jaitly budget 2016-17

• 
• Arun Jaitly 
• Increase HRA to 60,000 per annum
• Will reduce burden of tax for small tax payers
• Tax rebate those under Rs 5 lakh/year
• Relief for those who stay in rented houses
• Tax benefits for start-ups annunced
• Calibrated approach in cutting corporate tax
• Impetus to food processing industry
• To incentivise gas production from deep sea
• Measures to fight bankruptcy situation in banks
• Comprehensive codes on financial firms
• SEBI to develop new derivatives
• New measures to fight ponzi schemes
• To revamp public sector banks
• Debt recovery tribunal to be strengthened
• More ATMs across India
• Govt lays roadmaps for consolidation of PSU banks
• No change in recap outlay of banks
• Aadhar card to be linked to social security benefit
• DBT to farmers for fertilisers, in some districts for nwo
• *now
• FM retains fiscal deficit targets
• To allow start-ups to register in one day
• Fiscal deficit target at 3.5%
• Fiscal prudence is the mantra says FM
• Time for review of FRBM Act
• FM announces tax proposals
• Relief to small tax payer
• 9 point plan while drafting tax proposals
• Tax norms for professionals eased
• Measures in pension scheme, senior citizens benefit
• Committed to implementing GAAR from April 2017
• 40% exemption for senior citizens
• 10% Tax on dividend over 10 lakh
  
  

Rs.35,984 crore allocated for agriculture in 2016-17

* Rs.8.5 lakh crore of agricultural credit targetted in 2015-16

In 2016-17: Rs.9 lakh crore

* Rs.35,984 crore allocated for agriculture in 2016-17

* Five lakh acres to be brought under organic farming over three year period

* MGNREGA to get Rs.38,500 crore

* Recapitalization of banks during next fiscal

* Prudent fiscal policy needed, domestic demand should be raised, reforms need to be carried out

* Farm, rural sector, infra and social sector to get more funds

* Need to prioritize expenditure given recommendations of 7th Pay Commission and OROP implementation

* Nine pillars for reforming India, among them agriculture, social sector, education, infra, fiscal discipline, tax reforms

* Presenting budget when global economy in a serious crisis

* Amidst global headwinds, the Indian economy has held its own

* Converted challenges we inherited into opportunities

* CPI inflation down to 5.4 percent from 9 percent plus, bringing big relief to the public

Jaitly budget 2016-17

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Jaitly Budget 2016-17

Indian Finance Minister Arun Jaitley unveiled a budget for the poor on Monday, announcing new rural aid and health programmes in a strategy shift that could boost his ruling party in coming state elections.

Here are the highlights of Jaitley's budget for the fiscal year that begins on April 1.

RURAL ECONOMY

* Rural jobs programme allocated 385 billion rupees ($5.61 billion) in 2016/17

* Farmer welfare budget in 2016/17 to total 359.84 billion rupees

* Rural road development to get 190 billion rupees in 2016/17

* Target of agriculture credit at 9 trillion rupees in 2016/17

* Interest subvention towards farm loans in 2016/17 at 150 billion rupees

Finance Minister Arun Jaitley began presenting India's national budget for the next fiscal in the Lok Sabha on Monday, saying India remained a bright spot of the global economy while assuring continuity in reforms along with fiscal discipline.

"I am presenting the budget when the global economy is in crisis," Jaitley said in his opening remarks, adding that India, however, remained the bright spot in this gloom, turning difficulties into opportunities.

He said India's growth has expanded 7.5 percent, despite slowdown in exports, even as inflation had eased, bringing big relief to the general public. He also said foreign exchange reserves were robust. "Indian growth is at an extraordinary high."

Jaitley said his budget will look at three pillars in right earnest: A prudent fiscal policy, raise domestic demand and carry out reforms. He also said farm, rural sector, infrastructure and social sector will be allotted more money.

"Recapitalization of banks also to be done during next fiscal year," he said, as much concern have emerged over the quantum of exposure of Indian scheduled banks in terms of gross non-productive assets, re-cast loans and write-offs, which amounts to Rs.9.5 lakh crore.

He said the nine pillars of this year's budget will be: agriculture, social programmes, rural development, education with skill development, infrastructure, financial reforms, policy reforms in terms of ease of doing business, fiscal discipline and tax reforms.

"A unified agriculture platform to be dedicated to the nation on the birth anniversary of Dr. B.R. Amebdkar," the finance minister said, amid applause from the benches.