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BUDGET 2016-17 AT A GLANCE

Nine pillars of Budget-2016-17

  1. Agriculture and farmers’ welfare,
  2. Rural sector,
  3. Social sector including healthcare,
  4. Education, skills and job creation,
  5. Infrastructure,
  6. Financial sector reforms,
  7. Ease of doing business,
  8. Fiscal discipline,
  9. Tax reforms to reduce compliance burden.

Agriculture in Budget-2016-17

  • Govt will reorganize agricultural policy to double farmer income in five years.
  • Agricultural credit target of Rs. 9 lakh crore.
  • Govt to allocate Rs 5,500 crore for crop insurance scheme.
  • 5 lakh hectares to be brought under irrigation.
  • Paramparagat Krishi Vikas Yojana to bring 5 lakh acres under organic farming.
  • 100% FDI through FAPB route in marketing of food products produced and manufactured in India
  • Unified e-platform for farmers to be inaugurated on Ambedkar’s birthday.
  • 900 crore for buffer stock of pulses.
  • Direct Benefit Transfer for fertilizer subsidy
  • Rs 15, 000 crore set aside for loan subvention for agriculture loans taken by farmers

Skill development & education

  • 1,700 crore for 1500 multi-skill development centres under Pradhan Mantri Kaushal Yojana.
  • Government plans to skill 1 crore youth in the next year
  • 10 public and 10 private educational institutions to be made world-class.
  • Digital repository for all school leaving certificates and diplomas.
  • 1,000 crore for higher education financing.
  • Higher Education Financing Agency to be set-up with initial capital base of Rs. 1000 crore.
  • Two schemes for digital literacy for rural India to cover 6 crore households in the next three years.
  • 62 new Navodaya Vidyalayas will be opened

Poverty alleviation / Social security/ Health

  • 2.87 lakh crore for gram panchayats as per recommendation of 14th finance commission.
  • Total rural sector allocation Rs. 87,769 crore.
  • New scheme for BPL families for gas connections.
  • EPF at 8.3 per cent for new employees joining the scheme.
  • Hub to support SC/ST entrepreneurs.
  • National dialysis service programme under PPP model.
  • LPG connection for women members of rural homes.
  • Government to provide health insurance of up to Rs. 1 lakh per family; top up of Rs. 35,000 for people above 60 years.
  • 3,000 stores to be opened for generic drugs.
  • 9,000 crore for Swachch Bharat Abhiyan.
  • 5,542 villages have been electrified, more than the last three years combined.
  • 38,500 crore for MNREGA. Highest ever for the rural employment scheme.
  • Statutory backing for Aadhaar platform to ensure delivery of benefits.
  • Fiscal deficit at 3.5% of GDP in 2016-17.
  • 25,000 crore for recapitalization of public sector banks.
  • General insurance companies owned by the govt. to be listed in stock exchanges.
  • Amendmends to boost Asset Reconstruction Companies to manage NPAs of public sector banks.
  • RBI Act to be amended to set up monetary policy committee.

Fiscal & monetary management

  • Statutory backing for Aadhaar platform to ensure delivery of benefits.
  • Fiscal deficit at 3.5% of GDP in 2016-17.
  • Classification of expenditure as plan and non-plan to be done away with
  • 25,000 crore for recapitalization of public sector banks.
  • General insurance companies owned by the govt. to be listed in stock exchanges.
  • Amendmends to boost Asset Reconstruction Companies to manage NPAs of public sector banks.
  • RBI Act to be amended to set up monetary policy committee.

Infrastructure

  • Total outlay for infrastructure is at Rs. 2.31 lakh crore.
  • In the power sector, the govt. is drawing up a plan for 15-20 years to augment investment in nuclear power. Rs. 3,000 crore per annum for this.
  • New green-field ports to be developed on east and west coasts.
  • Revival of underserved airports. Centre to Partner with States to revive small airports for regional connectivity. There are 160 airports and airstrips which can be revived.
  • Motor Vehicles Act to be amended to enable entrepreneurship in the road transport sector.
  • 97,000 crore for all roads. Total outlay on roads and rails will be Rs. 2.80 lakh crore. 10,000 km of national highways in 2016-17 and 50,000 km state highways to be converted to NH roads. 300 RURBAN clusters to be set up under Shyama Prasad Mukherji Rurban Mission.
  • More than 70,000 road projects were languishing at the beginning of the year. Nearly 85% of these projects have been put back on track.

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