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UNION BUDGET 2015-16

The first full year budget of Modi Government was presented by Union Finance Minister Mr. Arun Jaitley in Lok Sabha on February 28, 105. Union Budget 2015-16 marks the dawn of 'Cooperative federalism' and 'empowerment of the States'. The creation of National Institution of Transforming India (NITI) and acceptance of 14th Finance Commission's (FFC) recommendation of substantially higher devolution of Union taxes to States are landmarks in this direction. This Budget mark the beginning of the award period (2015-2020) of the FFC during which States will be devolved 42% of the divisible pool of Union taxes from existing 32%. This enhanced untied resource available to the States would enable them to address their specific needs through flexibility in design, implementation and financing of Programmes and schemes. This is expected to bring in high growth and faster development of different regions of the country contributing to overall National growth.

While presenting the Budget, Finance minister underlined that the credibility of Indian economy has been re-established in the last nine months and Indian economy is about to take-off on a fast downgrading global economic growth. Government has a vision to pursue accelerated growth, enhanced investment for the benefit of all Indians. India has become the fastest growing large economy in the World with a real GDP growth expected to be 7.4% (New Series). Macro-economic stability and conditions for sustainable poverty alleviation, job creation and durable double digit economic growth have been achieved in the economy.

Key Features of Budget 2015-16

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