New Delhi, Feb 28: Finance Minister Arun Jaitley presented the Union Budget 2015-16 in Parliament. This is the first full year Budget of the NDA government led by Prime Minister Narendra Modi. Presenting the budget, Jaitley said that the credibility of Indian economy has been re-established and the budget focuses on growth and development. The aim is to make India a Manufacturing Hub, boost GDP Growth and create jobs.
Presenting the budget, Jaitely said that India is moving towards a faster growth while other countries are facing challenges and financial crisis. The objective of the government is to improve quality of life and create a platform so that common people will get the benefits. In the budget the priorities have been given to the eastern states including Odisha, however, only Bihar and West Bengal will get special assistance from the Centre.
Lauding the achievements of the current government led by PM Modi, he said that states have been economically empowered mire than ever before. "Kuch toh phool khilaye humne, kuch toh phool khilane hai, par baagh mei abhi kaatein purane hai", he said mocking at the Opposition members, who have been creating uproar over several important issues and proposed bills.
Talking about the economy, he said that the Rupeee has become stronger against other foreign currencies. The current CPI inflation is 5.1 percent.
He discussed the achievements of the government. The three top achievements are the success of Jan Dhan Yojna , Transperant coal auction and Swacch Bharat under which programme the target of building 6 crore toilets will be achieved.
He revealed the vision of his government that aims to provide housing for all by 2022, the 75th year of India's Independence.
He said that five challenges the government have been facing. Those are: low agriculture income, investment in infrastructure, Indian manufacturing declined from 18 to 17%, successful implementation of Make in India and need to maintain fiscal discipline.
He said that the government is committed to the process of rationalising subsidies. There is a need to cut subsidy leakage, but not the subsidies. The direct cash transfer will be extended.
The government proposes a Roadmap to achieve Fiscal deficit of 3% of GDP in three years. The Target is 3.9% in 2015-16, 3.5% in 2016-17, 3% in 2017-18.
He said that the quality of employment should be improved under MNREGA and for this he announced Rs 5,000 crore. He proposed to create Mudra bank for enterprises led by SC/ST. He allocated Rural Infrastructure Development Fund Rs 25000 Crore under NABARD.
The FM announced the Atal Pension Yojna, which will provide defined pension according to contribution, 50% contribution will be from the govt.
He announced a new scheme called "Nayi Manzil" to enable Minority youth without school leaving certificates to get the employment.
The top priority to improve the infrastructure bonds in rail, road and inflation. The Investment in Infrastructure will go up by 70,000 crore in 2015-16 over 2014-15.
He announced Rs 5300 cr to support micro irrigation.
He said that we have to make India as the destination of investment for which the government will appoint an expert committee that will work on the substitution for multiple permission for the projects. The PPP model of infrastructure will be revitalised during this fiscal.
He announced the second unit of Kudankulam Nuclear Power station that will be launched in 2016. The government will set up Five Ultra Mega Power Projects in Power and Play mode each with capacity of 4000 MW.
Ports in public sector will be encouraged to corporatize and become companies under Companies Act.
The Indian Gold coins will have Ashoka chakra minted on it.
The government aims at making the country a cashless society to curb the cash flow that encourages black money. He said that the majority of Indians will have a rupee debit card and announcement in this regard will soon take place. More crdit and debits cards will be used in the coming year.
Aiming at the security of women, the FM allocated Rs 1000 for the Nirbhaya fund. The government will work towards the improvement of heritage cities like Goa, Rajastan, Leh, Jaliahwalah bagh, and others.
After the success of Visa on Arrival, the government has decided to include 150 countries in the facility.
To provide quality education, the government will ensure no students drops the studies due to lack of fund. He proposed to set up IIT in Karnataka, AIIMs in Jammu and Kashmir, Tamil Nadu, Dhanbad, Himachal Pradesh and Assam. Film production, animation institute will be set up in Arunachal Pradesh, and Institutions of science and educational research in Nagaland and Odisha.
Measures will be taken to curb black money. There will be proposal not to allow the use of more than Rs 20,000 in cash for purchase or sale of immovable property. The government will enact a law on black money stashed abroad. A benami transaction bill will be introduced to curb domestic black money and a benami transaction prohibition bill will come to tackle the black money transaction in the real estate.
He said that the PAN number will be mandatory for any purchase above Rs 1 lakh. The royalty fees on technical service will be reduced. He proposed to abolish wealth tax replacing it with surcharge on income above Rs 1 crore. Under this provision, there will have 2% surcharge on the rich people with above income Rs 1 crore per annum.
The FM proposed to increase the excise duty to 12.5%. Additional funds will be generated for Swachh Bharat and Clean Ganga. There will be 100% deduction to contributions to Swachh Bharat funds.
He proposed to Increase in limit of deduction of health insurance premium from 15,000 to 25,000. It will also be eligible for tax rebate. Investment in Sukanya Samridhi Scheme will be fully exempted from tax.
He said that the individual tax payer can get the benefit of Rs.4,44,200.
In the budget, the Transport allowance was increased to 1600/month from 800/month.
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