New Delhi(PTI): The outflow of black money from India to foreign countries has increased nine-fold…
New Delhi(web team): Finance Minister Arun Jaitley presented the Union Budget for fiscal 2015-16 in the Lok Sabha.
The highlights of the Union Budget are as following:
Estimated GDP is 7.4 percent.
We have to think in terms of a quantum jump
Roof for each family in India, to fulfil Housing by 2022 must build two crore houses in rural India, four crore in urban areas.
Providing medical facilities to each one of village and city is essential.
Increase in agriculture productivity is essential for welfare for rural population. We should commit to increase irrigation area.
2/3 rd of our population is below 35, to ensure employment we have to aim to make India the manufacturing hub.
Challenges-Agricultural incomes are under stress, have to increase investment in infrastructure.
Challenges – manufacturing has declined from 18 percent to 17 percent of the GDP.
Finance Minister Arun Jaitley, proposed to create a national agriculture market to increase farmers’ income.
• Our commitment to farmers runs deep. An ambitious soil health card has been introduced to improve soil fertility.
• To support agricultural sector, I propose to allocate 25,000 crore in 2015 to rural development fund.
• To increase income of our farmers, we propose to create a national agriculture market.
• Just as we are banking the unbanked, we are funding the unfunded.
• The government is committed to utilise the vast postal network spread across villages of country.
• Will bring a bankruptcy code in the year 2015-16 that will meet global standards and provide for judicial capacity.
• The government proposes a Mudra Bank of corpus of 20,000 crores to refinance the MFIs.Will
Arun Jaitley said the government is establishing a mechanism ‘self employment’ to support all aspects of start up business.
• Tax free Infrastructure bonds for projects in railways and roads.
• Government is establishing a mechanism ‘self employment’ to support all aspects of start up business.
• PPP model of infrastructure to be revitalised and realigned.
• I am setting aside 1,000 crore for this purpose.
• The government proposes to set up five ultra mega power projects, each of 4,000 MW, will be plug and play projects.
• Will enhance the allocations to MNREGA by 5,000 crore.
• This will have two features– will make this year’s allocation highest, will also help in increasing rural wages.
. Fiscal Deficit targets: FY15-16 3.9 percent, FY16-17 3.5 percent, FY 17-18 3 percent.
. A large portion of population is without insurance of any kind, I propose to work towards universal social security system for all.
. We will also launch the ‘Atal Pension Yojana’, which will provide a defined pension.
. To encourage participation, Government will contribute 50 per cent of beneficiary premium in its new accounts opened before 31st December 2015.
. Government is committed to bring a Universal social security system for all.
. I propose a new scheme of providing physical aids for senior citizens living below poverty line.
. Propose the ‘Nayi Manzil’ Scheme for the youth minorities.
. I intend to establish a national investment and infrastructure fund.
. I intend to create a direct tax regime which is internationally competitive on rates.
. India is the largest consumer of gold in the world, I propose to introduce a gold monetization scheme.
. Will deepen Indian Bond Market at par with the World standards.
. In order to support security of women, I have decided to provide another 1000 crores to Nirbhaya fund.
. The government to do away with distinctions between FII and FDI and replace it with Composite Caps.
• After success of visas on arrival in 43 countries, I propose to increase the countries covered under this scheme to 150.
• We are putting scam, scandal and corruption behind us. Parliament needs to look into a procurement law and how it will shape.
• Government proposes to bring in a regulatory reform law.
• We intend to launch a national skills mission, which will consolidate skill initiatives spread over all Ministries.
• Propose to set-up an IT based student financial aid system under the PM Vidya Laxmi scheme to ensure that no student misses out on higher education due to lack of fund.
• I propose to set up All India Institute of Medical Sciences (AIIMS) in J-K, Punjab, Tamil Nadu, Himachal and Assam.
• Keeping in view the need to augment medical services in Bihar, I propose to set up another AIIMS like institution in the state.
• I propose to set up IIT in Karnataka and IIM in J-K and Andhra Pradesh.
. A regime of exemptions has led to loss of revenue, propose to reduce rate of corporate tax from 30 percent to 25 percent.
. It has been our endeavour in last nine months to foster a stable taxation policy.
. Measures to curb black money, job creation through revival of growth and investment, benefit to middle class tax payers.
. Defence allocation for this fiscal is Rs 246,727 crores.
. Unplanned expenditure for 2015-16 is estimated at Rs 13,12, 200 crores.
. GST is expected to play a transformative role in Indian economy, we’re moving on various fronts on GST from next year.
• The problem of poverty and inequity cannot be eliminated unless generation of black money is dealt with effectively.
• Budget Estimates of Expenditure: 17 .77 lakh crore, of which Non Plan is 13.12 lakh crores, and Plan is 4.65 lakh crores.
• For strengthening information collection from various sources, a new structure has been put in place.
• Propose to enact a comprehensive new law on black money to bring back black money stashed abroad.
• This will enable seamless integration of data and effective enforcement.
• PAN number quoting made compulsory for transactions for more than one lakh.