HIGHLIGHTS OF UNION BUDGET FOR 2016-17
New Delhi, Feb 29 Below are the highlights of the budget for 2016-17 presented by Finance Minister Arun Jaitley in the Lok Sabha.
Highlights of Union Budget 2016-17 :
* Relief of Rs.3,000 per year to taxpayers with income below Rs.5 Lakh per year to benefit one crore taxpayers
* Surcharge on income tax for incomes exceeding Rs.1 crore per annum raised from 12 percent to 15 percent
* Service tax exempted for general insurance schemes under Niramayi Swasthya Bima Yojana
* Suitable changes to be made in customs and excise duty rates to improve competitiveness and boost Make In India
* Plan, Non-Plan distinction to be removed from 2017-18
* For income below Rs.5 lakh per annum, tax ceiling has been raised from Rs.2,000 to Rs.5,000
* Relief to those in rented houses: Deduction raised from Rs.24,000 to Rs.60,000 under Section 88G
* Corporate income tax: Incentives for new manufacturing companies and relatively small enterprise companies
* Fiscal deficit for 2016-17 targeted at 3.5 percent
* Committed to implementing General Anti-Avoidance Rules (GAAR) from April 1, 2017
* New policy for managing assets of public enterprises
* Comprehensive approach to be adopted for government investment in central public sector enterprises
* Three initiatives for better delivery of public services
* Increased allocation of Rs.1,80,000 crore under PM MUDRA Yojana
* Market Stabilization Fund for Pulses gets Rs.900 crore
* Financial Data Management Centre for integrated data collection and analysis
* RBI Act being amended to provide statutory basis for monetary policy framework
* 100 percent FDI to be allowed through FIPB route in food products produced and marketed in India
* Department of Disinvestment to be renamed Department of Investment and Public Asset Management
* Comprehensive plan being drawn up to be implemented in the next 15-20 years for exploiting nuclear energy
* Government to provide health insurance of up to Rs.1 lakh per family; 300 generic drug stores to be opened under PM Jan Aushadhi Yojana
* Roads and highways allocated Rs.55,000 crore, 50,000 km of state highways to be taken up for upgradaing to national highways
* Stand Up India scheme allocated Rs.500 crore for SCs, STs women entrepreneurs
* Government to incentivise gas production from deep sea and other unutilised deep sources
* Public Utility Resolution of Disputes Bill for resolution of infra sector disputes
* Pradhan Mantri Kaushal Vikas Yojan gets Rs.1,700 crore
* Digital depository for school leaving certificates
* Higher education financing agency to be set up with fund of Rs.1,000 crore
* National Skill Development Mission has imparted training to 76 lakh youth; 1,500 multi-skill training institutes to be set up
* Model Shops and Establishments Bill to be circulated for voluntary adoption by states
* Current account deficit down to $14.4 billion
* Rs.2.87 lakh crore for rural and urban local bodies
* Animal welfare programme, animal health card, e-marketing platform for connecting breeders
* 100 percent village electrification to be achieved by May 1, 2018
* Appreciation for 75 lakh middle class and lower middle class families for willingly giving up LPG Subsidy
* Rs.19,000 crore allotted for PMGSY
* Rs.8.5 lakh crore of agricultural credit targetted in 2015-16; and Rs.9 lakh crore in 2016-17
* Rs.35,984 crore allocated for agriculture in 2016-17
* Five lakh acres to be brought under organic farming over three-year period
* MGNREGA to get Rs.38,500 crore
* Recapitalisation of banks during next fiscal
* Prudent fiscal policy needed, domestic demand should be raised, reforms need to be carried out
* Farm, rural sector, infra and social sector to get more funds
* Need to prioritise expenditure given recommendations of 7th Pay Commission and OROP implementation
* Nine pillars for reforming India, among them agriculture, social sector, education, infra, fiscal discipline, and tax reforms
* Presenting budget when global economy in a serious crisis
* Amidst global headwinds, the Indian economy has held its own
* Converted challenges we inherited into opportunities
* CPI inflation down to 5.4 percent from 9 percent-plus, bringing big relief to the public
* Forex reserves at highest-ever level
