Highlights of Union Budget

Highlights  of Union Budget Presenting the Budget on Monday Finance Minister Arun Jaitley said the Indian economy has weathered the serious global crisis.

Arun Jailtey said despite inheriting a weak economy, the government has turned the adversities into opportunities.

The current account deficit has declined to $14.4 bn dollars, projected 1.4% of GDP.

The growth of GDP has accelerated and inflation has decelerated, Jaitley said.

Highlights of the Union Budget:

GDP growth accelerated to 7.4%

We have bridged the trust deficit created by the previous government

Our forex reserves are at the highest level

CPI inflation has come down to 5.4% under our government, despite two poor monsoons

Govt to provide additional resource to rural and vulnerable areas

Increasing outlay on social sector programmes, 3 schemes to be focus: Crop Insurance, health insurance scheme for 1/3rd of India and BPL families to be provided with cooking gas connection helped by govt

FY16-17 and FY18 to be challenging

Will provide for PSU bank recapitalisation in this fiscal.

Govt to focus on passing GST and Bankruptcy laws.

Statutory backing for Aadhaar platform

Farm, rural sector, infra, social sector to have more government expenditure

Of 141 mn hectares of cultivated area, only 46% covered by irrigation. 28.5 lakh hectares to be brought under new scheme.

Agri and farmers’ welfare: Need to think beyond food security to income security.

Will double income of farmers by 2022. Rs 35, 984 crore allocation

9 pillars in this Budget – agri, rural sector, health sector, education skills and job creation, infra and investment, financial sector reforms, governance and ease of business, fiscal discipline, and tax reform to reduce compliance burden

Will provide for PSU bank recapitalisation in this fiscal.

Author: smit shah

I am a passionate Chartered Accountant having deep interest in taxation with combination of blogging.

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