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UNION BUDGET 2015

The Union Budget 2015-16 was presented in the Lok Sabha on 28 February 2015 by Arun
Jaitley. It was the first full year Budget of the NDA government, second budget of Union
Finance Minister, Arun Jaitley.

Highlights of the Union Budget 2015 -16

Gross tax receipts 14.49 lakh crore rupees

Yoga included in the sphere of charitable purposes under the Income Tax Act
Plan expenditure- 4.65 trillion
Non-plan expenditure Rs 13.12 trillion
Allocates Rs 331.5 billion health sector
Revenue deficit 2.8 per cent of GDP
Non tax revenue Rs 2.21 trillion
Fiscal deficit 3.9 per cent of GDP in 2015/16
For all purchases above 1 lakh rupees, PAN card will be needed
National skill development mission to be started
1000 crore rupees to Nirbhaya fund
Transport allowance increased to Rs 1600 pm
Registrations of online excise & service tax in 2 working days
GARR will be delayed by 2 years
New law to tackle black money
A new scheme named Nayi Manzil for minority youth will be started
62 percent will be will be transferred to the states
Monetary Policy Committee will be framed
One member of a family to have job by 2022
Remaining electrification of 20000 villages by 2020
Visa on Arrival facility for 200 countries

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Sector-wise Highlights of Union Budget 2015

TAXATION
No change in income tax slabs
Wealth Tax has been eliminated
Super rich having income of over Rs. 1 crore will be charged with additional 2% surcharge
Over next four years, Rate of corporate tax to be reduced to 25%
Total exemption up to Rs. 4,44,200 can be achieved
100% exemption for contribution to Swachch Bharat, apart from CSR
Service tax hiked to 14 per cent
Custom duty on 22 items will be reduced

AGRICULTURE
Rs. 25,000 crore allocated to Rural Infrastructure Development Bank
Rs. 5,300 crore allocated to support Micro Irrigation Program
A target of 8.5 lakh crore has been set for farmers credit

INFRASTRUCTURE
Rs. 70,000 crores allocated to Infrastructure sector
Framing up of National investment infrastructure fund For projects in rail road and
irrigation, Tax-free bonds to be issued
Government to bear majority risk in revitalizing Public-Private-Partnership(PPP) model for
infrastructure development
Rs. 150 crore allocated for Research & Development
Atal Innovation Mission, for the establishment to draw on expertise of entrepreneurs, and
researchers to encourage scientific innovations
5 ultra mega power projects, each of 4000 MW to be set up
Starting up of Second unit of Kudankulam nuclear power station

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EDUCATION
Jammu and Kashmir, Punjab, Tamil Nadu, Himachal Pradesh, Bihar and Assam to have
AIIMS
Setting up of New IIT in Karnataka
Indian Institute of Mines in Dhanbad to be reformed as IIT
Setting up of PG institute of Horticulture in Amritsar
Setting up of University of Disability Studies in Kerala
Center of film production, animation and gaming in Arunachal Pradesh
New IIM in Jammu and Kashmir and Andhra Pradesh

DEFENCE
Allocation of Rs. 2,46,726 crore to Defence, increased by 9.87%
Priority on Make in India Defence equipment

WELFARE SCHEMES
Construction of 50,000 toilets under Swachh Bharath Abhiyan
GST & JAM Trinity programmes to be introduced; By April 2016, GST will be implemented
Micro finance organizations will be refinanced by MUDRA bank; It will encourage first
generation SC/ST entrepreneurs
80,000 secondary schools will be upgraded
Expansion of DBT from 1 crore to 10.3 crore
In Atal Pension Yojna, govt. will contribute 50% of the premium up to Rs. 1000 for one
year
Scheme for physical aids and assisted living devices for old age people
Govt to use Rs. 9000 crore unclaimed funds in PPF/EPF for Senior Citizens Fund
Rs. 5,000 crore additional allocation for MGNREGA
Universal social security system for all Indians
RENEWABLE ENERGY

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Rs. 75 crore allocated for electric cars production
100K MW in solar; 60K MW in wind; 10K MW in biomass and 5K MW in small hydro
under Renewable energy target for 2022<

TOURISM
Development schemes for churches and convents in old Goa
New tourism scheme will cover Hampi, Elephanta caves, Forests of Rajasthan, Leh palace,
Varanasi , Jallianwala Bagh, Qutb Shahi tombs at Hyderabad

GOLD
Sovereign Gold Bond, as an alternative to purchasing metal gold
Development of an Indian gold coin carrying the Ashok Chakra on its face which will
reduce the demand for foreign coins and recycle the gold available in the country

SUBSIDIES
Food subsidy at Rs 1.24 trillion
Fertilizer subsidy at Rs 729.69 billion
Fuel subsidy at Rs 300 billion

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