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 Roadmap
fiscal
deficit targets
i.
3.9% for 2015-16
ii.
3.5% for 2016-17
iii.
3.0% for 2017-18
Good Governance
DBTL
Scheme
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.
Agriculture
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.
Infrastructure
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.
Financial Markets
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.
Monetising Gold
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.
Investment
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.
Safe India
Nirbhaya
Fund- 1,000 crore.
Tourism
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
Heritage
Sites-
(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.
Green India
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.
Skill India
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.
Digital India
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.
Others
i.Water
Resources and Namami Gange- 4,173 crore.
ii.Housing
and urban development- 22,407 crore.
iii.Health
sector- 33,152 crore.
Taxation
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.
BUDGET ESTIMATES
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.