Highlights Of Union Budget 2016-17 by Hon. Min. Arun Jaitley
*No change in income tax slabs.
*Jwellery prices to go up.
*First home buyers to get additional deduction of Rs 50,000 on interest for loan upto Rs 35 Lakh. Cost of house should not be more than Rs 50 Lakh.
*Clean energy cess increased from Rs 200/ton to 400/ton on coal, lignite and peat.
*Excise duty on tobacco products increased by 10-15 per cent.
*Surcharge on income tax for incomes exceeding Rs.1 crore per annum raised from 12 percent to 15 percent.
*Corporate income tax: Incentives for new manufacturing companies and relatively small enterprise companies.
*SUVs, luxury cars to be more expensive.
*Service tax exempted for general insurance schemes under Niramayi Swasthya Bima Yojana.
*1 per cent infrastructure cess on small cars.
*Government to increase ATMs, micro-ATMs in post offices in next 3 years.
*Rs 25,000 crore to be allocated for re-capitalisation of Public Sector Banks.
*Deduction limit on rent raised to Rs 60,000
*Rs 3000 tax relief for small tax payers.
*Ceiling of rebate for tax payers with Rs 500,000Â annual income to be raised to Rs 5000 from Rs 2000 currently.
*RBI Act to be amended to give statutory backing for monetary policy.
*100 per cent FDI in marketing of food products made in India.
*Fiscal deficit for 2016-17 targeted at 3.5 percent.
*Prudence lies in adhering to fiscal targets.
*Total allocation of road and rail in 2016-17 is Rs 2.18lakh crore.
*Stand Up India scheme allocated Rs.500 crore for SCs, STs women entrepreneurs.
*Rs 1 lakh countrywide health cover and 2000 medicine shops to control medicine prices.
*3,000 stores to be opened under Jan Aushadhi Scheme in 2016-17.
*62 more Navodaya Vidyalayas to come up under Sarva Siksha Abhiyan.
*Rs 1000 cr set aside for higher education financing.
*Provident fund of 8.33 per cent for new governmnet emplyoyees for first 3 years.
*Govt is launching a new initiative to provide cooking gas to BPL families with state support.
*28.5 lakh hectares will be brought under irrigation under the Pradhan Mantri Krishi Sichai Yojna.
*Govt to set apart Rs 412 crore to encourage organic farming.
*National Skill Develoment Mission has been imparted training to 76 lakh youth. 1500 multi-skill training inititutes to be set up.
*We plan to launch digital literacy mission scheme for rural India to cover around 6 crore additional household in next 3 years.
*Rs 19,000 crore allocated for Pradhan Mantri Gramin Sadak Yojana in 2016-17. In all, Rs 27000 crore after state contribution.
*Will help reduce pollution, increase employment.
*CPI inflation declined to 5.4 per cent.
*5 lakh acres to be brought under organic farming.
*PM Fasal Bima Yojana allocated Rs 5,500 crore.
*Agricultural e-market platform on Dr BR Ambedkar's birthday
*Government to allocate Rs 5,500 crore for crop insurance scheme.
*Rs 9,000 crore allocated for Swachh Bharat Abhiyan Yogana.
*5,500 villages electrified by February 2016. 100 per cent electrification of villages by May 2018.
*Focus on drought-affected areas.
*Rs 20,000 crore fund allocated for NABARD.
*Target to complete PM Gram Sadak Yojana by 2019. Rs 19,000 crore allocated for the project.
*3 projects to ensure farmers get MSP benefit.
*Rs 17,000 crore allocated for Irrigation
*We will undertake significant banking reforms.
*Created new infrastructure for agriculture
*Our external situation is robust.
*Health insurance scheme to bear 1/3rd hospital expenses.
*Will ensure farm incomes are doubled.
*Global growth has slowed down, markets have fallen.
*Will bring fiscal discipline in governance.
*Growth has now accelerated to 7.4 per cent
*Increase earnings to farmers by 2020.
*Priority to provide funds to poorer section of the society
*Global ecomomy is in serious crisis: Arun Jaitley
*Indian economy has held his ground firmly.
*Forex Reserves are at its highest value, 360 billion dollars.
*Converted difficulties to oppurtunity.
*We have to spend public funds wisely.
*Growth despite pay commission suggestions.
*Inflation has come down.
*Increased planning expenditure.
*Pace of reforms must continue.
*We inherited a weaker economy.
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