Formulating the Union Budget 2010-11 must have been like walking on the tightrope for Pranab Mukherjee. The Finance Minister, who has already presented the Interim Budget 2009 and Union Budget 2009-10, had to now appease the aam admi as well as take measures to sustain the healthy economic growth.
On Feb 26, the Finance Minister presented a realistic and a practical budget which addressed all major national and economic concerns and proposed schemes and reforms in a bid to stimulate the economy recovering from the global financial slump.
Pointing out that the economy is presently in a much better situation than it was a year ago, the FM began his speech charting out a road map with three challenges including the hoisting of GDP back to 9pc growth, then using the growth for overall development and to structure the government system to strengthen the progress.
Pranab Mukherjee's Budget Speech |
Union Budget 2009-10
Pressing issues such as the inflation, soaring food prices and security were addressed, and the budget focused on areas such as the infrastructure, industries, clean energy, agriculture and farmers, education, women and children.
Allocations to various schemes and tax concessions earned the finance minister applause of the parliament and the smiles of the country. But the excise duty hike leading to many products especially petroproducts getting dearer may drill a hole through the common man's pocket. The immediate effect of this was seen when the opposition staged a walked out, for the first time from a Budget session.
However, some of these steps were inevitable as the Budget 2010 aimed at a partial rollback of stimulus measures.
