Union Budget 2015

States to be equal partners in economic growth; move to making India cashless society; social sector programmes to continue. Some of the challenges mentioned by the Finance Minister are: poor agricultural income, decline in manufacturing ; and the need for fiscal discipline.

 Here are sector-wise highlights:

 TAXATION

 1       Abolition of Wealth Tax.

2       Additional 2% surcharge for the super rich with income of over Rs. 1 crore.

3       Rate of corporate tax to be reduced to 25% over next four years.

4       Total exemption of up to Rs. 4,44,200 can be achieved.

5       100% exemption for contribution to Swachch Bharat, apart from CSR.

6       Service tax increased to14 per cent.

AGRICULTURE

 1       Rs. 25,000 crore for Rural Infrastructure Development Bank.

2       Rs. 5,300 crore to support Micro Irrigation Programme.

3       Farmers credit - target of 8.5 lakh crore.

INFRASTRUCTURE

 1       Rs. 70,000 crores to Infrastructure sector.

2       Tax-free bonds for projects in rail road and irrigation

3       PPP model for infrastructure development to be revitalised and govt. to bear majority of the risk.

4       Rs. 150 crore allocated for Research & Development

5       NITI to be established and involvement of entrepreneurs, researchers to foster scientific innovations.

6       Govt. proposes to set up 5 ultra mega power projects, each of 4000MW.

EDUCATION

 1       AIIMS in Jammu and Kashmir, Punjab, Tamil Nadu, Himachal Pradesh, Bihar and Assam.

2       IIT in Karnataka; Indian Institute of Mines in Dhanbad to be upgraded to IIT.

3       PG institute of Horticulture in Armtisar.

4       Kerala to have University of Disability Studies

5       Centre of film production, animation and gaming to come up in Arunachal Pradesh.

6       IIM for Jammu and Kashmir and Andhra Pradesh.

DEFENCE

 1       Rs. 2,46,726 crore for Defence.

2       Focus on Make in India for quick manufacturing of Defence equipment.

WELFARE SCHEMES

 1       50,000 toilets constructed under Swachh Bharath Abhiyan.

2       Two other programmes to be introduced- GST & JAM Trinity. GST will be implemented by April 2016.

3  MUDRA Bank will refinance micro finance orgs. to encourage first generation SC/ST entrepreneurs.

4       Housing for all by 2020.

5       Upgradation 80,000 secondary schools.

6       DBT will be further be expanded from 1 crore to 10.3 crore.

7       For the Atal Pension Yojna, govt. will contribute 50% of the premium limited to Rs. 1000 a year.

8       New scheme for physical aids and assisted living devices for people aged over 80 .

9       Govt to use Rs. 9000 crore unclaimed funds in PPF/EPF for Senior Citizens Fund.

10     Rs. 5,000 crore additional allocation for MGNREGA.

11     Govt. to create universal social security system for all Indians.

RENEWABLE ENERGY

 1       Rs. 75 crore for electric cars production.

2       Renewable energy target for 2022: 100K MW in solar; 60K MW in wind; 10K MW in biomass and 5K MW in small hydro

TOURISM

 1       Develpoment 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 toursim scheme.

2       Visa on Arrival for 150 countries.