Finance Minister Arun Jaitley Presenting The UNION BUDGET 2016-17

KEY HIGHLIGHTS FROM BUDGET 2016

1. Big focus on agriculture and farmers’ welfare

– Farmers’ income to be doubled by 2022.

– 28.5 lakh hectares will be brought under irrigation under Pradhan Mantri Krishi Sinchai Yojana.

89 irrigation projects, requiring Rs. 86,500 crore in next five years, to be fast tracked. 23 of these projects to be completed before 31st March, 2017.

– Dedicated Long Term Irrigation Fund will be created in NABARD with initial corpus of Rs. 20,000 crore.

– Total outlay on irrigation including market borrowings is R. 12,157 crore.

Major program for Sustainable Ground Water management proposed for multilateral funding at a cost of Rs. 6,000 crore.

– 5 lakh farm ponds and dug wells in rain-fed areas and 10 lakh copost pits for production of organic manure will be taken up.

– Soil Health Cards will be given to 14 crore farm holdings by March, 2017.

– 2,000 model retail otlets of fertilizer companies with soil and seed testing facilities, will be opened in the next three years.

Unified Agricultural Marketing E Platform to be dedicated to the Nation on the Birthday of Dr. Ambedkar on 14th April, 2016.

2. Rs. 27,000 crore including State’s share to be spent on PMGSY in 2016-17. Target date of completion of PMGSY advanced from 2021 to 2019.
3. Rs. 9 lakh crore will be given as Agricultural credit in 2016-17.
4. FCI will undertake online procurement of food grains. This will bring transparency and convenience to farmers through prior registration and monitoring of procurement.
5. Pashudhan Sanjeevani, an animal wellness programme, will be undertaken. Nakul Swasthya Patras to be issued.

Rs 2.87 lakh crore will be given as Grant in Aid to Gram Panchayats and Municpalities as per the recommendations of the 14th FC. This translates to – Rs. 81 lakh per gram panchayat and over Rs. 21 crore per Municipality.

– Every Block in drought and rural distress areas will be taken up under Deen Dayal Antoyodaya Mission.

– 300 Rurban Clusters will incubate growth Centers in Rural Area.

– All villages will be electrified by 1st May, 2018.

A new Digital Literacy Mission scheme will be launched for rural India to cover around 6 crore households in next three years.

– Modernization of Land Records through revamped National Land Records Program.

– Rashtriya Gram Swaraj Program to be launched.

Targeted Delivery of Government subsidies and benefits to ensure that they reach the poor and the deserving.

New law for targeted delivery of financial and other subsidies etc. using Aadhar framework will be enacted.

– DBT in fertilizer will be launched on pilot basis.

– Of the total 5.35 lakh fair price shops in the country, 3 lakh shops to be automated by March,2017.

MUDRA – Loan target of 1, 80,000 crore in 2016-17.

Social Sector

Massive Mission to provide LPG connection to poor households will be launched. 1.5 Crore poor households will benefit in 2016-17. Scheme will continue for two more years to cover a total of 5 crore BPL households. LPG connection to be given in the name of woman member of the family.

Education

62 new Navaodaya Vidyalayas to be opened in remaining uncovered districts in next two years.

– An enabling regulatory architecture will be provided to 10 public and 10 private institutions to emerge as world class teaching and research institutions.

– Higher Education Financing Agency will be set up with an initial capital base of Rs. 1,000 crore.

– Digital Depository will be set up for educational certificates, mark-sheets, awards etc.

Skills

1500 Multi Skill Training Institutes will be set up under Pradhan Mantri Kaushal Vikas Yojana

– National Board for Skill Development Certification will be set up in partnership with industry and academia.

– Entrepreneurship education and training will be provided in 2200 colleges, 300 schools, 500 govt. it is and 50 vocational training centres through open online courses.

Job Creation

Government of India will pay EPS contribution of 8.33% for all new employees enrolling in EPFO for the first three years of employment. Applicable to those with salaries of Rs. 15,000 per month

– Section 80 JJAA of Income Tax Act being amended to broaden the scope of employment generation incentives.

– Interlinking of State Employment Exchanges with National Career Service Platform.

– Small and medium shops to be permitted to remain open all 7 days a week on voluntary basis. New jobs in retail sector.

Changes in FDI Policy.

For the benefit of farmers, 100% FDI through FIPB route will be permitted for marketing of food products, produced and manufactured in India. This will give big encouragement to food processing industry and create new jobs.

– Guidelines for strategic disinvestment have been approved and will be spelt out.

– Individual units of CPSEs can be disinvested to raise resources for investment in new projects.

– In the financial sector, a comprehensive Code on Resolution of Financial Firms will be enacted. Together will the Bankruptcy and Insolvency Law, this will fill a major systemic vacuum. This is a big reform measure.

Budget 2016: Here’s the list of what’s cheaper & what’s dearer

Cars, cigarettes, branded garments, air travel will become more expensive, while footwear, solar lamps and routers are slated to be cheaper following a host of changes in the tax structure in the Budget for 2016-17.

Following is a list of items that will turn costlier:

1. Cars
2. Cigarettes
3. Cigar
4. Tobacco
5. All services like bill payments, eating out, air travel
6. Readymade garments and branded apparel of more than Rs 1,000
7. Gold and Silver; jewelery articles excluding..
8. Aluminum foil
9. Air Travel
10. Plastic bags and sacks
11. Ropeway, cable car rides
12. Imported imitation jewellery.
13. Industrial solar water heater
14. Legal services
15. Lottery tickets

Following is a list items that will turn cheaper:

1. Footwear
2. Solar lamp
3. Router, broadband modems and set top boxes, Digital video recorder and CCTV cameras
4. Hybrid electric vehicles
5. Sterilised dialyzer
6. Low cost houses with less than 60 sq mt carpet area
7. Hiring of folk artists for performance
8. Refrigerated containers
9. Pension plans
10. Microwave ovens
11. Sanitary pads.
12. Braille paper.

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