Zee Media Bureau
Mumbai: Here are the highlights of the Union Budget for 2016-17 (Apr-Mar), presented by Finance Minister Arun Jaitley in the Lok Sabha.
DIRECT TAX
* Plan simplification, rationalisation of taxes
* Tax rebate on rent paid upped to 60,000 rupees vs 24,000
* Tax changes to support Make in India, affordable housing
* To give relief to small taxpayers
* To launch steps to move towards pension society
* To give relief to small tax payers
* Withdrawal upto 40% from Natl Pension plan to be tax exempt
* To allow lower corporate tax for some cos from FY17
* Reduction in corporate tax has to be calibrated
* Faster depreciation rate under income tax act at 40% FY17
* Reduction in corporate tax has to be caliberated
* Detailing roadmap for phasing out corporate tax exemption
* Propose 0.5% Krishi Kalyan cess on all taxable svcs Jun 1
* Propose Krishi Kalyan cess
* To raise surcharge on income over 10 mln rupees to 15%
* 10% tax on recipient if got dividend over 1 mln rupees/yr
* Some home buyers to get extra exemption of 50,000 rupee/yr
* No changes in income tax slabs
* To rationalize tax deducted at source for small tax payers
* Penalty of 200% of tax for misreporting of income
* Penalty of 50% of tax for under-reporting of income
* Penalty to be 50% of tax in income under-reporting cases
* Modifying scheme of penalty under Income Tax Act
* Revenue secy to head committee on taxation
* Committed to stable, predictable taxation regime
* To focus on bringing to book people with black money
* Prosecution immunity for undisclosed income declaration
* 300,000 tax cases worth 5.5 trln rupees pending
* New dispute resolution scheme for taxation proposed
* Compliance window for undisclosed income Jun 1-Sep 30
* 7.5% surcharge on undisclosed income in compliance window
* Govt committed to removing black money
* To move towards low tax regime with non litigious approach
* Limited period compliance window on undisclosed income
* To strongly counter tax evasion
* Moving towards a low tax regime
* To pay 9% interest if tax appellant decision beyond 90 days
* Extended e-assessment to all assesses in mega cities
* To establish 11 new tax tribunal benches to reduce pendency
* Extended e-assessment to all assesses in mega cities
* All tax assesses to get e-assessment option in coming years
* To use technology in a big way in tax dept
* NBFCs to get 5% income tax deduction on NPA provision
* To tax non-compete fee as business income
INDIRECT TAX
* Propose changes in customs duty to push Make in India plan
* Exempt svc tax on general insurance plans in Nirmaya scheme
* Committed to implementing GAAR from Apr 1, 2017
* Asset recast cos' income to be taxed at hands of investors
* Propose special patent regime to power innovation, research
* Services provided by EPFO exempted from service tax
* STT of 0.05% on options contracts
* Service tax waiver for houses of less than 60 sq mtr
* Service Tax exempt for svc under rural electrification plan
* To give excise duty exemption to ready-mix concrete
* Excise of 12.5% with input tax credit on jewellery
* To abolish 13 cesses by ministries
* To amend Central Value Added Tax credit rules
* To amend CENVAT credit rules
* Taxation panel to fix demand under retrospective tax cases
* Hope old cases on retrospective tax reach conclusion soon
* No retrospective taxation to be undertaken
* 1-time no-interest liability in retrospective tax cases
* To up excise duty on various tobacco products by 10-15%
* Cos incorporated post Mar 1 to be taxed at 25%+ surcharge
* Doubles clean energy cess on coal to 400 rupees/tn
* To up excise duty on some tobacco pdts by 10-15%
* Infra cess of 2% on diesel cars
* 4% infra cess on high capacity vehicles, SUVs
* To levy 1% infra cess on small petrol, LPG, CNG cars
* To up free baggage allowance under customs duty
* Infra cess of 1% on small cars, 2% on some diesel cars
* To abolish 13 taxes with collection less than 500 mln rupee
* Customs duty on imitation jewellery raised to 15% vs 10%
* Customs duty on zinc alloy raised to 7.5% from 5.0%
* Customs duty on primary aluminium raised to 7.5% from 5.0%
* 25% corporate tax on new cos if not claiming exemptions
* Scraps export duty on low grade iron ore fines, lumps
* Cuts excise duty on electric motors, shafts to 6% vs 12.5%
* Oil cess revised to 20% ad valorem vs 4,500 rupees/tn now
* Scraps export duty on chromium ore
* Cuts export duty on bauxite to 15% vs 20%
* 10% customs duty on pre-form of silica used in optic fibres
* 10% customs duty imposed on some telecom equipments
* Customs duty on components of routers, modems scrapped
* Customs duty on components of set-top boxes scrapped
* Customs duty on all mobile battery, charger parts withdrawn
* Customs exemptions on headphones, earphones withdrawn
* Customs exemptions on mobile chargers, batteries withdrawn
* No dividend tax liability for cos in intl fincl svc centres
* Special duty on some semiconductor machinery, part scrapped
* Customs duty on some semiconductor machinery, part scrapped
* Foreign cos need not pay MAT since 2001 if no India office
* Customs on 1.0-1.5 kW microwave magnetron scrapped vs 10%
* Customs duty on parts of e-readers cut to 5%
* 7.5% customs duty imposed on e-readers
* Scrap customs duty on some fabric used for exported garment
* No tax on capital gains arising from MF unit mergers
* Cuts customs duty on specified fibres, yarn to 2.5% vs 5%
* Scraps customs duty on wood chips used in paper mfg
* No capital gains tax on Sovereign Gold Bond redemption
* Cuts basic customs duty on ethanol to 2.5% vs 5%
* Customs duty on pitch, pitch coke made from coal tar at 5%
* Tax deduction for R&D to be capped at 100% from Apr 2020
* Tax deduction for R&D to be capped at 150% from Apr 2017
* Cut customs duty on tar distilled from coal to 5% vs 10%
* Customs duty on coal gas, water gas, producer gas cut to 5%
* Cuts basic customs duty on coke, semi-coke to 5%
* No dividend tax on income for REITs from SPVs
* Cuts basic customs duty on lignite, peat to 2.5% vs 10%
* To allow input tax credit on svcs by local shipping lines
* Excise on unsaturated polyester resin for windmills at 6%
* Cuts excise duty on rubber sheets for soles to 6% vs 12.5%
* Excise on unsaturated polyester raisin for windmills at 6%
* ATF excise duty hike not applicable to regional airports
* Excise duty on ATF raised to 14% from 8% now
* 6% excise on carbon pultrusion used in wind power blade
* Concessional excise duty on gold bar upped to 9.5% vs 9.0%
* Customs duty for cold storage project imports 5% vs 10%
* Cuts customs duty on silica sand to 2.5% vs 5%
* Raised customs duty on golf cars to 60% vs 10%
* Cuts customs duty on some brass scrap to 2.5% vs 5%
* Excise duty on electric motor, parts cut to 6% vs 12.5%
* Scraps excise on some components of modems, set-top boxes
* Scraps excise on some components of mobile phones
* Imposed 2% special duty on circuit boards used in mobiles
* Imposed 4% special duty on circuit boards used in computers
* Concessional CVD on gold dore bar raised to 8.75% vs 8.00%
* Area based excise duty exemption on refined gold withdrawn
* Extends 0% customs on hybrid vehicle parts indefinitely
* Extends 0% customs on electric vehicle parts indefinitely
* Concessional excise duty on silver raised to 8.5% vs 8.0%
* Concessional CVD on silver dore raised to 7.75% vs 7.00%
* 12.5% countervailing duty on some road building machinery
* Excise duty on fert micronutrients cut to 6% from 12.5%
* Ready mix concrete exempt from service tax
* Customs on super absorbent polymer used in sanitary pad cut
* Rubber, resin sheet for shoe excise duty cut to 6% vs 12.5%
* 5% customs on super absorbent polymer used in sanitary pads
* Excise duty on wind power rotor blades cut to 6% from 12.5%
* Excise on locomotive, rolling stock part cut to 6% vs 12.5%
* Cuts customs duty on wood pulp used in sanitary pads
* Scraps import duty on some items used in radio pharma
* Customs duty on ethanol cut to 2.5% from 5%
* Scraps excise duty on tools used in aircraft maintenance
* Scraps all import duty on tool used in aircraft maintenance
* Scrap custom exemption on direct import of good for defence
* Oil storage, sale in India by foreign cos not to be taxed
* Extends customs, excise relief on electric vehicle parts
* Withdraws service tax on 2-yr MBA programmes of IIMs
* Lottery distribution to be subject to service tax
* Sunset date for SEZ benefits set at Mar 31, 2020
* Ups excise duty on un-manufactured tobacco to 64% vs 55%
* Ups excise duty on gutkha, chewing tobacco to 81% vs 70%
* Ups excise on cheroots to 12.5% or 3,755 rupees/1000 units
* Ups excise on cigars to 12.5% or 3,755 rupees/1000 units
* Cuts customs duty on refrigerated containers to 5% vs 10%
* Cuts excise duty on refrigerated containers to 6% vs 12.5%
* Imposed 14% tax on services provided by lawyers
* Fees paid for spectrum to be amortised over period of usage
* Scraps service tax on services provided by SEBI, IRDA
* Transmission unit, machinery to get additional depreciation
* Ups import duty on industrial solar water heater to 10%
* Scraps excise duty on solar lamps
* Ups import duty on imitation jewellery to 15% vs 10%
* Doubles import duty on balloons made from latex to 20%
* Extra excise on 65-75mm filter cigarettes at 37 paise/unit
* Extra excise on 65-70mm filter cigarettes at 26 paise/unit
* Extra excise on 65-70mm non-filter cigarettes 37 paise/unit
* Extra excise on up to 65mm cigarette at 215 rupee/1000 unit
INFALTION
* CPI inflation came down to 5.4% under our govt
* Fall in CPI inflation providing big relief to public
* Govt, RBI to fix CPI inflation target once every five years
FARM SECTOR
* Plan doubling farmers' income in 5 yrs
* Plan to up spend on farm, rural, social sectors FY17
* Need to create new infrastructure for irrigation
* Need to address water resource utilisation
* To allocate 359.8 bln rupees for farm, farmers' welfare
* Need to give income security to farmers
* Need to think beyond food security
* To allocate 4.12 bln rupees for organic farming
* Policy to convert city waste into compost
* 140 mln farms to be covered by soil health card by Mar 2017
* Fertiliser co to market city compost fertilisers
* 600 bln rupees for sustainable mgmt of water resources
* Soil health card plan being implemented with great vigour
* To form 200 bln rupee long-term irrigation fund in NABARD
* To allot 865 bln rupees in five yrs for irrigation schemes
* To bring 2.85 mln ha under PM irrigation plan
* To allocate 170 bln rupees for irrigation scheme FY17
* FY17 Crop insurance scheme allocation 55 bln rupees
* FY17 interest subvention for farmers seen 150 bln rupee
* Farm credit target for FY17 at 9 trln rupees
* 9.7 mln tn agri storage capacity added FY16
* 3.68 bln rupees provided for soil health scheme FY17
* 12 states have amended APMC Act to join e-market plan
* Unified agri market e-platform to be launched on Apr 14
* Plan e-market platform for agriculture wholesale markets
* To allot 5 bln rupees under food security plan for pulses
* 5 bln rupees for pulses production in 622 districts
* 86,000 tn honey produced in FY16; 90% exported
* Need to focus on drought-hit areas
* Food Corp of India to make online payment of farm goods
* To launch 4 new dairy programmes
* To take up allied activities to increase farm income
* To encourage states to take up decentralised procurement
* Made effective mgmt for pulses procurement
* MSP online procurement system through FCI
* To encourage states for decentralised procurement of crops
* Allocate 55 bln rupees for PM Fasal bima Yojna
* Price stabilisation fund for pulses has 9 bln rupee corpus
* To introduce direct benefit plan for fertiliser on pilot
FISCAL HEALTH
* To have fiscal deficit target range
* FY17 fiscal deficit target at 3.5% of GDP
* FY16 fiscal deficit pegged at 3.9% of GDP
* Prudence lies in adhering to fiscal targets
* FY18 fiscal gap aim 3% of GDP
* Effective revenue gap aim in FY19 at 0.0% of GDP
* Revenue gap aim in FY19 at 1.3% of GDP
* Fiscal gap aim in FY19 at 3% of GDP
* Effective revenue gap aim FY18 0.6% of GDP
* FY18 revenue gap aim 1.8% of GDP
SOCIAL SECTOR, EDUCATION
* To focus on educational skills, job creation
* Plan law to give statutory backing to Aadhaar
* To announce health scheme covering 1/3rd of population
* Health insurance, BPL cooking gas scheme planned
* To focus on delivery of benefits to needy
* Infra, social sectors to have more govt spend
* BPL families to get LPG connection
* Aim to list public sector general insurance cos
* To undertake 3 major schemes for weaker sections of society
* Self-help groups' set up hastened for livelihood generation
* FY17 aid to gram panchayat, municipality at 2.87 trln rupee
* Digital repository for educational certificates
* Digital depository for school-, college-leaving documents
* Education, skill development, jobs 4th pillar of Budget
* To allot 10 bln rupee for higher education financing agency
* 62 new Navodaya schools to focus on quality education
* 1.52 trln rupees allocated for social sector
* To form national scheduled caste, tribe hub in MSME min
* Stand-up India scheme allocation 5 bln rupees
* This must be year of empowering scheduled castes, tribes
* 5 bln rupees for scheduled caste, tribe entrepreneurs
* Aadhaar not to be proof of citizenship or domicile
* Social security platform to be used for Aadhaar
* Aadhaar bill to be introduced FY17
* To introduce targeted delivery of subsidies via Aadhaar
* Task force to rationalise human resources in ministries
* Aim 50 mln LPG connections to BPL households
* To give 15 mln LPG connection to BPL households FY17
SKILL DEVELOPMENT, JOB CREATION
* 17 bln rupees for skill development scheme FY17
* 1,500 multi-skill training institutes across country
* To interlink national, state employee bureaus
* Plan to set up 100 model career centres
* 10 bln rupees for new EPF scheme
* Govt to pay 8.33% EPF contribution for new staff 1st 3 yrs
RURAL DEVELOPMENT
* Allocated 877.65 bln rupees for rural development FY17
* Rural insurance scheme for farmers planned
* To provide more funds to vulnerable sections in rural areas
* Cluster facilitation under rural job plan to conserve water
* 385 bln rupees for rural job plan FY17
* See 228% jump in gram panchayat allotment
* To focus on rural employment, infrastructure
* National digital literacy mission to cover 60 mln houses
* Need to spread digital literacy in rural areas
* FY17 allocation for rural electrification 85 bln rupees
* All villages to be electrified by May 1, 2018
* 18,542 villages not electrified as of Apr 1, 2015
* To allot 190 bln rupees FY17 for PM Gram Sadak Yojana
* To spend 270 bln rupee with states FY17 on rural roads plan
* To launch new panchayat scheme at 6.5 bln rupees
* To allot 877.65 bln rupees for rural development schemes
* To allot 20 bln rupees for LPG connection to rural women
HEALTHCARE
* To start National Dialysis Service under PPP mode
* To exempt certain dialysis equipment from basic custom duty
* Health protection scheme with 100,000 rupee/family cover
* 3000 drug stores to be opened under PM Aushadhi Yojana
* To provide 130,000 rupee/yr health cover to senior citizens
* To launch new health protection scheme
INFRASTRUCTURE, INDUSTRY
* Propose to circulate model shops and establishments bill
* To give choice to shops to remain open on 7 days/week
* 10,000 km of national highways to be added FY17
* Total outlay for infra 2.21 trln rupees FY17
* Total outlay for roads, railway 2.18 trln rupees FY17
* Total investment in road sector 970 bln rupees
* NHAI to raise 150 bln rupees via bonds FY17
* Allot 550 bln rupees for roads, highways FY17
* 85% of 70 stranded road projects back on track FY16
* To allot 550 bln rupees for roads, highways
* India's highest ever kilometre of highways awarded in 2015
* 30 bln rupees/yr to augment nuclear power in 15-20 yrs
* Mkt freedom for gas from difficult blocks to have price cap
* Mull calibrated mkt freedom for gas from difficult blocks
* Need to diversify resources for power generation
* Drawing up comprehensive plan on nuclear power
* To incentivise ultra-deep sea gas exploration
* Achieved highest coal production growth
* To provide incentives for gas production from tough blocks
* 10 non-functional air strips to be redeveloped
* To partner with state govts to develop airports
* Started series of measures for modernising ports
* To partner with states to develop regional airports
* Medium-term goal is to abolish permit raj
* Plan new public transport policy to up pvt participation
* FY17 allocation for new port development 8 bln rupees
* Motor Vehicles Act to be amended to up passenger segment
* New greenfield ports to be developed on east, west coasts
* Govt to open up road transport sector
* Medium-term goal is to abolish permit raj
* 50,000 km state highways to be converted to national highways
* FY17 total infrastructure outlay 2.21 trln rupees
* To have new policy for mgmt of assets of PSUs
* NITI Aayog to identify PSUs for strategic sale
* To encourage PSUs to divest individual assets
* 100% FDI in marketing of food pdts produced in India
* To have more FDI reforms in asset restructuring companies
* To change FDI policy for asset reconstructions cos
* To modify FDI policy for bourses, asset recast cos
* Duty drawback schemes to be widened, deepened
* Have deepened, expanded duty drawback scheme
* More FDI reforms in insurance, stock exchanges, pension
* To modify FDI policy for insurance, pension sectors
* FDI policy to address requirements of farmers
* To allow mobilisation of 313 bln rupee by govt infra bodies
* Mulling gas production incentive from high temperature area
* May incentivise gas production from ultra deep water areas
* Mulling incentives for gas production from deep sea areas
* New credit rating system for infra to be developed
* To issue guidelines for renegotiation of PPP contracts
* Received conflicting suggestions on FRBM roadmap
* To amend Companies Act for ease of doing business
* Will amend companies act this Parliament session
* Registration of cos to be done in one day
* 300,000 fair price shops to be automated by Mar 2017
FINANCIAL SECTOR, BANKING
* Banking Board bureau to be operational in FY17
* To strengthen debt recovery tribunal
* Considering cutting stake in IDBI Bank to below 50%
* Stand solidly behind PSU banks
* To find resources if PSU banks need additional capital
* Allot 250 bln rupees for recapitalisation of PSU bks FY17
* Not interfering in lending activities of PSU bks
* To amend SEBI act to provide for more SAT benches
* To bring legislation FY17 on illicit deposit taking schemes
* Sponsor in asset recast cos can hold 100% stake
* Financial Data Management Centre to be established
* To allow 100% FDI in asset recast cos
* To make necessary amendments in SARFASI Act
* Bankruptcy code to help deepen corporate bond mkt
* SEBI to develop new commodity derivative pdts
* SEBI to introduce new derivative pdts in commodity mkts
* To adopt comprehensive approach for invest in central PSUs
* To introduce comprehensive Bankruptcy Code in Parliament
* To rename divest dept as Dept of Invest & Public Asset Mgmt
* To amend RBI Act to implement monetary policy framework
* Vibrant fincl sector critical for econ growth
* PM Mudra Yojana target to give 1.8 trln rupees loans FY17
* To draw road for consolidation of PSU banks
* Banking board bureau to be operationalized in FY17
* To draw roadmap for consolidation of PSU banks
* To take up massive rollout of micro-ATMs across nation
* Public money should reach poor without leakages
* Nationwide roll out of ATMs via post offices
* To list govt-owned general insurance cos on stock exchanges
* To list general insurance cos on stock exchanges
* To set up panel to review FRBM Act
* Time has come to review FRBM Act
* Propose to set up committee to review FRBM Act
* Govt open to reducing its stake in PSU banks below 50%
* Consolidation roadmap for PSU banks next year
* Propose to constitute Monetary Policy Committee of RBI
FY16 REVISED
* FY16 revenue deficit 2.5% of GDP
* Ensured development agenda is not compromised
* FY16 gilt switch 178 bln rupees
* Switch in FY16 of gilts maturing post FY17 185 bln rupees
* Gilt switch in FY16 of bonds maturing FY17 178 bln rupees
* FY16 net transfers to states seen 8.22 trln rupees
* FY16 revised farm, irrigation allocation 259.9 bln rupees
* FY16 gold bond receipts pegged 10.29 bln rupees
FY17 ESTIMATES
* FY17 total expenditure 19.78 trln rupee
* FY17 total spend at 19.78 trln rupees
* FY17 non-plan expenditure 14.3 trln rupees
* FY17 plan expenditure 5.5 trln rupee
* Total resources to states in FY17 at 996 bln rupees
* To scrap plan, non-plan expenditure distinction
* To do away with plan, non-plan classification of spending
* Plan allocation to stress on rural, infra, social sectors
* Net revenue of gain from FY17 tax proposal 196.10 bln rupee
* Net impact of all tax measures a gain of 196 bln rupees
* FY17 switch, buyback seen 750 bln rupees
* FY17 effective revenue deficit seen 1.2% of GDP
* FY17 revenue deficit seen at 3.54 trln rupee
* FY17 revenue deficit seen at 2.3% of GDP
* FY17 fiscal deficit seen 5.33 trln rupees
* FY17 divest mop up target 565 bln rupees
* FY17 net market borrowing pegged at 4.25 trln rupees
* FY17 gross market borrowing pegged at 6 trln rupees
* FY17 strategic divest mop-up seen 205 bln rupees
* FY17 total subsidy outgo seen 2.5 trln rupees
* FY17 nominal GDP growth seen 11%
* FY17 effective revenue deficit seen 1.87 trln rupees
* FY17 PSU divest mop-up seen 360 bln rupees
* FY17 repayments seen 1.75 trln rupees
* FY17 pension outgo seen 1.23 trln rupees
* FY17 defence spend seen 2.49 trln rupees
* FY17 interest subsidy seen 155.2 bln rupees
* FY17 short term borrowing seen 166.5 bln rupees
* FY17 fuel subsidy seen 269.5 bln rupees
* FY17 MSS provision 200 bln rupees
* FY17 food subsidy seen 1.35 trln rupees
* FY17 cash drawdown seen 132 bln rupees
* FY17 fert subsidy seen 700 bln rupees
* FY17 dividend, profit seen 1.24 trln rupees
* FY16 fiscal deficit estimate revised to 5.35 trln rupees
* FY17 svc tax receipts seen 2.31 trln rupees
* FY17 customs receipts seen 2.3 trln rupees
* FY17 excise receipts seen 3.18 trln rupees
* FY17 corporate tax receipts seen 4.94 trln rupees
* FY17 income tax receipts seen 3.53 trln rupees
* FY17 interest payments seen 4.92 trln rupees
* FY17 non-tax revenue seen 3.23 trln rupees
* FY17 tax revenue seen 10.54 trln rupees
* FY17 spectrum, communication receipts seen 990 bln rupees
* FY17 RBI surplus, PSU bk dividend seen 699 bln rupees
* FY17 PSU dividends seen 539 bln rupees
* FY17 securities against small savings seen 221 bln rupees
* FY17 net 91-day T-Bill borrow seen 166 bln rupees
* FY17 spectrum, communication receipt seen 990 bln rupee
* FY17 farm, irrigation allocation 479.1 bln rupees
* FY17 gold bond receipts seen 100 bln rupees
* FY17 net transfers to states seen 9.21 trln rupees
* FY17 tax to GDP ratio seen 10.8%, same as FY16
* FY17 allocation for PM irrigation scheme 57 bln rupees
* FY17 allocation for green revolution 130 bln rupees
* PSU infra cos to raise 313 bln rupees via bonds FY17
* FY17 allocation for rural drinking water plan 50 bln rupees
* FY17 allocation for metro rail projects 100 bln rupees
* FY17 allocation for PM housing plan 201 bln rupees
* FY17 allocation for national education plan 280 bln rupee
* FY17 allocation for national health mission 200 bln rupees
* FY17 allocation to rural development min 878 bln rupee
* FY17 allocation to road ministry 580 bln rupees
* FY17 allocation to human resource ministry 724 bln rupees
* FY17 allocation to health ministry at 395 bln rupees
* FY17 allocation to farm ministry at 445 bln rupees
* FY17 allocation to urban development min 245 bln rupees
GENERAL
* Indian economy has held ground firmly amid global turmoil
* Had inherited an economy of low growth
* We converted challenge into opportunity
* Confidence, hope continue to be held around India
* IMF has held India as bright spot
* World econ forum said India's growth extraordinarily high
* Financial markets battered globally
* Our external situation is robust
* Global economy in serious crisis
* Global trade has contracted
* Indian econ still bright spot despite challenges
* GDP grew notwithstanding global meltdown
* India GDP has accelerated to 7.6% now
* India's external situation is robust
* Must carry out reforms
* Must have prudent fisc policy, up domestic demand
* Pay panel, defence pension to add to spending in FY17
* FY16, FY17 will be extremely challenging for govt spend
* Must continue with pace of reforms
* Must ensure growth does not slow down
* Must ensure macro-economic stability
* Strengthened firewalls against global risks
* Plan spend increased under FY16 revised estimates
* Risk of global slowdown is mounting
* Money with govt belongs to people
* We had to work in unsupported global environment
* Forex reserves highest ever at $350 bln
* Foreign exchange reserves are at highest ever level
* FY16 CAD projected at 1.4% of GDP
* To make significant changes in FDI policy
* To incentivise gas exploration
* Aim to work on passage of GST, Bankruptcy Code
* FY17 priority to give additional resources to rural areas
* Need to provide for bank recapitalisation
* Must prioritise spending in FY17
* Managed to improve FY16 fincl condition on revenue buoyancy
* Infra invest to enhance quality of life
* To have prudent mgmt of govt expenses for fiscal prudence
* To focus on tax reforms
* To undertake tax reform to improve compliance
* To focus on prudent mgmt of govt finance
* To focus on governance, ease of doing business
* To focus on infra investment
* To provide dispute resolution for PPP platform
* Allotted 90 bln rupees for Swachh Bharat mission
* Allotted 1.5 bln rupee for land record digitalisation FY17
* 7.5 mln households gave up LPG subsidy
* Jaitley sits down, continues Budget speech
* 1 bln rupees for birth anniversary of Guru Gobind Singh
* 1 bln rupees for birth anniversary of Deen Dayal Upadhyay
* Interim provision made for pay panel suggestions execution
* Committed to fincl requirements of announced econ packages
* Made interim provision for seventh pay panel
* To up MSME category turnover cap to 20 mln rupees
* To drive towards self-sufficiency in hydrocarbon sector
* Jaitley stands up, continues Budget speech
* Desire to provide socio-econ stability to each Indian
* Jaitley ends Budget speech, house adjourned
* Spectrum trading not a sale of intangible goods
* Effective mgmt place norm for foreign cos effective Apr '17
* Place of effective mgmt rule for foreign cos deferred 1 yr
