Union Budget 2010-11 is nothing but collections of data

Today, 26th February, 2010 Pranab Mukharjee introduced Union budget 2010-2011 that was nothing but collections of data. He just figured out the area in which he has to invest some capital.

You can see it as:

Vision:

GDP Growth to be targeted at 9%

Target of Rs 25,000 crore disinvestment

Inflation Rate to be lowered in 2 Months

Banking:

Additional Banking License to Private Banks

Rs 1,200 crore to be allocated to PSU Banks

Banks for all villages with a population of 2,000

Infrastructure:

Rs. 1.37 lakh crore for Infrastructure development

Railways to be allocated Rs 16,772 crore

Road Development allocation Rs. 19,894 crore

NREGA Allocation at Rs 40,100 crore

Bharat Nirman Yojna – Rs 48,000 crore

Goa – Rs 200 crore special package

Education:

Rs 31,036 crore for School Education

Sarva Sikha Abhiyaan – Rs 36,000 crore

Housing:

Indira Awas Yojna to Rs 10,000 crore

Rs 61,000 crore for rural Development

Social Sector:

Farmer Fund for Women – Rs 100 crore

National Health Insurance Scheme for NREGA Workers

Technology:

Rs 19000 crore for Unique ID Project

Rupee to have new Symbol

Expenditure:

15% rise in plan expenditure

Defence – Rs 147,344 crore

Taxation:

Income up to Rs. 1.6 lakh – no tax

Income from Rs. 1.6 lakh – Rs 5 lakh – 10% tax

Income from Rs 5 lakh – 8 lah – 20% tax

Income of above Rs 8 lakh – 30% tax

Corporate Surcharge reduced from 10% to 7.5%

Minimum Alternative Tax increased to 18% from 15%

Excise Duty hiked from 8% to 10%

Service Tax remained at 12% for Goods

No Service Tax on News Agencies

Petrol, Diesel Prices to go up

It was overall data which introduced by Pranab Mukharjee in parliament for 2010-2011 union budget. We already have seen last year union budget 2009-10. Now, common people are suffered from the raise in prices but there is no data in this budget how to control it.

Unemployment and recession is the biggest problem for common people but there is no data how to control it. Is it common man budget? I don’t think because today prices of petrol and diesel hiked near about Rs 3.

On the one hand, accumulation of capital is getting gathers but on the other hand, common people are getting poorer. In the system of profit, there is no way to win over recession. Therefore, now there is only way – production and means of production go in social hands.

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About One Lakh Job Opportunities in IT Companies

To improve economic conditions, IT Companies may hire about one lakh workforce. Indian IT players will hire nearly one lakh work force to improve economic conditions of India.

Recently, an analysis about the hiring plans came in light. According to the analysis, IT companies may hire more than 98,000 headcounts in coming future. In this scenario, it is considered that the industry is back on track with many projects.

In the recent prospectus, TCS may hire about 30,000 workforces in next fiscal year. However, Infosys has planned to hire 16,000 people this year. On the other hand, Genpact would hire 10,000 people.

In this lists, IBM is looking to recruit about 5,000; Accenture 8000 and Mphasis 2000. It is being estimated that the domestic IT market will get a growth about 19-20% in 2010. However, in 2009, the growth was only 2.6%.

The fact is very vague now because there is no real recruitment currently. Currently, unemployment is the biggest fact for Indian workforce. It is very similar to boom in Indian property market of 2009.

So called boom in IT market will clear very soon when end of the year we will get a real facts and analysis about unemployment and hiring.

According to our analysis, we don’t see any scope in IT recruitment on so large scale. In 2009, hiring freeze, layoffs and salary cuts was a common problem. More than one lakh real workforces were deducted from IT companies.

If, IT infrastructure has given a new face of Indian workforce or people then it had minimizes the scope of jobs also. Overall, it is not a boon rather than difficulty for Indian employers.

Analysis can gives many data but the reality of IT companies is very clear to us from beginning of 2008. We already have seen many analysis and data in 2008 and 2009 also.

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