Latest Updates - A quick go - Budget 2016

Latest Updates - Budget 2016

-For first time home buyers – additional ₹ 50000 rebate for loans upto ₹ 35 lakhs and houses that cost upto ₹ 50 lakhs

-PM Awas Yojna: 100% deduction for profits of undertakings from housing projects in cities during June 2016 - March 2019

-MAT will apply for such undertakings

-Suitable changes to be made in customs and excise duty rates to improve competitiveness and boost Make In India

-Incentives for new manufacturing companies and smaller enterprise companies

-Service tax exempted for general insurance schemes under Niramayi Swasthya Bima Yojana

-Hike in to limit from 1 to 2 crore on small business assess in MSME category.

-Presumptive income of 8% Committed to increase investment in asset reconstruction companies

-Special Patent Regime proposed to power innovation and research

Corporate income tax:

-Incentives for new manufacturing companies and relatively small enterprise companies

-Committed to implementing GAAR from April 1, 2017

-Presumptive income tax scheme to be extended to all professionals with income of ₹ 50 lakh with a presumption of 50 percent profit.

-Accelerated depreciation to be limited to 40% wef from Apr 1, 2017

-Relief to those who living on rent - Rent deduction raised from ₹ 24,000 to ₹ 60,000

-Revenue deficit estimate for FY 2015-16 down to 2.5% from earlier estimates

-Fiscal deficit for Financial Year 2016-'17 targeted at 3.5%

-Govt acknowledges role of tax payer in nation building

-Taxation is a major tool to remove poverty and inequality in the society'

-Tax ceiling has been raised from 2000 to 5000 rupees for those earning less than ₹ 5 lakh ruppes pa

-Relief to those who living on rent - Rent deduction raised from ₹ 24,000 to ₹ 60,000

-The fiscal target will be retained at 3.9 for 2015-16, and 3.5 for 2016-17

-Plan and non-plan classification of govt expenditure will be done away with

-FRBM Act has been under implementation for the past decade, a school of though now feels that instead of a fixed figure, there should a range based target for managing fiscal deficit

-Direct benefit transfer scheme will be implemented for disbursal of fertilizer subsidy  on a pilot basis

-Govt stands firmly behind public sector banks, ₹ 25k crore for bank recapitalisation

-Buffer stock of pulses will be created; 900 crore rupees for Market Stabilization Fund for Pulses

-Govt stands firmly behind public sector banks ₹ 25k crore for bank recapitalisation

-Govt will enact necessary amendments in the Motor Vehicles Act and open up the road transport sector in passenger segment

-Public Money should reach the poor and deserving without any leakage

-A bill on targeted delivery of financial services using Aadhar to be introduced

-SEBI act to be amended to provide more benches on the security appellate tribunal

-Comprehensive code of bankruptcy resolution of financial firms will be introduced as a bill in 2017

-Number of measures to be undertaken to deepen corporate bond market

-RBI Act being amended to provide statutory basis for monetary policy framework

-Process of transformation of IDBI has already started, govt will reduce its stake below 50%

-PM Mudra Yojna amount snactioned has reached ₹ 1 Lakh crore, next year's target is 1,80,000 crore

-Nationwide of ATMS, micro-ATMs across the country

-General Insurance companies owned by the govt will be listed in the stock exchanges

-Task force has been constituted to rationalize the human resources in various ministries has been instituted

-AADHAR NO will not be a proof of citizenship or domicile

-Public Utility Resolution of Disputes Bill for resolution of disputes in infra sector

-Guidelines of renegotiating PPP contracts will be introduced

-New credit rating system for infrastructure

-Considering to incentivize gas production from deep sea, ultra deep water and high temp. areas

-3000 crore rupees earmarked for nuclear power generation

-100% FDI through FAPB route in marketing of food products produced and manufactured in India

-Will encourage CPSEs to sell their assets like land

-Dept of Disinvestment to be renamed as Dept. of Investment and Public Asset Management

-RBI Act being amended to provide statutory basis for monetary policy framework

-Financial Data Management Centre for integrated data collection and analysis

-3,500 medical stores to be opened under Pradhan Mantri Jan Aushodi Yojana

-Retail trade is largest service sector employer in country. Many more jobs are created in this, provided the regulations are simplified:

-Shops will be given an option to remain open on all seven days

-85% of stalled road projects back on track

-Total of ₹ 97000 crore will be spend on roads and highways

-Rs 218000 crore investment in roads and railways in 2016-17

-10000 kms of national highways in 2016-17

-Additional 50000 kms of state highways will be taken up for up gradation as national highway

-Series of measures to modernize ports

-800 cr for inland waterways

-Action plan for revival of unserved and underserved airports

-Will partner with state govt to develop some of these airports to enhance regional connectivity

-Focus will be quality education

-62 new Navodaya Vidyalas will be opened

-Higher education financing agency will be set up with an initial capital of ₹ 1000 crore

-Digital depository for school and college certificates will be set up

-National skill development mission has trained 76 lakh youth

-1500 multi-skill institutes will be set up across the country

-1 crore youth will be imparted skills in the next 3 years

-Govt will pay EPF contribution of 8.33% for all new employees for 1st three years for those with salaries upto ₹ 1500 pm

-LPG connection in the name of women members of poor connections, ₹ 2000 crore earmarked for the scheme

-The mission will cover a total of 5 crore BPL families

-75 lakh middle class and lower middle class have voluntarily given up subsidy on LPG

-New health protection scheme – cover of ₹ 1 lakh per family, senior citizens will get an additional cover of ₹ 30000

-National dialysis service programme will be started to provide dialysis service in all district hospital
certain dialysis will get tax subsidy

-'Stand up scheme' to promote entrepreneurship in SC/ST and women

-The scheme gets ₹ 500 cr

-National hub will be created to help SC/ST entrepreneurs

-300 urban clusters to be set up under Shyama Prasad Mukherji Rurban Mission

-5542 villages have been electrified Feb 23, 2016, this is more than the total combined achievement of the past three years

-100% electrification by May 1, 2018

-Swatch Bharat gets ₹ 9000 crore

-Need to spread digital literacy in rural areas

-National digital literacy mission to cover 6 crore rural households

-Rs 87765 cr for rural sector as a whole
    
-E-pashudhan haat for connecting farmers and breeders of livestock

-Honey production has been increased to 86500 mt tonne

-Rs 2.87 Lakh Crores to be given as aid to Gram Panchayats as recommended by Finance Commission, a jump of 128%

-Average assistance of rs 80 lakh for gram panchayats, ₹ 21 crore for each local body

-New projects to be taken for dairy procurement, will issue animal health card, e-marketing portal for contacting breeders

-Rs 38,500 crore has been allocated to MNREGA. This will be highest amount spent on NREGA

-Rs 500 crore under food security mission earmarked for cultivation of pulses

-Unified agricultural market scheme being envisaged

-Unified market e-platform will be dedicated to the nation on April 14 – Ambedkar's birthday

-PM GRAM SADAK Yojna to get ₹ 19000

-NDRF fund norms revised

-All time high, ₹ 9 lakh crore for agricultural loans

-Rs 5500 cr for PM Fasal Bima Yojna

-Online procurement systems under FCI to ensure that farmers get a fair price for their produces

 
-Will continue with reform to ensure the passage of GST Bill

-Recapitalization of banks will be done during next FY

-Current account deficit has declined from 18.4 billion US dollars in 1st half of last year to 14.4 billion this year

-Farmers are backbone of our food security

-Govt working to double the income the famers

-Only 46% of cultivated land is fed with irrigation

-Rs 17000 cr next years and rs 86500 cr in the next five years to increase area of irrigation

-Rs 60000 cr to harness ground water

-Soil health card scheme is being implemented with greater vigour, all farmers will be covered by March 2017

-working to Increase crop yield in rain fed areas

Money with the government belongs to the people

-Increased our plan stage in the RE stage in 2015-16

-Risk of global slowdown is mounting

-Three serious implications: Improve the firewall against these conditions, domestic demand must pick up and reform process should continue

-GDP growth at robust 7.6%

-Govt has prioritise expenditure

-More spending in priority sectors - farm, social and infra sectors

-PM Fasal bIMA yOJNA

-New Health insurance

-Cooking gas for BPL families