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Union Budget 2016 at a glance

Here are the highlights of the Union Budget for 2016-17 (Apr-Mar), presented by Finance Minister Arun Jaitley in the Lok Sabha.


Union Budget 2016 at a glance

Zee Media Bureau

Mumbai: Here are the highlights of the Union Budget for 2016-17 (Apr-Mar), presented by Finance Minister Arun Jaitley in the Lok Sabha.

 

DIRECT TAX

* Plan simplification, rationalisation of taxes

* Tax rebate on rent paid upped to 60,000 rupees vs 24,000

* Tax changes to support Make in India, affordable housing

* To give relief to small taxpayers

* To launch steps to move towards pension society

* To give relief to small tax payers

* Withdrawal upto 40% from Natl Pension plan to be tax exempt

* To allow lower corporate tax for some cos from FY17

* Reduction in corporate tax has to be calibrated

* Faster depreciation rate under income tax act at 40% FY17

* Reduction in corporate tax has to be caliberated

* Detailing roadmap for phasing out corporate tax exemption

* Propose 0.5% Krishi Kalyan cess on all taxable svcs Jun 1

* Propose Krishi Kalyan cess

* To raise surcharge on income over 10 mln rupees to 15%

* 10% tax on recipient if got dividend over 1 mln rupees/yr

* Some home buyers to get extra exemption of 50,000 rupee/yr

* No changes in income tax slabs

* To rationalize tax deducted at source for small tax payers

* Penalty of 200% of tax for misreporting of income

* Penalty of 50% of tax for under-reporting of income

* Penalty to be 50% of tax in income under-reporting cases

* Modifying scheme of penalty under Income Tax Act

* Revenue secy to head committee on taxation

* Committed to stable, predictable taxation regime

* To focus on bringing to book people with black money

* Prosecution immunity for undisclosed income declaration

* 300,000 tax cases worth 5.5 trln rupees pending

* New dispute resolution scheme for taxation proposed

* Compliance window for undisclosed income Jun 1-Sep 30

* 7.5% surcharge on undisclosed income in compliance window

* Govt committed to removing black money

* To move towards low tax regime with non litigious approach

* Limited period compliance window on undisclosed income

* To strongly counter tax evasion

* Moving towards a low tax regime

* To pay 9% interest if tax appellant decision beyond 90 days

* Extended e-assessment to all assesses in mega cities

* To establish 11 new tax tribunal benches to reduce pendency

* Extended e-assessment to all assesses in mega cities

* All tax assesses to get e-assessment option in coming years

* To use technology in a big way in tax dept

* NBFCs to get 5% income tax deduction on NPA provision

* To tax non-compete fee as business income

 

INDIRECT TAX

* Propose changes in customs duty to push Make in India plan

* Exempt svc tax on general insurance plans in Nirmaya scheme

* Committed to implementing GAAR from Apr 1, 2017

* Asset recast cos' income to be taxed at hands of investors

* Propose special patent regime to power innovation, research

* Services provided by EPFO exempted from service tax

* STT of 0.05% on options contracts

* Service tax waiver for houses of less than 60 sq mtr

* Service Tax exempt for svc under rural electrification plan

* To give excise duty exemption to ready-mix concrete

* Excise of 12.5% with input tax credit on jewellery

* To abolish 13 cesses by ministries

* To amend Central Value Added Tax credit rules

* To amend CENVAT credit rules

* Taxation panel to fix demand under retrospective tax cases

* Hope old cases on retrospective tax reach conclusion soon

* No retrospective taxation to be undertaken

* 1-time no-interest liability in retrospective tax cases

* To up excise duty on various tobacco products by 10-15%

* Cos incorporated post Mar 1 to be taxed at 25%+ surcharge

* Doubles clean energy cess on coal to 400 rupees/tn

* To up excise duty on some tobacco pdts by 10-15%

* Infra cess of 2% on diesel cars

* 4% infra cess on high capacity vehicles, SUVs

* To levy 1% infra cess on small petrol, LPG, CNG cars

* To up free baggage allowance under customs duty

* Infra cess of 1% on small cars, 2% on some diesel cars

* To abolish 13 taxes with collection less than 500 mln rupee

* Customs duty on imitation jewellery raised to 15% vs 10%

* Customs duty on zinc alloy raised to 7.5% from 5.0%

* Customs duty on primary aluminium raised to 7.5% from 5.0%

* 25% corporate tax on new cos if not claiming exemptions

* Scraps export duty on low grade iron ore fines, lumps

* Cuts excise duty on electric motors, shafts to 6% vs 12.5%

* Oil cess revised to 20% ad valorem vs 4,500 rupees/tn now

* Scraps export duty on chromium ore

* Cuts export duty on bauxite to 15% vs 20%

* 10% customs duty on pre-form of silica used in optic fibres

* 10% customs duty imposed on some telecom equipments

* Customs duty on components of routers, modems scrapped

* Customs duty on components of set-top boxes scrapped

* Customs duty on all mobile battery, charger parts withdrawn

* Customs exemptions on headphones, earphones withdrawn

* Customs exemptions on mobile chargers, batteries withdrawn

* No dividend tax liability for cos in intl fincl svc centres

* Special duty on some semiconductor machinery, part scrapped

* Customs duty on some semiconductor machinery, part scrapped

* Foreign cos need not pay MAT since 2001 if no India office

* Customs on 1.0-1.5 kW microwave magnetron scrapped vs 10%

* Customs duty on parts of e-readers cut to 5%

* 7.5% customs duty imposed on e-readers

* Scrap customs duty on some fabric used for exported garment

* No tax on capital gains arising from MF unit mergers

* Cuts customs duty on specified fibres, yarn to 2.5% vs 5%

* Scraps customs duty on wood chips used in paper mfg

* No capital gains tax on Sovereign Gold Bond redemption

* Cuts basic customs duty on ethanol to 2.5% vs 5%

* Customs duty on pitch, pitch coke made from coal tar at 5%

* Tax deduction for R&D to be capped at 100% from Apr 2020

* Tax deduction for R&D to be capped at 150% from Apr 2017

* Cut customs duty on tar distilled from coal to 5% vs 10%

* Customs duty on coal gas, water gas, producer gas cut to 5%

* Cuts basic customs duty on coke, semi-coke to 5%

* No dividend tax on income for REITs from SPVs

* Cuts basic customs duty on lignite, peat to 2.5% vs 10%

* To allow input tax credit on svcs by local shipping lines

* Excise on unsaturated polyester resin for windmills at 6%

* Cuts excise duty on rubber sheets for soles to 6% vs 12.5%

* Excise on unsaturated polyester raisin for windmills at 6%

* ATF excise duty hike not applicable to regional airports

* Excise duty on ATF raised to 14% from 8% now

* 6% excise on carbon pultrusion used in wind power blade

* Concessional excise duty on gold bar upped to 9.5% vs 9.0%

* Customs duty for cold storage project imports 5% vs 10%

* Cuts customs duty on silica sand to 2.5% vs 5%

* Raised customs duty on golf cars to 60% vs 10%

* Cuts customs duty on some brass scrap to 2.5% vs 5%

* Excise duty on electric motor, parts cut to 6% vs 12.5%

* Scraps excise on some components of modems, set-top boxes

* Scraps excise on some components of mobile phones

* Imposed 2% special duty on circuit boards used in mobiles

* Imposed 4% special duty on circuit boards used in computers

* Concessional CVD on gold dore bar raised to 8.75% vs 8.00%

* Area based excise duty exemption on refined gold withdrawn

* Extends 0% customs on hybrid vehicle parts indefinitely

* Extends 0% customs on electric vehicle parts indefinitely

* Concessional excise duty on silver raised to 8.5% vs 8.0%

* Concessional CVD on silver dore raised to 7.75% vs 7.00%

* 12.5% countervailing duty on some road building machinery

* Excise duty on fert micronutrients cut to 6% from 12.5%

* Ready mix concrete exempt from service tax

* Customs on super absorbent polymer used in sanitary pad cut

* Rubber, resin sheet for shoe excise duty cut to 6% vs 12.5%

* 5% customs on super absorbent polymer used in sanitary pads

* Excise duty on wind power rotor blades cut to 6% from 12.5%

* Excise on locomotive, rolling stock part cut to 6% vs 12.5%

* Cuts customs duty on wood pulp used in sanitary pads

* Scraps import duty on some items used in radio pharma

* Customs duty on ethanol cut to 2.5% from 5%

* Scraps excise duty on tools used in aircraft maintenance

* Scraps all import duty on tool used in aircraft maintenance

* Scrap custom exemption on direct import of good for defence

* Oil storage, sale in India by foreign cos not to be taxed

* Extends customs, excise relief on electric vehicle parts

* Withdraws service tax on 2-yr MBA programmes of IIMs

* Lottery distribution to be subject to service tax

* Sunset date for SEZ benefits set at Mar 31, 2020

* Ups excise duty on un-manufactured tobacco to 64% vs 55%

* Ups excise duty on gutkha, chewing tobacco to 81% vs 70%

* Ups excise on cheroots to 12.5% or 3,755 rupees/1000 units

* Ups excise on cigars to 12.5% or 3,755 rupees/1000 units

* Cuts customs duty on refrigerated containers to 5% vs 10%

* Cuts excise duty on refrigerated containers to 6% vs 12.5%

* Imposed 14% tax on services provided by lawyers

* Fees paid for spectrum to be amortised over period of usage

* Scraps service tax on services provided by SEBI, IRDA

* Transmission unit, machinery to get additional depreciation

* Ups import duty on industrial solar water heater to 10%

* Scraps excise duty on solar lamps

* Ups import duty on imitation jewellery to 15% vs 10%

* Doubles import duty on balloons made from latex to 20%

* Extra excise on 65-75mm filter cigarettes at 37 paise/unit

* Extra excise on 65-70mm filter cigarettes at 26 paise/unit

* Extra excise on 65-70mm non-filter cigarettes 37 paise/unit

* Extra excise on up to 65mm cigarette at 215 rupee/1000 unit

INFALTION

* CPI inflation came down to 5.4% under our govt

* Fall in CPI inflation providing big relief to public

* Govt, RBI to fix CPI inflation target once every five years

FARM SECTOR

* Plan doubling farmers' income in 5 yrs

* Plan to up spend on farm, rural, social sectors FY17

* Need to create new infrastructure for irrigation

* Need to address water resource utilisation

* To allocate 359.8 bln rupees for farm, farmers' welfare

* Need to give income security to farmers

* Need to think beyond food security

* To allocate 4.12 bln rupees for organic farming

* Policy to convert city waste into compost

* 140 mln farms to be covered by soil health card by Mar 2017

* Fertiliser co to market city compost fertilisers

* 600 bln rupees for sustainable mgmt of water resources

* Soil health card plan being implemented with great vigour

* To form 200 bln rupee long-term irrigation fund in NABARD

* To allot 865 bln rupees in five yrs for irrigation schemes

* To bring 2.85 mln ha under PM irrigation plan

* To allocate 170 bln rupees for irrigation scheme FY17

* FY17 Crop insurance scheme allocation 55 bln rupees

* FY17 interest subvention for farmers seen 150 bln rupee

* Farm credit target for FY17 at 9 trln rupees

* 9.7 mln tn agri storage capacity added FY16

* 3.68 bln rupees provided for soil health scheme FY17

* 12 states have amended APMC Act to join e-market plan

* Unified agri market e-platform to be launched on Apr 14

* Plan e-market platform for agriculture wholesale markets

* To allot 5 bln rupees under food security plan for pulses

* 5 bln rupees for pulses production in 622 districts

* 86,000 tn honey produced in FY16; 90% exported

* Need to focus on drought-hit areas

* Food Corp of India to make online payment of farm goods

* To launch 4 new dairy programmes

* To take up allied activities to increase farm income

* To encourage states to take up decentralised procurement

* Made effective mgmt for pulses procurement

* MSP online procurement system through FCI

* To encourage states for decentralised procurement of crops

* Allocate 55 bln rupees for PM Fasal bima Yojna

* Price stabilisation fund for pulses has 9 bln rupee corpus

* To introduce direct benefit plan for fertiliser on pilot

FISCAL HEALTH

* To have fiscal deficit target range

* FY17 fiscal deficit target at 3.5% of GDP

* FY16 fiscal deficit pegged at 3.9% of GDP

* Prudence lies in adhering to fiscal targets

* FY18 fiscal gap aim 3% of GDP

* Effective revenue gap aim in FY19 at 0.0% of GDP

* Revenue gap aim in FY19 at 1.3% of GDP

* Fiscal gap aim in FY19 at 3% of GDP

* Effective revenue gap aim FY18 0.6% of GDP

* FY18 revenue gap aim 1.8% of GDP

 
SOCIAL SECTOR, EDUCATION

* To focus on educational skills, job creation

* Plan law to give statutory backing to Aadhaar

* To announce health scheme covering 1/3rd of population

* Health insurance, BPL cooking gas scheme planned

* To focus on delivery of benefits to needy

* Infra, social sectors to have more govt spend

* BPL families to get LPG connection

* Aim to list public sector general insurance cos

* To undertake 3 major schemes for weaker sections of society

* Self-help groups' set up hastened for livelihood generation

* FY17 aid to gram panchayat, municipality at 2.87 trln rupee

* Digital repository for educational certificates

* Digital depository for school-, college-leaving documents

* Education, skill development, jobs 4th pillar of Budget

* To allot 10 bln rupee for higher education financing agency

* 62 new Navodaya schools to focus on quality education

* 1.52 trln rupees allocated for social sector

* To form national scheduled caste, tribe hub in MSME min

* Stand-up India scheme allocation 5 bln rupees

* This must be year of empowering scheduled castes, tribes

* 5 bln rupees for scheduled caste, tribe entrepreneurs

* Aadhaar not to be proof of citizenship or domicile

* Social security platform to be used for Aadhaar

* Aadhaar bill to be introduced FY17

* To introduce targeted delivery of subsidies via Aadhaar

* Task force to rationalise human resources in ministries

* Aim 50 mln LPG connections to BPL households

* To give 15 mln LPG connection to BPL households FY17

 
SKILL DEVELOPMENT, JOB CREATION

* 17 bln rupees for skill development scheme FY17

* 1,500 multi-skill training institutes across country

* To interlink national, state employee bureaus

* Plan to set up 100 model career centres

* 10 bln rupees for new EPF scheme

* Govt to pay 8.33% EPF contribution for new staff 1st 3 yrs

 
RURAL DEVELOPMENT

* Allocated 877.65 bln rupees for rural development FY17

* Rural insurance scheme for farmers planned

* To provide more funds to vulnerable sections in rural areas

* Cluster facilitation under rural job plan to conserve water

* 385 bln rupees for rural job plan FY17

* See 228% jump in gram panchayat allotment

* To focus on rural employment, infrastructure

* National digital literacy mission to cover 60 mln houses

* Need to spread digital literacy in rural areas

* FY17 allocation for rural electrification 85 bln rupees

* All villages to be electrified by May 1, 2018

* 18,542 villages not electrified as of Apr 1, 2015

* To allot 190 bln rupees FY17 for PM Gram Sadak Yojana

* To spend 270 bln rupee with states FY17 on rural roads plan

* To launch new panchayat scheme at 6.5 bln rupees

* To allot 877.65 bln rupees for rural development schemes

* To allot 20 bln rupees for LPG connection to rural women

 
HEALTHCARE

* To start National Dialysis Service under PPP mode

* To exempt certain dialysis equipment from basic custom duty

* Health protection scheme with 100,000 rupee/family cover

* 3000 drug stores to be opened under PM Aushadhi Yojana

* To provide 130,000 rupee/yr health cover to senior citizens

* To launch new health protection scheme

 
INFRASTRUCTURE, INDUSTRY

* Propose to circulate model shops and establishments bill

* To give choice to shops to remain open on 7 days/week

* 10,000 km of national highways to be added FY17

* Total outlay for infra 2.21 trln rupees FY17

* Total outlay for roads, railway 2.18 trln rupees FY17

* Total investment in road sector 970 bln rupees

* NHAI to raise 150 bln rupees via bonds FY17

* Allot 550 bln rupees for roads, highways FY17

* 85% of 70 stranded road projects back on track FY16

* To allot 550 bln rupees for roads, highways

* India's highest ever kilometre of highways awarded in 2015

* 30 bln rupees/yr to augment nuclear power in 15-20 yrs

* Mkt freedom for gas from difficult blocks to have price cap

* Mull calibrated mkt freedom for gas from difficult blocks

* Need to diversify resources for power generation

* Drawing up comprehensive plan on nuclear power

* To incentivise ultra-deep sea gas exploration

* Achieved highest coal production growth

* To provide incentives for gas production from tough blocks

* 10 non-functional air strips to be redeveloped

* To partner with state govts to develop airports

* Started series of measures for modernising ports

* To partner with states to develop regional airports

* Medium-term goal is to abolish permit raj

* Plan new public transport policy to up pvt participation

* FY17 allocation for new port development 8 bln rupees

* Motor Vehicles Act to be amended to up passenger segment

* New greenfield ports to be developed on east, west coasts

* Govt to open up road transport sector

* Medium-term goal is to abolish permit raj

* 50,000 km state highways to be converted to national highways

* FY17 total infrastructure outlay 2.21 trln rupees

* To have new policy for mgmt of assets of PSUs

* NITI Aayog to identify PSUs for strategic sale

* To encourage PSUs to divest individual assets

* 100% FDI in marketing of food pdts produced in India

* To have more FDI reforms in asset restructuring companies

* To change FDI policy for asset reconstructions cos

* To modify FDI policy for bourses, asset recast cos

* Duty drawback schemes to be widened, deepened

* Have deepened, expanded duty drawback scheme

* More FDI reforms in insurance, stock exchanges, pension

* To modify FDI policy for insurance, pension sectors

* FDI policy to address requirements of farmers

* To allow mobilisation of 313 bln rupee by govt infra bodies

* Mulling gas production incentive from high temperature area

* May incentivise gas production from ultra deep water areas

* Mulling incentives for gas production from deep sea areas

* New credit rating system for infra to be developed

* To issue guidelines for renegotiation of PPP contracts

* Received conflicting suggestions on FRBM roadmap

* To amend Companies Act for ease of doing business

* Will amend companies act this Parliament session

* Registration of cos to be done in one day

* 300,000 fair price shops to be automated by Mar 2017

 
FINANCIAL SECTOR, BANKING

* Banking Board bureau to be operational in FY17

* To strengthen debt recovery tribunal

* Considering cutting stake in IDBI Bank to below 50%

* Stand solidly behind PSU banks

* To find resources if PSU banks need additional capital

* Allot 250 bln rupees for recapitalisation of PSU bks FY17

* Not interfering in lending activities of PSU bks

* To amend SEBI act to provide for more SAT benches

* To bring legislation FY17 on illicit deposit taking schemes

* Sponsor in asset recast cos can hold 100% stake

* Financial Data Management Centre to be established

* To allow 100% FDI in asset recast cos

* To make necessary amendments in SARFASI Act

* Bankruptcy code to help deepen corporate bond mkt

* SEBI to develop new commodity derivative pdts

* SEBI to introduce new derivative pdts in commodity mkts

* To adopt comprehensive approach for invest in central PSUs

* To introduce comprehensive Bankruptcy Code in Parliament

* To rename divest dept as Dept of Invest & Public Asset Mgmt

* To amend RBI Act to implement monetary policy framework

* Vibrant fincl sector critical for econ growth

* PM Mudra Yojana target to give 1.8 trln rupees loans FY17

* To draw road for consolidation of PSU banks

* Banking board bureau to be operationalized in FY17

* To draw roadmap for consolidation of PSU banks

* To take up massive rollout of micro-ATMs across nation

* Public money should reach poor without leakages

* Nationwide roll out of ATMs via post offices

* To list govt-owned general insurance cos on stock exchanges

* To list general insurance cos on stock exchanges

* To set up panel to review FRBM Act

* Time has come to review FRBM Act

* Propose to set up committee to review FRBM Act

* Govt open to reducing its stake in PSU banks below 50%

* Consolidation roadmap for PSU banks next year

* Propose to constitute Monetary Policy Committee of RBI

FY16 REVISED

* FY16 revenue deficit 2.5% of GDP

* Ensured development agenda is not compromised

* FY16 gilt switch 178 bln rupees

* Switch in FY16 of gilts maturing post FY17 185 bln rupees

* Gilt switch in FY16 of bonds maturing FY17 178 bln rupees

* FY16 net transfers to states seen 8.22 trln rupees

* FY16 revised farm, irrigation allocation 259.9 bln rupees

* FY16 gold bond receipts pegged 10.29 bln rupees

 
FY17 ESTIMATES

* FY17 total expenditure 19.78 trln rupee

* FY17 total spend at 19.78 trln rupees

* FY17 non-plan expenditure 14.3 trln rupees

* FY17 plan expenditure 5.5 trln rupee

* Total resources to states in FY17 at 996 bln rupees

* To scrap plan, non-plan expenditure distinction

* To do away with plan, non-plan classification of spending

* Plan allocation to stress on rural, infra, social sectors

* Net revenue of gain from FY17 tax proposal 196.10 bln rupee

* Net impact of all tax measures a gain of 196 bln rupees

* FY17 switch, buyback seen 750 bln rupees

* FY17 effective revenue deficit seen 1.2% of GDP

* FY17 revenue deficit seen at 3.54 trln rupee

* FY17 revenue deficit seen at 2.3% of GDP

* FY17 fiscal deficit seen 5.33 trln rupees

* FY17 divest mop up target 565 bln rupees

* FY17 net market borrowing pegged at 4.25 trln rupees

* FY17 gross market borrowing pegged at 6 trln rupees

* FY17 strategic divest mop-up seen 205 bln rupees

* FY17 total subsidy outgo seen 2.5 trln rupees

* FY17 nominal GDP growth seen 11%

* FY17 effective revenue deficit seen 1.87 trln rupees

* FY17 PSU divest mop-up seen 360 bln rupees

* FY17 repayments seen 1.75 trln rupees

* FY17 pension outgo seen 1.23 trln rupees

* FY17 defence spend seen 2.49 trln rupees

* FY17 interest subsidy seen 155.2 bln rupees

* FY17 short term borrowing seen 166.5 bln rupees

* FY17 fuel subsidy seen 269.5 bln rupees

* FY17 MSS provision 200 bln rupees

* FY17 food subsidy seen 1.35 trln rupees

* FY17 cash drawdown seen 132 bln rupees

* FY17 fert subsidy seen 700 bln rupees

* FY17 dividend, profit seen 1.24 trln rupees

* FY16 fiscal deficit estimate revised to 5.35 trln rupees

* FY17 svc tax receipts seen 2.31 trln rupees

* FY17 customs receipts seen 2.3 trln rupees

* FY17 excise receipts seen 3.18 trln rupees

* FY17 corporate tax receipts seen 4.94 trln rupees

* FY17 income tax receipts seen 3.53 trln rupees

* FY17 interest payments seen 4.92 trln rupees

* FY17 non-tax revenue seen 3.23 trln rupees

* FY17 tax revenue seen 10.54 trln rupees

* FY17 spectrum, communication receipts seen 990 bln rupees

* FY17 RBI surplus, PSU bk dividend seen 699 bln rupees

* FY17 PSU dividends seen 539 bln rupees

* FY17 securities against small savings seen 221 bln rupees

* FY17 net 91-day T-Bill borrow seen 166 bln rupees

* FY17 spectrum, communication receipt seen 990 bln rupee

* FY17 farm, irrigation allocation 479.1 bln rupees

* FY17 gold bond receipts seen 100 bln rupees

* FY17 net transfers to states seen 9.21 trln rupees

* FY17 tax to GDP ratio seen 10.8%, same as FY16

* FY17 allocation for PM irrigation scheme 57 bln rupees

* FY17 allocation for green revolution 130 bln rupees

* PSU infra cos to raise 313 bln rupees via bonds FY17

* FY17 allocation for rural drinking water plan 50 bln rupees

* FY17 allocation for metro rail projects 100 bln rupees

* FY17 allocation for PM housing plan 201 bln rupees

* FY17 allocation for national education plan 280 bln rupee

* FY17 allocation for national health mission 200 bln rupees

* FY17 allocation to rural development min 878 bln rupee

* FY17 allocation to road ministry 580 bln rupees

* FY17 allocation to human resource ministry 724 bln rupees

* FY17 allocation to health ministry at 395 bln rupees

* FY17 allocation to farm ministry at 445 bln rupees

* FY17 allocation to urban development min 245 bln rupees

GENERAL 

* Indian economy has held ground firmly amid global turmoil

* Had inherited an economy of low growth

* We converted challenge into opportunity

* Confidence, hope continue to be held around India

* IMF has held India as bright spot

* World econ forum said India's growth extraordinarily high

* Financial markets battered globally

* Our external situation is robust

* Global economy in serious crisis

* Global trade has contracted

* Indian econ still bright spot despite challenges

* GDP grew notwithstanding global meltdown

* India GDP has accelerated to 7.6% now

* India's external situation is robust

* Must carry out reforms

* Must have prudent fisc policy, up domestic demand

* Pay panel, defence pension to add to spending in FY17

* FY16, FY17 will be extremely challenging for govt spend

* Must continue with pace of reforms

* Must ensure growth does not slow down

* Must ensure macro-economic stability

* Strengthened firewalls against global risks

* Plan spend increased under FY16 revised estimates

* Risk of global slowdown is mounting

* Money with govt belongs to people

* We had to work in unsupported global environment

* Forex reserves highest ever at $350 bln

* Foreign exchange reserves are at highest ever level

* FY16 CAD projected at 1.4% of GDP

* To make significant changes in FDI policy

* To incentivise gas exploration

* Aim to work on passage of GST, Bankruptcy Code

* FY17 priority to give additional resources to rural areas

* Need to provide for bank recapitalisation

* Must prioritise spending in FY17

* Managed to improve FY16 fincl condition on revenue buoyancy

* Infra invest to enhance quality of life

* To have prudent mgmt of govt expenses for fiscal prudence

* To focus on tax reforms

* To undertake tax reform to improve compliance

* To focus on prudent mgmt of govt finance

* To focus on governance, ease of doing business

* To focus on infra investment

* To provide dispute resolution for PPP platform

* Allotted 90 bln rupees for Swachh Bharat mission

* Allotted 1.5 bln rupee for land record digitalisation FY17

* 7.5 mln households gave up LPG subsidy

* Jaitley sits down, continues Budget speech

* 1 bln rupees for birth anniversary of Guru Gobind Singh

* 1 bln rupees for birth anniversary of Deen Dayal Upadhyay

* Interim provision made for pay panel suggestions execution

* Committed to fincl requirements of announced econ packages

* Made interim provision for seventh pay panel

* To up MSME category turnover cap to 20 mln rupees

* To drive towards self-sufficiency in hydrocarbon sector

* Jaitley stands up, continues Budget speech

* Desire to provide socio-econ stability to each Indian

* Jaitley ends Budget speech, house adjourned

* Spectrum trading not a sale of intangible goods

* Effective mgmt place norm for foreign cos effective Apr '17

* Place of effective mgmt rule for foreign cos deferred 1 yr

 

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