#Finance #Minister #Arunjaitley  Highlights of  #UnianBudget 2916-17 

#Finance #Minister #Arunjaitley  Highlights of  #UnianBudget 2916-17 #NewDelhi :  Finance Minister Mr  Arun Jaitley unveiled a budget for the poor on Monday, announcing new rural aid schemes and skimping on a bank bailout, in a strategy shift that seeks to boost his ruling party in coming state elections.
#Arunjaitley reiterated a forecast that India would grow by 7.6% in the fiscal year that is drawing to a close. He said the government wanted to spread the benefits of growth more widely among India’s 1.3 billion people, but that he would stick to the government’s existing fiscal deficit target for the coming year.

#Arunjaitley reiterated a forecast that India would grow by 7.6% in the fiscal year that is drawing to a close.
Here are the highlights of Jaitley’s budget for the fiscal year that begins on April 1.


* Fiscal deficit seen at 3.9% of GDP in 2015/16

* Fiscal deficit seen at 3.5% of GDP in 2016/17

* Plan expenditure seen at Rs 5.5 trillion in 2016/17

* Proposes to set up panel to review fiscal responsibility management act


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

* Farmer welfare budget to total Rs 359.84 billion

* Rural road development to get Rs 190 billion

* Target of agriculture credit at Rs 9 trillion

* Interest subvention towards farm loans at Rs 150 billion


* Bankruptcy code for financial firms to be introduced in parliament in 2016/17

* RBI act is being amended for implementing monetary policy framework

* To list general insurances companies on stock exchanges


* Government to infuse 250 billion rupees capital into state-run banks in 2016/17; will find resources for additional capital for banks if required


* Will not resort to retrospective taxation in future; one time tax dispute resolution proposed for retrospective taxation

* To rationalise corporate tax for new manufacturing companies

* To implement general anti avoidance tax rule from April 1, 2017

* Security transaction tax on options raised to 0.05%

* Proposes to levy infrastructure cess of 1-4% on certain models of cars

* Raises factory gate tax on various tobacco products by 10-15%

* Proposes limited compliance window on undeclared income of domestic tax payers

* Proposes new dispute resolution scheme to resolve tax disputes

* Proposes to abolish 13 different levies


* Gross market borrowing seen at 6 trln rupees for 2016/17


* Allocates 2.21 trillion rupees for infrastructure development for 2016/17

* Allocation for roads and highways development at Rs 550 billion

* Capital expenditure on roads and rail development at Rs 2.18 trillion


* 100% foreign direct investment to be allowed in food processing industry

* Promises further reforms in foreign direct investment policy in insurance, pension, asset recast companies


* To encourage central public enterprises to divest own assets for raising resources for new projects

Bureau Report

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