{"id":41894,"date":"2015-02-28T17:04:52","date_gmt":"2015-02-28T11:34:52","guid":{"rendered":"http:\/\/www.mapsofindia.com\/my-india\/?p=41894"},"modified":"2019-02-07T14:13:31","modified_gmt":"2019-02-07T08:43:31","slug":"top-50-takeaways-from-union-budget-2015-16","status":"publish","type":"post","link":"https:\/\/www.mapsofindia.com\/my-india\/government\/top-50-takeaways-from-union-budget-2015-16","title":{"rendered":"Top 50 Takeaways From Union Budget 2015-16"},"content":{"rendered":"
\"union-budget-2015-16-highlights\"<\/a>
India: Budget 2015-16<\/figcaption><\/figure>\n

\u201cThe world is saying that India is ready to fly again<\/em>\u201d<\/p>\n

It is with such a captivating introduction that the Indian Finance Minister, Arun Jaitley, started to present the much-awaited Union Budget for FY 2015-16.<\/p>\n

Top 50 takeaways from the budget are \u2013<\/h2>\n
    \n
  1. \u201cThe credibility of the Indian economy has been re-established<\/em>\u201d, said the FM; CPI inflation is 5.1 percent, WPI inflation is negative; double digit growth achievable.<\/li>\n
  2. Government has facilitated construction of 50 lakh toilets in the country, target of 6 crore toilets looks achievable.<\/li>\n
  3. Current Account Deficit this fiscal year is expected to be below 1.3 percent of GDP.<\/li>\n
  4. FY 15 is likely to end with a GDP 7.4 percent; GDP of FY 16 likely to be 8 to 8.5 percent; India now the fastest growing large economy in the world.<\/li>\n
  5. Fiscal deficit target for FY 16 to be at 3.9 percent; for FY 17 to be at 3.6 percent; for FY 18 to be at 3 percent.<\/li>\n
  6. By April 2016, the Goods and Services Tax (GST) is likely to put in place a state-of-art indirect taxation system.<\/li>\n
  7. 12.5 crore families are now a part of the PM Jan Dhan Yojana; financial inclusion has now been made a reality.<\/li>\n
  8. Government aims at proving housing for every family by the 75th<\/sup> year of independence; India will have 6 crore additional houses by 2022 (2 crore in rural regions, and 4 crore in urban sectors).<\/li>\n
  9. All Indian villages to receive electricity by 2020.<\/li>\n
  10. Apart from GST, JAM (JanDhan, Aadhar, Mobile) trinity will be a game changer in implementing Direct Benefit Transfers.<\/li>\n
  11. Government shall sanction construction of 1 lakh km of new roads across the country.<\/li>\n
  12. 80,000 secondary schools in India to get upgraded with better facilities.<\/li>\n
  13. Skills India and Make in India will be main thrust – India to be made manufacturing hub of the world.<\/li>\n
  14. INR 150 core allocated towards creation of a world class IT hub in India.<\/li>\n
  15. States to be made partners in growth and development; states to receive 62 percent of the centre’s receipts.<\/li>\n
  16. State PSUs to get a Capex of INR 3.17 lakh crore.<\/li>\n
  17. Non-banking financial companies worth over INR 500 crore to be included under SARFAESI.<\/li>\n
  18. Mahatma Gandhi National Rural Employment Guarantee Act (MNREGA) to get an initial allocation of INR 34,699; increase in allocation by INR 5,000 crore if permitted by tax buoyancy – the highest ever allocation.<\/li>\n
  19. Rationalisation of subsidies shall be the government’s aim; subsidy leakage must be plugged; well-off will be expected to voluntarily surrender LPG subsidy.<\/li>\n
  20. Employment security shall be in focus, at least 1 member of each family should be employed.<\/li>\n
  21. With an aim to enhance ease of doing business in India, government shall introduce a comprehensive bankruptcy code by 2015-16.<\/li>\n
  22. INR 5,300 allocated for micro irrigation and drip farming projects.<\/li>\n
  23. A universal social security system is to be launched by the government with special focus on the poor and underprivileged.<\/li>\n
  24. SC welfare schemes to get INR 30,000 crore allocation; Proposal to set up Mudra Bank (allocation of INR 20,000 crore and credit guarantee backup of INR 3,000 crore); 5 crore small businesses led by SC\/ST to be benefited.<\/li>\n
  25. Government to launch tax-free infra bonds proposed for rail, road.<\/li>\n
  26. Atal Innovation Mission set up to promote research collaborations between India and other countries; allocation of INR 150 crore.<\/li>\n
  27. Self-employment will be promoted; youth encouraged to become job creators; startups to find a capital boost of INR 1000 crore.<\/li>\n
  28. Public sector ports will be made firms under the Companies Act; corporatisation will be promoted.<\/li>\n
  29. Government to set up 5 new Ultra Mega Power Projects for INR 1 lakh crore; each to have 4,000 MW generation capacity; a second unit of the nuclear power plant at Kudanakulam to be commissioned this FY.<\/li>\n
  30. Government to set up INR 20,000 crore Infrastructure Fund; investments in infrastructure to go up by INR 70,000 crore.<\/li>\n
  31. Credit of INR 8.5 lakh crore to be extended to farmers in FY 2015-16.<\/li>\n
  32. PM Suraksha Bhima Yojana will be launched and linked to PM Jan Dhan Yojna; INR 2 lakh insurance cover to be offered at a premium of INR 12 a year; Atal Pension Yojana to launched as a pension scheme, Nayi Manzil to support the youth of minority communities.<\/li>\n
  33. Commodities regulator, FMC, to be merged with SEBI; public debt management agency to be set up.<\/li>\n
  34. Section 6 of FEMA to be amended.<\/li>\n
  35. Gold monetization scheme to be introduced; gold coins with Ashok Charkra will be developed.<\/li>\n
  36. EPF employee contribution for very low income group will be optional; no reduction in employer’s contribution.<\/li>\n
  37. Visa on arrival to be extended to 150 countries from 43; boost to tourism expected.<\/li>\n
  38. Assam, Himachal Pradesh, Jammu & Kashmir, Punjab, and Tamil Nadu to receive new AIIMS; IS Dhanbad to be upgraded to IIT.<\/li>\n
  39. Defence allocation in budget is INR 2,46,727 crore.<\/li>\n
  40. Total estimates of expenditure in the budget: INR 17 .77 lakh crore including non-plan expenditure of INR 13.12 lakh crore, and plan expenditure of INR 4.65 lakh crore.<\/li>\n
  41. Corporate tax to be reduced over next four years from 30 percent to 25 percent.<\/li>\n
  42. Comprehensive bill to curb black money proposed; severe penalties for tax evasion, foreign exchange non-disclosure, concealment of income, and benami properties proposed; PAN number must be quoted for all transactions over INR 1 lakh.<\/li>\n
  43. Custom duty reduced on 22 items; royalty on technical services reduced from 25 percent to 10 percent.<\/li>\n
  44. No change in income tax exemption limits; wealth tax to be abolished and replaced by a 2 percent surcharge on super rich; expected to generate an income of INR 9,000 crore for the government.<\/li>\n
  45. Attempt to boost leather; excise duty on footwear with MRP over 1000 reduced by 6 percent.<\/li>\n
  46. Service tax and education cess increased to 14 percent from 12.36 percent.<\/li>\n
  47. 100 percent tax deduction on contributions made towards Swachch Bharat and Clean Ganga schemes; contributions to Sukanya Samridhi scheme to be exempt from tax.<\/li>\n
  48. Tax deduction for health insurance premium increased from INR 15,000 to INR 25,000 for individual tax payers; additional deduction of INR 50,000 on contributions made towards pension schemes; transport allowance increased from INR 800 to INR 1600 per month. Total benefit to individual tax payers due to benefits announced – INR 4,44,200.<\/li>\n
  49. Yoga to be included as a charitable purpose under the Income Tax Act.<\/li>\n
  50. Estimated net gain from the tax proposals presented for 2015-16 likely to be INR 150.68 billion; direct tax proposals lead to a loss of about INR 8,315 crore while indirect taxes will yield a gain of INR 23,383 crore.<\/li>\n<\/ol>\n

    Read More:<\/strong>
    \n    Analysis of Union Budget 2016<\/a>
    \n    Union Budget 2016 Highlights<\/a>
    \n    2016 Budget Session of Parliament<\/a>
    \n    Key Expectations from Union Budget 2016-17<\/a>
    \n    Railway Budget 2016 – An Analysis<\/a>
    \n    Expectations from Rail Budget 2016<\/a>
    \n    Budget 2016: Change on the cards?<\/a>
    \n    Top 50 Takeaways From Union Budget 2015-16<\/a>
    \n    Union Budget 2015-16 \u2013 Policies, Promise and Key highlights\u00a0<\/a>
    \n    What is GST Bill<\/a>
    \n    Land Acquisition Bill<\/a>
    \n    Economic Reforms in India<\/a>
    \n    Black Money in India<\/a>
    \n    Union Budget 2015-16 Highlights<\/a>
    \n    Railway Budget 2015-16 Highlights<\/a><\/p>\n

     <\/p>\n","protected":false},"excerpt":{"rendered":"

    \u201cThe world is saying that India is ready to fly again\u201d It is with such a captivating introduction that the Indian Finance Minister, Arun Jaitley, started to present the much-awaited Union Budget for FY 2015-16. Top 50 takeaways from the budget are \u2013 \u201cThe credibility of the Indian economy has been re-established\u201d, said the FM; […]<\/p>\n","protected":false},"author":91,"featured_media":41914,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39,4,11315],"tags":[6085,52,7385,6521,9083],"class_list":{"0":"post-41894","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"category-government","9":"category-india","10":"tag-budget","11":"tag-india","12":"tag-indian-budget","13":"tag-tax","14":"tag-union-budget"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/posts\/41894","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/users\/91"}],"replies":[{"embeddable":true,"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/comments?post=41894"}],"version-history":[{"count":5,"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/posts\/41894\/revisions"}],"predecessor-version":[{"id":83323,"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/posts\/41894\/revisions\/83323"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/media\/41914"}],"wp:attachment":[{"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/media?parent=41894"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/categories?post=41894"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/tags?post=41894"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}