Finance Minister Arun Jaitley today listed ‘nine pillars’ including tax reforms, promoting ease of doing business and ensuring fiscal discipline, that will transform India. Unveiling the Budget 2016-17, he said the pillars also include emphasis on governance reforms. The other pillars, he added, include focus on agriculture and rural areas with a view to doubling farm income by 2022.
Besides, he said, government will lay greater emphasis on social sectors, education and skill building and job creation for building a knowledge based and productive economy. The government, Jaitley said, will also focus on infrastructure investment, financial sector reforms, fiscal discipline and tax reforms to reduce compliance burden.
Revenue deficit target improved from 2.8 pc to 2.5 pc in current fiscal
Govt plans to spend Rs 19.78 lakh crore in 2016-17 – Rs 5.5 lakh crore under plan head, Rs 14.28 lakh crore under non-plan head
Stock market loss widens; Sensex crashes over 600 points and Nifty down over 200 points on Budget taxation proposals
Service tax on single premium annuity to be reduced to 1.5 per cent from 3.5 per cent
DBT to be used to transfer subsidy on fertilizer in select districts on pilot basis
Rs 900 cr provided to buffer fund created to moderate prices of pulses
1st 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
Govt to introduce bill to amend Companies Act for ease of doing business; to enable registration of cos
Service Tax to be exempted on general insurance schemes under NIRMAYA Scheme
Target delivery of financial, other intermediary services will be introduced using Aadhar in this Budget session
Sensex plunges nearly 300 points, Nifty over 100 points as Finance Minister presents taxation proposals in Budget 2016-17
In 2016-17, govt eyes Rs 1,80,000 crore credit target through Mudra bank
Govt to increase ATMs, micro-ATMs in post offices in next three years
Accelerated depreciation to be limited to 40 % wef from Apr 1, 2017 as part of phasing out of exemptions to industry
Consolidation roadmap for public sector banks to be spelt next year; govt open to reducing its stake in PSBs below 50 %
Presemtive income tax scheme to be extended to all professionals with income of Rs 50 lakh with a presumption of 50 % profit
Deduction for rent paid will be raised from Rs 20,000 to Rs 60,000 to benefit those living in rented houses
SEBI Act to be amended to provide for more benches for Securities Appellate Tribunal
Rs 25,000 cr to be provided for recapitalisation of public sector banks
Relief will amount to Rs 3000 per annum; 1 cr tax payers to benefit
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
SEBI to develop new derivatives products as well as products for corporate bond market
RBI Act to be amended to provide statutory backing for monetary policy framework and monetary policy committee (MPC)
A comprehensive bankruptcy code to be enacted as part of financial sector reforms
Department of Disinvestment to be remained Department of Investment and Public Asset Management
Govt to allow 100 per cent FDI through FIPB in marketing of food products produced and manufactured in India
Govt to bring new policy for strategic sale of CPSE assets
More FDI reforms proposed in insurance, pension, asset restructuring companies and stock markets
A new credit rating system for infrastructure will be developed
Govt considering to provide calibrated market freedom to new gas production from deep sea, ultra deep sea to boost stagnant domestic output
Govt preparing a comprehensive plan for nuclear power generation and allocation could be up to Rs 3,000 crore per annum
A Public Utility Resolution of Disputes Bill to be passed to solve problems in infrastructure contracts, PPP and public utilities
Rs 8000 cr provided for Sagarmala project
Total allocation for road and rail in 2016-17 is Rs 2.18 lakh crore
160 airports and airstrips can be revived at a cost of Rs 50-100 crore each
2,000 kilometres of state highways to be converted into national highways
Abolition of permit law will be our medium-term goal in public transport
Proposed to allocated Rs 55,000 crore for roads and highways; total investment in road sector would be Rs 97,000 core
Total outlay for infrastrucutre at Rs 2.21 lakh crore for 2016-17
Rs 97,000 cr allocation for road sector including rural roads
Shopping malls to be allowed to open on all seven days of week; a model shops and establishment bill to be circulated to states
85 % of stuck road projects have been put back on track; highest ever contracts awarded in current fiscal
Govt to pay 8.33 pc towards employee pension fund
1500 multi-skill training institutes to be opened to train youths under Skill Development programme; Rs 1.7K crore earmarked
Govt to spend Rs 1,700 crore to set up 1,500 multi-skill training institutes
One cr youth to be skilled over next three years
Govt to create digital depository for school leaving certificates
62 new Navodaya vidyalayas to be opened in next two years
Certain parts of dylasis machines to be exempt from all forms of customs duty;national dylasis service programme to be launched in all dist
Govt to provide Rs 500 crore for Stand Up India scheme
A new health protection scheme to provide cover up to Rs one lakh per family; top up of Rs 35,000 for people above 60 yrs
