April 16, 2024 21:51 (IST)
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Arun Jaitley presents growth-oriented budget
New Delhi, Feb 28 (IBNS) Instead of big bang announcements, Union Finance Minister Arun Jaitley on Saturday presented the General Budget 2015-16 focusing on infrastructure, cleanliness, social security and assuring a high growth trajectory while envisaging stricter laws on black money offenders.
While Jaitley said growth would accelerate between 8 and 8.5 percent in the coming fiscal year and the pace of cutting the fiscal deficit would be slow, the corporate India reacted positively to the budget calling it incremental and creative.
The finance minister said 7.4 percent GDP is expected for the current fiscal year.
Jaitley did away with the wealth tax and instead introduced a 2 percent surcharge on the super rich. Corporate tax was reduced from 30 to 25 percent in the Budget.
He began saying that the world is predicting it is India's chance to fly and claimed that the Modi government has turned around the economy.
"Domestic and international see us with renewed interest and hope," said the FM.
He said the government has lived up to the trust of people and highlighted the Jan Dhan Yojna and coal auction proceeds that benefit the coal bearing states.
He said six crore toilets will be constructed in due course.
Highlights
Budget targets 6 crore toilets in due course, 50 lakhs constructed
2015 GDP to be at 7.4 percent:
GST will ensure a modern taxation system
Growth can be between 8 and 8.5 pc
Aim to keep inflation below 6 pc
Accident insurance of Rs 2 lakh for Rs 12 annual premium for poor
Universal social security system in Budget speech
Initial allocation of Rs. 34699 crore under MNREGA
Jaitley announces senior citizen welfare fund
Another Rs 1000 crore to Nirbhaya Fund for women safety
Investment in infrastructure to increase by Rs. 70, 000 crore
150 countries' visitors to have visa on arrival in phases
Jaitley announces gold monetization scheme
New AIIMS in Jammu and Kashmir, Tamil Nadu, Himachal Pradesh and Assam, second AIIMS in Patna, A new IIT in Karnataka
National skill development mission will be launched
Rs. 2,46,726 cr allocated for defence in Budget
Non plan expenditure is 13, 12, 200 crore
Corporate tax reduced from 30 pc to 25 pc to boost investments and job creation
Comprehensive new law on black money
Upto 10 years jail for stashing black money abroad
300 pc penalty on concealing income
7-yr imprisonment for non filing of return on foreign asset
Amend law under FEMA on capital account transactions
Fiscal gap target of 3% to be met in 3 years
Exemption for individual tax payers to continue
Jaitley assures to curb benami transactions in property deals
Jaitley announces to abolish wealth tax, introduce 2 pc cess on super rich
Jaitley says Rs. 9000 cr to come from from additional 2% surcharge on the super rich
Service tax hiked to 14%
Transport allowance increased to Rs. 1600 per month
100 pc tax deduction for contribution to Swacch Bharat Fund
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