Live: Union Budget 2015-16

Defence allocation for this fiscal is Rs 2,46,727 CroreNew Delhi: Presenting the Union Budget for the fiscal 2015-16, Finance Minister Arun Jaitley on Saturday said the state of the country's economy was better placed today with its credibility re-established by a series of measures taken by his government.He also said allocations for a host of social sector projects was being enhanced substantially along with new social security schemes. The FM particularly said that the allocation for the rural job guarantee scheme will be the highest ever.The Finance Minister left income tax slabs unchanged. He also reduced Corporate Tax to 25 per cent from 30 per cent for next four years.Jaitley allocated Rs 2,46,727 crores to Defence in the Budget.Below are the live updates of Union Budget 2015-16 Finance Minister's speech concludes with commitment to well being of all 'Sarve Bhavantu Sukhinah, Sarve Santu Niramayah' Even our worse critics have acknowledged that we have moved rapidly: FM We have also given a road map for the future in the budget speech Individual tax payer will benefit to the extent Rs 4,44,200/- from the exemptions announced Rs 50000 deduction in taxable income for contribution to NPS We have been consistent in what we have said and what we are doing: Jaitley Transport allowance, which is currently 800 per month, has been increased to 1600 per month All contributions to Sukanya Samridhi scheme to be tax free Clean energy cess increased from 100 to 200 Rupees per metric ton of coal to finance Green Energy Fund Increase in limit of tax deduction for health premium from Rs 15000 to Rs 25,000 annually Consolidated Service tax increased to 14 pc 100 per cent tax exemption in CSR activities for Clean Ganga Fund and Swachh Bharat Kosh The excise duty on footwear having retail price of more than 1000 per pair has been reduced by 6 pc Custom duty on raw materials and intermediaries to be reduced The rich & wealthy must pay more tax. Abolish wealth tax & replace it an additional 2% surcharge on the super rich with above 1 crore Rs annual income: Jaitley Reduced taxes on Technical Services to 10% from 25% Applicability of GAAR deferred by 2 years I propose to reduce rate of basic custom duty on certain imports to minimize impact of duty inversion: Jaitley PAN number quoting made compulsory for transactions for more than Rs 1 lakh Bill to check black money will give jail term of 10 years for those stashing non taxed money abroad This will enable seamless integration of data and effective enforcement: Jaitley Propose to enact a comprehensive new law on black money to bring back black money stashed abroad: Jaitley For strengthening information collection from various sources, a new structure has been put in place: Jaitley The problem of poverty & inequity cannot be eliminated unless generation of black money is dealt with effectively: Jaitley Measures to curb black money, job creation through revival of growth&investment, benefit to middle class tax payers Government proposes to incentivise debit-credit card transactions No changes in income tax slabs 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 is going to be Rs 14.49 lakh crore rupees Corporate Tax reduced from 30% to 25% for next four years for employment generation A regime of exemptions have led to loss of revenue,propose to reduce rate of corporate tax from 30 pc to 25 pc: Jaitley GST is expected to play a transformation role in Indian economy, we are moving on various fronts on GST from next year: Jaitley We need to revive growth & investment to ensure more jobs are created for our youth: Jaitley It has been our endeavour in last 9 months to foster a stable taxation policy: Jaitley Taxation is an instrument of social economic engineering: Jaitley Unplanned expenditure for 2015-16 is estimated at 13 lakh 12 thousand and 200 crores Exclusive Commercial Division to attend commercial disputes at various High courts Make In India policy for self sufficiency in defense sector with an allocation 2.46 lakh crores Renewable energy target will be increased to 1,75,000 MW Keeping in view need to augment medical services in Bihar, I propose to set up another AIIMS like institution in state: Jaitley All India Institute of Medical Sciences (AIIMS) in J&K, Punjab, Tamil Nadu, Himachal and Assam IIIT in Karnataka and IIM in J&K and Andhra Pradesh Propose to set-up an IT based student financial aid system under the PM Vidya Laxmi scheme to ensure that no student misses out on higher education due to lack of fund: FM Will launch National Skills Mission to boost jobs: FM Government plans to bring regulatory reform law for infrastructure development: FM We are putting scam, scandal and corruption behind us. Parliament needs to look into a procurement law and how it will shape: Jaitley After success of visas on arrival in 43 countries, I propose to increase the countries covered under this scheme to 150: Jaitley 10 nominations for Heritage Sites Government to do away with distinctions between FII and FDI and replace it with Composite Caps Rs 1000 cr to Nirbhaya fund Employees contribution to the EPF should be optional Forward Markets Commission (FMC) to be strengthened by merging with SEBI I propose to work on developing Indian gold coin which carries the Ashok Chakra, will help recycle gold available in country: Jaitley India is the largest consumer of gold in the world, I propose to introduce a gold monetization scheme: FM Ports in public sector will be encouraged to corporatize & become companies under companies act: Jaitley Government plans an expert committee for Drafting Legislation for Regulatory mechanism: FM This is just the beginning, I intend to create a direct tax regime which is internationally competitive on rates: Jaitley Will deepen Indian Bond Market at par with the World standards: FM This will have 2 features, will make this year's allocation highest, will also help in increasing rural wages: Jailtey Will enhance the allocations to MNREGA by 5000 crore: FM Government proposes to set up 5 ultra mega power projects, each of 4000 MW, will be plug and play projects: Jaitley PPP model of Infrastructure to be revitalized and realigned. I am setting aside 1000 crore for this purpose: FM Government is establishing a mechanism 'self employment' to support all aspects of start up business: Jaitley Atal Innovation Mission with initial fund of Rs 150 crore for Research and Development Pradhan Mantri Suraksha Bima Yojana at Re 1 per month PPP model of infrastructure to be revitalized and realigned: FM National Infrastructure Fund will try to leverage infra companies; Tax free bonds for Roads, Railways & irrigation Tax free infrastructure bonds for projects in Railways and roads: FM Investment in infrastructure to go up by 70,000 crores in 2015-16 over 2014-15: FM I intend to establish a national investment and infrastructure fund: Finance Minister Propose the 'Nayi Manzil' scheme for the youth minorities: FM I propose a new scheme of providing physical aids for senior citizens living below poverty line: Jaitley Government is committed to bring a Universal social security system for all: FM To encourage participation, government will contribute 50 pc of beneficiary premium in its new accounts opened before 31st December 2015: Jaitley We will also launch the 'Atal pension yojana', which will provide a defined pension: Jaitley A large portion of population is without insurance of any kind, I propose to work towards universal social security system for all: Jaitley Government is committed to increase the access of people to formal financial system: Jaitley Just as we are banking the unbanked, we are funding the unfunded: FM Government to bring a Comprehensive bankruptcy code for the ease of doing business by 2015-16 Proposes a Mudra Bank of corpus of 20000 crores to refinance the microfinance institutions (MFI). Will fund the unfunded: Jaitley Agri Credit target in 2015-16 increased to 8.5 lakh crore: FM To increase income of our farmers, we propose to create a national agriculture market: Jaitley Our commitment to farmers run deep, an ambitious soil health card has been introduced to improve soil fertility: FM This government is committed to regain pre-eminence as a just and compassionate society: Jaitley Rural Infrastructure Development Fund to be Rs 25000 cr LPG direct transfer subsidy to be expanded: Jaitley Well-targeted system of Subsidy delivery, cutting down of leakage: FM 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 Will finish the journey to 3 per cent fiscal deficit in two years: FM Tax buoyancy is lower but still we will meet the promise of Fiscal deficit of 4.1 per cent of GDP this year: FM States get 62 per cent of the total resources Public Investment needs to step in to catalyze the investment in PPP: Jaitley Key challenges agricultural incomes falling, decline in share of manufacturing, need for fiscal discipline Aim is to make the country a prosperous and meaningful global power by 75th year of India's Independence: FM Increase in agriculture productivity is essential for welfare for rural population, we should commit to increase irrigation area: FM Providing medical facilities to each one of village and city is essential: FM 2/3 rd of our population is below 35. Aim is to make India manufacturing hub of the world through: Jaitley All our schemes have to centre around the poor: Jaitley Government two game changing reforms: GST and JAM Trinity (Jandhan, AADHAR, Mobile No.) Roof for each family in India, to fulfill Housing by 2022 must build 2 crore houses in rural India, 4crore in urban areas: Jaitley We have to think in terms of a quantum jump: Jaitley Double digit growth seems feasible: FM Estimated GDP is 7.4 pc: Finance Minister We expect the CPI inflation to remain close to 5 pc towards the end of year: Jaitley 50 lakh toilets already constructed, we will achieve target of building 6 crore toilets: Jaitley With all humility I submit that this opportunity has risen because we have created it. Our actions have not only being confined to core & macro economic areas alone Objective is to improve quality of life and to pass benefits to common man: Jaitley People wanted that scam, scandal, corruption raaj should end The rupee has become stronger by 6.4 pc: FM Our objective is to keep inflation below 6 per cent: FM The latest CPI inflation is 5.1 pc and whole sale price inflation is negative: Jaitley Domestic and international investors are seeing us with renewed hope: Jaitley The credibility of Indian economy has been restablished, the World is predicting that it's India's chance to fly: Jaitley Three achievements: PMJDY, transparent auctions & Swachh Bharat: FM We are round the clock, round the year Government: FM Objective is to improve quality of life and to pass benefits to common man: FM Economic environment far more positive. States have been empowered financially. States are equal partners in Economic growth: FM11:00 am: Arun Jaitley begins Budget speech in Lok Sabha10:48 am: Government can present good budget not because of any achievement but because oil prices have fallen; India can benefit: PC Chacko, Congress10:39 am: Expectations are very high as it is the first full-fledged budget of this government: Jay Panda, BJD10:30 am: Budget 2015 papers arrive in Parliament10:25 am: Will be a progressive budget, will boost the economic & development factors: Rajyavardhan Rathore10:15 am: Cabinet meeting begins to approve the Union Budget10:12 am: It will be a roadmap for development, will fulfill people's aspirations: Prakash Javadekar09: 57 am: A budget 'Made in India' will 'Make India', strengthening all sections of society. All inclusive, policy driven, measurable, accountable... Several expected to be benefitting from the Budget – Individual , Infrastructure, Industry, Investment, Innovative--All inclusive: Kiran Bedi09:48 am: Arun Jaitley reaches Parliament09:40 am: Finance Minister leaves for Parliament09:15 am: Arun Jaitley reaches Rashtrapati Bhawan to meet President Pranab Mukherjee ahead of presenting government's first full-year Budget08:45 am: Finance Minister Arun Jaitley reaches Ministry of Finance in North BlockYesterday, Jaitley presented India's Economic Survey in Lok Sabha projecting growth at over 8 per cent for next fiscal and said inflation was easing, while setting the agenda for big-bang reforms to attain double-digit expansion, cut rich-benefiting subsidies and push investments in a clean, green way.The annual report card on the state of the economy said the growth should now rise further and double-digit expansion was certainly a possibility."The growth estimates of over 8 per cent for the year is on expectations that the monsoon will be favourable, as it was forecast to be normal, compared to last year. Double-digit growth can help in 'wiping every tear from every eye' and realising the aspirations of India's youth," the survey said.