be slightly higher at 8.8 percent."
Maintaining that keeping inflation under check was one of the “cornerstones” of the Government's policy, Chidambaram said the 11th Five Year Plan had begun on a robust note.
"Keeping inflation in check will be cornerstone of UPA government's policy," he said. "More can be done to improve inclusive growth," he said.
Best education for all
Chidambaram announced a 20 per cent hike in education budget—from Rs 28,674 crore to Rs 34,400 crore—and the setting up of more IITs and IIMs. Three new IITs will be set up in Andhra Pradesh, Bihar and Rajasthan.
Chidambaram also proposed setting up of national knowledge centres and allotted Rs 100 crore to the Information Technology sector.
“We must encourage our students to take up studies in science” and announced various scholarships for students pursuing the subject," he said
He also announced Rs 13,100 crore for Sarva Shiksha Abhiyan, Rs 8,000 crore for mid-day meal scheme and Rs 4,554 crore for secondary education scheme. With a clear emphasis on rural education, FM announced 410 additional Kasturba Gandhi Vidyalaya will be set up in backward blocks.
Axe the tax
Chidambaram announced major – and arguably populist - changes in the income tax slab. He said the threshold of exemption for all Income Tax assesses will be raised from Rs 1,10,000 to Rs 1,50,000, eliciting applause from the Parliamentarians. Personal income tax exemption slab for women will be at Rs 1.8 lakh.
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