Monday 29 February 2016

Highlights of Union Budget 2016-17





Finance minister Arun Jaitley presented Union Budget 2016-17 in Parliament on Monday. Here are the key highlights of his speech:


Agriculture and farmers’ welfare: 

•Look to double farmer income by 2020
•Govt will reorient interventions in farming sector; we need to optimally utilize water resources
•28.5 lakh hectares will be brought under irrigation
•A dedicated irrigation fund with Rs.20,000 crore under Nabard
•Major programme for sustainable groundwater management
•Govt to set apart Rs.412 crore to encourage organic farming
•Access to market is critical for farmers
•Implementing Pradhan Mantri Gram Sadak Yojana as never before—scheme to be allocated Rs.19,000 crore in FY17; Rs.27,000 crore in total—to advance completion target to 2019 from 2022
•To support farmers after calamities, special focus has been given to ensure timely flow of credit, target is Rs.9 trillion in FY17

Highlights of Union Budget 2016-17

Finance minister Arun Jaitley presented Union Budget 2016-17 in Parliament on Monday. Here are the key highlights of his speech:

Personal Finance
No changes have been made to existing income tax slabs
Rs 1,000 crore allocated for new EPF (Employees' Provident Fund) scheme
Govt. will pay EPF contribution of 8.33% for all new employees for first three years
Deduction for rent paid will be raised from Rs 20,000 to Rs 60,000 to benefit those living in rented houses.
Additional exemption of Rs. 50,000 for housing loans up to Rs. 35 lakh, provided cost of house is not above Rs. 50 lakh.