Finance Minister Arun Jaitley began presenting the first national budget for self and Prime Minister Narendra Modi's government Thursday expressing concerns over slowdown in the economy and promising steps to ensure a course correction.
"People of India have voted decisively for change," Jaitley said. "Steps I will unveil in the budget will aim at 7-8 percent growth over the next three-four years, lower inflation, less fiscal deficit and a manageable current account deficit."
Here are the highlights:
- People have decided for a change
- Those below poverty lines anxious to free themselves
- Look forward to lower levels of inflation
- Country in no mood to suffer unemployment, lack of infrastructure
- Broad policy indicator of the direction we want to take
- We should be watchful of Current Acct Deficit
- Target of 4.1% Fiscal Deficit is daunting
- Taking bold steps to enhance economy, boost growth
- Aiming at minimum govt maximum governance
- We have to underatake bold steps to spur growth of our economy
- Improving targetting fuel, LPG subsidies
- To launch New Urea Policy
- To approve Goods & Services Tax by end of year
- Aim to achieve 7-8 per cent economic growth rate in next 3-4 years
- Streamlining tax administration, avoid harassment of businessmen
- Country in no mood to suffer unemployment, lack of infrastructure
- Need to revive growth in manufacturing and infrastructure sector
- To raise Defence FDI to 49%; Retain Indian control
- Need over Rs 2 lakh crore to fund PSU banks
- E-visas will be introduced in a phased manner at 9 airports in India
- Changing rules governing low cost housing
- Propose to strengthen authority on Advance Tax Rulings
- Hoping foreign companies will appreciate move on Retro Tax
- To allocate Rs 50,047 cr for welfare of SCs, STs
- To spend Rs 7,060 cr for 100 smart cities
- Rs 200 cr set aside to support Gujarat govt in the Sardar Patel statue installtion
- Rs 50,548 cr proposed for SC development
- Govt committed to providing 24/7 power supply to all homes
- FM announces schemes for disabled persons in the country
- Crisis Management Center for women at Delhi; money to be provided from Nirbhaya fund
- To print currency notes with Braille effects
- Savings in Kisan Vikas Patra to be introduced. Rs 14389 crore for village roads
- FM proposes to set up 5 new IIMs and 5 new IITs
- Rs 6500 crores set aside for safe drinking water
- Planning to create AIIMS in all States
- Agriculture University in AP and Rajasthan, and Horticulture University in Haryana, Telangana; Rs. 200 cr set aside
- Proposes 50000 cr for urban infra projects. Proposes Metro projects in cities with 20 lk people
- Transfer pricing regulations for residents and non-residents being done
- Propose to provide finance to 5 lakh landless farmers through NABARD
- Govt to provide finance to 5 lakh landless farmers
- To set-up 10,000 crore startup fund for new businesses
- To award 16 new Port projects. Allocating 11,635 cr to develop existing ports & harbours
- Allocating 37850 cr for Road Building Plan via NHAI. To initiate work on selective highways along with corridors
- RBI will create framework for licenses of small banks
- To provide all households with banking facilities to empower the weaker sections; there should be atleast 2 bank a/cs in each household
- Scheme for education of girl child to be launched soon
- Rs 100 cr set aside for development of Technology Development Fund
- Rs. 5000 cr set aside for defence outlay over and above amount provided under interim budget
- NRI fund for conservation of river Ganga to be set up
- To create 5 tourist circuits with 500 cr corpus
- Young Leaders Programme to be set up with Rs. 100 cr
- Rs 200 cr set aside for upgradation of indoor and outdoor stadium in J&K to international standards
- Govt committed to development of Telangana and AP
- Tax exemption limit for small and marginal, and senior tax payers changed from Rs. 2.0 to Rs 2.5 lakhs
- Tax exemption limit for senior citizens changed from Rs. 2.5 lakh to Rs. 3.0 lakhs
- Basic custom duty on LED panel below 19 inch made nil
- Cheaper Now: TV sets, Solar power units, computers, oil products, soaps
- Thirteen more airports to get 24x7 customs facilities
- Excise duty to be cut to revive manufacturing
- Allocation of Rs.500 crore for Delhi's water schemes
- Free baggage allowance raised from Rs.35,000 to Rs.45,000
- Revenue loss of Rs.22,000 crore due to direct tax proposals
- Total expenditure in 2014-15 estimated at Rs.17,97,892 crore; plan expenditure estimated at Rs.12,19,892 crore
- Government to take a view on Direct Tax Code
