April 25, 2024 05:03 (IST)
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Arun Jaitley presents "pro-poor" Union Budget focusing on farm, villages and roads
New Delhi, Feb 29 (IBNS): Union Finance Minister Arun Jaitley on Monday presented the Union Budget 2016 focusing on rural development and farm and social sector while offering some relief to tax payers as analysts see it as a pro-poor budget with big ideas which is a challenge for the government to implement.
The budget with a total expenditure of Rs 19.78 lakh crore also focused on road and railway infrastructure in a big way.
He began saying that there is a global slowdown but Indian growth should not slow down and the challenges are opportunities too.
"Inflation has come down," he said, adding that the forex reserve is highest ever at $350 billion.
He said the GDP growth has accelerated to 7.6% while inflation is at 5.4%
He said "we have a shared responsibility to spend prudently and wisely for the people, especially for the poor and downtrodden."
Rs 2000 crore for rural households for LPG connections
The FM stressed on digital literacy in rural household to target an additional six crore households while the government has targeted 100 percent village electrification by May 2018.
The FM made a allocation of Rs. 35,984 crore for farm sector while the Rs 38,500 is highest ever for MGNREGA.
The FM allocated Rs 5000 crore for crop insurance schemes and Rs 60,000 crore for water resource management.
Rs. 17000 crore has been allocated for irrigation schemes in 2017 while the FM said he would ensure that farmers can earn double in next five years.
He said the orex reserves are at highest level at $350 billion.
Arun Jaitley said Rs 97,000 crore will be allocated for road infrastructure. He said Rs 55, 000 crore will be alone for roads and highways which will be matched further from other sectors. The total outlay for infrastructure is at Rs. 2,21,246 crores in 2016/17.
He said 85% of stalled road projects back on track.
The finance minister also announced to provide LPG cylinders to 1.5 crore households below the poverty line with an allocation of Rs 2,000 crore for it.
He said there is a target of 10,000 kms of national highway and upgradation of 50,000 kms of state highways in 2016/17.
The ceiling for tax rebate is up by Rs 3000/- Ceiling of tax rebate for tax payers with up to Rs 5 lakh annual income is being raised to Rs 5000 from Rs 2000, said the Finance Minister.
He also gave relief to those who stay in rented houses. He said tax rebate on rent is up from Rs. 24,000 to Rs. 60,000 per annum.
The Economic Survey 2015-16 presented in the Parliament on Friday by Jaitley emphasized that Indian economy will continue to grow more than 7 percent for the third year in succession in 2016-17 helped by a normal monsoon, despite global meltdown.
He said "we have a shared responsibility to spend prudently and wisely for the people, especially for the poor and downtrodden."
Rs 2000 crore for rural households for LPG connections
The FM stressed on digital literacy in rural household to target an additional six crore households while the government has targeted 100 percent village electrification by May 2018.
The FM made a allocation of Rs. 35,984 crore for farm sector while the Rs 38,500 is highest ever for MGNREGA.
The FM allocated Rs 5000 crore for crop insurance schemes and Rs 60,000 crore for water resource management.
Rs. 17000 crore has been allocated for irrigation schemes in 2017 while the FM said he would ensure that farmers can earn double in next five years.
He said the orex reserves are at highest level at $350 billion.
Arun Jaitley said Rs 97,000 crore will be allocated for road infrastructure. He said Rs 55, 000 crore will be alone for roads and highways which will be matched further from other sectors. The total outlay for infrastructure is at Rs. 2,21,246 crores in 2016/17.
He said 85% of stalled road projects back on track.
The finance minister also announced to provide LPG cylinders to 1.5 crore households below the poverty line with an allocation of Rs 2,000 crore for it.
He said there is a target of 10,000 kms of national highway and upgradation of 50,000 kms of state highways in 2016/17.
The ceiling for tax rebate is up by Rs 3000/- Ceiling of tax rebate for tax payers with up to Rs 5 lakh annual income is being raised to Rs 5000 from Rs 2000, said the Finance Minister.
He also gave relief to those who stay in rented houses. He said tax rebate on rent is up from Rs. 24,000 to Rs. 60,000 per annum.
The Economic Survey 2015-16 presented in the Parliament on Friday by Jaitley emphasized that Indian economy will continue to grow more than 7 percent for the third year in succession in 2016-17 helped by a normal monsoon, despite global meltdown.
(Writing by Sujoy Dhar)
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