Presenting the 2016-17 Annual Budget, Finance Minister Arun Jaitley on Monday said the Centre is confronted with stress assets problems in public sector banks which is a legacy of the former regime.
Jaitley listed out the nine pillars on which the Budget stands, which mainly Public Money should reach the poor and deserving without any leakageare: farmer welfare, rural sector, social sector, education skills, infrastructure, financial reforms, ease of doing business, fiscal discipline and tax reform.
Highlights from the Budget rollout by the Finance Minister:
I propose to amend the SEBI act 1992 in coming year to provide for more number of benches of Securities Appellate Tribunal: Jaitley
Additional burden next financial year due to implementation of 7th pay commission and OROP.
A National Dialysis Services Program will be introduced under National Health Mission: Jaitley
We are confronted with stress assets problems in public sector banks which is a legacy of the past and have already taken many steps in this regard.
Public Money should reach the poor and deserving without any leakage: Jaitley
A bill on targeted delivery of financial services using Aadhar to be introduced: Jaitley
More number of benches of Security Appellate Tribunal to be introduced by amending SEBI Act to reduce pendency: Jaitley
160 airports and airstrips can be revived at a cost of Rs 50-100 Crore each: Jaitley
Revenue deficit estimate for Financial Year 2015-16 down to 2.5% from earlier estimates: Jaitley
For people living in rented houses, HRA deduction increased to Rs 60,000 per annum: Jaitley
Ceiling of tax rebate for tax payers with up to Rs 5 lakh annual income to be raised to Rs 5000 from Rs 2000: Jaitley
Relief of Rs 3000 per year to taxpayers with income below Rs. 5 Lakh per year;1 cr tax payers to benefit: Jaitley
Deduction for rent payers raised from Rs 20,000 to Rs 60,000 to benefit those living in rented houses
Suitable changes to be made in customs & excise duty rates to improve competitiveness and boost: Jaitley
Service tax exempted for housing construction of houses less than 60 square metres: Jaitley
I propose to lower corporate IT rate for next financial yr of relatively small enterprises companies with turnovers not exceeding 5 crore: Jaitley
15% - surcharge on income tax for those with incomes exceeding 1 crore per annum: Jaitley
Govt to introduce bill to amend Companies Act for ease of doing business; to enable registration of companies in a day: Jaitley
I propose to exempt service tax and services provided under Deen Dayal Upadhyaya gramin kaushalya Yojana: Jaitley
A new grading system of imposing penalties to be introduced on the basis of under reporting or concealment of income: Jaitley
I propose to abolish 13 different taxes levied by various Ministries in which revenue collection is less than Rs 50 crores per year: Jaitley
I accept suggestion from Rahul Gandhi on providing relief(exemption of duty on braille paper) to differently-abled people: Jaitley
I propose to amend customs act to provide for deferred payment of custom duty for importers & exporters within proven track record: Jaitley
Govt. will pay interest rate of 9% over 6% if delay in implementation of appellate order is beyond 90 days: Jaitley
Plan to use technology in Taxation department in a big way: Jaitley
The growth of GDP has accelerated to 7.6%: Jaitley
Government has to prioritize expenditure. Focus on the rural and social sectors, infrastructure and recapitalization of banks: Jaitley
Nominal premium and highest ever compensation in case of crop loss under the PM Fasal Bima Yojana: Jaitley
Agenda for next year is to undertake transformative measures based on 9 pillars for India: Jaitley
Aim to double the income of farmers in five years. Rs. 35,984 crores total allocation for farmers' welfare: Jaitley
Pradhanmantri Krishi Sinchaai Yojna strengthened and implemented in Mission Mode: Jaitley
A dedicated irrigation fund worth Rs 20,000 crore to be set up under National Bank for Agriculture and Rural Development: Jaitley
A unified agriculture market e-platform will be dedicated to the nation on the birthday of Dr. B.R. Ambedkar: Jaitley
65 eligible habitats to be connected via 2.23 lakh kms of road.Current construction pace is 100 kms per day: Jaitley
Allocation to PM Fasal Bima Yojana for 2016/17 is Rs. 5500 crores: Jaitley
Quantum jump of 228% in grants to gram panchayats and urban local bodies in accordance with FFC recommendations: Jaitley
100% village electrification to be achieved by 1st May, 2018: Jaitley
MNREGA to get 38,500 crore rupees: Jaitley
Rs. 87,765 crores for rural development as a whole have been allocated in the budget: Jaitley
We plan to launch digital literacy mission scheme for rural India to cover around 6 crore additional households in next three years: Jaitley
Appreciation for 75 lakh Middle class and lower middle class for willingly giving up LPG Subsidy under government's initiative: Jaitley
Rs 9,000 crores allocated to Swachch Bharat Abhiyaan: Jaitley
Stand Up India scheme allocated Rs.500 Crores for SC, ST and women entrepreneurs-2 projects to be promoted per bank branch per category: Jaitley
National Skill Development Mission has imparted training to 76 lakh youth. 1500 Multi skill training institutes to be set up: Jaitley
National SC/ST Hub to support SC/ST entrepreneurs: Jaitley
Senior citizens will get additional healthcare cover of Rs 30,000 under the new scheme: Jaitley
Objective to skill 1 crore youth in the next 3 years under the PM Kaushal Vikas Yojana: Jaitley
Allocate Rs 55,000 Crores for roads and highways, total investment in Road Sector would be Rs 97,000 crore: Jaitley
I have proposed to allocate a sum of Rs 55000 crore in Union Budget for roads and highways: Jaitley
Rs. 1000 crore set aside for higher education financing: Jaitley
Government to incentivise Gas production from deep sea and other unutilised deep sources: Jaitley
Govt is drawing a comprehensive plan to be implemented in the next 15-20 years for exploiting Nuclear energy: Jaitley
Comprehensive Code to be introduced to provide a specialised resolution mechanism for bankruptcy of banks/insurance companies: Jaitley
Department of Disinvestment to be renamed as Department of Investment and Public Asset Management: Jaitley
RBI Act to be amended to give statutory backing for monetary policy: Jaitley
Public Money should reach the poor and deserving without any leakage: Jaitley
Jaitley's Union Budget presentation lasted for one hours and 41 minutes.
The Lok Sabha has been adjourned till tomorrow.
