Union Budget 2015 Highlights: The Finance Minister Arun Jaitley presented the Union Budget 2015 in the Parliament. this is Arun Jaitley and the government’s first full-year Budget.
Union Budget 2015 live update and Budget highlights. latest news and headlines about India’s Union Budget 2015- 16.
Also Read: Budget 2015 Highlights In Telugu
Union Budget 2015 Highlights
* Fiscal deficit seen at 3.9 per cent of GDP in 2015/16
* Will meet the challenging fiscal target of 4.1 per cent of GDP
* Remain committed to meeting medium term fiscal deficit target of 3 per cent of GDP
* Current account deficit below 1.3 per cent of GDP
* Jaitley says have to keep fiscal discipline in mind despite need for higher investment
GROWTH
* GDP growth seen at between 8 per cent and 8.5 per cent y/y
* Aiming double digit growth rate, achievable soon
INFLATION
* Expects consumer inflation to remain close to 5 per cent by March, opening room for more monetary policy easing
* Monetary policy framework agreement with the RBI clearly states objective of keeping inflation below 6 per cent
* “One of the achievements of my government has been to conquer inflation. This decline in my view represents a structural shift.”
MARKET REFORMS
* Propose to merge commodities regulator with SEBI
* To bring a new bankruptcy code in 2015/16
* Jaitley says will move to amend the RBI act this year, and provide for a monetary policy committee
* To set up public debt management agency
* Proposes to introduce a public contract resolution of disputes bill
* To establish an autonomous bank board bureau to improve management of public sector banks
POLICY REFORMS
* Propose to create a universal social security system for all Indians
* To launch a national skills mission soon to enhance employability of rural youth
* To raise visa-on-arrival facility to 150 countries from 43
* Allocates 346.99 billion rupees for rural employment guarantee scheme in 2015/16
TAXATION
* Expects to implement goods and services tax by April 2016
* Plans to introduce direct tax regime that is internationally competitive on rates without exemptions
INFRASTRUCTURE
* Investment in infrastructure will go up by 700 billion rupees in 2015/16 over last year
* Plans to set up national investment infrastructure fund
* Proposes tax-free infrastructure bonds for projects in roads, rail and i ..
EXPENDITURE
* If revenue improves, hope to raise budgeted allocations for rural job scheme by 50 billion rupees in 2015/16
INVESTMENT
* Propose to do away with different types of foreign investment and replace them with composite caps
* To allow foreign investment in alternative investment funds
GOLD
* To introduce gold monetisation scheme to allow depositors to earn interest
* To introduce Indian-made gold coin to reduce demand for foreign gold coins
SUBSIDIES
* We are committed to subsidy rationalisation based on cutting leakages
FINANCE MINISTER’S COMMENTS
* “The world is predicting it’s India’s time to fly” * “We inherited a sentiment of doom and gloom. The investment community had almost written us off. We have come a long way since then.”
* “We have turned around the economy, dramatically restoring macroeconomic stability and creating the conditions for sustainable poverty elimination, job creation, durable double digit economic growth.”
* “While being mindful of the challenges … this gives us reason to feel optimistic.”
* “Domestic and international investors are seeing us with renewed interest and hope.”
