HindustanTimes Sat,28 Feb 2015

Finance Minister Arun Jaitley is presenting the general budget for 2015-16 in Parliament. This is the first full-fledged budget of the Modi government. The credibility of Indian economy has been restablished, the world is predicting that it's India's chance to fly, Jaitley said during the speech.

Live Blog Union Budget 2015

Following are the highlights of Jaitley's speech:

GST to be in place by April 1, 2016

Our foreign exchange reserves increased to 340 bn

Several steps have been taken to improve and energise the Indian economy

The latest CPI inflation is 5.1 % and whole sale price inflation is negative

The rupee has become stronger by 6.4 %

GDP growth will accelerate to 7.4%

3 achievements--Success of jan dhan yojna, coal auctions, swacch bharat abhiyan-50 lakh toilets already constructed in 2014-15

Embarked on 2 more game changing reforms—GST , JAM trinity-Jan Dhan Aadhar Mobile

Objective is to keep inflation below 6%

Aiming for a double digital growth rate is seeming feasible

Incremental change is not going to take us anywhere, will need to think in terms of quantum jump

Providing medical facilities to each one of village and city is essential

50 lakh toilets built in 2014-15, will meet target of 6 crore toilets to promote

Rural-urban divide should no longer be acceptable to us. Ensure connectivity to all villages

To support agricultural sector, I propose to allocate 25000 crore in 2015 to rural development fund

Rs 8.5 lakh crore of farm loan credit during 2015-16

We need well targeted system to rationalise subsidies

62 % of 5.77 crore small units are owned by SC/STs and OBCs; mirco-units for refinance agency

To increase income of our farmers, we propose to create a national agriculture market

Will create Mudra Bank with corpus of Rs. 20,000 crore for microfinance

We will bring a comprehensive bankruptcy code in 2015-16 according to global standards

We will also launch the 'Atal pension yojana', which will provide a defined pension

Government is committed to bring a Universal social security system for all

Universal Security System  to include the poorest layer in society

Senior citizens welfare fund to subsidise the premium for elderly people

Jaitley proposes appropriating unclaimed Rs 3000 cr from PPF accounts to subsidise premiums of sr citizens

Jaitley intends to establish a national investment and infrastructure fund

Tax free infrastructure bonds for projects in roads, railways and irrigation

Investment in infrastructure to go up by Rs. 70,000 crores

Govt is establishing a mechanism 'self employment' to support all aspects of start up business. I'm setting aside 1000 crore for this purpose

PPP model of Infrastructure to be revitalized and realigned

Govt proposes to set up 5 ultra mega power projects, each of 4000 MW

Expert panel to prepare draft legislation to replace the mutiple prior approvals

Enhanced allocation to MNREGA by Rs 5000 crore

Set up public debt management agency

Forward Markets Commission to be brought under SEBI

Task for setting up sector neutral grievance redressal agency

hope to introduce the Indian Financial Code

Direct tax regime will be internatinally competitive with  smooth GST for indirect taxation

With respect to ESI, employee should have an option of choosing between ESI or health insurance

For employees below a certain threshold income, contribution to EPF should be made optional

Introduce a gold monetisation scheme to allow to gold depositors to monetise gold

Propose to announce several measure sthat will incentivise debit or credit transactions

To launch sovereign gold bond

FM says has vision of putting in place a direct tax code regime at par with international rates

Propose to allow foreign investmet in alternative investment funds

Another Rs 1000 cr for Nirbhaya fund

Govt to do away with distinctions between FII and FDI and replace it with Composite Caps.

Proposes to introduce regulatory reform law for infrastructure

Parliaments need to take a call on a procurement law

IIT in Karnataka and IIM in J& K and Andhra Pradesh

AIIMS to be set-up in J&K, Punjab, Tamil Nadu, Himachal Pradesh and Assam

Special assistance to Bihar and West Bengal as has been provided in the case of Andhra Pradesh

Defence allocation for this fiscal is Ra2,46,727 Crores

Non-plan exp 13.12 lakh crore, plan exp 4.65 lakh crore; total exp 17.77 lakh crore; gross tax receipts 14.14 lakh crore;

GST expected to play a transformative role in the way in the economy functions

Corporate Tax- reduce from 30% to 25% over the next 4 years

Proposes comprehensive new law on black money

Quoting of PAN mandatory for purchasing anything above Rs 1 lakh.

Reduced taxes on Technical Services to 10% from 25%

Applicability of GAAR deferred by 2 years

Customs duty cut for raw materials and inputs for 22 items, says Jaitley

Abolish wealth tax and replace it with an additional 2% surcharge on super rich with an income of above Rs 1 crore

Propose to increase service tax rate and education cess to 14% from 12.36%

Increase in limit of deduction of health insuranc premium from Rs 15,000 to Rs 25,000

Social safety net and facility of pension to individuals- additional deduction of Rs 50,000 proposed to be provided for contribution to new pension scheme

Transport allowance exemption increased from Rs 800 to Rs 1600

Service tax exemption on varishta beema yojana


Moin Aqeeb Ashraf


Personal Factfile

Moin Aqeeb Ashraf
Date of birth
January 5, 1992
  Batting Style
Right Handed
Bradford, Yorkshire
  Bowling Style
Right-arm fast medium


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