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TMI BlogBUDGET AT A GLANCE 2015-2016X X X X Extracts X X X X X X X X Extracts X X X X ..... BUDGET AT A GLANCE 2015-2016 - Budget Dated:- 28-2-2015 - News - BUDGET AT A GLANCE 2015-2016 Budget at a Glance shows Budget estimates in broad aggregates to facilitate easy understanding. The document shows receipts and expenditure as well as the revenue deficit, the effective revenue deficit, the fiscal deficit and the primary deficit. Central and State Plan Outlays are shown in brief. The document also gives the highlights of the Central Plan for Financial Year 2015-2016. 2. Revenue deficit refers to the excess of revenue expenditure over revenue receipts. Effective revenue deficit is the difference between revenue deficit and grants for creation of capital assets. Fiscal deficit is the difference between the revenue rece ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ipts plus non-debt capital receipts and the total expenditure including loans, net of repayments. This indicates the total borrowing requirements of Government from all sources. Primary deficit is measured by fiscal deficit less interest payments. 3. Budget 2015-16 marks the dawn of Co-operative federalism and empowerment of the States. The creation of National Institution of Transforming India (NITI) and acceptance of 14th Finance Commission s (FFC) recommendation of substantially higher devolution of Union taxes to States are landmarks in this direction. This Budget marks the beginning of the award period (2015-2020) of the FFC during which States will be devolved 42% of the divisible pool of Union taxes from existing 32%. This enhan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ced untied resource available to the States would enable them to address their specific needs through flexibility in design, implementation and financing of Programmes and schemes. This is expected to bring in high growth and faster development of different regions of the country contributing to overall National growth. The idea is to build Team India with stronger States . The Government firmly believes that India grows when States grow . 4. The total Plan Outlay for 2015-16 is `465277 crore. Despite a higher devolution, the Plan Outlay has been kept nearly at the level of RE 2014-15. 5. Higher devolution to States of the divisible pool implies that the fiscal space for the Centre shrinks in the same proportion. Despite these const ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... raints, the current Central Plan outlay for; Agriculture, Rural Development, Animal Husbandry, Dairying and Fisheries, Minority Affairs, Women and Child Development, Development of Ayurveda, Yoga, Sidha and Homeopathy, Export Promotion, Industrial Corridor Development, Development of North East, Drinking Water and Sanitation, Health and Family Welfare, Health Research, AIDS Control, School Education, Higher Education, Renewable Energy, Science and Technology, Bio-technology, Shipping, Social Justice and Empowerment, Disability Affairs, Tribal Affairs and Urban Development, have either been retained or increased. 6. To give a major boost to infrastructure development allocation for Roads and Railways sector have been significantly enhance ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d. Similarly, allocation for Delhi-Mumbai Industrial corridor (DMIC) has been almost doubled. Resources have been targetted towards Pradhan Mantri Krishi Sinchai Yojana, Rural Electrification and Sagar Mala Project. 7. The enhanced financial empowerment on account of higher devolution also entails greater responsibility to States in using these resources for Socio-economic development. States will have greater flexibility in designing and running Programmes and Schemes as per local requirements and conditions. Government has decided that it will continue to support State Plans of national priorities especially those which are targeted towards Poverty Alleviation and upliftment of socially disadvantaged groups. Centre will play a catalyti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... c role in Socio-economic development by contributing resources to these Programmes. 8. Central Government will continue certain programmes unaltered as they are either legal/ constitutional obligations, or are privileges available to the elected representatives for welfare of their constituents. Further, and more importantly it is proposed that the Union Government may continue to support certain programmes which are for the benefit of socially disadvantaged in an unaltered manner from its own resources. The indicative list of such programmes is at Annexure - I. 9. In respect of some Centrally sponsored schemes, the sharing pattern will have to undergo a change with States sharing a higher fiscal responsibility in terms of scheme impl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ementation and financing. Details of changes in sharing pattern will have to be worked out by the administrative Ministry/Department on the basis of available resources from Union Finances. Indicative list of schemes, in which sharing pattern will undergo a change is at Annexure - II. 10. It is proposed that only 8 Centrally Sponsored Schemes be delinked from support from the Centre. The list of such schemes is given in Annexure - III. 11. Actual for 2013-14 are provisional. Budget at a Glance (In crore of Rupees) 2013-2014 2014-2015 2014-2015 2015-2016 Actuals @ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Budget Revised Budget Estimates Estimates Estimates 1 Revenue Receipts 1014724 1189763 1126294 1141575 2 Tax Revenue (net to centre) 815854 977258 908463 919842 3 Non-Tax Revenue 198870 212505 217831 221733 4 Capital Receipts (5+6+7) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... $ 544723 605129 554864 635902 5 Recoveries of Loans 12497 10527 10886 10753 6 Other Receipts 29368 63425 31350 69500 7 Borrowings and other liabilities * 502858 531177 512628 555649 8 Total Receipts (1+4)$ 1559447 1794892 1681158 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1777477 9 Non-Plan Expenditure 1106120 1219892 1213224 1312200 10 On Revenue Account 1019040 1114609 1121897 1206027 of which, 11 Interest Payments 374254 427011 411354 456145 12 On Capital Account 87080 105283 91327 106173 13 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Plan Expenditure 453327 575000 467934 465277 14 On Revenue Account 352732 453503 366883 330020 15 On Capital Account 100595 121497 101051 135257 16 Total Expenditure (9+13) 1559447 1794892 1681158 1777477 17 Revenue Expenditure (10+14) 1371772 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1568111 1488780 1536047 18 Of Which, Grants for creation of Capital Assets 129418 168104 131898 110551 19 Capital Expenditure (12+15) 187675 226781 192378 241430 20 Revenue Deficit (17-1) 357048 378348 362486 394472 (3.1) (2.9) (2.9) (2.8) 21 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Effective Revenue Deficit (20-18)# 227630 210244 230588 283921 (2.0) (1.6) (1.8) (2.0) 22 Fiscal Deficit {16-(1+5+6)} 502858 531177 512628 555649 (4.4) (4.1) (4.1) (3.9) 23 Primary Deficit (22-11) 128604 104166 101274 99504 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (1.1) (0.8) (0.8) (0.7) Actuals for 2013-14 in this document are provisional. $ Excluding receipts under Market Stabilisation Scheme. * Includes draw-down of Cash Balance. Notes: 1. GDP for BE 2015-2016 has been projected at ₹ 14108945 crore assuming 11.5% growth over the Advance Estimates of 2014-2015 (Rs. 12653762 crore) released by CSO. 2. Individual items in this document may not sum up to the totals due to rounding off. - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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