Government of India`s Union Budget 2016-17 (Finance Bill) has been tabled in the Parliament.With a slew of announcements about economy & the way forward, Budget Day is not just another day of the week.With numerous news channels covering the event, it is like a yearly celebration for people to know its impact on their daily life.To know about it, here are the Union Budget 2016-17 Highlights along with free PDF download facility.
If you are preparing for bank exam, SSC CGL exams or any other govt recruitment exam, knowing about the Budget is very important.You can expect a number of questions from this area in GK/ General Awareness/ Current affairs section.
To help you get all the details & use as a reference guide, we have compiled a neat Budget 2016 Highlights PDF which is also available for download for free.
Union Budget 2016 Highlights
The Union Minister for Finance, Corporate Affairs and Information & Broadcasting, Shri Arun Jaitley presented the General Budget for the year 2016-17 on February 29, 2016.
He talked about the govt`s intention to ‘Transform India’ going into next year & listed the so called 9 pillars to support the plan.They are:
- Tax reforms
- Job creation
- Infrastructure investment,
- Financial sector reforms
- Ensure fiscal discipline
- Emphasis on governance reforms
- Promoting ease of doing business in India
- Focus on agriculture to double farm income
- Greater emphasis on Social sectors, Education & Skill building
Talking about the financial performance, the minister mentioned about the India`s growth rate acclerating to 7.6% compared to previous three years.
He also made sure to drive home the point made by IMF chief which was ‘India is among the few bright spots in the global economy’.
Tax revenue for the year 2016-17 is expected to touch Rs. 10.54 crores, while the fiscal deficit shall be retained at 3.9% of GDP
Taxes, Plans & Schemes
There is no change in personal Income Tax rates.
15% surcharge on super-rich with income of over Rs. 1 cr has been proposed which was 12 per cent earlier.
First home buyers shall get an additional deduction of Rs.50,000 on interest for loan up to Rs. 35 lakh, while buying house upto 50 lakhs.
Krishi Kalyan Cess at 0.5% on all taxable services to be introduced from June 1, 2016. The proceeds shall be used to fund farm programmes.
‘Clean Eneregy Cess’ levied on coal, lignite & peat renamed to ‘Clean Environment Cess’ & has been increased from `200 /tonne to `400 /tonne’
Infrastructure Cess of 1% on small petrol, LPG, CNG cars, 2.5% on diesel cars & 4% on higher engine capacity vehicles & SUVs is to be introduced.
In a major push to agriculture, the Budget has allocated Rs 87,765 crore for rural development.
Rashtriya Gram Swaraj Abhiyan, a new scheme has been proposed that shall strengthen the Panchayati Raj Institutions.
Pradhan Mantri Krishi Sinchai Yojana (PMKSY) shall be implemented across more states & 28.5 lakh hectares will be brought under irrigation.
A Unified Agricultural Marketing ePlatform is to be launched soon providing a common online platform for wholesale markets to sell their goods.
Deen Dayal Antyodaya Mission that intends to help the poor by providing skill training, would be launched in drought hit villages.
300 Rurban Clusters will be developed under the Shyama Prasad Mukherjee Rurban Mission
‘National Dialysis Services Programme’ to be started under National Health Mission.
Higher Education Financing Agency to be formed with initial capital of Rs.1000 Crores
A New health protection scheme to provide health cover up to Rs.1 lakh/ family is to be introduced.
…the complete list of budget key features now included in the PDF.
Download Budget 2016 Highlights PDF
Not only the above, there are many other important announcements made as part of the Budget 2016.A short PDF file has been readied for you to go through the names of government plans & schemes.
Click here to Read online or Download (To save, Press Ctrl + S on your keyboard after opening the above link).
This Budget 2016 highlights PDF shall serve as a reference for the entire year.So dont forget to download & make use of it.