For individuals
* Tax slab on personal
income remains unchanged
* Income tax exemption
limit raised by Rs 50,000 to Rs 2.5 lakh and for senior citizens to Rs 3 lakh
* Exemption limit for
investment in financial instruments under 80C raised to Rs 1.5 lakh from Rs 1
lakh.
* Investment limit in PPF
raised to Rs 1.5 lakh from Rs 1 lakh
* Deduction limit on
interest on loan for self-occupied house raised to Rs 2 lakh from Rs 1.5 lakh.
* Kisan Vikas Patra to be
reintroduced, National Savings Certificate with insurance cover to be launched
* Long term capial gain tax
for mutual funds doubled to 20 pc; lock-in period increased to 3 years
* Mandatory wage ceiling of
subscription to EPS (Employee Pension Scheme) raised from Rs 6,500 to Rs 15,000
* Minimum pension increased
to Rs 1,000 per month
* LCD, LED TV become
cheaper
* Cigarettes, pan masala,
tobacco, aerated drinks become costlier
Deduction limit on interest
on loan for self-occupied house raised to Rs 2 lakh from Rs 1.5 lakh
New projects
* 5 IIMs to be opened in
HP, Punjab, Bihar, Odisha and Rajasthan
* 5 more IITs in Jammu,
Chattisgarh, Goa, Andhra Pradesh and Kerala.
* 4 more AIIMS like
institutions to come up in Andhra Pradesh, West Bengal, Vidarbha in Maharashtra
and Poorvanchal in Uttar Pradesh
* Govt proposes to launch
'Digital India’ programme to ensure broad band connectivity at village level
* Kisan TV for farmers,
Arun Prabha TV for northeast.
* National Rural Internet
and Technology Mission for services in villages and schools, training in IT
skills proposed
* Govt proposes Ultra
Modern Super Critical Coal Based Thermal Power Technology
* A project on the river
Ganga called ‘Jal Marg Vikas’ for inland waterways between Allahabad and
Haldia; Rs 4,200 crore set aside for the purpose.
* EPFO to launch the
“Uniform Account Number” Service for contributing members.
* New programme
“Neeranchal” to give impetus to watershed development in the country with an
initial outlay of Rs. 2142 crores.
* Beti Bachao, Beti Padhao
Yojana to generate awareness and help in improving the efficiency of delivery
of welfare services meant for women.
* Free Drug Service and
Free Diagnosis Service to achieve “ Health For All”
* Two National Institutes
of Ageing to be set up at AIIMS, New Delhi and Madras Medical College, Chennai.
5 more IITs in Jammu,
Chattisgarh, Goa, Andhra Pradesh and Kerala
Allocations
* Rs 100 crore to support
about 600 new and existing Community Radio Stations
* Swachh Bharat Abhiyan to
cover every household with sanitation facility by the year 2019
* Rs 100 crore for metro
projects in Lucknow and Ahmedabad
* Rs 2,037 crore set aside
for Integrated Ganga Conservation Mission called ‘Namami Gange’
* Rs 150 crore allocated
for increasing safety of women in large cities
* Rs. 7,060 crore for the
project of developing 100 Smart Cities.
* Set aside Rs 11,200 crore
for PSU banks capitalisation
* Govt provides Rs 500
crore for rehabilitation of displaced Kashmiri migrants
* 1000 crore provided for
“Pradhan Mantri Krishi Sinchayee Yojna” for assured irrigation.
* Rs. 50,548 crore under
the SC Plan and Rs. 32,387 crore under TSP
Rs. 7,060 crore for the
project of developing 100 Smart Cities
Economic initiatives
* Composite cap of foreign
investment to be raised to 49 per cent in Defence and Insurance sectors.
* Requirement of the built
up area and capital conditions for FDI reduced to 20,000 square metres and USD
5 million respectively for development of smart cities.
* Manufacturing can sell
its products through retail including Ecommerce platforms.
* Requirement to infuse
Rs.2,40,000 crore as equity by 2018 in our banks to be in line with Basel-III
norms PSUs will invest through capital investment a total sum of Rs. 2,47,941
crores.
* Rs 4,000 cr set aside to
increase flow of cheaper credit for affordable housing to the urban
poor/EWS/LIG segment.
* Govt in favour of
consolidation of PSU banks
* Govt considering giving
greater autonomy to PSU banks while making them accountable
The numbers
* Government expects Rs
9.77 lakh crore revenue crore from taxes
* Plan expenditure pegged
at Rs 5.75 lakh crore and non-plan at Rs 12.19 lakh crore.
* Fiscal deficit target
retained at 4.1 pc of GDP for current fiscal and 3.6 pc in FY 16
* Disinvestment target
fixed at Rs 58,425 crore
* Gross borrowings pegged
at Rs 6 lakh crore
* Contours of GST to be
finalised this fiscal; Govt to look into DTC proposal.
Plan expenditure pegged at
Rs 5.75 lakh crore and non-plan at Rs 12.19 lakh crore
Administrative reforms
* Committee to look into
all fresh tax demands for indirect transfer of assets in wake of retrospective
tax amendments of 2012
* Expenditure management
commission to be setup; will look into food and fertilizer subsides
* Legislative and
administrative changes to sort out pending tax demands of more than Rs. 4 lakh
crore under dispute and litigation.
* New Urea Policy would be
formulated.
* More productive, asset
creating and with linkages to agriculture and allied activities wage employment
would to be provided under MGNREGA.
* A committee will to
examine and recommend how unclaimed amounts with PPF, Post Office, saving
schemes etc. can be used to protect and further financial interests of the
senior citizens
* Slum development to be
included in the list of Corporate Social Responsibility
* Committee to examine the
financial architecture for MSME Sector, remove bottlenecks and create new rules
and structures to be set up and give concrete suggestions in three months.
*
An institution to provide support to mainstreaming PPPPs called 4PIndia to be
set up with a corpus of Rs. 500 crores.
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