Budget 2016

India is being looked upon as the source of growth for the otherwise declining economy in many parts of the world. Despite lack of rainfall for two consecutive years and unfavorable global conditions, India has managed to grow consistently to the surprise of many.

Key features of the budget are given below sector-wise:

TAX –

1. Infrastructure and agriculture cess to be levied
2. Excise duty on all tobacco products other than beedi raised from 10 to 15%
3. 5% percent Krishi Kalyan cess to be levied in all the services
4. Pollution cess introduced
5. Dividend in excess Rs. 10 lakh per annum to be taxed at additional 10 percent

BANKING –

1. More number of ATM’s and Micro ATM’s in post offices in next three years
2. General insurance companies to be listed in stock exchange
3. Public sector recapitalization of Rs 25,000 Crore

INFRASTRUCTURE –

1. Rs 27,000 Crore kept aside to be spent on Roadways
2. Shops to be given an option to remain open throughout the week
3. 100% FDI in marketing of food products which are produced and marketed in India
4. Rs 55,000 Crore for roads and highways

ENERGY –

1. Rs 3000 Crore earmarked for nuclear power generation
2. Incentive for deepwater gas exploration

EDUCATION –

1. 10 Public and 10 Private institutions to be made world class
2. Digital literacy Scheme to be launched soon
3. Skills to be imparted to 1 Crore youth in next 3 years

HEALTH –

1. Jan Aushadhi Yojana to be strengthened and 300 generic drug stores to be opened
2. A health cover of 1 Lakh per family provided under a new health protection scheme

SOCIAL –

1. Rs 38,500 Crore for MGNREGA for 2016-2017
2. Rs 9,500 Crore allocated to Swacch Bharat Abhiyaan
3. Cooking gas to be provided to BPL families with State support
4. Hub to support and foster SC/ST entrepreneurs

AGRICULTURE –

1. 5 Lakh hectares of land to be brought under irrigation
2. Emphasis on organic farming as 5 Lakh acres to be brought under organic farming
3. Irrigation fund of Rs 20,000 Crore in NABARD

PERSONAL FINANCE –

1. Income tax slabs remain the same
2. Rs 1,000 Crore to Employees’ Provident Fund
3. 33% EPF to be paid by government for all new employees for the first three years
4. 15% Surcharge on income above Rs 1 Crore

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Economics (Indian Economics and Economic Theory) : Essential:
Indian Economy for Civil Services Examination (English) 7th Edition by Ramesh Singh
An Evolution of Indian Economy by I.C. Dhingra
Economic Survey of India by Govt. of India
The Penguin Dictionary of Economics: Eighth Edition (English)
Economics (Indian Economics and Economic Theory) : Additional:
Indian Economy by Datt & Sundharam
Indian Economy by Mishra and Puri
Internet-Linked Dictionary of Economics (English)
Recommended Books from other sections

 

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