Union Budget 2016: Live updates

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Union Finance Minister, Arun Jaitley, is presenting his third budget.

Industry experts expect the government to unveil a road map for big-ticket disinvestment and announce increases slightly more generous than the recommendations of the Seventh Central Pay Commission.

Among other likely announcements may also include the lowering of the corporate tax from 30 per cent to 29 per cent and the first cut in the series planned to bring it down over the next four years to 25 percent.

Here are the live updates;

  • Jaitley turn poet, says ‘dikhadenge aataa hai karna darya paar hamein
  • says, “Kashti chalaane walon ne jab haar ke di patvaar humein, lehar lehar toofan mile, phir bhi dikhaaya hai humne, aur phir ye dikha denge sabko ki in halaat mein ata hai dariya karna paar humein
  • I am presenting this Budget when the global economy is in serious crisis
  • Amidst slowdown in global growth and trade, the Indian economy has held its ground firmly
  • We’ve converted difficulties into opportunities
  • Risks of global slowdown and turbulence are mounting
  • Financial Year 2017 will be challenging for Government expenditure
  • Forex Reserves are at highest ever level, have reached their highest mark at $350 billion
  • We inherited an economy of slow growth, high inflation and low faith in Government
  • Current account deficit has declined from 18.4 billion US dollars in 1st half of last year to 14.4 billion this year
  • Government has to prioritise expenditure. Focus on rural and social sectors, infrastructure and recapitalisation of bank
  • Our external situation is robust
  • We had to work in unsupportive global environment,adverse weather conditions and obstructive political atmosphere
  • Jaitley allocates Rs 35,984 crore for agriculture and farmer welfare
  • 5 lakh acres to be brought under organic farming over a three year period
  • Government aims to double income of farmers in five years
  • Will aim to give statutory backing to Aadhar platform for direct benefit transfer
  • Nominal premium and highest ever compensation in case of crop loss under the PM Fasal Bima Yojna
  • Government will reorient its intervention in the farm and non farm sector to double the income of farmers by 2022
  • A unified agriculture market e-platform will be dedicated to nation on birthday of Dr. B.R. Ambedkar
  • A dedicated irrigation fund worth Rs 20,000 crore to be set up under NABARD
  • Rs 19,000 crore to be allocated for Pradhan Mantri Gram Sadak Yojana
  • Rs 9,000 crore allocated for Swacch Bharat Abhiyan
  • MGNREGA to get 38,500 crore rupees
  • 300 rurban clusters to be set up under Shyama Prasad Mukherji Rurban Mission
  • Speaker Sumitra Mahajan allows Arun Jaitley to present the budget while seating
  • We have decided to embark upon massive mission to provide an LPG connection in the name of women members of poor households
  • I have set aside a sum of Rs. 2000 crores in this year’s budget to meet the initial cost of providing these LPG connections
  • We plan to launch digital literacy mission scheme for rural India to cover around 6 crore additional households in next 3 years
  • Stand Up India scheme allocated Rs.500 Crores for SC, ST and women entrepreneurs-2 projects to be promoted per bank branch per category
  • National SC/ST Hub to support SC/ST entrepreneurs
  • Government will launch a new health protection scheme which will provide health cover upto Rs 1 lakh per family
  • 1500 Multi skill training institutes will be set up
  • Senior citizens will get additional healthcare cover of Rs 30,000 under the new scheme
  • Objective to skill 1 crore youth in the next 3 years under the PM Kaushal Vikas Yojna
  • A national careers service was launched in July 2015. We propose to make 100 model career centres operational by end of 2016
  • Allocate Rs55,000 Crores for roads and highways, total investment in Road Sector would be Rs97,000 crore
  • Will be further topped up by addl 15000cr to be raised by NHAI through bonds.Total investment in road sec -Rs 97000 crore in 2016-17
  • Retail trade is largest service sector employer in country. Many more jobs are created in this, provided the regulations are simplified
  • If shopping malls are kept open all 7 days of the week, why not small and medium shops?
  • Total outlay for infrastructure in Budget 2016 now stands at Rs2,21,246 Cr
  • Government will continue to support export sector
  • Rs. 1000 cr set aside for higher education financing
  • A public utility resolution of disputes bill will be introduced during 2016-17
  • Rs 1,000 crore allocated for new EPF(Employees’ Provident Fund) scheme
  • Government will pay EPF contribution of 8.33% for all new employees for first three years
  • 100% FDI will be allowed via FIPB for marketing of food produced in India
  • Department of Disinvestment to be renamed as Department of Investment and Public Asset Management
  • Finance minister provides Rs 25,000 crore for re-capitalisation of PSU banks in the budget
  • A bill on targeted delivery of financial services using Aadhar to be introduced
  • A National Dialysis Services Program will be introduced under National Health Mission
  • An increased allocation of Rs 1,80,000 Crores under PM MUDRA Yojana
  • Relief for those who stay in rented houses, Tax rebate on rent is up from Rs 24,000 to Rs 60,000
  • People who do not have any house of their own & don’t get any house rent allowance from their employer get a reduction of Rs 24,000 pa
  • Tax proposals to provide relief to small taxpayers through rebates
  • For tax payers earning below Rs 5 lakh, ceiling on tax rebate increased by Rs 3,000
  • Accepts suggestion from Rahul Gandhi on providing relief to differently-abled people
  • Service tax exempted for general insurance schemes under Niramayi Swasthya Bima Yojna- FM Jaitley
  • Huge relief for first time home buyers, For first time home buyers – additional Rs 50000 rebate for loans upto Rs 35 lakhs and houses that cost upto Rs 50 lakhs
  • 100% deduction for profits of undertakings from housing projects in cities during Jun 2016-Mar 2019
  • Service tax exemption for construction of affordable housing upto 60 sq. m. under state and central housing schemes
  • Incentives for new manufacturing companies and smaller enterprise companies
  • Service Tax Exemption for services under the Deen Dayal Gram Jyoti Yojana; Infra Cess on Cars, SUVs, Diesel Vehicles
  • Krishi Kalyan cess to be imposed on all taxable services for agricultural sector
  • Our Govt is completely committed to removing black money from the economy
  • Limited tax compliance window from Jun 1 – Sep 30 for declaring undisclosed income at 45% incl. surcharge and penalties
  • Excise duty on most tobacco products raised by 10-15%

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