Union Budget 2010 Impact on Agriculture sector

Overall Rating: star ratingstar ratingstar ratingstar ratingstar rating[0/5]Total Votes [  ]  
Rate this page:
In an attempt to lay a major impact on Agriculture sector expansion, the Finance Minister of India Pranab Mukherjee proposed various benefits and initiatives for the sector while presenting the Union budget 2010 in parliament on February 26, 2010.

Union Budget 2010 Impact on Agriculture sector

The Finance Minister in his speech supported the strategies for the development of agriculture and other sectors related to it such as aquaculture, poultry, apiary, meat, horticulture, marine and dairy. He talked about few chief areas which demand immediate attention. They are:

  • Introduction of a powerful supply chain to support the processing and marketing of consumable farm turn out,

  • Introduction of advanced technology and infrastructure to assist the conversion of farm produce into a finished value added product and

  • Introduction of technology to enhance agricultural turn out.

The various benefits offered by the Finance Minister to support agriculture sector in Union budget 2010 are:
  • Facilitating project import status to the sector along with a concessional import tariff of 5% for the establishment of automatic management systems.

  • Complete service tax exemption for the establishment and sponsoring of such apparatus.

  • Installation of cold storage rooms for conservation of agriculture turn out and establishment of processing divisions

  • Complete customs tax exemption for refrigeration divisions required for the production of chilled vans or trucks

  • Benefit of 5% concessional customs tariffs on particular agricultural equipment not created in India

  • Tax exemption from central excise tariff on particular equipment for conservation and processing of agriculture and associated sectors

  • Tax exemption from service tariff on the conservation and warehousing of farm produce.

  • Service tax exemption on the testing and documentation of agricultural seeds

  • Service tax exemption on the transportation of cereals and pulses by rail and road.

Last updated on : 15-05-2011

More about India Budget