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Highlights of Budget 2015

New Delhi: Finance Minister Arun Jaitley today presented India's national budget for 2015-16 amid high expectations from all stakeholders in lifting overall growth, reinforced by the positive agenda set by the Economic Survey for "big

India TV Business Desk [ Updated: February 28, 2015 12:41 IST ]
highlights of budget 2015
highlights of budget 2015

New Delhi: Finance Minister Arun Jaitley today presented India's national budget for 2015-16 amid high expectations from all stakeholders in lifting overall growth, reinforced by the positive agenda set by the Economic Survey for "big bang" reforms.

Here are the highlights of Budget 2015:

Finance Minister Arun Jaitley presents Union Budget 2015 in Lok Sabha

As the PM has mentioned many times - We are a round the clock, round the year Government

Economic environment far more positive than in the recent past

People wanted that scam, scandal, corruption raaj should end

Our actions have not only being confined to core & macro economic areas alone

With all humility I submit that this opportunity has risen because we have created it

Domestic and international investors are seeing us with renewed hope

The rupee has become stronger by 6.4 %

The latest CPI inflation is 5.1 % and whole sale price inflation is negative

We are round the clock, round the year Government

Of the work we have done, I'd like to talk of three achievements, 1st is success of Jan Dhan Yojana

Objective is to improve quality of life and to pass benefits to common man

50 lakh toilets already constructed, we will achieve target of building 6 crore toilets

One of the achievement of myGovt has been is to conquer inflation

We expect the CPI inflation to remain close to 5% towards the end of year

4 achievements of Govt: PM's Jan Dhan Yojana, transparent auctions & Swachh Bharat, controlling inflation

Estimated GDP is 7.4 %

We have to think in terms of a quantum jump

Roof for each family in India,to fulfill Housing by 2022 must build 2crore houses in rural India, 4 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

Coal bearing states will get several lakhs of crores of rupees as royalty following transparent auction process

GDP growth to be 8-8.5% in 2015-16

Embarked on GST and JAM Trinity to use bank accounts, Aadhar and Mobile number to transfer government benefits

We will move to amend the RBI Act this year to form Monetary Policy Committee

Manufacturing has declined from 18% to 17% of the GDP

Agricultural incomes are under stress, have to increase investment in infrastructure

Public Investment needs to step in to catalyze the investment in PPP

We need to cut subsidy leakage not subsidy themselves

This Govt is committed to regain pre-eminence as a just and compassionate society

Tax buoyancy is lower but still we will meet the promise of Fiscal deficit of 4.1% of GDP this year

The states get 62% of the total resources

Our commitment to farmers run deep, an ambitious soil health card has been introduced to improve soil fertility

To support agricultural sector, I propose to allocate 25000 crore in 2015 to rural development fund

To increase income of our farmers, we propose to create a national agriculture market

Public investment of Rs 1.25 lakh crore over the and above the revised budgetary target

The Govt is committed to utilize the vast postal network spread across villages of country

Will bring a bankruptcy code in the year 2015-16 that will meet global standards & provide for judicial capacity

Proposes a Mudra Bank of corpus of Rs 20000 crores to refinance the MFI's

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

We will also launch the 'Atal pension yojana', which will provide a defined pension

FM Arun Jaitley's Fiscal Deficit targets: FY15-16 3.9%, FY16-17 3.5%, FY 17-18 3%

To encourage participation, Govt will contribute 50% of beneficiary premium in its new accounts opened before 31st December 2015

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

Rs 34,699 crore allocated for MNREGA scheme, focus will be on improving quality and effectiveness

11.5 crore LPG consumers transfered subsidy directly; Well-offs including MPs and Ministers will give up subsidised LPG voluntarily

Some strategic disinvestments will happen besides disinvestment in loss making PSUs

I intend to establish a national investment and infrastructure fund

Tax free Infrastructure bonds for projects in railways and roads

Tax free Infrastructure bonds for projects in railways and roads

8.5 lakh farm credit targeted in 2015-16

Govt proposes to create senior citizen welfare fund with unclaimed deposit of Rs 9000 crore in PPF/EPF schemes

Govt is establishing a mechanism 'self employment' to support all aspects of start up business

PPP model of Infrastructure to be revitalized and realigned, setting aside Rs 1000 crore for this purpose

Soon to be launched Pradhan Mantri Suraksha Yojana to provide accident insurance of Rs 2 lakh on a premium of Rs 12 per year

Atal Innovation Mission to be launched to encourage a culture of innovation in the country

Govt proposes to set up 5 ultra mega power projects, each of 4000 MW, will be plug and play projects

Allocation of Rs 30,851 crore for SCs, Rs 79,258 crore for women in Budget 20-15-16

Capex of PSUs pegged at Rs 3,17,889 crore in 2015-16, up Rs 80,844 cr over previous year; overall investment will go up by Rs 75,000 crore from central funds in 2015-16 over 2014-15

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

I propose to work on developing Indian gold coin which carries the Ashok Chakra, will help recycle gold available in country

Will deepen Indian Bond Market at par with the World standards

Govt allocates Rs 1500 crore for Integrated Child Development Scheme, Rs 500 crore for Integrated Child Protection Scheme and Rs 3000 crore for PM's Irrigation scheme

I have decided to provide another Rs 1000 crore to Nirbhaya fund

Govt to do away with distinctions between FII and FDI and replace it with Composite Caps

Visas on arrival to cover 150 countries

Government proposes to bring in a regulatory reform law

An expert committee will be appointed to examine possibility and prepare draft legislation to replace multiple prior persmission with a preexisting regulatory mechanism

We intend to launch a national skills mission, which will consolidate skill initiatives spread over all Ministries

Special assistance to Bihar and west Bengal as has been provided in the case of Andhra Pradesh

For NE: Centre for Fim Production, Gaming in Arunachal Pradesh.

DIgital India: 7.5 lakh km speeded up

Govt permitted FDI in defence already. Pursuing Make in India for greater self sufficiency

Defence allocation for this fiscal is Rs 2,46,727 Crore

Unplanned expenditure for 2015-16 is estimated at 13 lakh 12 thousand and 200 crore

Taxation is an instrument of social economic engineering

Tax receipts: 14,49,490 crore

GST will play transformative role in economy

We're moving on various fronts on GST from next year

Propose to reduce rate of corporate tax from 30% to 25% over the next 4 years. This will lead to more investment and jobs

No changes in income tax slabs

Bill to check black money will give jail term of 10 years for those stashing non taxed money abroad

Benami Transaction Prohibition bill to seize property in case of domestic black money

GAAR implementation deferred by 2 years

Markets cheer Budget. Sensex up 233. Nifty up 60 points

Propose to undertake series of steps to attract capital

Reduced taxes on Technical Services to 10% from 25%

I propose to reduce rate of basic custom duty on certain imports to minimize impact of duty inversion

PAN number quoting made compulsory for transactions for more than 1 Lakh

Rich & wealthy must pay more tax, propose to abolish wealth tax & replace it with an additional 2% surcharge on the super rich

Customs duty reduced on 22 items  

Retrospective Tax: To reduce hassles, propose to increase threshold limit from Rs 5 crore to Rs 20 crore

Excise duty raised to 12.5%: Cigarette and tobacco products to become costlier

Cess on coal to fund clean energy initiatives

Increase in limit of deduction for health insurance from Rs 15,000 to Rs 25,000. For elder citizens it is 30,000. It will be Rs 80,000 in the case of serious diseases for elder citizens

100% tax exemption in CSR activities for Clean Ganga Fund and Swachh Bharat Kosh

To boost domestic leather industry, excise duty on footwear having retail price of more than 1000 per pair reduced by 6%

Consolidated Service tax increased to 14%

All contributions to Sukanya Samridhi scheme to be tax free

Transport allowance, which is currently 800 per month, has been increased to 1600 per month

Service tax exemption for senior citizens

An additional Rs 50,000 contribution to pension under 80 CCD to be allowed to make the society pensioned instead of pensionless

Negative list in service tax has been pruned by bringing some services under tax net

Expectations have been high. I have unveiled a roadmap for future. We can claim intellectual honesty. We did what we promised

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