Union Budget — 2016.

Thanks to Respected Finance minister Arun jetly and Honorable PM Narendra Modi for a good budget which focus on Agriculturist and mid class people.

AGRICULTURE:
-> Total allocation for Agriculture and Farmers welfare is 35,984 crore. Focus on doubling farmers income in five years.
-> Only 46% is covered with irrigation out of 141 million hectares. ‘Pradhan Mantri Krishi Sinchai Yojana’ 28.5 lakh hectares will be brought under irrigation under this Scheme.
-> 89 irrigation projects under AIBP help to irrigate 80.6 lakh hectares. These projects require 17,000 crore next year and 86,500 crore. 23 of these will be completed before 31st March, 2017
-> A dedicated Long Term Irrigation Fund will be created in NABARD with an initial corpus of about 20,000 crore.
-> At least 5 lakh farm ponds and dug wells in rain fed areas and 10 lakh compost pits for production of organic manure will be taken up by making productive use of the allocations under MGNREGA.
-> A policy for conversion of city waste into compost has also been approved by the Government under the Swachh Bharat Abhiyan.
-> Nearly 55% of the country’s arable land, organic farming is being promoted.
-> Unified Agriculture Marketing Scheme which envisages a common e-market platform that will be deployed in selected 585 regulated wholesale markets.Already 12 states has shown interest.
-> 9 lakh crore Agriculture loan for year 2016–2017. To reduce the burden of loan repayment on farmers, a provision of 15,000 crore has been made in the 2016–17 towards interest subvention.
-> Provided a sum of 5,500 crore in the Budget 2016–17 for Crop Insurance Scheme.

RURAL DEVELOPMENT:
-> 27,000 crore will be spent on Pradhan Mantri Gram Sadak Yojana in 2016–17 for road constructions. Currently 100 kms roads per day is being constructed for connecting Villages.

-> A sum of 38,500 crore has been allocated for MGNREGS in 2016–17.
-> 300 Rurban Clusters will be developed under the Shyama Prasad Mukherjee Rurban Mission.
-> Government is committed to achieve 100% village electrification by 1st May, 2018. 8,500 crore has been provided for Power Development Schemes.
-> 9,000 crore has been provided for Swachh Bharat Abhiyan.
-> Under Digital India Initiative to build an integrated land information management system, 150 crore has been provided for this purpose.

HEALTHCARE:
-> Government will launch a new health protection scheme which will provide health cover up to Rs.One lakh per family. For senior citizens of age 60 years and above belonging to this category, an additional top-up package up to 30,000 will be provided.

EDUCATION, SKILLS AND JOB CREATION
-> Computerized education of all government schools.
-> Government has decided to set up a National Board for Skill Development Certification in partnership with the industry and academia.
-> EPF 8.33% of companies contribution will be paid by the govt. for 3 years with salary less than 15000. This will improve employment, 1000 Crores has been allocated for this scheme.

SOCIAL SECTOR:
-> Poor do not have access to cooking gas. Women of India have faced the curse of smoke during the process of cooking. According to experts having an open fire in the kitchen is like burning 400 cigarettes an hour. Provide LPG connection in the name of women members of poor households sum of `2,000 crore allocated in this year’s Budget. This helps 1.50Lakhs house holds.
-> “Stand Up India Scheme” to promote entrepreneurship among SC/ST and women.

INFRASTRUCTURE:
-> The total investment in the road sector, including PMGSY allocation, would be 97,000 crore during 2016–17.
-> Together with the capital expenditure of the Railways, the total outlay on roads and railways will be 2,18,000 crore in 2016–17.Further expect to approve nearly 10,000 kms of National Highways in 2016–17.

PERSONAL FINANCE:
-> Dividend in excess of Rs. 10 lakh per annum to be taxed at additional 10 per cent.
-> Deduction for rent paid will be raised from Rs 20,000 to Rs 60,000 to benefit those living in rented houses.
-> Additional exemption of Rs. 50,000 for housing loans up to Rs. 35 lakh, provided cost of house is not above Rs. 50 lakh.
-> Service tax exempted for housing construction of houses less than 60 sq. m

BANKING:
-> Target of disbursement under MUDRA increased to 1,80,000 crore
-> Process of transfer of government stake in IDBI Bank below 50% started
-> General Insurance companies will be listed in the stock exchange
-> Govt to increase ATMs, micro-ATMs in post offices in next three years
-> Proposed an allocation of 25,000 crore in 2016–17 towards recapitalization of Public Sector Banks.

TAX:
-> Excise duty raised from 10 to 15 per cent on tobacco products other than beedis
-> 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-end models.
-> Excise 1 per cent imposed on articles of jewelry, excluding silver.