India Unveils Union Budget

Posted by Reading Time: < 1 minute

Jul. 7 – India released the budget for the fiscal 2009-10 yesterday at Parliament in a speech by Union Finance Minister, Pranab Mukherjee.

The speech focused on funding projects that would improve the country’s infrastructure. India Infrastructure Finance Company and banks would commit to extend funding for Public Private Partnership (PPP) projects in the next months. Moreover, money going into highway and railway development will increase by as much as 23 percent.

Government funding will also extend to projects dealing with power, gas, agricultural development, health and education in addition to assistance schemes related to increasing exports.

All in all, the Union Budget is set to spend Rs10,20,838 crore consisting of Rs 695,689 crore for non-plan and Rs 325,149 crore for plan; totaling a 36 percent increase of total expenditure for the period.

A complete copy of the speech can be found here.