Union Budget 2015: Updates

Cabinet approved Union Budget 2015-16. (Highlights)

Jaitley’s budget balancing act. Here are the highlights of Union Finance Minister Arun Jaitley’s first full-fledged budget:

 

Here are the updates:

 

We turned around economy, economy sustainable, reason to feel optimistic: FM Arun JaitleyEconomic environment far more positive than in the recent past, says Finance Minister Arun Jaitley.We inherited sentiment of gloom and doom, we have come a long way from there, says Jaitley.Rupee has gained by 6.4 per cent against a broad base of currencies; Foreign exchange reserves at record USD 340 billion: JaitleyGDP expected to accelerate to 7.4 pc, making India the fastest growing economy in the world: FM.Coal bearing states will get several lakhs of crores of rupees as royalty following transparent auction process: FM50 lakh toilets constructed in 2014-15; on the way to achieve target of 6 crore toiletsWe will move to amend the RBI Act this year to form Monetary Policy Committee: JaitleyEmbarked on GST and JAM Trinity to use bank accounts, Aadhar and Mobile number to transfer government benefits: FM.GDP growth to be 8-8.5 pc in 2015-16: FM.We have to aim to making India manufacturing hub. Make in India programme is aimed at raising share of manufacturing in GDP and creating jobs: FMStates to get in 2015-16 Rs 5.24 lakh crore or 42 per cent of central taxes, up from Rs 3.38 lakh crore in the previous year: FMWe will achieve 3 per cent fiscal deficit target in two years rather than three years: FM.Will meet the fiscal deficit target of 4.1 per cent of GDP this fiscal: FM.Public investment of Rs 1.25 lakh crore over the and above the revised budgetary target: FM.it will be 3.9 per cent for 2015-16, 3.3 for 2016-17 and 3 per cent for 2017-18Rs 34,699 crore allocated for MNREGA scheme, focus will be on improving quality and effectiveness: JaitleyFiscal deficit target for 2016-17 will be 3.5 per cent and 3 per cent in 2017-18: FMMake in India programme is aimed at raising share of manufacturing in GDP and creating jobs: FM11.5 crore LPG consumers transfered subsidy directly; Well-offs including MPs and Ministers will give up subsidised LPG voluntarily: FMSome strategic disinvestments will happen besides disinvestment in loss making PSUs: FM.Rs 25,000 crore allocated in 2015-16 for rural infrastructure development fund: FMGovt to work towards creating universal social security system for all Indians, especially the poor: Jaitley8.5 lakh farm credit targeted in 2015-16: FM.Govt proposes to create senior citizen welfare fund with unclaimed deposit of Rs 9000 crore in PPF/EPF schemes: JaitleyGovt plans Jeevan Jyoti Beema Yojana under which Rs two lakh cover at a premium of Rs 330 per year will be provided to people aged between 18 and 50: FM.Will bring comprehensive bankruptcy code: FM.