States to be equal partners in economic growth; move to making India cashless society; social sector programmes to continue. Some of the challenges mentioned by the Finance Minister are: poor agricultural income, decline in manufacturing ; and the need for fiscal discipline.
Here are sector-wise highlights:
1 Abolition of Wealth Tax.
2 Additional 2% surcharge for the super rich with income of over Rs. 1 crore.
3 Rate of corporate tax to be reduced to 25% over next four years.
4 Total exemption of up to Rs. 4,44,200 can be achieved.
5 100% exemption for contribution to Swachch Bharat, apart from CSR.
6 Service tax increased to14 per cent.
1 Rs. 25,000 crore for Rural Infrastructure Development Bank.
2 Rs. 5,300 crore to support Micro Irrigation Programme.
3 Farmers credit – target of 8.5 lakh crore.
1 Rs. 70,000 crores to Infrastructure sector.
2 Tax-free bonds for projects in rail road and irrigation
3 PPP model for infrastructure development to be revitalised and govt. to bear majority of the risk.
4 Rs. 150 crore allocated for Research & Development
5 NITI to be established and involvement of entrepreneurs, researchers to foster scientific innovations.
6 Govt. proposes to set up 5 ultra mega power projects, each of 4000MW.
1 AIIMS in Jammu and Kashmir, Punjab, Tamil Nadu, Himachal Pradesh, Bihar and Assam.
2 IIT in Karnataka; Indian Institute of Mines in Dhanbad to be upgraded to IIT.
3 PG institute of Horticulture in Armtisar.
4 Kerala to have University of Disability Studies
5 Centre of film production, animation and gaming to come up in Arunachal Pradesh.
6 IIM for Jammu and Kashmir and Andhra Pradesh.
1 Rs. 2,46,726 crore for Defence.
2 Focus on Make in India for quick manufacturing of Defence equipment.
1 50,000 toilets constructed under Swachh Bharath Abhiyan.
2 Two other programmes to be introduced- GST & JAM Trinity. GST will be implemented by April 2016.
3 MUDRA bank will refinance micro finance orgs. to encourage first generation SC/ST entrepreneurs.
4 Housing for all by 2020.
5 Upgradation 80,000 secondary schools.
6 DBT will be further be expanded from 1 crore to 10.3 crore.
7 For the Atal Pension Yojna, govt. will contribute 50% of the premium limited to Rs. 1000 a year.
8 New scheme for physical aids and assisted living devices for people aged over 80 .
9 Govt to use Rs. 9000 crore unclaimed funds in PPF/EPF for Senior Citizens Fund.
10 Rs. 5,000 crore additional allocation for MGNREGA.
11 Govt. to create universal social security system for all Indians.
1 Rs. 75 crore for electric cars production.
2 Renewable energy target for 2022: 100K MW in solar; 60K MW in wind; 10K MW in biomass and 5K MW in small hydro
1 Develpoment schemes for churches and convents in old Goa; Hampi, Elephanta caves, Forests of Rajasthan, Leh palace, Varanasi , Jallianwala Bagh, Qutb Shahi tombs at Hyderabad to be under the new toursim scheme.
2 Visa on Arrival for 150 countries.