Presentation of Union Budget 2016

Presentation of Union Budget 2016

Posted on Posted in Economy, News

Union Budget has been tabled by finance Minister Arun Jaitley in Loksabha. Main points in the budget are

  • Krishi Kalyan cess to be imposed on all taxable services for agricultural sector.
  • Service charge exemption for National Pension and EPFO.
  • Income Tax surcharge for those who have an income over 1 crore.
  • No change in Income Tax slabs.
  • Prices of Luxuary cars, tobacco products, ready made dress will increase.
  • Environmental Cess for Petrol,Diesel Cars
  • Lower corporate IT rate for next financial year of relatively small enterprises companies with turnovers not exceeding Rs 5 cr.
  • Incentives for new manufacturing companies and smaller enterprise companies.
  • Service tax exempted for general insurance schemes under Niramayi Swasthya Bima Yojna.
  • Relief to those who live in rented houses.
  • Relief for small tax payers.
  • Set up committee for FRBM reforms.
  • Linking States and Districts  through “Ek Bharat, Shresht Bharath” programme for cultural exchanges.
  • Price Stabilisation Fund.
  • Fiscal deficit at 3.9% in 2015-16 and at 3.5% in 2016-17; no deviation from fiscal deficit roadmap.
  • Subsidy of Fertilizers will be available through DBT system.
  • AADHAR Based Subsidy System.
  • IT enabled Government Services.
  • PMMY – Target of  1 lakh 80 thousand crore in 2016-17.
  • 100% of FDI in Food Processing Industry.
  • Rs. 1000 cr set aside for higher education financing.
  • New credit rating system for infrastructure.
  • New Guidelines for PPP agreements will be proposed.
  • Highest Coal production ever.
  • National Waterways – Rs 800 crore.
  • More efficient public transport system
  • An aggregated amount of more than 2 lakh crore for both railways and roads infrastructure.
  • Infrastructure – highway development is at its peak and 97000 crores to be invested at roads.
  • Model Shops and Establishments Bill.
  • 100 model career centres.
  • Allocated Rs 87765 crores in this budget for Rural Development.
  • Skill India Development- for 1500 multi skill training institutes, allocated 1700 crores.
  • 10 public, 10 private institutes for world class teaching.
  • 62 new Navodaya Vidyalayas under SSA.
  • Skill Development for Minorities.
  • 500 crores for SC/ST entrepreuners.
  • Allocation to PM Fasal Bima Yojana for 2016/17 is Rs. 5500 crores.
  • MNREGA to get 38,500 crore rupees, says Finance Minister Arun Jaitley.
  • Rs 19,000 crore to be allocated for Pradhan Mantri Gram Sadak Yojana.
  • 5 lakh acres to be brought under organic farming over a three year period. More focus on North East States.
  • Enactment of law for statutatory platform to Aadhaar platform.
  • Total allocation for agriculture and farmers’ welfare is Rs. 35,984 crores.
  • Growth of GDP accelerated to 7.6%.
  • Lot of confidence and hope continues to be build around India.
  •  Presenting Budget while Global economy in serious crisis.

Jaitley begins his Budget speech in Lok Sabha.

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