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Union Budget 2016-17

Union Budget 2016-17

Finance Minister Arun Jaitley presented Union Budget 2016-17 on 29th February 2016.FM listed 9 pillars including tax reforms, promoting ease doing of business and ensuring fiscal discipline that will transform India. With an eye on supporting the small tax-payer and the small investor, announced a slew of schemes, and income tax exemptions.

Arun Jaitley outlines the nine pillars on which the budget is prepared.

  1. Agriculture and farmers welfare
  2. Rural sector with focus on employment
  3. Social sector with healthcare
  4. Education skills and job
  5. Infrastructure and investment
  6. Financial sector reforms
  7. Governance and ease of doing business to enable potential
  8. Fiscal discipline
  9. Tax reforms to reduce tax burden

The Finance Minister said the growth of GDP (gross domestic product) has now accelerated to 7.6% compared to the last three year of the previous Government when growth had decelerated to 6.3%.

The Finance Minister said that the Government will undertake three major schemes to help the weaker sections. The Pradhan Mantri Fasal Bima Yojana has already been announced. The farmer will pay a nominal amount of insurance premium and the highest ever companion in the event of any loss suffered.

FM announced a health insurance scheme which will protect one-third of India’s population against hospitalization expenditure.

The total allocation for Agriculture and farmers’ Welfare is Rs. 35,984 crore and also said that the ‘Pradhan Mantri Krishi Sinchai Yojana’ has been strengthened and will be implement in mission model, The FM said 28.5 lakh hectares will be brought under irrigation under this Scheme.

The FM announced a massive mission to provide LPG connection in the name of women member of poor household for which Rs. 2000 crore have been earmarked. This Scheme (for below the poverty line in 2016-17) will be continued for at least two more years to cover a total of 5 crore BPL household and also announced a new health protection scheme for economically weak families.

Under Sarva Shiksha Abhiyan, 62 new Navodaya Vidyalayas will be opened in the remaining uncovered districts over the next two years. In order to empower Higher Educational institutions to help them become world class teaching and research institutions, an enabling regulatory architecture will be provided to ten public and ten private institutions to emerge as world-class Teaching and Research Institutions. The Government has decided to set up a Higher Education Financing Agency (HEFA) with initial capital base of Rs. 1,000 crore.

Highlights of Budget 2016-17

Highlights of Economic Survey 2016-17

  • Growth rate of over eight percent expected in 2015-16
  • Double-digit economic growth trajectory now a possibility
  • Political mandate for reforms and benign external environment
  • Scope for big bang reforms
  • Fourteenth Finance Commission will enhance fiscal federalism
  • Hyper- growth in tech startups
  • Rural penetration of IT services to drive Make in India mission
  • Electronic visa gives fillip to tourism sector
  • Growth rate of over eight percent expected in 2015-16
  • Double-digit economic growth trajectory now a possibility
  • Political mandates for reform and benign external environment
  • Scope for bang reforms
  • Inflation showed declining trend during April-December 2014-15
  • Average WPI inflation declined to 3.4 percent against average of six percent during the previous year
  • WPI food inflation fell to 4.8 percent after high of 9.4 percent in 2013-14
  • CPI inflation touched all-time low of 5 percent after remaining high at 9-10 percent for last two years
  • Government measures to control food inflation and persistent decline in crude prices resulted in declining trend inflation
  • Food grain production in 2014-15 estimated at 257.07 million tones: will exceed average food grain production of last five years by 8.5 million tones
  • Agriculture and allied sectors contributed 18 percent to GDP
  • Fourteenth Finance Commission will enhance fiscal federalism
  • Hyper-growth in tech startups
  • Rural penetration of IT Services to drive Make in India mission
  • Electronic visa gives fillip to tourism sector
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