1.
Budget 2016 gives overall push to agriculture, rural development and social sector.
The government aims to double farmers' income in 5 years. As much as Rs 35,984 crores has been allocated for their welfare. About 5 lakh acres will be be brought under organic farming over three years. Nominal premium and highest ever compensation has been announced in case of crop loss under the PM Fasal Bima Yojana.
2.
One of the most significant things in Budget 2016 is the massive push to enhance irrigation.
A dedicated irrigation fund worth Rs 20,000 crores to be set up under NABARD. Now, there is a determined move to complete all programs within a specified period and monies have been allotted for that.
3.
Budget 2016 calls for a huge push in public investment in roads, in both the rural and urban areas.
85 per cent of stalled road projects are back on track; 65 eligible habitats are to be connected via 2.23 lakh kms of road. The current construction pace is 100 km per day. Allocation of Pradhanmatri Gram Sadak Yojna is to be increased to Rs 19,000 crores and Rs 97,000 crores has been allocated to the road sector including PMGSY.
4.
Railways given more funds in Budget 2016. The sector has been allocated Rs 1,21,000 crores.
5.
Budget 2016: New health insurance scheme to be announced during the year.
Health cover of up to Rs 1 lakh per family and additional Rs 30,000 for senior citizens is to be provided. 300 generic drug stores will be opened under the PM Jan Aushadi Yojana. National Dialysis Services Programme will be launched. Tax exemptions will be given to certain parts of dialysis equipment. This is in addition to the crop insurance scheme.
6.
Budget 2016: Government promises 100% village electrification by May, 2018. One-third of that target has already been achieved.
7.
Budget 2016 calls for providing regulatory architecture to 10 public and 10 private institutions to emerge as world class teaching and research institutions.
A Higher Education Financing Agency will be set up with an initial capital base of Rs 1,000 crores. A Digital Depository will be set up for educational certificates, mark-sheets, awards etc. 62 new Navaodaya Vidyalayas will be opened in the remaining uncovered districts in the next two years.
8.
The constitution of a committee to see how the nation's growth can be sustained in the wake of the global economic slowdown.
A committee will be set up for the review of Fiscal Responsibility and Budget Management (FRBM) Act.
9.
A technology driven platform for government procurement of goods and services will be set up by the Directorate General of Supplies and Disposals .
This will improve transparency, efficiency and reduce the cost of procurement.
10.
Budget 2016: Removal of plan/non-plan classification of expenditure from 2017-18.
Source: Time of India
Finance Minister Arun Jaitley on Monday provided relief to small tax payers and nudged the affluent to shell out more while focusing on the rural economy with much higher fiscal outlays, as he presented India's national budget for 2016-17 in the Lok Sabha. A few points that stand out in this year's budget are:
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