04/03/2016 TheimpactoftheBudgetacrosssectorsTheHindu

BUDGET

February29,2016

ImpactoftheBudgetacrosssectors
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TheHindu
SnifferdogbeingpressedintoservicebeforeBudgetpapersweretakeninsideParliamentHouseinNewDelhi.Photo:V.Sudershan

AlookatthehighlightsoftheBudgetbysector.

CitingthatthegovernmentiscommittedtoeaseofdoingbusinessinIndia,FinanceMinisterArunJaitleypresentedtheUnionBudget2016
17intheParliamentonMonday.HereisalookathowdifferentsectorshavebenefitedfromtheBudget.

Agricultureandruralsector

AllocationforagricultureisRs.35,984crore.

AllocationunderPradhanMantriGramSadakYojanaincreasedtoRs.19,000crore.

AllocationforruralsectorisRs.87,765crore.

AsumofRs.38,500croreallocatedforMGNREGS.

100percentvillageelectrificationbyMay1,2018.

AgriculturalcredittargetofRs.9lakhcrore.GovttoallocateRs5,500croreforcropinsurancescheme.

ParamparagatKrishiVikasYojanatobring5lakhacresunderorganicfarming.

Socialsector

AllocationforsocialsectorincludingeducationandhealthcareisRs.1,51,581crore.

AnewhealthprotectionschemeforhealthcoveruptoRs.1lakhperfamily.Seniorcitizenswillgetadditionalhealthcare
coverofRs.30,000.

3,000storestobesetupforgenericdrugs.

Rs.9,000croreforSwachchBharatAbhiyan.

NationaldialysisserviceprogrammeunderPPPmodel.LPGconnectionforwomenmembersofruralhomes.

Educationandjobs

62newNavodayaVidyalayaswillbeopened

HigherEducationFinancingAgencytobesetupwithinitialcapitalbaseofRs.1000crore.

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04/03/2016 TheimpactoftheBudgetacrosssectorsTheHindu
10publicand10privateeducationalinstitutionstobemadeworldclass.Digitalrepositoryforallschoolleavingcertificates
anddiplomas.

AllocationforskilldevelopmentisRs.1804crore.

Govt.willpayEPFcontributionof8.33percentforallnewemployeesforfirstthreeyears.

Infrastructure

Totalinvestmentintheroadsector,includingPMGSYallocation,wouldbeRs.97,000crore.

TotaloutlayforinfrastructureinBudget2016nowstandsatRs.2,21,246crore.

AllocationofRs.55,000croreintheBudgetforRoads.AdditionalRs.15,000croretoberaisedbyNHAIthroughbonds.

10,000kmofnationalhighwaysin201617and50,000kmstatehighwaystobeconvertedtoNHroads.

Newgreenfieldportstobedevelopedoneastandwestcoasts.Revivalofunderservedairports.CentretoPartnerwithStatestorevivesmall
airportsforregionalconnectivity

Plantoaugmentnuclearpowerinthenext1520years.

ReformsinFDIpolicyintheareasofInsuranceandPension,AssetReconstructionCompanies,StockExchanges.

Financialsector

StatutorybasisforaMonetaryPolicyframeworkandaMonetaryPolicyCommitteethroughtheFinanceBill2016.

AllocationofRs.25,000croretowardsrecapitalisationofPublicSectorBanks.

GeneralInsuranceCompaniesownedbytheGovernmenttobelistedinthestockexchanges.

Personalfinance

PeoplewithincomelessthanRs.5lakhtogetdeductionofRs5,000undersection87A,upfromRs2,000lastyear.HRA
deductionupfromRs.24,000toRs.60,000p.a.

40%ofwithdrawalatthetimeofretirementunderNationalPensionSchemetobetaxexempt.

AdditionalexemptionofRs.50,000forhousingloansuptoRs.35lakh,providedcostofhouseisnotaboveRs.50lakh.

Nochangeshavebeenmadetoexistingincometaxslabs.

Source:indiabudget.nic.in

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