Union Budget Highlights 2015

Finance Minister Arun Jaitley starts presenting the Union Budget  2015 in the Parliament. Being termed as 'make or break', this is Arun Jaitley and the government's first full-year Budget.

FM's Budget speech dwelt on agriculture, public investments in infrastructure, manufacturing and social sector spending.

States to be equal partners in economic growth; move to making India cashless society; social sector programmes to continue. Some of the challenges mentioned by the Finance Minister are: poor agricultural income, decline in manufacturing; and the need for fiscal discipline.

Here are sector-wise highlights :-

Union Budget Highlights 2015

TAXATION

1. Abolition of Wealth Tax
2. Additional 2% surcharge for the super rich with income of over Rs. 1 crore.
3. Rate of corporate tax to be reduced to 25% over next four years.
4. 100% exemption for contribution to Swachch Bharat, apart from CSR.
5. Total exemption of up to Rs. 4,44,200 can be achieved.
6. Service tax increased to14 per cent.

AGRICULTURE

1. Rs. 25,000 crore for Rural Infrastructure Development Bank.
2. Rs. 5,300 crore to support Micro Irrigation Programme.
3. Farmers credit - target of 8.5 lakh crore.

INFRASTRUCTURE

1. Rs. 70,000 crores to Infrastructure sector.
2. Tax-free bonds for projects in rail road and irrigation
3. PPP model for infrastructure development to be revitalised and govt. to bear majority of the risk.
4. Rs. 150 crore allocated for Research & Development
5. NITI to be established and involvement of entrepreneurs, researchers to foster scientific innovations.
6. Govt. proposes to set up 5 ultra mega power projects, each of 4000MW.

EDUCATION

1. AIIMS in Jammu and Kashmir, Punjab, Tamil Nadu, Himachal Pradesh, Bihar and Assam.
2. IIT in Karnataka; Indian Institute of Mines in Dhanbad to be upgraded to IIT.
3. PG institute of Horticulture in Armtisar.
4. Kerala to have University of Disability Studies
5. Centre of film production, animation and gaming to come up in Arunachal Pradesh.
6. IIM for Jammu and Kashmir and Andhra Pradesh.

DEFENCE

1. Rs. 2,46,726 crore for Defence.
2. Focus on Make in India for quick manufacturing of Defence equipment.

WELFARE SCHEMES

1. 50,000 toilets constructed under Swachh Bharath Abhiyan.
2. Two other programmes to be introduced- GST & JAM Trinity. GST will be implemented by April 2016.
3. MUDRA bank will refinance micro finance orgs. to encourage first generation SC/ST entrepreneurs.
4. Housing for all by 2020.
5. Upgradation 80,000 secondary schools.
6. DBT will be further be expanded from 1 crore to 10.3 crore.
7. For the Atal Pension Yojna, govt. will contribute 50% of the premium limited to Rs. 1000 a year.
8. New scheme for physical aids and assisted living devices for people aged over 80 .
9. Govt to use Rs. 9000 crore unclaimed funds in PPF/EPF for Senior Citizens Fund.
10. Rs. 5,000 crore additional allocation for MGNREGA.
11. Govt. to create universal social security system for all Indians.

RENEWABLE ENERGY

1. Rs. 75 crore for electric cars production.
2. Renewable energy target for 2022: 100K MW in solar; 60K MW in wind; 10K MW in biomass and 5K MW in small hydro

TOURISM

1. Visa on Arrival for 150 countries
2. Develpoment schemes for churches and convents in old Goa; Hampi, Elephanta caves, Forests of Rajasthan, Leh palace, Varanasi , Jallianwala Bagh, Qutb Shahi tombs at Hyderabad to be under the new toursim scheme.