In order to provide a stable import duty framework to industry, Finance Minister Pranab Mukherjee has tried to maintain the overall rate structure for customs duties, as well as for central excise and service tax. The government was expected to reduce the peak customs duty from 10 to 5 per cent, but deferred the move to resuscitate the domestic industry, reeling under the global economic downturn.

Relief to local firms: Duties stay stable

Business Standard

2 per cent rise in gross tax revenue, 9.3 per cent in total revenue receipts
In a year when India&rsquo;s nominal Gross Domestic Product, or GDP, is expected to grow at 10.05 per cent, falling income tax and indirect duty collections, combined with abolition of certain taxes, has led Finance Minister Pranab Mukherjee to budget for a 2 per cent increase in the gross tax revenue receipts of the government in 2009-10.
Budget estimates for gross tax revenue receipts for this financial year are Rs

3G boost to non-tax revenue

At this level, the Centre&rsquo;s spending would account for nearly 18 per cent of India&rsquo;s output.

Debt servicing, Pay Commission inflate expenditure by 13.3%

Fiscal deficit, the difference between the government&rsquo;s total expenditure and receipts, is projected at 6.8 per cent of the Gross Domestic Product, or GDP, in the current financial year, the widest in two decades.

Widest deficit since reforms began

The footprints of the Sixth Pay Commission were evident all over the outlay for the defence forces: Up from Rs 1,14,600 crore in 2008-09 (revised estimates) to Rs 1,41,703 crore in 2009-10), an increase of about 34 per cent over the previous fiscal.

Forces nudged to shop more

Soon after Finance Minister Pranab Mukherjee presented the Union Budget 2009-10, a finance ministry team led by finance secretary Ashok Chawla explained the challenges and philosophies that guided this year&rsquo;s Budget.

'We do not expect bad times to last for long'

The Economic Survey for 2008-09, tabled in Lok Sabha late last week by Mukherjee, had talked of raising up to Rs 25,000 crore every year from disinvestment.

Stake sale to yield only Rs 1,120 crore this year

Duty hike could make clothes and footwear expensive.

No cheer for 'home ministry'

Existing limit maintained for less-severe disorders.

Tax benefit for severe ailments

The removal of 10 per cent surcharge on direct taxes to cost Rs 10,034 crore.

Mukherjee raises alarm on revenue foregone

Windfall for taxpayers with income of Rs 10 lakh and above as the 10 per cent surcharge is abolished.

Rich get richer, rest get consolation

Goodies for states going to Assembly polls, minorities and, of course, the &lsquo;aam aadmi&rsquo;.

Delhi captured, UPA looks to states

Non-plan capex rises 36.7 per cent to Rs 76,855 crore and Plan capital expenditure 13.2 per cent to Rs 46,751 crore.

Budget banks on higher capex to beat slump

Despite higher allocations, core sector likely to see reduced profitability.

Higher MAT may derail infra projects

Employees will have to pay tax on Esops, superannuation and &lsquo;other amenities&rsquo;.

FBT is off, it's back to perquisites tax

Cash or no cash, pay the tax

In a bid to restore agricultural growth to the level of 4 per cent achieved in recent years, Finance Minister Pranab Mukherjee proposed a significant 30 per cent increase in allocation for the agriculture ministry&rsquo;s flagship scheme, Rashtriya Krishi Vikas Yojna (RKYJ). Assistance is provided under this scheme to the states to cover the critical gaps in the process of agricultural development.

Flagship farm scheme gets 30% more

The electrical industry is generally disappointed by the Union Budget 2009-10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Considering the Government's promise of Electricity For All by 2012, the only specific mention in the entire Union Budget for the power sector includes the allocation of Rs 7,000 crore for RGGVY and Rs 2,080 crore for the RAPDRP programme, the Indian Electrical and Electronics Manufacturers Association (IEEMA), said in a statement

Union Budget disappoints electrical industry: IEEMA

Press Trust of India

Car makers Ford India and Honda Siel Cars India today cut the prices of some of their models by up to Rs 6,000 a piece to pass on the benefit of excise duty cut on large cars announced in the Budget.

Ford, Honda cuts car prices by up to Rs 6,000

Given the heavy debt burden and fiscal deficit projected at 6.8 per cent of gross domestic product (GDP), the rating agencies said that the government failed to come out with measures to take control of the situation.

Post-Budget, govt runs risk of downgrades: Rating agencies

The oilseeds sector has expressed disappointment with the Union Budget, which has not increased the Customs duty on the commodity. This, it claims, will discourage farmers from bringing more area under oilseeds.

Import duty on edible oil should have been hiked: SEA

Budget 2026 News: Get latest news and headlines on India budget 2026. Explore more news on railway budget, healthcare budget, defense budget along with latest income tax slab rates on Business Standard.

Budget News: Latest Union Budget 2026-27 News, Budget Headlines Updates | Business Standard

Get latest news and headlines on India budget 2026. Explore more news on railway budget, healthcare budget, defense budget along with latest income tax slab rates on Business Standard.

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