9 Pillar for Transforming India by the Finance Minister in India’s Budget of 2016-17

budget

Some Key Highlights of the Budget 2016-17:

1                 Agriculture/farm and welfare

  •          Rs.86500 Cr on Irrigation in a span of around 5 yrs
  •          Rs 35,984 Cr allocated for Agriculture in 2016-17

2                 Rural Sector

  •         100% Rural Electrification by 2018
  •         Rs 87,765 Cr for rural development
  •         4 new projects in Dairy sector

3                 Budget – Social Sector

  •         Rs.38500 Cr Outlay for MGNREGA the highest allocate since implemented
  •         1 Lakh cover for New Health Medical Insurance adding additional of 30000 for the senior citizen

4                 Education, Skills, Jobs

  •         1500 Multi skill training institutes to be set up
  •         Stand Up India scheme allocated Rs.500 Cr for SC,ST and Women entrepreneurs

5                 Infrastructure Investment

  •         Rs.221246 Cr outlay for Infrastructure for 2016-17
  •         Rs.55,000 Cr for roads and highways

6                 Financial Sectors

  •         Bankruptcy code to be table in parliament
  •         Rs.25000 Cr for re-capitalizing of PSB’s

7                 Ease of Doing Business

  •         100% FDI in Food Products produced and marketed in India
  •         Registration of companies in just one day.

8                 Fiscal deficit

  •         Fiscal target at 3.9%

9                 Tax Reforms

  •         Relief of Rs.3000 for income under 5 Lakh
  •         Rs.60000 Deduction for those who live in rented houses u/s. 88 G.

Cars, Tobacco, Gold, and jewelery, Services Costlier. Health schemes for all. Boost for MGNREGA, Sticks to Fiscal Road map.

Nothing much to cheer, the focus has been more on agriculture, infrastructure, and skill education. The big Bang had been missing since this government elected. More of focus is on rural development with the idea of satisfying the poor and farmers.

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