Budget 2016FinanceNewsUnion Budget
Arun Jaitley Presents Budget Speech: The 9 Pillars of Budget
Towards the much hyped MGNREGA Scheme, Finance Minister, Arun Jaitley allocated Rs. 38, 500 crore ahead of important elections in five states this year.
Finance Minister, Arun Jaitley also emphasized the nine pillars of the this year’s Budget — Agriculture and farmers’ welfare, rural sector, social sector including healthcare, education, skills and job creation, infrastructure, financial sector reforms, ease of doing business, fiscal discipline, tax reforms to reduce compliance burden.
Other key Highlights of Union Budget 2016 as of 12:00 Noon, (While the Budget Speech is on)
- ‘300,000 fair price shops to be automated by March ’17’
Announcment for supporting SC/ST entrepreneurs. This will happen through MSME Ministry.
- Boost of traders: Small and medium retail shops to remain open seven days a week on voluntary basis.
- ‘100% FDI in marketing of food products made in India’
- Rs. 1,700 crore for 1500 multi-skill development centres.
- 10 public and 10 private educational institutions to be made world-class. Digital repository for all school leaving certificates and diplomas.
- National dialysis service programme under PPP model. LPG connection for women members of rural homes.
- GDP growth accelerated to 7.6%
- CAD is 1.4% of GDP
- CPI inflation has come down to 5.4%
- Allocation for irrigation is Rs 1700 crore
- Weaker section is government’s priority
- The income of the farmers needs to be doubled by 2022
- E-portal for the farmers of 12 states
- Special attention on Pradhan Mantri Gram Sadak Yojna, Rs 19000 crores for the scheme
- Rs 5500 crores for Fasal Bima scheme
- Rs 35, 984 crores for development of Farmers
- Rs 9.5 lakh Crores for agricultural loans for this year
- Government to provide health Insurance of upto Rs 1 lakh per family
- 3000 stores to be opened for generic drugs
- Rs 9000 crore for Swachch Bharat Abhiyan
- Rs. 38,500 crore for MNREGA
- Rs. 2.87 lakh crore for gram panchayats as per recommendation of 14th finance commission.