By February 28, 2015 0 Comments Read More →

Union Budget 2015 Highlights

Finance minister Arun Jaitley presented Union Budget 2015 of Prime Minister Narendra Modi’s government on Saturday.

Here are sector-wise highlights: the Union Budget 2015:

TAXATION

  • Abolition of Wealth Tax.
  • Additional % surcharge with income of over Rs. 1 crore
  • Rate of corporate tax to be reduced to 25 % over next years.
  • No change in tax slabs.
  • An individual tax payer will get total exemption of up to Rs. 4,44,200.
  • 100% exemption for contribution to Swachch Bharat, apart from CSR.
  • Service tax increased to 14 per cent.

AGRICULTURE

  • Rs. 25,000 cr for Rural Infrastructure Development Bank.
  • Rs. 5300 cr to support Micro Irrigation Programme.
  • Target of Rs. 8.5 lakh crore of credit for agricultural sector

EDUCATION

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

Arun-Jaitley-PTI3

INFRASTRUCTURE

  • Rs. 70,000 crores to Infrastructure sector.
  • Tax-free bonds for projects in rail road and irrigatio
  • PPP model for infrastructure development to be revived and government to bear majority of the risk.
  • Rs. 150 cr allocated for Research & Development
  • Government proposes to set up 5 ultra mega power projects, each of 4000MW.

DEFENCE

  • Allocation of Rs. 2,46,726 crore; an increase of 9.87 per cent over last year.
  • Focus on Make in India for quick manufacturing of Defence equipment.

GOLD

  • Sovereign Gold Bond, as an alternative to purchasing metal gold.
  • New scheme for depositors of gold to earn interest and jewellers to obtain loans on their metal accounts.
  • To develop an Indian gold voin, which will carry the Ashok Chakra on its face, to reduce the demand for foreign coins and recycle the gold available in the country.

WELFARE SCHEMES

  • 50,000 toilets constructed under Swachh Bharat Abhiyan.
  • Two other programmes to be introduced- GST & JAM Trinity. GST will be implemented by April 2016.
  • MUDRA bank to finance micro finance orgs to encourage first generation SC/ST entrepreneurs.
    Housing for all by 2020.
  • Upgradation 80,000 secondary schools.
  • DBT will be further be expanded from 1cr to 10. 3 cr
  • Government will contribute 50% of the premium limited to Rs. 1000 a year for the Atal Pension Yojna.
  • New scheme for physical aids and assisted living devices for people aged over 80 .
    Government to use Rs. 9000 cr unclaimed funds in PPF/EPF for Senior Citizens Fund.
  • Rs. 5000 cr additional allocation for MGNREGA.
  • Government to create universal social security system for all Indians.

RENEWABLE ENERGY

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

TOURISM

  • Development 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 tourism scheme.
  • Visa on Arrival for 150 countries.

Did you like the budget? Give your opinion about the budget in comment section.

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