We will work for passage of insolvency and bankruptcy laws. We will undertake significant reforms: Jaitley.
Govt will undertake 9-point reforms including steps to ensure ease of business in governance, fiscal discipline to ensure benefits for people and tax reforms to ensure compliance.
Five lakh acres of land to be brought under Organic farming in three years under Krishi Vikas Yojana, says Jaitley.
Allocation of Rs 35,984 crore for farm sector: FM.
A dedicated long term irrigation fund will be created in NABARD with a corpus of Rs 20,000 cr.
28.5 lakh hectares will be brought under irrigation under the Pradhan Mantri Krishi Sichai Yojana: Jaitley.
To increase crop yield in rainfed areas, two schemes launched to promote organic farming.
Rs 60,000 crore for recharging of ground water recharging.
Govt to set apart Rs 412 crore to encourage organic farming, says Jaitley.
2.87 lakh crore to be given grant-in-aid for gram panchayats and municipalities; it is quantum jump of 228 per cent: FM.
Rs 19,000 cr allocated for Pradhan Mantri Gramin Sadak Yojana in 2016-17; in all, Rs 27,000 cr after state contribution.
Record agri credit target of Rs 9 lakh crore in 2016-17 set.
Govt to allocate Rs 5,500 crore for crop insurance scheme.
Govt to spend Rs 850 crore in a few years on animal husbandry, cattle and livestock breeding: FM.
States will be encouraged to take up decentralized procurement of foodgrains.
Rs 2.87 lakh crore will be given as grants-in-aid to village panchyats and municipalities to boost rural economy.
Rs 38,500 cr allocated for MNREGA in 2016-17, the highest ever if entire amount is spent.
Global economy is in serious crisis; financial markets have been battered and trade contracted: Finance Miniter.
Indian economy has held its ground firmly.
Indian growth is extraordinary high; we converted difficulties and challenges into opportunity: FM.
Growth has acclerated to 7.6 pc in 2015-16 notwithstanding contraction of global exports: FM.
Our external situation is robust, CAD has declined to USD 14.4 bn this year, will be 1.4 pc of GDP at the end of fiscal: FM.
CPI inflation was 9.4 per cent in the last 3 years of previous government. It has come down to 5.5 per cent now: FM.
We had to work in an unsupportive global environment and obstructive political atmosphere: FM.
We must strengthen firewalls against risks through structural reforms; rely on domestic market so that growth does not slow down: FM.
Govt to enhance expenditure for social, rural and agri sector.
Next financial year will cast an additional burden due to implementation of 7th Pay Commission and OROP: FM.
Govt is launching a new initiative to provide cooking gas to BPl families with state support.
We will enact a law to confer benefits on deserving sections on aadhar platform: FM.
Govt to provide incentive for deepwater gas exploration: FM.
Govt to develop 300 'rurban' clusters.
Rs 9000 cr alloted to Swachch Bharat Mission: FM
5,542 of 18,542 unelectrified villages electrified; govt committed to achieving 100 pc electrification of villages by May 2018.
Digital literacy scheme to be launched to cover 6 cr additional rural households: FM.
Rs 87,765 cr allocated for rural development.
75 lakh people have given up lPG subsidy.
Rs 1000 cr provided for lPG connection to rural households in name of women; scheme to go on for 2 yrs to cover 5cr BPl households.
A new health protection scheme to provide cover up to Rs one lakh per family; top up of Rs 35,000 for people above 60 yrs.
Govt to provide Rs 500 crore for Stand Up India scheme: FM.
Certain parts of dylasis machines to be exempt from all forms of customs duty; national dylasis service programme to be launched in all district hospitals.
3,000 medical stores will be opened under Pradhan Mantri Jan Aushodi Yojana to make quality medicine available.
62 new Navodaya vidyalayas to be opened in next two years.
Govt to create digital depository for school leaving certificates: FM.
One cr youth to be skilled over next three years.
Govt to spend Rs 1,700 crore to set up 1,500 multi-skill training institutes: Jaitley.
1500 multi-skill training institutes to be opened to train youths under Skill Development programme; Rs 1.7K crore earmarked: FM.
85 pc of stuck road projects have been put back on track; highest ever contracts awarded in current fiscal.
Shopping malls to be allowed to open on all seven days of week; a model shops and establishment bill to be circulated to states.
Rs 97,000 cr allocation for road sector including rural roads.
Total outlay for infrastrucutre at Rs 2.21 lakh crore for 2016-17.
Proposed to allocated Rs 55,000 crore for roads and highways; total investment in road sector would be Rs 97,000 core.
Abolition of permit law will be our medium-term goal in public transport.
2,000 kilometres of state highways to be converted into national highways.
Total allocation for road and rail in 2016-17 is Rs 2.18 lakh crore: FM
Rs 8000 cr provided for Sagarmala project.
160 airports and airstrips can be revived at a cost of Rs 50-100 crore each, says Jaitley.
Govt considering to provide calibrated market freedom to new gas production from deep sea, ultra deep sea to boost stagnant domestic output.
Govt preparing a comprehensive plan for nuclear power generation and allocation could be up to Rs 3,000 crore per annum: FM.
A Public Utility Resolution of Disputes Bill to be passed to solve problems in infrastructure contracts, PPP and public utilities.
Duty drawback scheme widened and deepened to include more products and countries.
A new credit rating system for infrastructure will be developed: FM.
More FDI reforms proposed in insurance, pension, asset restructuring companies and stock markets.
Govt to bring new policy for strategic sale of CPSE assets.
Govt to bring new policy for strategic sale of CPSE assets.
Govt to allow 100 per cent FDI through FIPB in marketing of food products produced and manufactured in India.
Department of Disinvestment to be remained Department of Investment and Public Asset Management.
A comprehensive bankruptcy code to be enacted as part of financial sector reforms.
RBI Act to be amended to provide statutory backing for monetary policy framework and monetary policy committee (MPC).
SEBI to develop new derivatives products as well as products for corporate bond market.
SEBI Act to be amended to provide for more benches for Securities Appellate Tribunal.
Ceiling of tax rebate for tax payers with up to Rs 5 lakh annual come to be raised to Rs 5000 from Rs 2000 currently.
Relief will amount to Rs 3000 per annum; 1 cr tax payers to benefit.
Rs 25,000 cr to be provided for recapitalisation of public sector banks.
Deduction for rent paid will be raised from Rs 20,000 to Rs 60,000 to benefit those living in rented houses.
The Banking Boards Bureau will be operationalised next fiscal, says Jaitley.
Presemtive income tax scheme to be extended to all professionals with income of Rs 50 lakh with a presumption of 50 per cent profit.
Consolidation roadmap for public sector banks to be spelt next year; govt open to reducing its stake in PSBs below 50 pc.
Accelerated depreciation to be limited to 40 pc wef from Apr 1, 2017 as part of phasing out of exemptions to industry.
Govt to increase ATMs, micro-ATMs in post offices in next three years.
In 2016-17, govt eyes Rs 1,80,000 crore credit target through Mudra bank: FM.
Target delivery of financial, other intermediary services will be introduced using Aadhar in this Budget session.
Service Tax to be exempted on general insurance schemes under NIRMAYA Scheme.
DBT to be used to transfer subsidy on fertilizer in select districts on pilot basis.
Service tax on single premium annuity to be reduced to 1.5 per cent from 3.5 per cent.
Rs 900 cr provided to buffer fund created to moderate prices of pulses.
1st home buyers to get addl deduction of Rs 50,000 on interest for loan upto Rs 35 lakh. Cost of house should not be more than Rs 50 lakh.
Govt to introduce bill to amend Companies Act for ease of doing business; to enable registration of cos. In a day: FM.
Fiscal deficit target for 2015-16 and 2016-17 retained at 3.9 pc and 3.5 pc respectively.
Govt plans to spend Rs 19.78 lakh crore in 2016-17 - Rs 5.5 lakh crore under plan head, Rs 14.28 lakh crore under non-plan head.
Revenue deficit target improved from 2.8 pc to 2.5 pc in current fiscal.
Time has come to review the FRBM Act; a committee to be constituted for the purpose.
Govt to allocate Rs 100 crore each for celebrating birth anniversaries of Guru Gobind Singh and Deen Dayal Upadhyay.
New manufacturing companies incorporated after March 2016 will be given option of being taxed at 25 pc plus cess plus surcharges.
Clean energy cess increased from Rs 200/ton to 400/ton on coal, lignite and peat: FM.
A fund of Rs 900 crore started for stabilising market crisis of pulses: Jaitley.
High level committee headed by Revenue Secretary to oversee creation of fresh liability using retrospetive tax legislation.
Start-ups to get 100 per cent tax exemption for 3 years except MAT which will apply from April 2016-2019 for creation of jobs.
long term capital gains period for unlisted companies to be reduced from 3 to 2 years.
FM introduces one-time dispute resolution scheme for retro tax cases, payment of tax arrears to lead to waiving of penalty and interest.
Plan and non-Plan classification of Budget will be done away with from Fiscal 2017-18: Jaitley.
Jaitley says levying heavy penalty for non-payment of tax has led to high litigation. Proposes to modify penalties scheme.
Comitted to implement GAAR from April 1, 2017: Jaitley.
Jaitley accepts Rahul Gandhi's suggestion of giving tax exemption to Braille paper.
Service tax exempted for General Insurance Schemes under Niramaya Swasthaya Bima Yojana: FM.
Direct tax proposal to result in revenue loss of Rs 1060 cr;indirect tax proposals to raise Rs 20,670 cr; net gain of Rs 19,610 cr.
Dividend in excess of Rs 10 lakh per annum to be taxed at additional 10 pc.
Rate of securities transaction tax to be raised from 0.017 pc to 0.05 pc.
TDS provisions to be rationalised. Non resident Indians providing alternate documents will not be subject to higher tax rate.
0.5 pc Krishi Kalyan Cess to be levied on all services.
Excise 1 pc imposed on articles of jewellery excluding silver.
Pollution cess of 1 per cent on small petrol, lPG and CNG cars; 2.5 per cent on diesel cars of certain specifications; 4 per cent on higher capacity vehicles.
Clean Energy cess on coal doubled to Rs 400 per ton.
15 per cent surcharge on income above Rs 1 cr: Jaitley.
Service tax exemption for construction of affordable housing upto 60 sq m under state and central housing schemes: FM.
New grading system of imposing penalties to be introduced for under-reporting or concealment of income: FM.
Excise duty on Tobacco products increased by 10-15%: FM.
Tax on blackmoney declared will be 30 pc plus 7.5 pc penalty and 7.5 pc surcharge.
limited tax compliance window from June 1 to September 30 for declaring undisclosed income: Jaitley.
One year limit provided for disposing of income tax cases relating to waiver of interest and penalty.
