Budget 2015 Highlights: Union Budget 2015-16 Highlights

Finance Minister Arun Jaitley presented union-budget-2015-16-indiaUnion Budget for the financial year 2015-16 in Parliament on February 28, 2015.

Following are the highlights of the Union Budget 2015-16:

Taxation:

  • Abolition of Wealth Tax.
  • Additional 2% surcharge for the super rich with income of over Rs. 1 crore.
  • Rate of corporate tax to be reduced to 25% over next four years.
  • Total exemption of up to Rs. 4,44,200 can be achieved.
  • 100% exemption for contribution to Swachch Bharat, apart from CSR.
  • Service tax increased to 14 per cent.

Agriculture:

  • Rs. 25,000 crore for Rural Infrastructure Development Bank.
  • Rs. 5,300 crore to support Micro Irrigation Programme.
  • Farmers credit – target of 8.5 lakh crore.

Infrastructure:

  • Rs. 70,000 crores to Infrastructure sector.
  • Tax-free bonds for projects in rail road and irrigation
  • PPP model for infrastructure development to be revitalised & govt. to bear majority of the risk.
  • Rs. 150 crore allocated for Research & Development
  • NITI to be established and involvement of entrepreneurs,researchers to foster scientific innovations.
  • Govt. proposes to set up 5 ultra mega power projects, each of 4000MW.

Education:

  • AIIMS in Jammu and Kashmir, Punjab, Tamil Nadu, Himachal Pradesh, Bihar and Assam.
  • IIT in Karnataka; Indian School of Mines in Dhanbad to be upgraded to IIT.
  • PG institute of Horticulture in Armtisar.
  • Kerala to have University of Disability Studies
  • Centre of film production, animation and gaming to come up in Arunachal Pradesh.
  • IIM for Jammu and Kashmir and Andhra Pradesh.

Defence:

  • Rs. 2,46,726 crore for Defence.
  • Focus on Make in India for quick manufacturing of Defence equipment.

Welfare Schemes:

  • 50,000 toilets constructed under Swachh Bharath Abhiyan.
  • Two other programmes to be introduced- GST & JAM Trinity.
  • GST will be implemented by April 2016.
  • MUDRA bank will refinance micro finance orgs. to encourage first generation SC/ST entrepreneurs.
  • Housing for all by 2020.
  • Upgradation 80,000 secondary schools.
  • DBT will be further be expanded from 1 crore to 10.3 crore.
  • For the Atal Pension Yojna, govt. will contribute 50% of the premium limited to Rs. 1000 a year.
  • New scheme for physical aids and assisted living devices for people aged over 80 .
  • Govt to use Rs. 9000 crore unclaimed funds in PPF/EPF for Senior Citizens Fund.
  • Rs. 5,000 crore additional allocation for MGNREGA.
  • Govt. to create universal social security system for all Indians.

Renewable Energy:

  • Rs. 75 crore for electric cars production.
  • Renewable energy target for 2022: 100K MW in solar; 60K MW in wind; 10K MW in biomass and 5K MW in small hydro

Tourism:

  • Development schemes for churches and convents in old Goa; Hampi, Elephanta caves, Forests of Rajasthan, Leh palace, Varanasi , Jallianwala Bagh, Qutb Shahi tombs at Hyderabad to be under the new tourism scheme.
  • Visa on Arrival for 150 countries.

One thought on “Budget 2015 Highlights: Union Budget 2015-16 Highlights

  1. Pintu Patro says:

    Thanks for such valuable material

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