To take your ideas to Policymakers, Join the Campaign of #PolicyPulse Write to feedback@policypulse.com

Highlights of Union Budget 2016

Union Finance Minister Arun Jaitley presented his third straight budget in Parliament on Monday

Policy Pulse
Publish Date: Feb 29 2016 12:25PM | Updated Date: Feb 29 2016 12:43PM

Highlights of Union Budget 2016

 Union Finance Minister Arun Jaitley presented his third straight budget in Parliament on Monday

 
Highlights: 
 
Inflation has come down
 
CPI inflation has declined to 5.4 percent.
 
The growth of GDP has accelerated to 7.6 percent.
Govt’s focus on the rural and social sectors, capitalization of bank and infrastructure.
 
Centre allocates Rs 35,984 crores for farmers' welfare.
 
Farm, infra, social sector, rural sector  to have more expenditure.
 
Under NABARD, irrigation fund worth Rs 20,000 crore to be set up.
 
Govt plans to provide cooking gas to BPL families with state support.
 
Jailey announces allocation of Pradhanmatri Gram Sadak Yojna to be increased (PGSY) to Rs 19,000 crore.
 
Rs 5,500 crores allocated to PM Fasal Bima Yojana.
 
For MNREGA, Govt allocates  Rs 38,500 crores.
  
Cent percent rural electrification to be achieved by May, 2018.
 
For rural development,  Rs 87,765 crores has been allocated.
 
Under digital literacy scheme, govt to cover 6 crore additional households in next three years.
 
Govt allocates * Rs 9,000 crores for Swaccha Bharat Abhiyaan.
 
Allocation of Rs 35,984 crore for farm sector.
 
Govt to set apart Rs 412 crore for organic farming.
 
Centre to open 62 new Navodaya Vidyalayas in next two years.
 
Health insurance of upto Rs 1 lakh per family.
 
Luxury cars to cost more. Additional levy of 1 percent.
 
Dieser cars and SUVs to be expensive.
 
Relief of Rs 3,000 per year for taxpayers with income less than Rs 5 lakh per year.
 
Super rich tax imposed.
 
Increase in exise duty on tobacco products by 10-15 percent.
 
Jaitley announces Rs 1,000 crore for higher education financing.
 
FM announces HRA deduction up from 24,000 to 60,000 per year.
 
100 percent deduction for profits of undertakings from housing projects during June 2016 - March 2019 in cities.
 
Interest rebate of Rs 50,000 on first time home loan.
 
No change in income tax slabs in 2016-17.
 
200 percent for misreporting of income.
 
Jaitley announces plan expenditure at Rs 5.5 lakh crore.