The finance ministry has promised the 2016-17 budget will be “growth-oriented” in the face of a global climate that appears significantly more challenging than past year.
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“A sum of Rs 2.87 lakh crore will be given as grant-in-aid to gram panchayats and municipalities as per recommendations of the 14th Finance Commission”.
With the agriculture being a victim of vagaries of monsoon, the Finance Minister put a major emphasis on creating robust irrigation facilities and announced a plan to set up a a long-term irrigation fund with a corpus of Rs 20,000 crore. A year ago the total allocation was Rs. 1541.13 crore.
“We inherited an economy of slow growth, high inflation and low faith in government… amid global headwinds, the Indian economy has held its own”, he said. Digital repository for all school leaving certificates and diplomas.
Allocation for skill development is Rs 1804 crore. Also, introduction of hubs to support SC/ST entrepreneurs is definitely a step ahead towards promoting Startup India, Standup India campaign across the nation.
“A huge commitment of Rs 2.18 lakh crore on the rail and road infrastructure will not only kick start the economic growth but would also result in having a multiplier effect on India’s economy, ” said Kanoria. As always, the Indian Government in power at the centre has announced 10,000 kilometers of new roads both on the national highway and the state highway level and improvement and upgradation of 50,000 kilometers of roads that already exist.
Apart from raising spending on a massive rural employment scheme, a crop insurance program and increasing rural access to the Internet, Jaitley said the government would also work to ensure all the country’s villages have electricity by 2018.
This will be applicable for individuals with an income less than Rs.500,000. A total of Rs 87,769 crore allotted for rural sector. Automation facilities will be provided in 3 lakh fair price shops by March 2017. In addition, the proposed increase in the limit of deduction of rent paid under section 80GG from Rs 24,000 per annum to Rs 60,000 will provide relief to those who live in rented houses.
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Buy your dream home: By introducing an additional deduction of Rs 50,000 in the Budget 2016 proposal, Finance Minister Arun Jaitley has given some reason to cheer to the first time home buyers. India Inc has appreciated the candid posture of this year’s Economic Survey and hoped that the recommendations made in it would be reflected in the national budget. Jaitley spoke of “nutrition” twice two years ago, but the word didn’t feature anywhere today – signaling maybe it is not on the government’s radar.
