general budget

general budget 2015-16
Union Budget 2015-16 is being presented by Finance Minister Mr. Arun Jaitley in the Parliament in 28th Feb.
Budget Highlights
•The objective of this Budget is to improve quality of life and to pass benefits to common man.
•Indian Govt has 3 major achievements: Jan Dhan Yojana, Coal Auction and Swacch Bharat programme
•Incremental change is not going to take us anywhere, will need to think in terms of quantum jump
•Under Swacch Bharat Yojana, 50 lakh toilet already built, 6 crore toilet targeted
•Government will encourage new start ups and entrepreneurship
•Government is still firm on achieving fiscal deficit target of 3 % of GDP eventually
•Real GDP expected to accelerate to 7.4%
•Current FOREX reserves $340 bn, Second best stock market in Asian economy
•Govt will utilize vast postal network for increasing access to institutional banking
•Roadmap to achieve Fiscal deficit of 3% of GDP in three years: Target is 3.9% in 2015-16, 3.5% in 2016-17, 3% in 2017-18.
•National Insurance scheme called PM Suraksha Bhima Yojana, offering coverage of 2 lakh rupees for just premium of ` 12 per year.
•5300 crore allocated for micro irrigation
•Target of ` 8.5 lakh crores credit to be given to farmers in 2015-16
•Target of ` 8.5 lakh crore of credit for agricultural sector
•Unclaimed deposits of ` 3,000 crore in PPF and ` 6000 crore in EPF; to create senior citizens welfare fund from this corpus
•Atal Pension Yojana to provide defined pension according to contribution ; 50% contribution to be from Govt.
•Increased Budgetary allocation to Roads & Railways
•5 Ultra Mega power projects, of 4000 MW announced
•Initial sum of ` 150 Cr to create world class IT hub to take advantage of our competitiveness
•Start-ups: mechanism for techno-financial incubation for start ups; govt sets aside ` 1000 crore
•National Infrastructure Fund will try to leverage Infrastructure companies ; Tax free bonds for Roads , Railways & irrigation
•Renewable energy target will be increased to 1,75,000 MW
•Highest ever allocation for MGNREGA, by increasing it this year by 5,000 crore rupees
•Ports in public sector will be encouraged to corporatize & become companies under companies act
•EPF & ESI has hostage rather than client ; ESI should be made optional to employees
•GST will be put in place state of art internationally indirect tax system by April 1st 2016: FM
•An addition of ` 1,000 crores for Nirbhaya Fund
•Govt proposes to increase visa-on-arrival to 150 countries to increase tourism
•Initial outlay of ` 75 crore for development of electric vehicles
•For better regulation a merger of FMC & SEBI is being currently worked out
•National Skill Mission to be launched through skill development and entrepreneurship ministry, to develop employability of youth, especially below 25 years of age
•Section 6 of FEMA to be amended
•Committee to be set up to plan the celebration of the 100th birth anniversary of Deen Dayal Upadhyaya
•Propose to set-up an IT based student financial aid system under PM Vidya Laxmi scheme
•The new Pradhan Mantri Vidya Lakshmi Programme will ensure no student misses out on higher education opportunities due to lack

Leave a Reply