Union Budget Highlights 2015: Live Updates

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.. Here are the highlights of the Budget 2015:. I rise to present the Union Budget for the year 2015. It is my belief that every rupee of state expenditure will help in the betterment of the people. The credibility of the Indian Economy has been re-established. In the last 9 months, our government has taken several steps to energise Indian economy. We are a round the clock, round the year government. Real GDP growth is expected to be 7.4% making India the fastest growing economy in the world, ours is the second-best performing stock market in developing economies. The rupee has become stronger by 6.4 % States are equal partners in Economic growth. The latest CPI inflation is 5.1 % and whole sale price inflation is negative. Real GDP growth is expected to be 7.4% making India the fastest growing economy in the world, ours is the second-best performing stock market in developing economies. 50 lakh toilets have already been built, and I assure you that we will reach our goal of 6 crore toilets. Estimated GDP for 2014-15 is 4.2 per cent. The year 2022 is going to be the 'amrut mahotsav' 75th year of India's independence. Our objective is to keep inflation below 6 per cent. Growth in 15-16 expected to be 8 - 8.5 % Each house in the country should have basic facilities At least one member of each family should have access to means of livelihood Incremental change is not going to take us anywhere we have to think in terms of quantum jumps. The rural-urban divide should not be acceptable to us. All villages should be provided with connectivity. To fulfill a roof for all by 2022 must build 2 crore houses in rural India, 4 crore in urban areas. . . I am also mindful of the challenges that I have to deal with:. Agriculture income Increasing investment in Infrastructure Manufacturing has declined, exports are stagnant Need for fiscal discipline Fiscal deficit . . Will meet the challenging fiscal target of 4.1% of GDP which we had inherited. I will meet the fiscal deficit of 3 per cent in the next two years. With fiscal space being squeezed have to maintain the challenge of the need for fiscal discipline. With the fiscal space reduced, the Government has decided to continue supporting important national priorities. Public Investment needs to step in to catalyze the investment in PPP. The budget reflects a considerable scaling of the government's investments. We need to cut subsidies leakage and not the subsidies itself. We are in the process of rationalising subsidies. 6335 crores has been so far transferred directly as LPG subsidies to consumers ... I am sure those who are better off and are in top tax brackets will give up LPG subsidy voluntarily. Roadmap to achieve Fiscal deficit of 3% of GDP in three years: Target is 3.9% in 2015-16, 3.5% in 2016-17, 3% in 2017-18. Our commitment to farmers run deep, an ambitious soil health card has been introduced to improve soil fertility. Our government is committed to ensuring employment through MNREGA, 34699 crore allocated. Our government truly believes that development has to be inclusive growth. The Finance Minister Announces increase in Visa On Arrival facility from 43 to 150 countries. To support agricultural sector, I propose to allocate 25000 crore in 2015 to rural development fund. Just as we are banking the unbanked, we are funding the unfunded. A large population of India is without insurance of any kind. I will work towards creating a social security system for all Indians. We will also launch the 'Atal Pension Yojana'. Atal Pension Yojana will provide a defined pension to the people, which will start at the age of 60. The third social security scheme that I am announcing is the 'Pradhan Mantri Suraksha Bima Yojana', which will provide accidental insurance coverage of Rs 2 lakh. I intend to establish a 'National Investment and Infrastructure Fund'. National Investment in Infrastructure Fund to ensure an annual flow of 20,000 crores to it. I also intend to permit tax-free Infrastructure bonds in Rail and Road developments. I propose a new scheme of providing physical aids for senior citizens living below poverty line. Propose the 'Nayi Manzil' scheme for the youth minorities. 5 ultra-mega power projects each of 4000MW - all in plug-and-play mode. The second component of the Kundanlkulam Nuclear Power plant will be commissioned in the year 2015-16. Additional funds of Rs 5,000 crore for MNREGA. This will have two features. Highest allocation to the scheme ever. This will help increase wages for the beneficiaries. To allocate to Child development scheme - Rs 15,00 crore. For Child security scheme - Rs 500 crore. This is just the start, I have a vision of putting in place a direct tax regime that is internationally competitive on rates without exemptions. I propose to disincentivise cash transactions to work towards making India a cash-less society. In order to support women security programs, an additional allocation of Rs 1,000 crore to 'Nirbhaya Fund'. Introduce gold monetisation scheme to allow depositors to earn interest. FMC to be strengthened by merging with SEBI. To boost tourism, propose to raise visa on arrival facilities to 150 countries from the current 43. Soon be launching a national skills mission with skill initiatives spread across several ministries I propose to set up All Indian Institute of Medical Sciences (AIIMS) each in Jammu and Kashmir, Punjab, Tamil Nadu, Himachal Pradesh, Assam, the second in Bihar. IIT in Karnataka, Upgrade the Institute to IIT in Dhanbad. I propose to give similar assistance to Bihar and West Bengal as provided by the government of India to Andhra Pradesh. Government want to empower the poor and share the burden of the new middle-class. I have allocated Rs 68,968 set aside for the Education Sector. For the Need of the Armed Forces, the budget allocation for Defence for the year 2015-16 is 246727 crore. Budget estimates - Unplanned expenditure for 2015-16 is estimated at Rs 13,12, 200 crores. Good News for Corporates - Corporate tax reduced from 30% to 25% over next four years. Exemptions for individual tax payers to continue. We have taken a considered decision to enact a new law to deal with the menace of black money. Concealment of income will be prosecutable with rigorous imprisonment. Second pillar for my budget this year is job creation. Quoting PAN made mandatory for any sale exceeding Rs 1 lakh: Arun Jaitley. Foreign Exchange Management Act to allow for seizure of foreign properties and assets. I propose to abolish the wealth tax. Additional 2% surcharge on taxable income of Rs 1 crore and above. Excise duty on footwear having retail price of more than 1000 per pair has been reduced by 6 per cent. Transport allowance given to all taxpayers, limit increased from Rs 800 to Rs 1600 per month. Health insurance premium exemption raised to Rs 25,000 from Rs 15,000. All contributions to Sukanya Samridhi scheme to be tax free. To conclude, it is no secret that the expectations from this budget has been high. Even our worst critics would agree, we have moved rapidly. We are committed to achieving what we have been voted in power for.

Union Budget Highlights 2015: Live Updates

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