Union Budget: 2016-17

Union Budget 2016-17 was presented by the Finance Minister, Mr. Arun Jaitley on 29th Feb 2016.  Considering the massive global slowdown & two successive droughts in the country, the entire focus of attention has been shifted to the rural economy, which will create demand in the rural sector. Demand in the rural sector will create demand in the affiliated sectors.

Despite adverse situations, the Fiscal Deficit has been planned to be at 3.5% of the GDP. The highlights of the Budget are:-

a)     28.5 lakh hectares of land to be brought under irrigation.

b)    Rs.2.87 lakh crore granted to gram panchayats & municipalities, a quantum jump of 208%.

c)     100% village electrification by 1st May 2018.

d)    L.P.G connections for poor households.

e)      Rs. 1 lakh per family as new health protection scheme.

f)      1,500 Multi-skilled training schools (MSITs) will be set up with 1700 Cr.

g)     97,000 Cr allocated for road and highways construction  (Including 42,000 cr for village roads)

h)     PM Fasal Bima Yojana launched with a very nominal premium.

i)       Rs.35,984 crore allocated for agriculture & farmers welfare

j)       89 irrigation projects will be revived

k)    60,000 crore allocated for recharging of ground water.

l)       5 lakh farm ponds & 10 lakh composed pits will be created under MGNREGA with an allocation of  Rs.38500 Cr

m)  Soil health card for all 14 crore farm holdings by March 2017

n)    Rs.850 crore for 4 new projects for animals

o)    Rs. 38,500 crore MGNREGA schemes

p)    Revival of 160 underserved airports for regional connectivity.

q)    Rs, 3000 cr earmarked for nuclear power generation.

r)      62 new Navodaya Vidyalayas will be opened in the next two years under the Sarva Shiksha Abhiyan. 10 public and 10 Pvt educational institutions to be made world class.

s)     100% FDI of food products produced and marketed in India.

t)      Incentivize gas discovery & exploration

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