New Delhi: Union Finance Minister Arun Jaitley on Monday presented his third General Budget and highlighting the Centre's efforts in the last year, he said that Union Budget 2016 would be a positive one. "Amidst global headwinds, the Indian economy has held its own," Jaitley said.
 
Union Budget 2016 Live: MGNREGA to get Rs 38,500 crore
 
Jaitley said that the consumer price index (CPI) inflation has come down to 5.4% from 9 plus, bringing big relief to the public, adding "growth of GDP has accelerated to 7.6%."
 
Hitting out at the previous UPA government, he said that the Narendra Modi-led NDA government was trying to bridge the trust deficit that they had 'inherited' from them. "We have increased our plans expediture in contrast to the usual trend of decreasing it," he said.
 
"Foreign exchange reserves are at highest ever level," Jaitley said and said that the government's focus would be on farmers and developing new irrigation infrastructure.
 
"We must now look ahead. Since foreign markets are down, we must  rely on the domestic markets so that the economy doesn't slow down. We see challenges as opportunities," he said.

 Union Budget 2016 Highlights:

 

  • Dedicated irrigation fund worth Rs.20,000 crore
  • Rs.5,500 crore for crop insurance scheme
  • National marketing platform for agriculture will help create a national market.
  • We plan to launch National Digital Literacy for rural India Mission FM
  • Rs 9,000 crores allocated to Swaccha Bharat Abhiyaan.
  • Union cabinet has approved #StandUpIndia scheme to encourage SC & ST entrepreneurs.
  • SC/ST hub to be constituted under MSME ministry to encourage SC/ST entrepreneurship.
  • 62 new Navodya Vidyalayas to be opened in uncovered districts under Sarva Siksha Abhiyaan.
  • To provide LPG connection in the name of women members of poor household FM.
  • Government will pay EPF contribution of 8.33% for all new employees for first three years.
  • 1700 crores for Pradhan Mantri Kaushal Vikas Yojana.
  • A higher education financing agency to be set up, with a fund of 1000 crores.
  • We need to prioritize our expenditure, given recommendations of #7thCPC and #OROP implementation: Arun Jaitley.
  • We have to prudent fiscal policy, raise domestic demand and carry out reforms.
  • Government's focus is on the rural and social sectors, infrastructure and recapitalization of banks.
  • Need to develop economy and lives of people: Arun Jaitley.
  • Recapitalization of banks will be done during next financial year.
  • 5 lakh acres to be brought under organic farming over a three year period.
  • Agenda for next year is to undertake transformative measures based on 9 pillars for India.
  • Our aim is to double the income of farmers in five years. Rs. 35,984 crores total allocation for farmers' welfare.
  • Pradhanmantri Krishi Sinchaai Yojna strengthened and implemented in mission mode.
  • A dedicated irrigation fund worth Rs 20,000 crore to be initiated under NABARD.
  • The soil health card scheme to be implemented with greater vigour, all farmers to be included under it by 2017.
  • A unified e-platform on agriculture to be dedicated to the nation on the birthday of Dr. B. R. Ambedkar.
  • Allocation of Pradhanmatri Gram Sadak Yojna to be increased to 19,000 crore.
  • MGNREGA to get Rs.38,500 crore
  • 300 rurban clusters to be set up under Shyama Prasad Mukherji Rurban Mission
  • Rural development allocated Rs.87,765 crore. Rs.2.87 lakh crore aid to rural and urban local bodies

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