Union Budget 2016 Highlights: Finance Minister Arun Jaitley in his Budget 2016 speech stressed on Indian economy’s resilience amidst the current global economic turmoil. “Global economy is in a serious crisis. Financial markets have been battered but Indian economy has held its ground firmly.”
“IMF has hailed India as a bright spot. Let us look at our achievements compared to the last three years of the last government. We inherited an economy with low growth and high inflation,” Jaitley said.
“We have bridged the trust deficit created by the previous government,” Jaitley added. We take a look at highlights from his speech:
Union Budget 2016 Highlights
Nine pillars to transform India:
1) Agriculture and farmer welfare with an aim to double farmers’ income in the next five years
2) Rural sector 3) Social sector including healthcare
4) Educational skills and job creation to make India a knowledge based and productive economy
5) Infrastructure investment to enhance quality of life
6) Financial sector reforms 7) Governance reforms and ease of doing business
8) Prudent management of government finances
9) Tax reforms to reduce compliance burden
> Nearly 85% of the stalled road projects have been put back on track
> Ensure universal coverage of LPG connection
> There will be no excise duty or CVD on dialysis equipment
> All retail shops will be allowed to operate all 7 days of the week
> Objective to skill 1 crore youth in the next 3 years under the PM Kaushal Vikas Yojana
> Rs 9,000 crore allocated to Swaccha Bharat Abhiyaan
> Rs 1700 crore for Pradhan Mantri Ka ..
> A Digital depository for school leaving certificates
> A Higher Education Financing Agency to be set up, with a fund of 1000 crore
> Rs 35,984 crore allocated for Agriculture in 2016-17. Target: 8.5 lakh crore of agricultural credit in 2015-’16; in 2016-17: Rs 9 lakh crore
> To increase crop yield in rainfed areas, two schemes launched to promote organic farming
> 28.5 lakh hectares will be brought under irrigation under the Pradhan Mantri Kri ..
> Five lakh acres of land to be brought under Organic farming in three years under Krishi Vikas Yojana
> We will work for passage of insolvency and bankruptcy laws. We will undertake significant reforms
> Government to provide incentive for deepwater gas exploration
> We will enact a law to confer benefits on deserving sections on Aadhar platform
> Rural electrification: 5542 villages in Feb 2016, more than total combined achievement of previous ..
> Rs 60,000 crore for recharging of ground water recharging
> Government to set apart Rs 412 crore to encourage organic farming
> Rs 5500 crore to be allocated to PM Fasal Bima Yojana for next fiscal year
> CPI inflation was 9.4 per cent in the last 3 years of previous government. CPI inflation has come down to 5.5% under our government, despite two poor monsoons
> Our external situation is robust, CAD has declined to $14.4 billion this year, wi ..
> Our forex reserves are at the highest level
> Pradhan Mantri Safal Beema Yojana has already been announced for farmers
> New initiative being launched for BPL families. They will be provided cooking gas connection with government help and subsidies
> We see external challenges as an opportunity. Risk of global turbulence is mounting; India must brace for tough times
> 7th Pay Panel recommendations, OROP to put burden on government expenditure ..
> Government’s bold measures have helped India to stay ahead in challenging times. Growth exceeded 7.6% despite big fall in exports.
> Government to enhance expenditure for social, rural and agricultural sector
> We must strengthen firewalls against risks through structural reforms; rely on domestic market so that growth does not slow down
> Animal welfare programme, animal health card, emarketing platform for connecting breeders