Union Budget for 2015-16 presented by Finance Minister Arun Jaitley
Welcome to Union Budget 2015 presented by Finance Minister Arun Jaitley at 11.00 am on Saturday
* A thumbs up to Jaitley’s Budget from tourism sector
India will set up 5 more ultra mega power projects, entailing investments of around Rs 1 lakh crore, the government said today. Read More:
12.55 pm NCP expresses disappointment over the Union Budget 2015-16; says they (BJP) could have done much more with the mandate they have.
12.53 pm BJD gives 2 out of 10 to Finance Minister Arun Jaitley’s budget; says it’s very disappointing.
12.50 pm Congress describes Union Budget 2015-16 as “hollow and plain”.
12.49 pm Narendra Modi tweeted
Union Budget 2015 is a Budget with a clear vision. It is a Budget that is progressive, positive, practical, pragmatic & prudent.
— Narendra Modi (@narendramodi) February 28, 2015
12.49 pm The Finance Minister tables the Union Budget, Statement of Receipts and Expenditure and the Finance Bill in Parliament after completing his speech.
12.48 pm DTC – No merit in going ahead with Direct tax Code as it exists today. Net impact of tax proposals Rs. 15,068 crore.
12.48 pm Yoga – included under charitable activites.
12.47 pmIndiviual taxpayer can get benefits up to Rs. 4,44,200.
12.47 pm Transport allowance exemption to be increased to Rs. 1,600 per month.
12.46 pm No merit in taking up the current Direct Tax Code (DTC): FM.
12.45 pm Direct tax proposal will lead to a loss of Rs 8,315 crore; and on indirect tax proposal gain will be over Rs 23,000 crore; net tax gain will be Rs 15,068 crore.
12.45 pm Transport allowance to individual income tax payers doubled to Rs 1,600: FM.
12.44 pm Sensex up 340 pts on Budget proposal to cut corporate tax rate
Mumbai: Industrialists watch live screening of the Union budget 2015 speech in Mumbai on Saturday.
12.42 pm An additional Rs 50,000 contribution to pension under 80CCD to be allowed to make the society pensioned instead of pensionless.
12.41 pm Individual tax payers to get income tax benefit of Rs 4,44,200 in a year.
12.40 pm For senior citizens, health insurance premium deduction will be Rs 30,000 as against Rs 10,000 currently; for very senior citizens expenditure of Rs 30,000 will be allowed: FM.
12.40 pm Contribution to pension and new pension scheme raised to Rs 1.5 lakh from current Rs 1 lakh; Clean energy cess raised from Rs 100 to Rs 200 per metric ton of coal to finance Green Energy Fund: FM.
12.39 pm100 pc IT deduction for contributions, other than CSR, made to Swachh Bharat Fund; 2 pc surcharge to be levied on all taxes to fund Swachh Bharat CampAign.
Kolkata: TV sets display the live screening of Union Budget 2015-16 presented by Finance Minister Arun Jaitley in Lok Sabha, in Kolkata on Saturday.
12.39 pm Increase in limit in deduction of health insurance premium from Rs 15,000 to Rs 25,000.
12.38 pm Rigorous imprisonment of 10 years under Black Money Law: FM.
12.37 pm Customs duty on certain raw materials to be reduced; Ad valorem excise duties will not be increased: FM.
12.36 pm Full exemption from CENVAT for various products and reduced SAD on import of raw materials.
12.35 pm Educational cess to be subsumed in the central excise duty; central excise duty to be rounded off to 12.5 pc from 12.63 per cent: Jaitley.
12.34 pm Concealment of income abroad will be made predicate offence: FM.
12.33 pm Govt to abolish wealth tax and replace it with 2 per cent surcharge on super-rich with income of Rs 1 crore and above. The surcharge on super-rich will yield Rs 9000 crore.
12.32 pm Moving on various fronts for implmentation of GST from next year; GAAR implementation deferred by 2 more years. FM.
New Delhi: People watching Union Finance Minister Arun Jaitely presenting the annual Budget 2015-16 on the screens, in New Delhi on Saturday.
12.31 pm Rationalisation and removal of various types of exemptions to be accompanied with cut in corporate tax rate; to start from next financial year: FM.
12.31 pm Income Tax reduction from 25 per cent to 10 per cent on royalty for providing technical services: FM
12.31 pm Reduce the rate of corporate tax to 25 per cent from 30 per cent over the next four years: FM.
12.30 pmPlan expenditure Rs 465,277 crore; total expenditure Rs 17,77,477 crore in 2015-16; Gross tax receipts Rs 14,49,470 crore, non-tax receipts pegged at Rs 221,733.
12.29 pm FEMA to be amended to provide for seizure of equivalent amount at home against illegal property abroad: Jaitley.
12.28 pm Cash acceptance of more than Rs 20,000 for purchase of immovable property to be prohibited; PAN to be made mandatory for purchase of over Rs 1 lakh.
12.27 pm Non-plan expenditure pegged at Rs 13,12,200 crore; expenditure pegged at Rs 17,77,477 crore: Jaitley
12.26 pm New Benami Transaction Prohibition Bill to be brought to curb domestic blackmoney: Jaitley.
12.25 pm Exclusive commerical divisions in various high courts for resolution of financial disputes: FM.
12.24 pm Penalty for holding of blackmoney will be 300 pc of the tax; tax offenders cannot go to tax settlement commissions: FM.
12.23 pm IIMs to be set up in J&K and Andhra Pradesh: FM.
12.22 pm Comprehensive bill to deal with blackmoney stashed abroad will be introduced in the Parliment’s current session: FM.
12.21 pm Autonomous bank board bureau to be appointed to select heads of PSU banks: FM.
12.20 pm Income Tax exemptions to individual tax payers to continue: FM.
12.19 pm Regulatory reform law to be introduced to bring about cogency across various infrastructure sectors: FM.
12.18 pm AIIMS to be set up in Jammu and Kashmir, Punjab, Himachal Pradesh and Assam.
12.17 pm Visa on arrival to be extended to 150 countries in different stages from current 43 nations: FM.
12.16 pm GST will put in place state of art indirect tax system by April 1, 2016; It will play trnsformative role: FM.
12.16 pm Govt proposes to incentivise debit-credit card transactions: FM.
12.16 pm Distinction between foreign direct investment and foreign portfolio investment will be abolished. 100 per cent FDI under automatic route will not be affected: FM.
12.15 pm Govt proposes to incentivise debit-credit card transactions: FM.
12.15 pm Foreign investment to be allowed in alternate investment fund: FM.
12.13 pm Distinction between foreign direct investment and foreign portfolio investment will be abolished. 100 per cent FDI under automatic route will not be affected: FM.
12.13 pm Allocation for Defence for next financial year will be Rs 2,46,727 crore against Rs 2,22,370 crore in the current year.
12.12 pm Sensex erases all early gains, slips into negative territory.
12.11 pm Govt proposes sovereign gold bond; Gold coin with Ashoka Chakra to be minted to replace those made outside the country.
12.11 pm Special financial assistance to be given to Bihar and West Bengal on the lines of Andhra Pradesh; All legal commitments made to AP and Telangana will be met: Jaitley.
12.10 pm Direct tax regime on internationally competitive on rates to be put in place to incentivise saving and will be transparent: FM.
12.09 pm Gold monetisation scheme to be introduced to allow depositors to earn interest in their metal account: FM
12.08 pm AIIMS to be set up in J&K, Punjab, TN, Himachal Pradesh and Assam: FM.
12.07 pm Indian Financial Code to be introduced in Parliament after Srikrishna Committee report: FM.
12.06 pm Initial sum of Rs 150 crore for creating world class IT hub to take advantage of our competitiveness: FM
12.05 pm Forward Marketing Commission (FMC) to be merged with SEBI: FM.
12.04 pm Rural infrastructure development fund to have a corpus of Rs 25,000 cr: Ports in public sector will be encouraged to corporatise and become companies under Companies Act: FM.
12.03 pm Deepening of Indian bond market to be started by setting up Public Debt Management agency: FM.
12.02 pm Visa on arrival scheme to be expanded to 150 countries from the current 43 countries: FM.
12.01 pm Hope to garner additional resources for tax buoyancy that will help enhance MNERGA by Rs 5,000 crore: FM.
11.59 am An expert committee will be appointed to examine possibility and prepare draft legislation to replace multiple prior persmission with a preexisting regulatory mechanism: FM.
11.58 am Ports can be an attractive investment opportunity; ports in public sector will be encouraged to corporatised and becoming companies: FM.
11.57 am PPP model has to be revisited and revitalised; Need to address ease of doing business: FM.
11.56 am Govt allocates Rs 1500 crore for Integrated Child Development Scheme, Rs 500 crore for Integrated Child Protection Scheme and Rs 3000 crore for PM’s Irrigation scheme: FM.
11.54 am FEMA to be amended to give govt clear control over capital flows: Jaitley.
11.53 am FEMA to be amended to give govt clear control over capital flows: Jaitley.
11.52 am Tax free infrastructure bonds for projects in roads, rail to be introduced: FM.
11.51 am Capex of PSUs pegged at Rs 3,17,889 crore in 2015-16, up Rs 80,844 cr over previous year; overall investment will go up by Rs 75,000 crore from central funds in 2015-16 over 2014-15.
11.49 am Five ultra mega power projects each with capacity of 4000 mw to be set up; 2nd unit of Koodankulam Nuclear Power plant to be operational by 2015-16: Jaitley.
11.48 am Allocation of Rs 30,851 crore for SCs, Rs 79,258 crore for women in Budget 20-15-16: FM.
11.47 am Pradhan Mantri Jeevan Jyoti Yojana to cover accident death at a premium of Rs 330 per year: FM.
11.46 am Soon to be launched Pradhan Mantri Suraksha Yojana to provide accident insurance of Rs 2 lakh on a premium of Rs 12 per year: FM.
11.45 am Govt to launch education welfare scheme ‘Nayi Manzil’ for unemployed minority youth: Jaitley.
11.43am Postal offices to function as payment banks: FM.
1140 am Will bring comprehensive bankruptcy code: FM.
11.39 am Govt 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.
11.38 am Govt proposes to create senior citizen welfare fund with unclaimed deposit of Rs 9000 crore in PPF/EPF schemes: Jaitley.
11.37 am 8.5 lakh farm credit targeted in 2015-16: FM.
11.35 am Govt to work towards creating universal social security system for all Indians, especially the poor: Jaitley.
11.34 am Rs 25,000 crore allocated in 2015-16 for rural infrastructure development fund: FM.
11.33 am Some strategic disinvestments will happen besides disinvestment in loss making PSUs: FM.
11.32 am 11.5 crore LPG consumers transfered subsidy directly; Well-offs including MPs and Ministers will give up subsidised LPG voluntarily: FM.
11.31 am Make in India programme is aimed at raising share of manufacturing in GDP and creating jobs: FM.
11.30 am Fiscal deficit target for 2016-17 will be 3.5 per cent and 3 per cent in 2017-18: FM.
11.29 am Rs 34,699 crore allocated for MNREGA scheme, focus will be on improving quality and effectiveness: Jaitley.
11.28 am:It will be 3.9 per cent for 2015-16, 3.3 for 2016-17 and 3 per cent for 2017-18.
11.27 am:Public investment of Rs 1.25 lakh crore over the and above the revised budgetary target: FM.
11.26 am:Will meet the fiscal deficit target of 4.1 per cent of GDP this fiscal: FM.
11.25 am: Will meet the fiscal deficit target of 4.1 per cent of GDP this fiscal: FM.
11.24 am:We will achieve 3 per cent fiscal deficit target in two years rather than three years: FM.
11.23 am:States 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: FM.
11.22 am: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: FM.
11.21 am: We inherited sentiment of gloom and doom, we have come a long way from there, says Jaitley.
11.20 am:Embarked on GST and JAM Trinity to use bank accounts, Aadhar and Mobile number to transfer government benefits: FM.
11.19 am:We will move to amend the RBI Act this year to form Monetary Policy Committee: Jaitley.
11.18 am:50 lakh toilets constructed in 2014-15; on the way to achieve target of 6 crore toilets: FM.
11.17 am:Coal bearing states will get several lakhs of crores of rupees as royalty following transparent auction process: FM.
11.16 am.:GDP expected to accelerate to 7.4 pc, making India the fastest growing economy in the world: FM.
11.15 am.:Rupee has gained by 6.4 per cent against a broad base of currencies; Foreign exchange reserves at record USD 340 billion: Jaitley.
11.14 am:The credibility of Indian economy has been re-established: Finance Minister Arun Jaitley.
11.13 am: “The rural-urban divide is no longer acceptable.”
11.12 am.: “All our schemes should focus off-centre on the poor. We need to upgrade 80,000 secondary schools.”
11.11 am.: Housing for all by 2022 announced — 2 crore in rural areas, 5 crore in urban areas.
11.10 am: Estimated GDP for 2015-16 will be between 8 and 8.5 per cent. “Aiming for a double-digit growth rate seems feasible.”
11.08 am: We have embraked on two other programmes now — GST and JAM Trinity. GST will be implemented by April 2016 says Mr. Jaitley.
11.07 am: Mr. Jaitley puts forth three achievements of the new government — the success of the Jan Dhan Yojana, coal auctions and Swachch Bharat Abhiyan. “We will attain the target of building 6 crore toilets. It’s at a deeper level a programme of preventive healthcare.”
11.05 am: “The people of India have voted resoundingly for quick change, faster growth and high levels of transparency. We have lived up to that trust.”
11.04 am: “We inherited a sentiment of doom and gloom. We have come a long way since then. The CAD for the year is expected to be below 1.3% of GDP. Foreign exchange reserves have risen to $340 billion.”
11.02 am: Economic environment far more positive than in the recent past, says Finance Minister Arun Jaitley.
11 am: Arun Jaitley begins his Budget speech. “We have embraced the States as equal partners in the process of economic growth.”
INDEX OF INDUSTRIAL PRODUCTION 2014- 2015
GROSS FISCAL DEFICIT 2014- 2015
Following are the highlights of Economic Survey 2014-15 presented by Finance Minister Arun Jaitley in Parliament today:
* GDP growth seen at 8.1-8.5 per cent in 2015-16
* Double digit growth trajectory; 8-10 pc GDP in coming yrs
* Inflation shows declining trend during April-December
* CAD to decline to about 1 pc in 2015-16
* To adhere to fiscal deficit target of 4.1 pc of GDP; to aim for 3 pc
* Committed to fiscal consolidation; to enhance revenue generation
* More reforms on anvil; GST, expanding direct benefit transfers to be game-changers.
* Foodgrains production for 2014-15 estimated at 257.07 million tonnes; will exceed last 5-yr average by 8.5 MT
* NITI Aayog, 14th Fin Comm to enhance fiscal federalism
* External Sector returning to strength, resilience
* Need balance between ‘Make in India’ and ‘Skilling India’
* Services sector negotiations at WTO crucial for India in removing many market access barriers
* Revitalise PPP model to revive investment
* Manufacturing and services equally important for growth
* Consumer inflation in 2015-16 to be between 5-5.5 pc
* Lower inflation opens up space for more monetary easing
* There is scope for big bang reforms
* Labour, capital, land, market reform and skills to be engines of growth
* JAM Trinity – Jan Dhan Yojana, Aadhaar, Mobile – to help transfer of funds to poor without leakage
* Shield domestic industry to promote ‘Make In India’
* Borrowings to fund investment, not for meeting expenses
* Food subsidy bill in Apr-Jan up 20 pc to Rs 1.08 lakh cr
* Reform Railway’s structure, commercial practices, overhaul of technology
* Public investment key growth engine in short-run for Railways, but not a substitute for private investment
* More disinvestments on the anvil in current fiscal
* Under-recoveries on petroleum products to come down to Rs74,664 crore in 2014-15, from Rs 1.39 lakh crore in FY14
* 4Ds – Deregulation, Differentiation, Diversification, Disinter (better bankruptcy laws) – to push financial sector growth
* Implementation of GST to boost GDP, exports
* Suggests medium to long term fiscal policy to target deficit, expenditure
* Global commodity prices to remain weak in 2015
* Ecommerce sector to witness 50 pc growth in 5 yrs.