Union Budget 2016 Live: Finance Minister Arun Jaitley presents NDA government’s third budget in Parliament on Monday. He faces a tough task of balancing the needs of farm sector as well as industry as he seeks to garner resources to boost public spending for higher growth amid global slowdown. The 7th Pay Commission recommendations outgo estimated at Rs 1.02 lakh is likely to add to his fiscal problem.
Live updates on Union Budget 2016
– Rs 800 crore for national waterways allocated Abolition of Permit Raj to be medium-term goal
– Abolition of Permit Raj to be medium-term goal
– Total outlay for infrastructure of 2016-17 stands at Rs 2,21,246 cr
– Rs 55,000 cr allocated or road and highways, taking total road investments including Gram Sadak Yojna to Rs 97,000 cr during 2016-17
– Small and medium shops should be given a choice to open on all 7 days. A model shop and establishment bill to be circulated which is to be adopted on a voluntary basis
– Government to give 8.33 per cent interest to all new persons in EPFO in a bid to bring in unemployed person
– Propose to exempt part of dialysis equipments from customs duty
– Govt to spend Rs 850 crore in a few years on animal husbandry, cattle and livestock breeding:
– New health care scheme with Rs 1 lakh cover for each family to be initiated
– PM has called for entrepreneurship amongst SC and ST. For this Cabinet has approved Rs 500 crore through ‘Stand Up India’ shceme to promote SC, ST and women entrepreneurs.
– 3,000 medicines stores under Prime Minister Jan Ausidhi Yojna to be started
– 75 lakh middle income people have given up LPG subsidy through ‘Give it Up’ scheme
– Rs 2000 cr to be allocated for LPG cylinders to women members of poor families
– Rs 87,765 cr allocated for rural development in this Budget
– Digital literacy mission scheme to include 6 crore more households in next 3 years
– Digital literacy mission scheme to include 6 crore more households in next 3 years
– Proposed Rs 9,000 cr for Swachh Bharat Abhiyaan in FY17
– Need to think beyond food security to income security for agri and farmers.
– to achieve by May 1, 2018 100 per cent village electrification
100 kms road construction per day currently to be stepped up
– Rs 500 crore allocated to pulses production
-Rs 38,500 cr to be spent on MGNERGA, highest ever
– Rs 2.8 lakh crore grant to gram panchayat and local bodies, a quantum jump of previous years
– Rs 15,000 crore scheme to ease loan burden for farmers in 2016-17
The govt is implementing unified agricultural market scheme for farmers to access markets easily with e-platform
– Identified 9 pillars for having a transforming impact on the economy and Life of people
– Agriculture, Rural Sector, Social Sector (healthcare), Education, Infrastructure, Financial Sector, Governance and Ease of Business, Fiscal Discipline, Tax Reform
– Long-term irrigation fund of Rs 20,000 cr to be created
– Govt to reorient intervention in farm and non-farm sector to double farmers’ income in 5 years
– Tax reforms to be initiated to reduce compliance burden
– Public sector insurance company may be listed
– Govt to continue with ongoing reform measures, including bankruptcy law
– Focus to pass GST, bankruptcy code
– 2016-17 to be challenging, additional burden on account of 7th pay commission and OROP
– Firewalls should be created against global risks, says Arun Jaitley.
– India’s GDP at 7.6 per cent despite slowdown in exports
– Global economy in serious economic crisis, says Arun Jaitley.
The Sensex is soon down 41.01 points or 0.2 percent at 23113.29, and the Nifty is down 18.55 points or 0.3 percent at 7011.20.
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