Union Budget 2016

union budjetUnion minister for Finance Arun Jaitley this morning introduced the budget for the year 2016-17 in the Lok Sabha.

There minister said that he is introducing the budget when the global economy is facing a huge crisis. The minister also claimed that Indian economy stood strong during the global meltdown and that IMF has termed India a bright spot.

 

– Total 19.78 lakh crore expenditure in this budget. Of this, Rs 5.5 lakh crore allocated in planned expenditure, and Rs 14.28 lakh crore in unplanned expenditure

– Comparing BJP’s achievements in the economic sector in the last 2 years to that of the last 3 years of the UPA government, Arun Jaitley said that the Consumer Price Index (CPI) inflation has come down to 5.4% under BJP’s rule, despite two successive poor monsoons

– 7.4% acceleration in India’s GDP growth

– Farmers to get highest ever compensation and nominal premium in case of crop loss under the Pradhan Mantri Fasal Bima Yojana.

– A new farm irrigation plan to facilitate 28 lakh hectares of farm lands. – NABARD to set up a dedicated irrigation fund worth 20,000 crore.

– Agriculture sector allocated 35,984 crore for the 2016-17 FY.

– The next 3 years will bring 5 lakh acres under organic farming.

– Pradhan Mantri Gram Sadak Yojana gets 19,000 crore.

– Plans being revised to enhance expenditure in farming, rural, social and infra sectors.

– 14,000 crore farms to be included under the Soil health card scheme by the year 2017.

– Aadhar will get a statutory backing from the centre.

– Farmers to get timely credit

– Gram panchayats and municipalities granted 2.87 lakh crore, a huge jump of 228%.

– 60,000 crore allocated for ground water recharging

– Budget is prepared based on the 9 pillars:to transform India

1. Agri/Farm & welfare

2. Rural focus

3. Social Healthcare

4. Education and Job creation

5. Investments to improve quality of life

6. Infrastructure focus

7. Ease of Business

8. Fiscal discipline

9. Tax reforms

– New revised plans to spread digital literacy in rural sector

– 100% rural electrification by May 1, 2018

– Aim to double farmers’ income in the next 5 years

– 9,000 crore allocated for Swachh Bharat campaign

– LPG connections will be provided to BPL households in a massive mission

– 87,765 crore allocated for rural development

– New scheme to ensure each Indian family get Rs. 1 lakh health cover

– Rs. 500 crore for Stand Up India

– SC/ST entrepreneurs to get National SC/ST hub’s support – Rs 1,000 allocated to set up a higher education financing agency

– 1 crore youth to be imparted training under Pradhan Mantri Kaushal Vikas Yojana in the next 3 years

– An EPF contribution of 8.33% for all the new government employees – Roads & Highways get Rs 55,000 crore

– Total outlay for infrastructure Rs 2,21,246 crore in 2016-17

– Rs 3,000 earmarked for Nuclear power generation

– Shopping malls will be allowed to open on all 7 days of week

– Rs 15,000 crore allocated for loan waiver

– 9 lakh crore allocated for agricultural loans

– Rs 86,500 crore allocated for drinking water projects

– Revenue deficit estimate down to 2.5% for 2016-17 FY – Luxury cars to cost dear. 1% additional tax to be charged on luxury cars above 10 lakhs.

– Except bidis, excise duty increased by 10-15% on all tobacco products

– Additional tax on branded and readymade clothes

– Additional 5% tax on all taxable services under Krishi Kalyan tax for benefit of farming community

– Centre to counter tax evasion strongly

– Rs 1,80,000 crore allocated for Pradhan Mantri MUDRA Yojana

– In his third budget, Arun Jaitley goes pro-poor and allocates increased budgets for farming and infrastructure sector.

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