A to Z of Arun Jaitley’s 2016 budget
Finance Minister Arun Jaitley presented the general budget in the Lok Sabha on Monday, saying India remained a bright spot of the global economy while assuring continuity in reforms along with fiscal discipline.union budget Updated: Feb 29, 2016 16:31 IST
Finance Minister Arun Jaitley presented the general budget in the Lok Sabha on Monday, saying India remained a bright spot of the global economy while assuring continuity in reforms along with fiscal discipline.
Here is an A to Z list of the budget for the fiscal year that begins on April 1.
Agriculture and farmers’ welfare are allocated Rs 35,984 crore.
Automation facilities will be provided in 3 lakh fair price shops by March 2017.
BPL families are allocated Rs 2,000 crore for initial cost of providing LPG connections.
Birth Centenary celebrations of Pandit Deen Dayal Upadhyay and 350th Birth Anniversary celebrations of Guru Gobind Singh get Rs 100 crore allocation.
Companies act will be amended to improve enabling environment for start-ups.
‘Clean Energy Cess’ levied on coal, lignite and peat renamed to ‘Clean Environment Cess’ and rate increased from Rs 200 per tonne to Rs 400 per tonne.
Deen Dayal Antyodaya Mission will take up every block under drought and rural distress as an intensive block.
Digital literacy mission, a new scheme for rural India, to cover around 6 crore additional household within the next 3 years.
Digital Depository for School Leaving Certificates, College Degrees, Academic Awards and Mark sheets to be set-up.
Excise on readymade garments with retail price of Rs 1000 or more raised to 2% without input tax credit or 12.5% with input tax credit.
2.5 lakh entrepreneurs will benefit from the “Stand Up India Scheme” which will facilitate at least two projects per bank branch.
“Ek Bharat Shreshtha Bharat” programme will be launched to link States and Districts in an annual programme that connects people through exchanges in areas of language, trade, culture, travel and tourism.
Foreign exchange reserves touched highest ever level of about 350 billion US dollars.
100% FDI to be allowed through FIPB route in marketing of food products produced and manufactured in India.
Fiscal deficit in RE 2015-16 and BE 2016-17 retained at 3.9% and 3.5%.
Free baggage allowance for international passengers to be increased. Filing of baggage only for those carrying dutiable goods.
Fertilizer companies will be provided with soil and seed testing facilities during the next three years .
GDP accelerated to 7.6% in 2015-16.
Gram Panchayats and municipalities will be given a grant in aid of Rs 2.87 lakh crore as per the recommendations of the 14th Finance Commission.
Health protection scheme will provide health cover up to Rs one lakh per family. For senior citizens an additional top-up package up to Rs 30,000 will be provided.
Higher Education Financing Agency to be set-up with initial capital base of Rs 1000 Crores.
Infrastructure cess, of 1% on small petrol, LPG, CNG cars, 2.5% on diesel cars of certain capacity and 4% on other higher engine capacity vehicles and SUVs. No credit of this cess will be available nor credit of any other tax or duty be utilized for paying this cess.
Irrigation projects, 89 in total, to be implemented under AIBP, which are languishing for a long time, will be fast tracked. A dedicated long term irrigation Fund will be created in NABARD with an initial corpus of about Rs 20,000 crore.
Infrastructure gets total outlay of Rs 2,21,246 crore.
Jan Aushadhi Yojana will see setting up of 3,000 stores during 2016-17.
Krishi Kalyan surcharge - Surcharge levied at 7.5% of undisclosed income to be used for agriculture and rural economy.
Loan repayment - To reduce the burden on farmers, a provision of Rs 15,000 crore has been made in the BE 2016-17 towards interest subvention.
MGNREGS is allocated a sum of Rs 38,500 crore.
MNREGA to take up the creation of 5 lakh farm ponds and dug wells in rain fed areas and 10 lakh compost pits for production of organic manure.
National Land Record Modernisation Programme has been revamped.
62 Navodaya Vidyalayas will be opened.
‘National Dialysis Services Programme’ to be started under National Health Mission through PPP mode.
National Scheduled Caste and Scheduled Tribe Hub to be set up in partnership with industry associations.
Organic farming to be promoted through ‘Parmparagat Krishi Vikas Yojana’ and ‘Organic Value Chain Development in North East Region’.
‘Pradhan Mantri Krishi Sinchai Yojana’ to be implemented in mission mode. 28.5 lakh hectares will be brought under irrigation.
Pradhan Mantri Gram Sadak Yojana to be allocated Rs 19,000 crore. Will connect remaining 65,000 eligible habitations by 2019.
Prime Minister Fasal Bima Yojana to be allocated 5,500 crore.
Price Stabilisation Fund with a corpus of Rs 900 crore to help maintain stable prices of Pulses.
Quality of education will be given extra focus through Sarva Shiksha Abhiyan.
Rural sector is allocated Rs 87,765 crore.
Rashtriya Gram Swaraj Abhiyan, a new scheme, proposed with allocation of Rs 655 crore.
Roads sector gets a total investment of Rs 97,000 crore during 2016-17.
Social sector including education and health care is allocated Rs 1,51,581 crore.
Soil Health Card scheme will cover all 14 crore farm holdings by March 2017.
Skill development gets an allocation of Rs 1804 crore. 1500 skill training institutes to be set-up.
Tax rebate ceiling under section 87A raised from Rs 2000 to Rs 5000 to lessen tax burden on individuals with income upto Rs 5 laks.
Targeted Delivery of Financial and Other Subsidies, Benefits and Services by using the Aadhar framework to be introduced as a bill.
Tobacco products’ excise duties raised by about 10 to 15%. This does not include beedi.
Time limit of one year for disposing petitions of the tax payers seeking waiver of interest and penalty.
Unified Agricultural Marketing ePlatform to provide a common e- market platform for wholesale markets.
Underreporting of income will lead to a penalty of 50% of tax while it is 200% of tax where there is misreporting of facts.
100% village electrification by May 1, 2018.
Vulnerable sections will be focussed through Pradhan Mantri Fasal Bima Yojana, New health insurance scheme to protect against hospitalisation expenditure and facility of cooking gas connection for BPL families.
Withdrawal up to 40% of the corpus at the time of retirement to be tax exempt in the case of National Pension Scheme (NPS). Annuity fund which goes to legal heir will not be taxable.
White revolution - To make dairying an acceptable and economically viable entrepreneurship Rs 578 crore will be allocated.
X-factor - Jaitley wore a blue kurta -- a shade lighter than his Nehru jacket -- and white pyjama. Modi chose a crisp, pristine white kurta and pyjama with his trademark Nehru jacket style.
R K Shanmukham Chetty, who presented Independent India’s first budget in 1947, chose pinstripes, while in 1950, John Mathai chose an ultra-formal look in a three-piece grey suit, complete with a tie.
Yojanas - 8 policies were in focus in this budget - Pradhan Mantri Fasal Bima Yojana, Pradhan Mantri Krishi Sinchai Yojana, Parmparagat Krishi Vikas Yojana, Pradhan Mantri Gram Sadak Yojana, Prime Minister Fasal Bima Yojana, Jan Aushadhi Yojana, Pradhan Mantri Mudra Yojana, Deen Dayal, Upadhyay Grameen Kaushalya Yojana.
Zero investor confidence, low growth and high inflation were some challenges inherited by the NDA from the previous govt, Jaitley said in Parliament on Monday.