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Highlights from the Union Budget 2016-17

Updated: Feb 29, 2016 06:07:18am
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New Delhi, Feb 29 (KNN) As FM Jaitleys begins his Budget speech in the Parliament, let’s have a look at the highlights from the Budget.

 

  • Hub for supporting SC/ST entrepreneurs
  • Small and medium shops to remain open seven days a week on voluntary basis
  • Rs. 1,700 crore for 1500 multi-skill development centres.
  • 10 public and 10 private educational institutions to be made world-class. Digital repository for all school leaving certificates and diplomas.
  • National dialysis service programme under PPP model. LPG connection for women members of rural homes.
  • GDP growth accelerated to 7.6%
  • CAD is 1.4% of GDP
  • CPI inflation has come down to 5.4%
  • Allocation for irrigation is Rs 1700 crore
  • Weaker section  is government’s priority
  • The income of the farmers needs to be doubled by 2022
  • E-portal for the farmers of 12 states
  • Special attention on Pradhan Mantri Gram Sadak Yojna, Rs 19000 crores for the scheme
  • Rs 5500 crores for Fasal Bima scheme
  • Rs 35, 984 crores for development of Farmers
  • Rs 9.5 lakh Crores for agricultural loans for this year
  • Nine pillars of the Budget — Agriculture and farmers' welfare, rural sector, social sector including healthcare, education, skills and job creation, infrastructure, financial sector reforms, ease of doing business, fiscal discipline, tax reforms to reduce compliance burden.
  • Government to provide health Insurance of upto Rs 1 lakh per family
  • 3000 stores to be opened for generic drugs
  • Rs 9000 crore for Swachch Bharat Abhiyan
  • Rs. 38,500 crore for MNREGA
  • Rs. 2.87 lakh crore for gram panchayats as per recommendation of 14th finance commission.
  • In the power sector, the govt is drawing up a plan for 15-20 years to augment investment. Rs. 3,000 crore per annum for this.
  • There are 160 airports and airstrips which can be revived.
  • Motor Vehicles Act to be amended to enable entrepreneurship in the road transport sector.
  • Total outlay for infrastructure is at Rs. 2.31 lakh crore.
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  • Rs 97000 crores for Highways and Roads.
  • Rs 1000 crores for Higher Education.
  • Stand Up India scheme allocated Rs 500 crore for SC, ST and women entrepreneurs.
  • Small shops to remain open 24X7 on voluntary basis.
  • Aim is to finished Permit Raj.
  • Rs 1000 crores for EPF.
  • Tax holiday for startups for three of five years of setting up the company.
  • Lowering of Corporate IT rate for companies not exceeding Rs. 5 crore turnover to 25% plus surcharge.
  • Ceiling under 87A to be increased to Rs. 3,000. HRA deduction up from Rs. 24,000 to Rs. 60,000 p.a.
  • Rs. 100 crore for Deendayal Upadhyay's birthday celebrations and Guru Gobind Singh 300th birth anniversary.
  • Classification of expenditure as plan and non-plan to be done away with.
  • Fiscal deficit at 3.5% of GDP in 2016-17.
  • A bill on targeted delivery of financial services using Aadhar to be introduced.
  • Amendment to the Companies Act to ensure speedy registration and boost start-ups.
  • Rs. 900 crore for buffer stock of pulses.
  • Dept of Disinvestment renamed as Dept of Investment and Public Asset Management.
  • Direct Benefit Transfer for fertiliser subsidy.
  • EPF at 8.33 per cent for new employees joining the scheme.
  • Rs. 25,000 crore for recapitalisation of public sector banks. General insurance companies owned by the govt to be listed in stock exchanges.
  • Amendmends to boost Asset Reconstruction Companies to manage NPAs of public sector banks.
  • RBI Act to be amended to set up monetary policy committee.
  • 100% FDI through FAPB route in marketing of food products produced and manufactured in India.

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