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February 29, 2016

Union Budget 2016-17 Highlights - Live Updates

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Finance Minister Arun Jaitley has been presenting his third Union Budget for the financial year 2016-17 in Lok Sabha now. Here are the live updates of some important announcements. We will provide the Pdf Version of Union Budget Highlights by today's evening. So keep hitting the refresh button for more live updates. Happy Reading :)
  • 100% rural electrification to be achieved by 1st May, 2018
  • 2 projects under Stand Up India to be promoted per bank branch per category
  • 300 rurban clusters to be set up under Shyama Prasad Mukherji Rurban Mission
  • 5 lakh acres to be brought under organic farming over three years
  • 6 crore additional households to be covered under digital literacy scheme in next 3 years
  • 62 new Navodaya Vidyalayas will be opened in the next 2 years
  • 65 eligible habitats to be connected via 2.23 lakh km of road. Current construction pace is 100 km per day
  • A unified agriculture market e-platform will be dedicated to the nation on the birthday of Dr. BR Ambedkar
  • Aim to double farmers' income in 5 years. Rs 35,984 crore allocation for their welfare
  • Aim to double the income of farmers in five years. Rs 35,984 crores total allocation for farmers' welfare
  • Allocation of Pradhanmatri Gram Sadak Yojna to be increased to Rs 19,000 crore
  • Allocation of Rs 35,984 crore for farm sector
  • Amidst global headwinds, the Indian economy has held its own
  • Appreciation for 75 lakh middle class and lower middle class for willingly giving up LPG subsidy
  • CPI inflation has declined to 5.4%
  • Dedicated irrigation fund worth Rs 20,000 crore to be set up under NABARD
  • Farm, rural sector, infra, social sector to have more government expenditure
  • Foreign exchange reserves are at highest ever level
  • Government has to prioritize expenditure. Focus on the rural and social sectors, infrastructure and recapitalization of bank
  • Government is launching a new initiative to provide cooking gas to BPL families with state support
  • Govt to provide incentive for deepwater gas exploration
  • Govt to set apart Rs 412 crore to encourage organic farming
  • Infaltion has come down even though there was a fall in monsoons
  • New restructured scheme to increase the governance capabilities of PRIs to be launched: Rashtriya Gram Swaraj Abhiyan
  • Nominal premium and highest ever compensation in case of crop loss under the PM Fasal Bima Yojana
  • Recapitalization of banks will be done during next financial year
  • Rs 2.87 lakh crore to be given grant-in-aid for gram panchayats and municipalities; it is quantum jump of 228%
  • Rs 38,500 crores allocated to MNREGA
  • Rs 5,500 crores allocated to PM Fasal Bima Yojana
  • Rs 87,765 crores for rural development as a whole have been allocated in the budget
  • Rs 9,000 crores allocated to Swaccha Bharat Abhiyaan
  • Skill India: 1 crore youth to be trained in next three years
  • Stand Up India scheme allocated Rs 500 crore for SC, ST and women entrepreneurs.
  • The growth of GDP has accelerated to 7.6%
  • Will enact a law to confer benefits on deserving sections on aadhar platform
  • Work for passage of insolvency and bankruptcy laws, to undertake significant reforms
  • National Skill Development Mission has imparted training to 76 lakh youth.
  • 1,500 multi skill training institutes to be set up
  • Objective to skill 1 crore youth in the next 3 years under the PM Kaushal Vikas Yojana
  • Health insurance of upto Rs 1 lakh per family.
  • 300 generic drug stores to be opened under PM Jan Aushadi Yojana
  • 85% of stalled road projects back on track
  • Rs 97,000 crore allocated to road sector including PMGSY
  • Total outlay for infrastructure Rs 2,21,246 crores in 2016/17
  • Target of 10,000km of national highway and upgradation of 50,000km of state highways in 2016/17 
  • Rs 1,000 crore for higher education financing
  • Govt drawing a comprehensive plan to exploit nuclear energy to be implemented in the next 15-20 years 
  • 100% FDI to be allowed through FIPB route in Food Products Produced and Marketed in India
  • New Financial Data Management Centre to facilitate integrated data analysis
  • Department of Disinvestment to be renamed as Department of Investment and Public Asset Management
  • RBI Act to be amended to give statutory backing for monetary policy
  • Amount sanctioned under PM Mudra Yojana has reached Rs 1 lakh crore to cover 2.5 crore borrowers by Feb, 2016 
  • 25,000 crore for recapitalization of public sector banks
  • DBT on pilot basis in fertilizers to be introduced in some districts
  • A bill on targeted delivery of financial services using Aadhar to be introduced
  • FDI Policy: Changes proposed in areas - Insurance & Pension, Asset Reconstruction Companies, Stock Exchange
  • More number of benches of Security Appellate Tribunal to be introduced by amending SEBI Act to reduce pendency
  • Fiscal deficit for FY 2016-'17 targeted at 3.5%
  • Tax proposals to provide relief to small taxpayers through rebates
  • 89 irrigation projects to be fast-tracked. 
  • Rs.15,000 crore allocated for interest subvention for agri loans.
  • Target of agricultural credit raised to an all-time high of Rs.9 trillion
  • A dedicated irrigation fund worth Rs.20,000 crore to be set up under Nabard
  • Govt to provide incentive for deepwater gas exploration 
  • 28.5 lakh hectares will be brought under irrigation under irrigation under the Pradhan Mantri Krishi Sichai Yojana
  • Five lakh acres of land to be brought under organic farming in three years under Krishi Vikas Yojana 
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