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UNION BUDGET 2016-17 PART 1 PRESENTED BY AYUSSH SANGHI
ABOUT ME Passionate about Teaching Taught at most reputed Civil Services Institutes CA, Lawyer Follow me on: https://unacademy.in/user/ AyusshSanghi
PRESENTATION OF BUDGET o On February 29, 2016, Union Finance Minister Arun Jaitley presented the general budget for 2016-17 in the Lok Sabha. Below are the key discussions from the budget documents.
FACTS ABOUT INDIAN ECONOMY o The Finance Minister described the Indian Economy in the following manner: Growth of Economy accelerated to 7.6% in 2015-16. India hailed as a bright spot, amidst a slowing global economy by IMF. o Robust growth achieved despite very unfavourable global conditions and two consecutive years shortfall in monsoon by 13%
FACTS ABOUT INDIAN ECONOMY Foreign exchange reserves touched highest ever level of about 350 billion US dollars. Despite increased devolution to States by 55% as a result of the 14th Finance Commission award, plan expenditure increased in 2015-16 - in contrast to earlier years
ROADMAP & PRIORITIES COMING AHEAD O Transform India' would have a significant impact on economy and lives of people. o Government's agenda of focus - To ensure macro-economic stability and prudent fiscal management. To boost domestic demand To continue with the pace of economic reforms and policy initiatives to change the lives of our people for the better.
ROADMAP & PRIORITIES COMING AHEAD Focussing on enhancing expendit areas like: o Focussing on enhancing expenditure in priority farm and rural sector, o social sector, o infrastructure sector employment generation and o reca pitalisation of the banks.
ROADMAP & PRIORITIES COMING AHEAD o Focus on Vulnerable sections through initiatives like: o Pradhan Mantri Fasal Bima Yoiana. New health insurance scheme to protect against hospitalisation expenditure o Facility of cooking gas connection for BPL families. To continue with the ongoing reform programme and ensure passage of the Goods and Service Tax bill and Insolvency and Bankruptcy lavw
ROADMAP & PRIORITIES COMING AHEAD o Union budget 2016-17 is a document centered around a transformative agenda with nine pillars. These nine pillars of government's strategy provide adequate basis to ensure that India o These nine pillars of government's macroeconomic remains a growing large economy. o These nine pillars are as follows:
THE NINE PILLARS OF MODI-JAITLEY REFORM AGENDA 1. Agriculture and Farmer welfare o 2. Rural Sector 3. Social Sector & Healthcare o 4. Education, Skills and Job creation o 5. Infrastructure Investment o 6. Financial Sector Reform o 7. Governance Reform and Ease of Doing Business o 8. Fiscal Discipline o9. Tax reforms to reduce compliance burden
AGRICULTURE AND FARMER'S WELFARE Allocation under Pradhan Mantri Gram Sadak Yojana increased to Rs. 19,000 crore, Will connect remaining 65,000 eligible habitations by 2019. To reduce the burden of loan repayment on farmers, a provision of Rs. 15,000 crore has been made in the BJE 2016-17 towards interest subvention Allocation under Prime Minister Fasal Bima Yojana Rs. 5,500 crore o 850 crore for four dairying projects - 'Pashudhan Sanjivani',"Nakul Swasthya Patra, E-Pashudhan Haat' and National Genomic Centre for indigenous breeds.