The Budget 2016 Edition Promises Many Great Things With The Smallest Of Tweaks..!!

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By Shahamat Hussain 
Finance minister Arun Jaitley presented Union Budget for 2016-17 in Parliament today. Here is the highlight on the budget 2016-17. And Internet took only 3000 p.a saving as the main thing of it. But that’s not all. Read on to know more about about Budget 2016, in the most concise manner..

Agriculture and Farming : 

5Emphasis on agriculture, rural development and social sector. The budget focuses on increasing the revenue of the farmersand double them in next five years. 35,984 crores have been allocated for farmers
Enhance the irrigation facility. Irrigation fund has been made separately worth 20,000 crores to set up under NABARD.

 

Roads and Railways:

1

  • About 85% of stalled road projects are brought back.
  • Allocation of PradhanMantri Gram SadakYojna is to be increased to rupees 19,000
  • 97,000 crores have been allocated to the road sector including PradhanMantriSadakYojana.
  • Railways has been given more funds in budget this year of Rs 1,21,000crores.
  • Government promises 100% village electrification by May 2016.

Health Insurance

2

  • Health insurance of Rupees 1 lakh per family.
  • 30,000 for senior citizens to be provided.
  • 300 generic drug stores will be opened.
  • National Dialysis service programme to be launched.

Education and Literacy:

3

  • Higher education financing agency will be set up with the capital base of 1,000 crore.
  • 62 new NavaodayaVidyalayas to be opened in the uncovered districts.

Tax:

7

  • No change in tax slabs
  • First time home buyers to get an additional deduction of 50,000 on interest loan of 35 lakhs.
  • Sur charge increased from 12% to 15% for those with income exceeding 1 crore.
  • Relief of 3000 per year to tax payer with income below Rs 5 lakh per year.
  • Deduction for rent paid rose from 20,000 to 60,000 to benefit the people who rent house to live.

Direct Generic Effect:

8

  • Price will be high on the products and services like tobacco, railways, air ticket, brands in clothes theatre, car, gold, diamond, restaurants, mobile bill, insurance and cable
  • Price deduction in concrete, parts of dialysis machine and braille paper.

Rural Sector:

6

  • Government promises 100% village electrification by May 2016.
  • Rs 2.87 lakh crore will be given as grant in aid to Gram Panchayats.
  • Digital literacy mission scheme to be launched for rural india.
  • Every block in drought and rural distress areas will be taken under DeenDayalAntoyadaya Mission.
  • LPG connection to be given in the name of woman member, to the poor family.

Fiscal Discipline:

4

  • Fiscal deficit target of 3.5% of GDP in 2016-17
  • Committee to review of FRBM act.
  • Rationalisation of central plan schemes.
  • More than 1500 central plan schemes have been restructured to about 300 central-sector and 30 centrally sponsored scheme.

Here’s hoping this budget brings about a change in the way resources are expended with and a bettering change dawns upon the Indian economic structure.

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