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9th August 2016 Current Affairs Questions and Answers

9th August 2016 Current Affairs MCQs, Quiz, Questions : Current Affairs for August 2016 ,  Daily Multiple Choice Questions (MCQs) for In...

General Budget 2015-16 in PDF

General Budget 2015-16 in PDF: Finance Minister Arun Jaitley will present Union Budget 2015-16 today 2015-16 fiscal year that begins on April 1. Here is Live updates on Union Budget 2015-16 Highlights from Loksabha.


Union Budget 2015-16 Highlights:
-> Union Minister for Finance Shri Arun Jaitley on 28th February presented in Parliament the Union Budget 2015-16, with a focus on growth, promoting entrepreneurship and manufacturing, rationalizing tax regime and announcing some relief to common man.
-> Non-Plan expenditure estimates for the Financial Year are estimated at Rs.13,12,200 crore.
-> Plan expenditure is estimated to be Rs.4,65,277 crore, which is very near to the R.E. of 2014-15.
-> Total Expenditure has accordingly been estimated at Rs.17,77,477 crore.
-> The requirements for expenditure on Defence, Internal Security and other necessary expenditures are adequately provided.
-> Gross Tax receipts are estimated to be Rs.14,49,490 crore. Devolution to the States is estimated to be Rs.5,23,958 crore. Share of Central Government will be Rs.9,19,842 crore. Non Tax Revenues for the next fiscal are estimated to be Rs.2,21,733 crore.
-> With the above estimates, fiscal deficit will be 3.9 per cent of GDP and Revenue Deficit will be 2.8 per cent of GDP.
 
Economy-> India set to be the fastest growing large economy in the world. Double digit growth seems feasible. Real GDP expected to accelerate to 7.4% during the current fiscal. Foreign Exchange reserves at $340 billion.

Public Finance-> Fiscal deficit target of 3% to be achieved over next three years, instead of two. 4.1 % target being met this year, despite tax buoyancy being lower. Roadmap to achieve Fiscal deficit of 3% of GDP in three years: Target is 3.9% in 2015-16, 3.5% in 2016-17, 3% in 2017-18.
-> Following 14th Finance Commission recommendations, states will get higher resources. 68% of total revenues will now be in the hands of states, ushering in an era of cooperative federalism.
-> Budget Estimates of Expenditure: 17 .77 lakh cr, of which Non Plan is 13.12 lakh cr, and Plan is 4.65 lakh crores
-> Direct Tax collection to be 14.49 lakh crore rupees
 
Taxation and Tax regime-> GST to put in place state of art indirect tax system by April 1st 2016.
-> Internationally competitive Direct Tax regime to be put in place, which will be stable and non-discriminatory.
-> Applicability of GAAR deferred by two years; will only apply prospectively after Apr 2017
-> Basic rate of Corporate Tax to be reduced from 30% to 25% in next 4 years; to be accompanied by reducing exemptions
-> Wealth Tax to be abolished; 2% surcharge on super-rich having income over Rs.1 crore. This will net an additional tax revenue of Rs.9,000 crores
-> Service Tax increased to 14%.
-> Custom duty on raw materials and intermediaries to be reduced
-> Clean energy cess increased from 100 to 200 Rupees per metric ton of coal to finance Green Energy Fund. Renewable energy target revised to 175,000 Mw.
-> Direct tax proposals will lead to loss of Rs.8,315 cr; Indirect proposal will yield Rs.23,383 cr;

Personal Finance-> Govt. to introduce Gold Monetization Scheme, Sovereign Gold Bonds and Gold coins with Ashok Chakra
-> For contribution to National Pension Scheme, exemption raised from Rs.1,00,000 to Rs.1,50,000
-> Increase in limit of deduction of health insurance premium from Rs.15,000 to Rs.25,000; It will be Rs.30,000 for senior citizens:
-> All contributions to Sukanya Samridhi Scheme to be tax free.
-> Individual tax payer will benefit to the extent Rs.4,44,200/- from the exemptions announced

Agriculture & Rural Development-> Rs.5300 crores to be spent on micro-irrigation
-> Target of 8.5 lakh crores credit to be given to farmers in 2015-16
-> Rural Infrastructure Development Fund to be Rs.25000 Crores
-> Highest ever allocation for MGNREGA, by increasing it this year by 5,000 crore rupees

Industry & Infrastructure-> Focus on making India a manufacturing hub to ensure employment to our youth. Make In India to promote entrepreneurship by making our youth job creators than being job seekers.
-> National Investment & Infrastructure Fund announced.
-> PPP model to be revised and revitalized. Public investment to be stepped up to catalyze private investments.
-> Increased Budgetary allocation to Roads & Railways; Tax-free infra bonds for Rail, Roads transport projects
-> 5 Ultra Mega power projects, of 4000 MW announced
-> Ports in public sector will be encouraged to corporatize & become companies under companies act

Banking & Finance-> Mudra Bank to be set up to refinance micro finance institution under PMs Mudra Scheme, with a corpus of Rs.20,000 crores. It will fund the unfunded entrepreneurs.
-> Government to do away with distinctions between FII and FDI and replace it with Composite Caps.
-> Government to utilize vast postal network for increasing access to institutional banking in order to promote financial inclusion.

Governance-> Comprehensive new law to track black money to be framed. 10 years rigorous imprisonment proposed under the law.
-> Benami transaction prohibition Bill to be introduced in this session
-> Forward Markets Commission to be merged with SEBI to create a better integrated regulatory system.
-> Govt. to bring a Comprehensive Bankruptcy code for the ease of doing business by 2015-16
-> Govt. plans an expert committee for Drafting Legislation for Regulatory mechanism

Social Welfare-> Better targeting of subsidies is the need of the hour. Direct Benefit Transfer scheme to be scaled up many folds to ensure plugging of leakages.
-> Government to launch PM Suraksha Bhima Yojana, offering coverage of 2 lakh rupees for just premium of Rs.12. PM Surakhsha Bhima Yojana to increase the access to insurance ; it will be linked with Jan Dhan Yojana.
-> Senior citizens welfare fund to subsidise the premium for elderly people.
-> Nai Manzil - A new scheme for empowering minority youth announced.
-> Under Swachch Bharat, 50 lakh toilets have already been built, 6 crore toilets targeted to be constructed.

Human Resource Development-> AIIMS to be set up in J&K, Punjab, Tamil Nadu, Himachal Pradesh and Assam.
-> ISM Dhanabad will be upgraded to full IIT. Karnataka to get a new IIT.

Defence-> Government has already permitted FDI in defence so that the Indian-controlled entities also become manufacturers of defence equipments. The Make in India policy to achieve greater self-sufficiency in the area of defence equipment, 18 including aircraft. The budget allocation for 2015-16 is Rs.2,46,727 crore.

Tourism-> Resources to be provided to start work along landscape restoration, signage and interpretation centres, parking, access for the differently abled , visitors' amenities, including securities and toilets, illumination and plans for benefiting communities around them at various heritage sites.
-> Visa-on-Arrival facility to be increased to 150 countries from the present 43, to promote tourism.