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BUDGET 2015

 

Budget 2015

Highlights of BUDGET 2015 presented by Finance Minister Arun Jaitley

  • For middle class, for contribution to National Pension Scheme, exemption raised from Rs 1,00,000 to Rs1,50,000
  • Increase in limit of deduction of health insurance premium
  • For middle class, exemption for health insurance increased from 15,000 to 25,000 rupees
  • 100% tax exemption in CSR activities for Clean Ganga Fund & Swachh Bharat Kosh
  • Consolidated Service tax increased to 14%
  • Clean energy cess increased from 100 to 200 Rupees per metric ton of coal to finance Green Energy Fund
  • Abolishing Wealth tax. Will have 2% surcharge on super rich with above 1 crore Rs annual income
  • Replace wealth tax with a surcharge on super-rich, will lead to 9,000 cr additionally
  • Reduced taxes on Technical Services to 10% from 25%
  • Customs duty on certain raw materials to be reduced
  • Rigorous imprisonment of 10 years under Black Money Law
  • Nonfiling of returns, or filing of returns with inadequate information will attract RI
  • Concealment of income wiil be prosecutable with rigourous imprisonment
  • To enact a comprehensive law on black money stashed abroad
  • Black money: new structure including efiling, tracking down is our abiding commitment
  • GST is expected to play trans-formative role by creating a common market; have already introduced bill for same
  • High corporate tax with too many exceptions gives us worst of both worlds,we neither get revenues nor investments
  • Reduction in basic rate of Corporate Tax to be accompanied by reducing exemptions
  • Corporate tax reduced from 30% to 25% over next four years
  • Direct Tax collection is going to be 14.49 lakh crore rupees
  • Budget Estimates of Expenditure: 17 .77 lakh cr, of which Non Plan is 13.12 lakh cr, and Plan is 4.65 lakh crores
  • Fiscal deficit of 3.9 % targeted for current financial year
  • 2 lakh 46 thousand crore Defense budget; an aprox. increase of 25 thousand crore
  • Defense budget enhanced to 2,46,727 crore rupees
  • We are pursuing policy of Make in India in defence not only to cater our needs but also for export
  • ISM Dhanabad will be upgraded to full IIT
  • Renewable energy target will be increased to 1,75,000 MW
  • Public procurement law to be introduced; Public contracts resolution bill will be introduced
  • AIIMS to be set up in J&K, Punjab, Tamil Nadu, Himachal Pradesh and Assam
  • National Skill Mission to be launched, to develop employability of youth, especially below 25 years of ag
  • We are committed to make our development process as green-friendly as possible, so poor are not effected
  • To boost Global Heritage Sites at Goa, Gujarat, J&K, Mumbai, propose to increase visa-on-arrival to 150 countries to increase tourism
  • Another 1,000 crores for Nirbhaya Fund
  • FMC to be strengthened by merging with SEBI
  • Indian Gold Coin with Ashok Chakra
  • Will put in place bankruptcy code soon
  • Internationally competitive Direct Tax regime to be put in place
  • Deepening of bond market to complement our world class equity; Public Debt Management agency towards this end
  • 5 Ultra Mega power projects, of 4000 MW announced
  • Ports in public sector will be encouraged to corporatize & become companies under companies act
  • Will enhance the allocations to MNREGA by 5000 crore
  • Initial sum of Rs 150 Cr to create world class IT hub to take advantage of our competitiveness
  • Expert committee to examine need for multiple prior clearances for projects
  • PPP model has to be revised and revitalized
  • National Infrastructure Fund will try to leverage infra companies; Tax free bonds for Roads , Railways & irrigation
  • Budgetary allocation to Roads & Railways
  • These social sec schemes reflect our intention that none suffer from avoidable pain due to illness, old age
  • Atal Pension Yojana to provide defined pension according to contribution; 50% contribution to be from Govt.
  • PM Surakhsha Bhima Yojana to increase the access to insurance; it will be linked with Jan Dhan Yojana
  • To launch PM Suraksha Bhima Yojana, offering coverage of 2 lakh rupees for just premium of Rs12
  • Propose to work towards Universal Social Security for all Indians
  • Govt will utilize vast postal network for increasing access to institutional banking
  • Roadmap to achieve Fiscal deficit of 3% of GDP in three years: Target is 3.9% in 2015-16, 3.5% in 2016-17, 3% in 2017-18
  • Rural Infrastructure Development Fund to be 25000 Crores
  • MUDRA bank to refinance micro finance institution under PM’s MUDRA scheme
  • Banking the unbanked, funding the unfunded
  • Target of 8.5 lakh crores credit to be given to farmers in 2015-16
  • Allocating 5300 crore for micro irrigation
  • We need a well targeted system of subsidies rather than to cut subsidies
  • We intend to achieve fiscal deficit of 3% in 3 years
  • Will finish the journey to 3% fiscal deficit in two years
  • FOREX reserves $340 bn ; Second best stock market in Asian economy
  • Real GDP expected to accelerate to 7.4%
  • Govt is still firm on achieving fiscal deficit target of 3% of GDP eventually
  • Latest CPI 5.1% WPI negative
  • Jan Dhan, Aadhar, mobile trinity will allow us to target benefits in leakage proof manner
  • To ensure employment to our youth, we have to make India the manufacturing hub of the world
  • In swach bharat 50 lakh toilet already built, 6 crore toilet targeted
  • All our schemes should focus and center around on removing absolute poverty
  • Incremental change is not going to take us anywhere we have to think in terms of quantum jumps
  • GST will put in place state of art indirect tax system by April 1, 2016
  • Our objective is to keep inflation below 6 percent
  • 3 achievements that reflect our work Jan Dhan Yojana, Coal auctions and Swachh Bharat
  • The credibility of the Indian economy has been re-established
  • States have been empowered financially

Published: Feb 28, 2015

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