Click Here For The PDF Version Of Union Budget-2015
Presented by- Shri Arun Jately
(a)The Union Budget of India, referred to as the Annual Financial Statement in Article 112 of the Constitution of India, is the annual budget of the Republic of India, presented each year on the last working day of February by the Finance Minister of India in Parliament. The budget, which is presented by means of the Financial Bill and the Appropriation bill has to be passed by the House before it can come into effect on April 1, the start of India's financial year.
(b)The first Union budget of independent India was presented by R. K. Shanmukham Chetty on November 26, 1947.
(c)Former Finance Minister Morarji Desai presented the budget ten times, the most by any.
(d)Until the year 2000, the Union Budget was announced at 5:00 pm on the last working day of the month of February.It was Mr.Yashwant Sinha, the then Finance Minister of India in the NDA government (led by BJP) of Atal Bihari Vajpayee, who changed the ritual by announcing the 2001 Union Budget at 11 am.
(e)The printing of Budget documents starts roughly a week ahead of presenting in the Parliament with a customary 'Halwa ceremony' in which halwa (a sweet dish) is prepared in large quantity and served to officers and support staff involved. They remain isolated and stay in the North Bock office until the Budget is presented.
fiscal deficit targets
i. 3.9% for 2015-16
ii. 3.5% for 2016-17
iii. 3.0% for 2017-18
i.Increase in the number of beneficiaries from the 1 crore to 10.3 crore.
ii.6,335 crore have so far been transferred directly into people accounts.
iii.LPG subsidy to 11.5 crore LPG consumers.
i.“Paramparagat Krishi Vikas Yojana”- Agiculture Ministry’s organic farming scheme.
ii."Pradhn Mantri Gram Sinchai Yojana"- aimed at irrigating the field of every farmer and improving water use efficiency to provide 'Per Drop More Crop’.
iii.Micro-irrigation + watershed developmentand + Pradhan Mantri Krishi Sinchai Yojana- 5,300 crore.
iv.Rural Infrastructure Development Fund (RIDF)- 25,000 crore.
v.Long Term Rural Credit Fund- 15,000 crore.
vi.Short Term Cooperative Rural Credit Refinance Fund- 45,000 crore.
vii.Short Term RRB Refinance Fund- 15,000 crore.
viii.Farm credit- 8.5 lakh crore.
ix.MGNREGA- 34,699 crore.
x."Unified National Agriculture Market"- To increase the incomes of farmers so that their produce gets best national price.
Funding the Unfunded
i.Micro Units Development Refinance Agency (MUDRA) Bank- 20,000 crore + credit guarantee corpus of 3,000
Role of MUDRA- will refinance Micro-Finance Institutions through a Pradhan Mantri Mudra Yojana. In lending, priority will be given to SC/ST enterprises.
ii.Trade Receivables Discounting System (TReDS)- an electronic financing of trade receivables of MSMEs, this improve the liquidity in the MSME sector significantly.
iii.NBFCs registered with RBI and having asset size of 500 crore and above will be considered for notifications as ‘Financial Institution’ in terms of the SARFAESI Act, 2002.
From Jan Dhan to Jan Suraksha
i."Pradhan Mantri Suraksha BimaYojna"- will cover accidental death risk of 2 lakh for a premium of just 12 per year.
ii."Atal Pension Yojana"
(a)will provide a defined pension, depending on the contribution, and its period.
(b)the Government will contribute 50% of the beneficiaries premium limited to 1,000 each year, for five years, in the new accounts opened before 31st December, 2015.
iii."Pradhan Mantri Jeevan Jyoti Bima Yojana"- covers both natural and accidental death risk of 2 lakhs. The premium will be 330 per year, or less than one rupee per day, for the age group 18-50.
iv."Senior Citizen Welfare Fund"- unclaimed deposits will be used to subsidize the premiums of vulnerable groups such as old age pensioners, BPL card-holders, small and marginal farmers and others.
v.Proposed a new scheme for providing Physical Aids and Assisted Living Devices for senior citizens, living below the poverty line.
vi. SC- 30,851 crore
ST- 19,980 crore
Women- 79,258 crore
vii."Nai Manzil"- An integrated education and livelihood scheme to enable Minority Youth who do not have a formal school-leaving certificate to obtain one and find better employment. Also mentioned an exhibition, ‘The Everlasting Flame’.
viii.Ministry of Minority Affairs- 3,738 crore.
i.National Investment and Infrastructure Fund (NIIF)- 20,000 crore
ii.Atal Innovation Mission (AIM)- 150 crore
will be an Innovation Promotion Platform involving academics, entrepreneurs, and researchers and draw upon national and international experiences to foster a culture of innovation, R&D and scientific research in India.
iii.SETU (Self-Employment and Talent Utilisation)- 1,000 crore
will be a Techno-Financial, Incubation and Facilitation Programme to support all aspects of start-up businesses, and other self-employment activities, particularly in technology-driven areas.
iv.e-Biz Portal- which integrates 14 regulatory permissions at one source.
v.5 new Ultra Mega Power Projects each of 4000 MWs
The second unit of Kudankulam Nuclear Power Station will be commissioned in 2015-16.
i.Public Debt Management Agency (PDMA)- will bring both India’s external borrowings and domestic debt under one roof.
ii.Proposed to merge the Forwards Markets Commission with SEBI to strengthen regulation of commodity forward markets and reduce wild speculation.
iii.proposed to create a Task Force to establish a sector-neutral Financial Redressal Agency that will address grievances against all financial service providers.
India is one of the largest consumers of gold in the world and imports as much as 800-1000 tonnes of gold each year. So
i. Gold Monetisation Scheme- will replace both the present Gold Deposit and Gold metal Loan Schemes. The new scheme will allow the depositors of gold to earn interest in their metal accounts and the jewelers to obtain loans in their metal account. Banks/other dealers would also be able to monetize this gold.
ii.Sovereign Gold Bond- The Bonds will carry a fixed rate of interest, and also be redeemable in cash in terms of the face value of the gold, at the time of redemption by the holder of the Bond.
iii.Indian Gold Coin- will carry the Ashok Chakra on its face. Such an Indian Gold Coin would help reduce the demand for coins minted outside India and also help to recycle the gold available in the country.
i.Set up manufacturing hubs in CMLV countries- Cambodia, Myanmar, Laos and Vietnam.
ii.Alternate Investment Funds- Such funds provide another vehicle for facilitating domestic investments.
Nirbhaya Fund- 1,000 crore.
i.Cultural World Heritage Sites
India has 25 Cultural World Heritage Sites, proposed to provide resources to start work along these lines for the following
(a) Churches & Convents of Old Goa
(b) Hampi, Karnataka
(c) Elephanta Caves, Mumbai
(d) Kumbalgarh and other Hill Forts of Rajasthan
(e) Rani kiVav, Patan, Gujarat
(f) Leh Palace, Ladakh, J&K
(g) Varanasi Temple town, UP
(h) Jalianwalabagh, Amritsar, Punjab
(i) QutubShahi Tombs, Hyderabad, Telengana
ii.VISAS on arrival- proposed to increase the countries covered to 150.
i.Faster Adoption and manufacturing of Electric Vehicles (FAME)- 75 crore
ii.Renewable Energy has revised its target- 1,75,000 MW till 2022.
comprising 100,000 MW Solar, 60,000 MW Wind, 10,000 MW Biomass and 5000 MW Small Hydro.
India is one of the youngest nations in the world with more than 54% of the total population below 25 years of age.
i."Deen Dayal Upadhyay Gramin Kaushal Yojana"- 1,500 crore
For enhancing the employability of rural youth. Year 2015 will be his 100th birth anniversary.
ii."Pradhan Mantri Vidya Lakshmi Karyakram"- to set up a fully IT based Student Financial Aid Authority to administer and monitor Scholarship as well Educational Loan Schemes.
iii.All India Institutes of Medical Sciences(AIIMS)- J&K, Punjab, Tamil Nadu, Himachal Pradesh and Assam.
iv.IIT- Karnataka, Dhanbad(upgrade Indian School of Mines into a full-fledged IIT).
v.Post Graduate Institute of Horticulture Research and Education- Amritsar.
vi.IIM- J&K and Andhra Pradesh.
vii.National Institute of Speech and Hearing- Kerala.
viii.National Institutes of Pharmaceutical Education and Research- Maharashtra, Rajasthan, and Chattisgarh.
ix.Institutes of Science and Education Research- Nagaland and Odisha.
x.Centre for Film Production, Animation and Gaming- Arunachal Pradesh.
xi.Apprenticeship Training Institute for Women- Haryana and Uttrakhand.
xii.Bank Board Bureau- to improve the Governance of Public Sector banks.
xiii.National Skill Mission to be launched for youth below 25 yrs of age.
i.National Optical Fibre Network Programme (NOFNP)- 7.5 lakh kms. networking 2.5 lakh villages. Andhra Pradesh is the first State to have opted for this manner of implementation.
i.Water Resources and Namami Gange- 4,173 crore.
ii.Housing and urban development- 22,407 crore.
iii.Health sector- 33,152 crore.
i.Abolition of Wealth Tax.
ii.Additional 2% surcharge for the super rich with income of over Rs. 1 crore.
iii.Rate of corporate tax to be reduced to 25% over next four years.
iv.Total exemption of up to Rs.4,44,200 can be achieved.
v.100% exemption for contribution to Swachch Bharat, apart from CSR.
vi.Service tax increased to 14 per cent.
i.Non-Plan expenditure- 13,12,200 crore.
ii.Plan expenditure- 4,65,277 crore.
iii.Total Expenditure- 17,77,477 crore.
iv.Gross Tax receipts- 14,49,490 crore.
v.Devolution to the States- 5,23,958 crore.
vi.Share of Central Government- 9,19,842 crore.
vii.Non Tax Revenues- 2,21,733 crore.
viii. fiscal deficit- 3.9 per cent of GDP.
ix.Revenue Deficit- 2.8 per cent of GDP.
Benefits to middle class tax payers-
i.Increase in the limit of deduction in respect of health insurance premium from 15,000 to 25,000.
For senior citizens- increased from 20,000 to 30,000.
ii.Pension Fund and the New Pension Scheme is proposed to be increased from 1 lakh to 1.5 lakh.
iii. 25,000 will be allowed for differently abled persons under Section 80DD and Section 80U.
iv.Transport allowance exemption is being increased from 800 to 1,600 per month.