Union Budget 2016-2017 Highlights

Union Budget 2016-2017 Highlights

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Union Budget Highlights

[ads2]Union Finance minister Arun Jaitley had presented budget for the year 2016-17 in the Lok Sabha. Total 19.78 lakh crore expenditure in this budget. Of this, Rs 5.5 lakh crore allocated in planned expenditure, and Rs 14.28 lakh crore in unplanned expenditure.

Union minister for Finance Arun Jaitley prepared Budget based on the 9 main pillars to transform India.
1. Agri/Farm & welfare
2. Rural focus
3. Social Healthcare
4. Education and Job creation
5. Investments to improve quality of life
6. Infrastructure focus
7. Ease of Business
8. Fiscal discipline
9. Tax reforms
UNION BUDGET ALLOCATION FOR FARMERS

1. Government Aim is to double farmers’ income in the next 5 years

2. Agriculture/Farmers sector union budget allocated is 35,984 crore for the 2016-17 FY.

3. Farmers to get highest ever compensation and nominal premium in case of crop loss under the Pradhan Mantri Fasal Bima Yojana.

4. A new farm irrigation plan to facilitate 28 lakh hectares of farm lands.

5. The Strengthen and bring 5 lakh acres under organic farming in the next 3 years.

6. 14,000 crore farms to be included under the Soil health card scheme by the year 2017.

7. Farmers to get timely credit from banks.

8. Pradhan Mantri Gram Sadak Yojana gets 19,000 crore.

9. Strengthening of NABARD and to set up a dedicated irrigation fund worth 20,000 crore.

10. Plans being revised to enhance expenditure in farming, rural, social and infra sectors.
UNION BUDGET ALLOCATION FOR IMPROVE QUALITY OF LIFE, RURAL FOCUS

1. Gram panchayats and municipalities granted 2.87 lakh crore, a huge jump of 228%.

2. 87,765 crore allocated for rural development

3. 60,000 crore allocated for ground water recharging.

4. New revised plans to spread digital literacy in rural sector.

5. 100% rural electrification by May 1, 2018

6. LPG connections will be provided to BPL households in a massive mission
UNION BUDGET ALLOCATION FOR HEALTH & SOCIAL HEALTHCARE

1. New scheme to ensure each Indian family get Rs. 1 lakh health cover

2. 9,000 crore allocated for Swachh Bharat campaign

UNION BUDGET ALLOCATION FOR EASE OF STARTING BUSINESS

1. Rs. 500 crore for Stand Up India.

2. SC/ST entrepreneurs to get National SC/ST hub’s support
UNION BUDGET ALLOCATION FOR EDUCATION

1. Rs 1,000 allocated to set up a higher education financing agency

2. 1 crore youth to be imparted training under Pradhan Mantri Kaushal Vikas Yojana in the next 3 years
UNION BUDGET ALLOCATION FOR OTHER

1. Roads & Highways get Rs 55,000 crore

2. Total outlay for infrastructure Rs 2,21,246 crore in 2016-17

3. Rs 3,000 earmarked for Nuclear power generation

4. Shopping malls will be allowed to open on all 7 days of week

5. Rs 15,000 crore allocated for loan waiver

6. 9 lakh crore allocated for agricultural loans

7. Rs 86,500 crore allocated for drinking water projects

8. Revenue deficit estimate down to 2.5% for 2016-17 FY

9. Luxury cars to cost dear. 1% additional tax to be charged on luxury cars above 10 lakhs.

 

UNION BUDGET PRICE HIKE ON

1. Except bidis, excise duty increased by 10-15% on all tobacco products

2. Additional tax on branded and readymade clothes

2. Additional 5% tax on all taxable services under Krishi Kalyan tax for benefit of farming community

3. Centre to counter tax evasion strongly

4. Rs 1,80,000 crore allocated for Pradhan Mantri MUDRA Yojana