Today Finance Minister Arun Jaitely is going to present the Union-Budget for the session 2015-16 at Parliament Of India.
Live Updates:-
Cabinet has approved Union Budget.
Sensex trades at 29426.70, up 206 points ahead of Budget 2015; Nifty tests 8900.
Finance minister must not forget poor states :tweeted by – Nitish Kumar.
Finance Minister Arun Jaitley begins his Budget 2015 presentation by saying that :
The credibility of the India economy has been reestablished.
The latest CPI inflation is 5.1 % and whole sale price inflation is negative.
Objective is to improve quality of life and to pass benefits to common man.
Growth, investment, and redistribution — the budget will lay out policies for all three.
3 achievements of our government- the success of the “Jan Dhan Yojana”, “coal auctions” and “Swachch Bharat Abhiyan”.
One of the achievement of the govt has been is to conquer inflation.
Our objective is to keep inflation below 6 percent.
GDP growth for 2015-16 seen at between 8 – 8.5%.
In Swach Bharat 50 lakh toilet already built, 6 crore toilet targeted.
To ensure employment to our youth, we have to make india the manufacturing hub of the world.
80,000 secondary schools to get upgrade.
To sanction 1 lakh km of new roads.
Key challenges agricultural incomes falling, decline in share of manufacturing, need for fiscal discipline.
Real GDP growth expected to accelerate to 7.4%.
we will finish the journey to 3% fiscal deficit in two years.
States get 62% of the total resources now.
We need a well targeted system of subsidies rather than to cut subsidies.
Target of Rs 8.5 lakh crores credit to be given to farmers in 2015-16.
Will ensure no one who is poor is without a job. Govt allocates Rs 346.99 billion for NREGA scheme in Budget 2015.
Govt to launch PM Suraksha Bhima Yojana, offering coverage of 2 lakh rupees for just premium of Rs 12 , Surakhsha Bhima Yojana to increase the access to insurance; it will be linked with Jan Dhan Yojana.
Atal Pension Yojana to provide defined pension according to contribution; 50% contribution to be from govt.
I propose a new scheme of providing physical aids for senior citizens living below poverty line.
Jaitley proposes ‘Nayi Manzil’ scheme for the minorities youth.
Investment in infrastructure to go up by Rs 70,000 crores.
Govt is establishing a mechanism ‘self employment’ to support all aspects of start up business.
Tax-free infrastructure bonds for projects in railways and roads.
Proposes 5 ultra mega power projects for 4,000 MW each.
Second unit of Kudankulam nuclear power station to be commissioned in 2015-16.
Initial sum of Rs 150 core to create world class IT hub to take advantage of our competitiveness.
Rs 5000 crore: FM. PM Modi had said on Friday that his government would continue MNREGA since it is a glaring example of Congress’s failure.
FM proposes to merge commodities regulator with SEBI.
Govt to set up public debt management agency.
Govt plans to introduce direct tax regime that is internationally competitive on rates without exemptions.
India is the largest consumer of gold in the world, I propose to introduce a gold monetization scheme.
Govt to introduce Indian gold coin with Ashoka sign on it.
Will put in place bankruptcy code soon.
Employee’s contribution to EPF below an income threshold will be optional without reducing employer’s contribution ‘Agri income, invst boost in infra, manufacturing key challenges’.
Rs 1000 crore more to Nirbhaya fund.
Govt proposes to do away with different types of foreign investment and replace them with composite caps.
Govt to raise visa-on-arrival facilities to 150 countries from 43.
Government proposes to bring in a regulatory reform law.
AIIMS to be set up in J&K, Punjab, Tamil Nadu, Himachal Pradesh and Assam.
ISM Dhanabad will be upgraded to full IIT.
Nifty turns negative, down 0.04%.
Defence allocation for this fiscal is Rs 2,46,727 crore.
Budget estimates of expenditure: Rs 17 .77 lakh crpre, of which non-plan is Rs 13.12 lakh crore, and plan is Rs 4.65 lakh crore.
Corporate tax reduced from 30% to 25% over next four years.
Sensex should like govt proposal of 5% reduction in corporate taxes in Budget.
Sensex recovers, up 1% after Jaitley lowers corporate tax rate.
FM proposes to enact a comprehensive new law on black money to bring back black money stashed abroad.
Govt to enact tough penalties for tax evasion in new bill.
Foreign Exchange Management Act to allow for seizure of foreign properties and assets.
Benami property transaction bill to tackle black money transaction in real estate soon.
PAN number mandatory for any purchase above Rs 1 lakh.
Sensex rebounds by nearly 250 points on Budget proposal to reduce corporate tax rate.
Govt defers roll out of anti-tax avoidance rules GAAR by 2 years.
Govt to reduce custom duty on 22 items.
Govt reduces taxes on technical services to 10% from 25%.
Govt to abolish wealth tax, replaces wealth tax with additional 2%surcharge on super rich.
Replacing wealth tax with a surcharge on super-rich will lead to Rs 9,000 crore additional income.
Govt: Retrospective tax provisions will be avoided.
Tax dept to put out a clarification on indirect transfer of assets and dividend paid by foreign firms.
Custom duty on raw materials and intermediaries to be reduced.
Non-filing of returns, or filing of returns with inadequate information will attract rigorous imprisonment.
FM proposea to increase service tax rate and education cess to 14% from 12.36% .
100% deduction for contribution to Swachch Bharat and Clean Ganga schemes.
Additional deduction of Rs 50,000 for pension contributions.
Transport allowance, which is currently Rs 800 per month, has been increased to Rs 1600 per month.
All contributions to Sukanya Samridhi scheme to be tax free.
Individual tax payer will benefit to the extent Rs 4,44,200 from the exemptions announced.
Direct tax proposals will lead to loss of Rs 8,315 crore; indirect proposal will yield Rs 23,383 crore.
Net gain from tax proposals seen at 150.68 billion rupees in 2015-16.
Investment in infrastructure to go up by Rs 70,000 crores.
Excise on footwear reduced to 6%.
Defence allocation for this fiscal is Rs 2,46,727 crore.
Govt to launch PM Suraksha Bima Yojana.
Faster adoption of electric vehicles and increasing renewable energy to 1,75,000 mw by 2022.
we are expecting more from this government, so i m not totally satisfied with this budget. If I would see it as a corporate I m happy but as a middle class person I would say no..
I think if people should raise above their self interest and see the overall nation first, then it is a fantastic budget.