Union Budget 2016-17
Highlights of Union Budget
All eyes are on the February 29th. It is the date when the union budget will be announced by the Indian Government. Minister of State for Finance Jayant Sinha said the administration will present the Budget for 2016-17 on February 29, which will place a roadmap for the coming 3 years. “We are functioning hard on Budget that will be accessible on February 29 and that will launch a roadmap for two or three years,” he said while addressing India-Korea Business Summit in New Delhi.
Theme of the Budget
- Overcoming challenges – Reorganize, Restructure Rejuvenate Indian Railways: ‘Chalo, Milkar Kuch Naya Karen’
- Three mainstays of the method i.e. Nav Arjan – New incomes, Nav Manak – New standards, Nav Sanrachna – New Structures.
- 2015-16-Savings of Rs. 8,720 crores killing the huge majority of the income setback, expected OR 90%;
- 2016-17-Targeted Operating Ratio (OR) – 92%, confine development of Ordinary Working Expenses by 11.6% in the awaken of working in rapid effect of seventh PC, diminishments arranged in diesel and power consumption, Revenue era focused at Rs. 1,84,820 crore.
Union Budget 2016 Key Points| Expectations
- Small entrepreneurs have demanded special rebate in income tax.
- Finance minister announced that the budget for the financial year 2016-17 will give more than 1 lakhs 10 thousand crores.
- Focus will be on the cashless transactions. Debit and Credit Cards transactions become cheaper.
- In the pre-budget meet on February 10th, requests make up to Rs.5 lakhs as tax free amount has been made. IT sector also demanded relief in double tax.
- End of life policy was introduced. Around Rs. 1.5 lakhs can be waived off and surrender of old vehicle.
- Around 2% GDP can be spent in the Health care
- Health insurance Scheme with premium with Rs. 500 and Rs. 1 lakh cover could be launched.