Finance Minister Arun Jaitley presenting the General Budget for the year 2016-17 in Parliament. The Finance Minister has a herculean task of balancing the needs of agriculture as well as the industry as the Govt seeks to garner resources to boost public spending for higher growth amid global headwinds. 
Finance Minister concludes the Union Budget 2016.
  • Penalty to be 50% of tax in income under-reporting cases, 200% in misreporting of facts
  • Hike of 10-15 % in excise duty on cigarettes
  • Our Govt is completely committed to removing black money from the economy.
  • Krishi Kalyan Cess of 0.5% on all taxable services.
  • Surcharge on income tax for those with incomes exceeding 1 crore per annum increases from 12% to 15%
  • No change in tax slabs.
  • Service tax exempted for general insurance schemes under Niramayi Swasthya Bima Yojana
  • Corporate income tax: Incentives for new manufacturing companies and relatively small enterprise companies
  • Relief to those in rented houses: deduction raised from INR 24,000 to INR 60,000 under Section 88G.
  • Ceiling of tax rebate for tax payers with up to Rs 5 lakh annual come to be raised to Rs 5000 from Rs 2000 currently
  • Necessary interim provisions made for implementation of 7th Pay Commission recommendations
  • Revenue deficit estimate for FY 2015-16 down to 2.5% from earlier estimates.
  • Fiscal deficit at 3.9% in 2015-16 and at 3.5% in 2016-17; no deviation from fiscal deficit roadway.
  • INR 900 crore rupees for Market Stabilization Fund for Pulses
  • Public Money should reach the poor and deserving without any leakage, emphasizes finance minister Arun Jaitely.
  • A National Dialysis Services Program will be introduced under National Health Mission- FM Jaitley
  • 100% FDI through FAPB route in marketing of food products produced and manufactured in India
  • INR 1,000 crore allocated for new EPF(Employees’ Provident Fund) scheme
  • Public Utility Resolution of Disputes Bill for resolution of disputes in infra sector:
  • INR 1,000 crores set aside for higher education financing
  • INR 3000 crore earmarked for nuclear power generation.
  • Target of 10,000 kms of national highway and up-gradation of 50,000 kms of state highways in 2016/17
  • INR 55,000 crore for roads and highways. 50000 km of state highways to be taken up for upgradation as national highways.
  • A national careers service was launched in July 2015. We propose to make 100 model career centres operational by end of 2016
  • Objective to skill 1 crore youth in the next 3 years under the PM Kaushal Vikas Yojna
  • Senior citizens will get additional healthcare cover of INR 30,000 under the new scheme.
  • A new health protection scheme for health cover upto 1 lakh per family
  • INR 9,000 crores allocated to Swaccha Bharat Abhiyaan. 500 crores for startup India.
  • I have set aside a sum of INR 2000 crores in this year’s budget to meet the initial cost of providing these LPG connections-
  • Massive mission to be launched to provide LPG connections to BPL households
  • INR 2.87 lakh crore grants to gram panchayats and municipalities a quantum jump of 228%.
  • Govt is committed to achieve 100% village electrification by 1st May 2018: Arun Jaitley
  • MGNREGA to get INR 38,500 crore. INR 2.87 lakh crore grants to gram panchayats and municipalities a quantum jump of 228%.
  • A unified agriculture market e-platform will be dedicated to the nation on birthday of Dr BR Ambedkar
  • INR 19000 crore rupees allotted for Pradhanmantri Gram Sadak Yojna
  • 5 lakh acres to be brought under organic farming over a three year period
  • INR 35,984 crores allocated for Agriculture in 2016-17
  • Aim to double the income of farmers in five years INR 35,984 crores total allocation for farmers’ welfare
  • We need to prioritize our expenditure, given recommendations of 7th CPC and OROP implementation
  • Govt. has to prioritize expenditure. Focus on the rural and social sectors, infrastructure and recapitalization of banks
  • Forex Reserves have reached their highest mark at $350 billion.
  • Financial Year 2017 will be challenging for Government expenditure
  • Growth of GDP has accelerated to 7.6% .CPI inflation has declined to 5.4%
  • Foreign exchange reserves are at highest ever level, says Finance Minister.
  • The CPI inflation has come down to 5.4% from 9 plus, bringing big relief to the public:
  • Amidst global headwinds, the Indian economy has held its own.
  • I am presenting Budget when the global economy is in a serious crisis.
  • Lot of confidence and hope continues to be build around India: Arun Jaitely
  • FM Arun Jaitley begins Budget speech in Parliament
  • Finance Minister to present Union Budget 2016 shortly.
  • Meeting in Parliament ends, cabinet approves Union Budget 2016.
  • Prime Minister Narendra Modi reaches Parliamnet, cabinet meeting begins.
  • Copies of Union Budget 2016 brought to Parliament


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