Following are the highlights of the Union Budget 2015-16:
- 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.
- 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.
- 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.
- 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.
- Rs. 2,46,726 crore for Defence.
- Focus on Make in India for quick manufacturing of Defence equipment.
- 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.
- 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
- 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.