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{"id":2679,"date":"2016-02-29T19:00:58","date_gmt":"2016-02-29T13:30:58","guid":{"rendered":"https:\/\/taxclick.org\/?p=2679"},"modified":"2016-02-29T19:05:42","modified_gmt":"2016-02-29T13:35:42","slug":"key-highlights-of-budget-2016-2017","status":"publish","type":"post","link":"https:\/\/taxclick.org\/type\/miscellaneous\/key-highlights-of-budget-2016-2017\/","title":{"rendered":"Key highlights of Budget 2016-2017"},"content":{"rendered":"INTRODUCTION<\/strong><\/h3>\n\n- Growth of Economy accelerated to 7.6% in 2015-16.<\/li>\n<\/ul>\n
\n- India hailed as a \u2018bright spot\u2019 amidst a slowing global economy by IMF.<\/li>\n<\/ul>\n
\n- Robust growth achieved despite very unfavourable global conditions and twoconsecutive years shortfall in monsoon by 13%<\/li>\n<\/ul>\n
\n- Foreign exchange reserves touched highest ever level of about 350 billion US dollars.<\/li>\n<\/ul>\n
\n- Despite increased devolution to States by 55% as a result of the 14th Finance Commission award, plan expenditure increased at RE stage in 2015-16 \u2013 in contrast to earlier years.<\/li>\n<\/ul>\n
<\/p>\n
CHALLENGES IN 2016-17<\/strong><\/h3>\n\n- Risks of further global slowdown and turbulence.<\/li>\n<\/ul>\n
\n- Additional fiscal burden due to 7th Central Pay Commission recommendations and OROP.<\/li>\n<\/ul>\n
<\/p>\n
ROADMAP&PRIORITIES<\/strong><\/h3>\n\n- ‘Transform India’ to have a significant impact on economy and lives of people.<\/li>\n<\/ul>\n
\n- Government to focus on \u2013<\/li>\n<\/ul>\n
\n- ensuring macro-economic stability and prudent fiscal management.<\/li>\n<\/ul>\n
\n- boosting on domestic demand<\/li>\n<\/ul>\n
\n- continuing with the pace of economic reforms and policy initiatives to change the lives of our people for the better.<\/li>\n<\/ul>\n
\n- Focus on enhancing expenditure in priority areas of – farm and rural sector, social sector, infrastructure sector employment generation and recapitalisation of the banks.<\/li>\n<\/ul>\n
\n- Focus on Vulnerable sections through:<\/li>\n<\/ul>\n
\n- Pradhan Mantri Fasal Bima Yojana<\/li>\n<\/ul>\n
\n- New health insurance scheme to protect against hospitalisation expenditure<\/li>\n<\/ul>\n
\n- facility of cooking gas connection for BPL families<\/li>\n<\/ul>\n
\n- Continue with the ongoing reform programme and ensure passage of the Goods and Service Tax bill and Insolvency and Bankruptcy law<\/li>\n<\/ul>\n
\n- Undertake important reforms by:<\/li>\n<\/ul>\n
\n- giving a statutory backing to AADHAR platform to ensure benefits reach the deserving.<\/li>\n<\/ul>\n
\n- freeing the transport sector from constraints and restrictions<\/li>\n<\/ul>\n
\n- incentivising gas discovery and exploration by providing calibrated marketing freedom<\/li>\n<\/ul>\n
\n- enactment of a comprehensive law to deal with resolution of financial firms<\/li>\n<\/ul>\n
\n- provide legal framework for dispute resolution and re-negotiationsin PPP projects and public utility contracts<\/li>\n<\/ul>\n
\n- undertake important banking sector reforms and public listing of general insurance companies undertake significant changes in FDI policy.<\/li>\n<\/ul>\n
<\/p>\n
AGRICULTURE AND FARMERS\u2019 WELFARE<\/strong><\/h3>\n\n- Allocation for Agriculture and Farmers\u2019 welfare is ` 35,984 crore<\/li>\n<\/ul>\n
\n- \u2018Pradhan Mantri Krishi Sinchai Yojana\u2019 to be implemented in mission mode. 28.5 lakh hectares will be brought under irrigation.<\/li>\n<\/ul>\n
\n- Implementation of 89 irrigation projects under AIBP, which are languishingfor a long time, will be fast tracked<\/li>\n<\/ul>\n
\n- A dedicated Long Term Irrigation Fund will be created in NABARD with an initial corpus of about ` 20,000 crore<\/li>\n<\/ul>\n
\n- Programme for sustainable management of ground water resources with an estimated cost of ` 6,000 crore will be implemented through multilateral funding<\/li>\n<\/ul>\n
\n- 5 lakh farm ponds and dug wells in rain fed areas and 10 lakh compost pits for production of organic manure will be taken up under MGNREGA<\/li>\n<\/ul>\n
\n- Soil Health Card scheme will cover all 14 crore farm holdings by March 2017.<\/li>\n<\/ul>\n
\n- 2,000 model retail outlets of Fertilizer companies will be provided with soil and seed testing facilities during the next three years<\/li>\n<\/ul>\n
\n- Promote organic farming through \u2018Parmparagat Krishi Vikas Yojana<\/em>\u2019 and ‘Organic Value Chain Development in North East Region’.<\/li>\n<\/ul>\n
\n- Unified Agricultural Marketing ePlatform to provide a common e-market platform for wholesale markets<\/li>\n<\/ul>\n
\n- Allocation under Pradhan Mantri Gram Sadak Yojana<\/em> increased to Rs. 19,000 crore. Will connect remaining 65,000 eligible habitations by<\/li>\n<\/ul>\n
\n- To reduce the burden of loan repayment on farmers, a provision of ` 15,000 crore has been made in the BE 2016-17 towards interest subvention<\/li>\n<\/ul>\n
\n- Allocation under Prime Minister Fasal Bima Yojana ` 5,500 crore.<\/li>\n<\/ul>\n
\n- Rs. 850 crore for four dairying projects – \u2018Pashudhan Sanjivani\u2019, \u2018Nakul<\/em> Swasthya Patra\u2019, \u2018E-Pashudhan Haat<\/em>\u2019 and National Genomic Centre for indigenous breeds<\/li>\n<\/ul>\n
<\/p>\n
RURAL SECTOR<\/strong><\/h3>\n\n- Allocation for rural sector – ` 87,765 crore.<\/li>\n<\/ul>\n
\n- Rs. 87 lakh crore will be given as Grant in Aid to Gram Panchayats and Municipalities as per the recommendations of the 14th<\/sup> Finance Commission<\/li>\n<\/ul>\n
\n- Every block under drought and rural distress will be taken up as an intensive Block under the Deen Dayal Antyodaya<\/em> Mission<\/li>\n<\/ul>\n
\n- A sum of ` 38,500 crore allocated for MGNREGS.<\/li>\n<\/ul>\n
\n- 300 Rurban Clusters will be developed under the Shyama Prasad Mukherjee Rurban Mission<\/li>\n<\/ul>\n
\n- 100% village electrification by 1st<\/sup> May, 2018.<\/li>\n<\/ul>\n
\n- District Level Committees under Chairmanship of senior most Lok Sabha MP from the district for monitoring and implementation of designated Central Sector and Centrally Sponsored Schemes.<\/li>\n<\/ul>\n
\n- Priority allocation from Centrally Sponsored Schemes to be made to reward villages that have become free from open defecation.<\/li>\n<\/ul>\n
\n- A new Digital Literacy Mission Scheme for rural India to cover around 6 crore additional household within the next 3 years.<\/li>\n<\/ul>\n
\n- National Land Record Modernisation Programme has been revamped.<\/li>\n<\/ul>\n
\n- New scheme Rashtriya Gram Swaraj Abhiyan<\/em> proposed with allocation of ` 655 crore.<\/li>\n<\/ul>\n
SOCIAL SECTOR INCLUDING HEALTH CARE<\/strong><\/h3>\n\n- Allocation for social sector including education and health care \u2013 Rs 1,51,581 crore.<\/li>\n<\/ul>\n
\n- Rs 2,000 crore allocated for initial cost of providing LPG connections to BPL families.<\/li>\n<\/ul>\n
\n- New health protection scheme will provide health cover up to Rs One lakh per family. For senior citizens an additional top-up package up to Rs 30,000 will be provided.<\/li>\n<\/ul>\n
\n- 3,000 Stores under Prime Minister\u2019s Jan Aushadhi<\/em> Yojana will be opened during 2016-17.<\/li>\n<\/ul>\n
\n- \u2018National Dialysis Services Programme<\/em>\u2019 to be started under National Health Mission through PPP mode<\/li>\n<\/ul>\n
\n- \u201cStand Up India Scheme<\/em>\u201d to facilitate at least two projects per bank branch. This will benefit at least 2.5 lakh entrepreneurs.<\/li>\n<\/ul>\n
\n- National Scheduled Caste and Scheduled Tribe Hub to be set up in partnership with industry associations<\/li>\n<\/ul>\n
\n- Allocation of Rs 100 crore each for celebrating the Birth Centenary of Pandit Deen Dayal Upadhyay and the 350th<\/sup> Birth Anniversary of Guru Gobind Singh.<\/li>\n<\/ul>\n
<\/p>\n
EDUCATION, SKILLS AND JOB CREATION<\/strong><\/h3>\n\n- 62 new Navodaya Vidyalayas<\/em> will be opened<\/li>\n<\/ul>\n
\n- Sarva Shiksha Abhiyan <\/em>to increasing focus on quality of education<\/li>\n<\/ul>\n
\n- Regulatory architecture to be provided to ten public and ten private institutions to emerge as world-class Teaching and Research Institutions<\/li>\n<\/ul>\n
\n- Higher Education Financing Agency to be set-up with initial capital base of Rs 1000 Crores<\/li>\n<\/ul>\n
\n- Digital Depository for School Leaving Certificates, College Degrees, Academic Awards and Mark sheets to be set-up.<\/li>\n<\/ul>\n
SKILL DEVELOPMENT<\/strong><\/h3>\n\n- Allocation for skill development \u2013 Rs crore.<\/li>\n<\/ul>\n
\n- 1500 Multi Skill Training Institutes to be set-up.<\/li>\n<\/ul>\n
\n- National Board for Skill Development Certification to be setup in partnership with the industry and academia<\/li>\n<\/ul>\n
\n- Entrepreneurship Education and Training through Massive Open Online Courses<\/li>\n<\/ul>\n
JOB CREATION<\/strong><\/h3>\n\n- GOI will pay contribution of 8.33% for of all new employees enrolling in EPFO for the first three years of their employment. Budget provision of Rs 1000 crore for this scheme.<\/li>\n<\/ul>\n
\n- Deduction under Section 80JJAA of the Income Tax Act will be available to all assesses who are subject to statutory audit under the Act<\/li>\n<\/ul>\n
\n- 100 Model Career Centres to operational by the end of 2016-17 under National Career Service.<\/li>\n<\/ul>\n
\n- Model Shops and Establishments Bill to be circulated to States.<\/li>\n<\/ul>\n
INFRASTRUCTURE AND INVESTMENT<\/strong><\/h3>\n\n- Total investment in the road sector, including PMGSY allocation, would be Rs 97,000 crore during 2016-17.<\/li>\n<\/ul>\n
\n- India\u2019s highest ever kilometres of new highways were awarded in 2015. To approve nearly 10,000 kms of National Highways in 2016-17.<\/li>\n<\/ul>\n
\n- Allocation of Rs 55,000 crore in the Budget for Roads. Additional Rs 15,000 crore to be raised by NHAI through bonds.<\/li>\n<\/ul>\n
\n- Total outlay for infrastructure – Rs 2,21,246crore.<\/li>\n<\/ul>\n
\n- Amendments to be made in Motor Vehicles Act to open up the road transport sector in the passenger segment<\/li>\n<\/ul>\n
\n- Action plan for revival of unserved and underserved airports to be drawn up in partnership with State Governments.<\/li>\n<\/ul>\n
\n- To provide calibrated marketing freedom in order to incentivise gas production from deep-water, ultra deep-water and high pressure-high temperature areas<\/li>\n<\/ul>\n
\n- Comprehensive plan, spanning next 15 to 20 years, to augment the investment in nuclear power generation to be drawn up.<\/li>\n<\/ul>\n
\n- Steps to re-vitalise PPPs:<\/li>\n<\/ul>\n
\n- Public Utility (Resolution of Disputes) Bill will be introduced during 2016-17<\/li>\n<\/ul>\n
\n- Guidelines for renegotiation of PPP Concession Agreements will be issued<\/li>\n<\/ul>\n
\n- New credit rating system for infrastructure projects to be introduced<\/li>\n<\/ul>\n
\n- Reforms in FDI policy in the areas of Insurance and Pension, Asset Reconstruction Companies, Stock Exchanges.<\/li>\n<\/ul>\n
\n- 100% FDI to be allowed through FIPB route in marketing of food products produced and manufactured in India.<\/li>\n<\/ul>\n
\n- A new policy for management of Government investment in Public Sector Enterprises, including disinvestment and strategic sale, approved.<\/li>\n<\/ul>\n
FINANCIAL SECTOR REFORMS<\/strong><\/h3>\n\n- A comprehensive Code on Resolution of Financial Firms to be introduced.<\/li>\n<\/ul>\n
\n- Statutory basis for a Monetary Policy framework and a Monetary Policy Committee through the Finance Bill 2016.<\/li>\n<\/ul>\n
\n- A Financial DataManagement Centre to be set up.<\/li>\n<\/ul>\n
\n- RBI to facilitate retail participation in Government securities.<\/li>\n<\/ul>\n
\n- New derivative products will be developed by SEBI in the Commodity Derivatives market.<\/li>\n<\/ul>\n
\n- Amendments in the SARFAESI Act 2002 to enable the sponsor of an ARC to hold up to 100% stake in the ARC and permit non institutional investors to invest in Securitization Receipts.<\/li>\n<\/ul>\n
\n- Comprehensive Central Legislation to be bought to deal with the menace ofillicit deposit taking schemes.<\/li>\n<\/ul>\n
\n- Increasing members and benches of the Securities Appellate Tribunal.<\/li>\n<\/ul>\n
\n- Allocation of Rs 25,000 crore towards recapitalisation of Public Sector Banks.<\/li>\n<\/ul>\n
\n- Target of amount sanctioned under Pradhan Mantri Mudra Yojana<\/em> increased to Rs 1,80,000 crore.<\/li>\n<\/ul>\n
\n- General Insurance Companies owned by the Government to be listed in the stock exchanges.<\/li>\n<\/ul>\n
<\/p>\n
GOVERNANCE AND EASE OF DOING BUSINESS<\/strong><\/h3>\n\n- A Task Force has been constituted for rationalisation of human resources in various Ministries.<\/li>\n<\/ul>\n
\n- Comprehensive review and rationalisation of Autonomous Bodies.<\/li>\n<\/ul>\n
\n- Bill for Targeted Delivery of Financial and Other Subsidies, Benefits and Services by using the Aadhar<\/em> framework to be introduced.<\/li>\n<\/ul>\n
\n- Introduce DBT on pilot basis for fertilizer.<\/li>\n<\/ul>\n
\n- Automation facilities will be provided in 3 lakh fair price shops by March 2017.<\/li>\n<\/ul>\n
\n- Amendments in Companies Act to improve enabling environment for start-ups.<\/li>\n<\/ul>\n
\n- Price Stabilisation Fund with a corpus of Rs 900 crore to help maintain stable prices of Pulses.<\/li>\n<\/ul>\n
\n- \u201cEk Bharat Shreshtha Bharat\u201d<\/em> programme will be launched to link States and Districts in an annual programme that connects people through exchanges in areas of language, trade, culture, travel and tourism.<\/li>\n<\/ul>\n
FISCAL DISCIPLINE<\/strong><\/h3>\n\n