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Highlights of Vikas Ka Budget 2016 Live Budget Updates

Highlights of Vikas Ka Budget

Agenda of deceiving effective economic and social growth has been desired, dreamed and envisioned by hon’ble Finance Minister of India, Arun Jately, though has presented Vikas Ka Budget for transforming India. Highlights of Vikas Ka Budget 2016 is not about new reforms or schemes to be introduced, whereas it is about the implementation of existing schemes and reforms. Moreover, union budget emphasizes on live reform updates for making the country more prosperous and flourishing where every citizen is economically secure and can realize their dream.

Highlights of Vikas Ka Budget

Another highlight of Vikas Ka Budget for the financial year of 2016-17, focused on specialization and rationalization of some issues regarding old PPs can be renegotiated in regard of infrastructure projects. Real estate sector has also been elated with the additional tax benefit for first time users. One of the game changing initiatives of budget 2016 is the development of comprehensive social security.

Indian Rail Budget

Union Finance Minister Arun Jaitley has presented the Union Budget 2016 on Monday, with the intension of meeting the high expectations of public.

Highlights of Vikas Ka Budget

Outlined Projects:

  • Jaitley outlines nine pillars of ‘Vikas Ka Budget’
  • Banks’ recapitalization in next fiscal
  • Current account deficit down to $14.4 bn
  • 100 per cent village electrification to be achieved by 1st May, 2018
  • Appreciation for 75 lakh Middle class and lower middle class for willingly giving up LPG subsidy
  • A new health protection scheme for health cover up to 1 lakh per family
  • Quantum jump of 228 per cent in grants to gram panchayats and urban local bodies in accordance with FFC recommendations
  • Massive mission to be launched to provide LPG connections to BPL households.

Indian Union Budget

Outlay of ‘Vikas Ka Budget’2016-17:

  • Rs.2.87 lakh crore aid to rural and urban local bodies
  • Farm credit target pegged at Rs.9 lakh crore
  • Rs.19,000 crore allocated for PM Gram Sadak Yojana
  • Jaitley proposes dedicated irrigation fund worth Rs.20,000 crore
  • Rs.38,500 crore to be disbursed under MGNREGA next fiscal
  • Rs.5,500 crore for crop insurance scheme
  • Rs.87,765 crore for rural development as a whole have been allocated in the budget
  • 300 rurban clusters to be set up under Shyama Prasad Mukherji Rurban Mission
  • Aim to double the income of farmers in five years. Rs.35,984 crore total allocation for farmers’welfare
  • Around Rs. 87,000 crore for rural development
  • Rs.1700 crore for Pradhan Mantri Kaushal Vikas Yojana
  • Rs.9,000 crores allocated to Swaccha Bharat Abhiyaan
  • Rs.55,000 crore for roads and highways
  • Rs.25,000 crore for recapitalization of public sector banks
  • Rs.3000 crore earmarked for nuclear power generation
  • Rs.900 crore for market stabilization fund for pulses

Budget Price Alert

New Reforms Initiated:

  • 65 eligible habitats to be connected via 2.23 lakh kms of road. Current construction pace is 100 kms per day
  • 5lakh acres to be brought under organic farming over next three years
  • A unified agriculture market e-platform will be dedicated to the nation on the birthday of Dr. B.R. Ambedkar
  • Govt. has to prioritize expenditure. Focus on the rural and social sectors, infrastructure and recapitalization of banks
  • National Skill Development Mission has imparted training to 76 lakh youth. 1500 Multi skill training institutes to be set up
  • Objective to skill 1 crore youth in the next 3 years under the PM Kaushal Vikas Yojana
  • Government will pay EPF contribution of 8.33% for all new employees for first three years.

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Targeted Projects:

  • Target of 10,000 km of national highway and up gradation of 50,000 kms of state highways in 2016-17
  • 50,000 km of state highways to be taken up for up gradation as national highways
  • Stand Up India program allocated Rs.500 crore for SC, ST and women entrepreneurs – 2 projects to be promoted per bank branch per category
  • Government to provide health insurance of up to Rs.1 lakh per family
  • 300 generic drug stores to be opened under PM Jan Aushadi Yojana
  • Model Shops and Establishments Bill to be circulated, for voluntary adoption by states
  • Rs.1000 cr set aside for higher education financing
  • Government to incentivize gas production from deep sea and other un utilized deep sources.

Highlights of Union Budget

New Schemes to Public Welfare:

  • Public Utility Resolution of Disputes Bill for resolution of disputes in infra sector
  • A new policy for management of assets of public enterprises
  • 100 per cent FDI through FAPB route in marketing of food products produced and manufactured in India
  • Digital literacy scheme for rural India
  • Government stands firmly behind public sector banks
  • RBI Act being amended to provide statutory basis for monetary policy framework
  • Dept. of Disinvestment to be renamed as Dept. of Investment and Public Asset Management
  • Number of measures to be undertaken to deepen corporate bond market
  • New Financial Data Management Centre to facilitate integrated data analysis
  • Comprehensive Code to be introduced to provide a specialised resolution mechanism for bankruptcy of banks / insurance companies
  • Govt is drawing a comprehensive plan to be implemented in the next 15-20 years for exploiting Nuclear energy
  • Amount sanctioned under PM MudraYojana has reached Rs.1 lakh crore to cover 2.5 crore borrowers by February, 2016
  • Target of disbursement under MUDRA increased to Rs.1,80,000 crore
  • Fiscal deficit for financial year 2016-17 targeted at 3.5 per cent
  • Revenue deficit estimate for FY 2015-16 down to 2.5 per cent from earlier estimates
  • Plan – non-plan classification of expenditure to be done away with from FY 2017-18
  • Necessary interim provisions made for implementation of 7th Pay Commission recommendations
  • Three initiatives for better delivery of public services.
  • A bill on targeted delivery of financial services using Aadhar to be introduced
  • More number of benches of Security Appellate Tribunal to be introduced by amending SEBI Act to reduce pendency
  • Initial sum of Rs.100 crore each for celebrating birth anniversary of Deen Dayal Upodhyaya, Guru Gobind Singh.

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