Union Budget 2010: Five Sector Highlights

The Union Budget 2010 has offered a mixed bag of goodies for different sectors.  Let's take a look at some of them as given below:

Agriculture

Revival of the farm sector has been given importance. A taskforce formed to look at debt waiver for farmers in Maharashtra, the state which has the higher number of farmer suicides in the country. Subsidized schemes on crop loans to continue combined with extension for repayment of debt.

Petrol

The increase in petrol implies that there will be an increase in the prices pertaining to food, vegetables, eggs and equipments as these commodities depend on transportation to reach the end users.

Infrastructure Development

Infrastructure development has been given considerable importance in the Union Budget for 2010. The allocation pertaining to the National Highway Development Programme (NHDP) and NHAI has been increased by 23%.

Air Travel

Air travel on both the domestic and international sector is going to become costlier as the government is expanding the air transport services to attract service tax.

Gems and Jewellery

India’s export basket has always featured the gems and jewellery sector. The customs duty for rhodium, a precious metal that was used for polishing, has been reduced from 10% to 2%. However, the 2010 Union budget has not excited the gems and jewellery sector, particularly the proposal put forward by the Union Finance Minister Pranab Mukherjee to increase customs duty on silver and gold.