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Finance Minister Arun Jaitley spoke to media after presenting the union budget 2016 today.
Here are the highlights:
- It is not just maintenance of fiscal deficit, quality of fiscal deficit is important too
- We have spent more, earned more, maintained fiscal deficit of 3.9%, so quality of Fiscal Deficit is very high
- Last two years helped me to establish the credibility of the government, after ages revised estimates more than budget estimates
- We are taxing products which are environmentally harmful, related to health. Huge relief to middle class
- Stress on agriculture. MGNREGA expenditure will be the highest this year. We have introduced crop insurance for farmers
- We are spending money in key areas. Cooking gas for all BPL families, targeted subsidy for the poor, health scheme for BPL families.
- Unclaimed money premium will benefit the senior citizens
- To the weaker sections and middle class in many aspects of this budget huge relief has been given
- It is a simple one page form (tax-return form), fill it online and you won't have to see the IT office
- Old government had made the retrospective tax, I criticized it then. I said in first budget we will not use it
- I am proposing that anyone who wants to settle the income tax issues, without interest, I am willing to settle it
- On LPG subsidy, we aim to achieve 1.5 crore BPL connection this year
- I don't think middle class wants subsidies, they want services. What's the use of subsidising electricity for those who own AC. Should those who own AC get subsidy?
- Rs. 27,000 crore to be spent on rural roads this year
- A lot of schemes converge to lead to much greater expenditure than earlier in rural sector
- Special emphasis has been given on of agriculture and farmers' welfare. 28.5 lakh hectare land will be brought under irrigation sector
- Aadhaar will enable targeted disbursal of subsidies to the poor and needy
- I have set an ambitious targets, hopefully if markets are not so choppy we will be close
- Situation in banking sector did not arise because of us, this happened earlier and steps were not taken then. Tough steps have been taken now that will start showing results soon
- Banks should improve, but management also has to improve. Banks should get the right that they should be allowed to take decisions on banking considerations
- Most states complain that I have not got enough. States are getting the tax money for infrastructure
- Numerically states get much more, in percentage it might be different because of cess issue
- Centre has to fund the states, it has to spend more and has to maintain the fiscal deficit
- There could be immediate benefits from agriculture
- Cabinet has decided convert India into a national agricultural market
- Subsidies on three products have not been removed - biggest one - food, fertilizer, kerosene.
- I don't want small farmers to suffer because of high fertilizer prices
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