A look at the highlights of the Budget by sector

Citing that the government is committed to ease of doing business in India, Finance Minister Arun Jaitley presented the Union Budget 2016-17 in the Parliament on Monday. Here is a look at how different sectors have benefited from the Budget.

Agriculture and rural sector

– Allocation for agriculture is Rs. 35, 984 crore.

– Allocation under Pradhan Mantri Gram Sadak Yojana increased to Rs. 19,000 crore.

– Allocation for rural sector is Rs. 87,765 crore.

– A sum of Rs. 38,500 crore allocated for MGNREGS.

– 100 per cent village electrification by May 1, 2018.

– Agricultural credit target of Rs. 9 lakh crore. Govt to allocate Rs 5,500 crore for crop insurance scheme.

– Paramparagat Krishi Vikas Yojana to bring 5 lakh acres under organic farming.

Social sector

– Allocation for social sector including education and health care is Rs. 1,51,581 crore.

– A new health protection scheme for health cover upto Rs. 1 lakh per family. Senior citizens will get additional healthcare cover of Rs. 30,000.

– 3,000 stores to be set up for generic drugs.

– Rs. 9,000 crore for Swachch Bharat Abhiyan.

– National dialysis service programme under PPP model. LPG connection for women members of rural homes.

Education and jobs

– 62 new Navodaya Vidyalayas will be opened

– Higher Education Financing Agency to be set-up with initial capital base of Rs. 1000 crore.

– 10 public and 10 private educational institutions to be made world-class. Digital repository for all school leaving certificates and diplomas.

– Allocation for skill development is Rs. 1804 crore.

– Govt. will pay EPF contribution of 8.33 per cent for all new employees for first three years.

Infrastructure

– Total investment in the road sector, including PMGSY allocation, would be Rs. 97,000 crore.

– Total outlay for infrastructure in Budget 2016 now stands at Rs. 2,21,246 crore.

– Allocation of Rs. 55,000 crore in the Budget for Roads. Additional Rs. 15,000 crore to be raised by NHAI through bonds.

– 10,000 km of national highways in 2016-17 and 50,000 km state highways to be converted to NH roads.

– New greenfield ports to be developed on east and west coasts. Revival of underserved airports. Centre to Partner with States to revive small airports for regional connectivity

– Plan to augment nuclear power in the next 15-20 years.

– Reforms in FDI policy in the areas of Insurance and Pension, Asset Reconstruction Companies, Stock Exchanges.

Financial sector

– Statutory basis for a Monetary Policy framework and a Monetary Policy Committee through the Finance Bill 2016.

– Allocation of Rs. 25,000 crore towards recapitalisation of Public Sector Banks.

– General Insurance Companies owned by the Government to be listed in the stock exchanges.

Personal finance

– People with income less than Rs. 5 lakh to get deduction of Rs 5,000 under section 87A, up from Rs 2,000 last year. HRA deduction up from Rs. 24,000 to Rs. 60,000 p.a.

– 40% of withdrawal at the time of retirement under National Pension Scheme to be tax exempt.

– Additional exemption of Rs. 50,000 for housing loans up to Rs. 35 lakh, provided cost of house is not above Rs. 50 lakh.

– No changes have been made to existing income tax slabs.

Source: indiabudget.nic.in

Ref : http://www.thehindu.com/business/budget/the-impact-of-the-budget-across-sectors/article8295738.ece

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Prashant Pandya View All →

I am a full-stack engineer whose passion lies in building great products while enabling others to perform their roles more effectively. I have architect and built horizontally scalable back-ends; distributed RESTful API services; and web-based front-ends with modern, highly interactive Ajax UIs.

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