Here Comes the Union INDIA Budget of India 2016 – 17

Today on 29th of February Finance Minister Mr. Arun Jaitley Had Delivered the complete union india Budget on the floor of Lok Shabha at 11:00 AM.
FM has thanks about 75 Lakh India who Giveup their LPG subsidy and this money will be used to provide LPG in rural areas. He also Said that Public money should reach the poor and deserving without any leakage which is really what India required. Black money and Tax evasion must be stopped. The business startup must be appreciated.

Apart from this on Union budget India- FM Arun Jaitley Said that:

  • Presenting this budget when the global economy is a serious Problem.
  • We are inherited an economy with Poor growth and higher inflation rate.
  • Let’s look at our achievements as compared to the Past 3 years of the previous govt. CPI inflation rate come down to 5.4% now at our government, despite two worst monsoons
  • Indian Forex reserves are now at the highest level
  • GDP growth accelerated to 7.4%
  • New schemes has been made for ease of doing business
  • Farm, Rural Indian sector, infrastructure, social sector to give more Government expenditure

He also clarifies that this Union INDIA Budget is totally based on Nine factors which are:

union budget 2016

  1. Agriculture Farm and Welfare
  2. Rural Area Focus
  3. Social Healthcare
  4. Education and Job Creation
  5. Infrastructure
  6. Ease of doing business
  7. Fiscal Discipline
  8. Tax Reforms
Click on the above points to get the full details on the topic.

Main points of the Union India Budget are followed:

HRA deduction popup to Rs. 60,000 per annum 40% of withdrawal from NPS to be tax exempt; additional rupees 50000 exemption for housing loans.
Rs. 1,060 crore revenue deficit through direct tax Announcements, and Rs. 20,670 crore revenue Income through indirect tax Announcements.
Zero Service Tax for homes built in 60 square meters. Excise duty on tobacco excluding Bidi increased by 10 to 15 per cent. Additional exemption of Rs. 50,000 for housing loans up to Rs. 35 lakh, Subject to Cost of a house not more than 50 Lakh.
40% of withdrawal at the time of retirement under National Pension Scheme to be tax exempt.
Tax holiday for startups for three of five years of setting up the
company  in this Union budget of India
People with income less than Rs 5 lakh to get a deduction of Rs 5,000, up from Rs 2,000 last year. HRA deduction up from Rs. 24,000 to Rs. 60,000 p.a. 
 Govt plans to spend Rs 19.78 lakh crore in 2016-17 — Rs 5.5 lakh crore under plan head, Rs 14.28 lakh crore under non-plan head.
Fiscal deficit at 3.5% of GDP in 2016-17.
Direct Benefit Transfer has to made for fertilizer subsidy. EPF @ 8.33 per cent for new employees joining under the scheme.
Rs. 25,000 crore for recapitalisation of public banks. General
insurance companies owned by the govt will listed on Indian stock exchanges.
Rs. 97,000 crore for all roads. The total outlay on roads and rails will be Rs. 2.80 lakh crore. 10,000 km of national highways in 2016-17 and 50,000 km state highways to be converted to NH roads.
2016 union budget

More than 70,000 road projects were languishing at the beginning of the year. Nearly 85% of these projects have put back on track.
Small shops should be given the choice to remain open on all 7 days a week.  Rs. 1,700 crore for 1500 multi-skill development centers in this Union Budget
The government has to give medical insurance of up to Rs. 1 lakh per family. An extra amount of Rs. 35,000 for those above 60 years. 3,000 medical stores to started for generic drugs.
Rs. 9,000 crore allocated for SBA (Swachch Bharat Abhiyan).
5,542 villages have already been electrified
Rs. 38,500 crore for MNREGA. Maximum ever for the rural
employment scheme. Rs.2.87 lakh crore announced for gram Panchayats as per approval of 14th finance commission.
Forex reserves are at the Maximum all time levels —Dollar 350 billion.
As per me it was a good union budget of India and will help to get Acche din. Govt has taken care of all the sectors of the society in his union budget 2016 speech.
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