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Intro--
The key challenges facing the Indian economy are agrarian in nature and
hence a thrust on rural India was needed in Budget 2016, thus there has
been an estimate of growth of economy to 8% following this Budget.
---According to the Budget, there are total Nine Sectors where the
government has focused --
in 5 years)
2. Rural sector with focus on employment
3. Social sector (Poverty, Human dev, poverty, incclusive growth, health,
education, women and child dev, rural water supply/sanitation)
4. Education skills and job creation (to make India a productive society)
5. Infrastructure investment (to enhance efficiency and the Quality of Life)
6. Financial sector reforms
7. Governance reforms and ease of doing business
8. Fiscal discipline
9. Tax reforms to reduce compliance burden
* 15, ooo cr fund for interest subvention to reduce the burden of loan
repayment on farmers
* PM Fasal Bima Yojana allocation of Rs. 5, 5000 cr
* Big focus on rural distress: Government will spend a record Rs. 38,500 crore
on rural jobs programme (MGNREGA).
* Rs 850 crore for four dairying projects - Pashudhan Sanjivani, Nakul
Swasthya Patra, E-Pashudhan Haat and National Genomic Centre for
indigenous breeds
* Promote organic farming through Parmparagat Krishi Vikas Yojana and
'Organic Value Chain Development in North East Region'.
IRRIGATION
* A dedicated Long Term Irrigation Fund will be created in NABARD with an
initial corpus of about ` 20,000 crore
* Programme for sustainable management of ground water resources 6,000
crore will be implemented through 3 multilateral funding
* 5 lakh farm ponds and dug wells in rain fed areas and 10 lakh compost pits
for production of organic manure will be taken up under MGNREGA
2. Rural Sector
Theme--Transforming Villages to Transform Lives
* Total allocation--87, 700 cr
* 2.87 lakh cr grant-in-aid to gram Panchayats and Municipalities
* Quantum jump of 228% as compared to the previous 5 year period
* Shyama Prasad Mukherjee Mission --300 Rurban centres
* 100 % village electrification by 1st May, 2018
SOCIAL SECTORS
* Pradhan mantri Kaushal Vikas Yojana (PNKVY) --1500 multi skill Training
Institutes to be set up
* national Board for Skill Development Certification to skill 1 cr youth in the
next 3 years
* Govt to pay EPF contribution of 8.33% for all new employees for the first
three years
* 100 model career centres
* Model shops and establishments--BIll to be circulated to states
*Entrepreunrship education, and Training--2200 colleges, 300 schools, 500
government ITIs and 50 vocational trainign centres through massive open
online courses
*GOI to pay off 8.33% on behalf of all new employees enrolling to EPFO in the
first 3 years
* Deduction under section 80JJAAA of IT ACt available to all assesses
* reforms in the FDI Policy in the aread of : Insurance, and Pension Asset
Reconstruction companies, Stock exchanges
* 100 % FDI through FIPB roue in the marketing of food products
* 70 languishing projects covering 8300 kn revived
* record 10, 000 kms of National highways to be approves in 2016-17
* Total investment including the PMGSY-- 97000 cr
* Total outlay for infastructure has been sharply increased to 2.21.246 cr
* Opening up road transport by removing permits in the passenger transport
segments
* Revive 160 unserved and under-served airports in partnership with State
govt
* Proposes to levy infrastructure cess of 1-4 per cent which will make cars
costlier
6. Financial Sector
(including Banking sector)
Theme-* Creating a Social Security Platform Bill for Targeted Delivery of Subsidies,
benefits and Services using Aadhar framewrok
* Introduce DBT on a pilot basis for fertilizers
* Automation facilities in 3 lakh fair price shops by March, 2017
Companies act amendment to imprve the enabling environment for Start ups
Price Stabilization Fund to help maintain stable prices of pulses
* Nation wide rollout of ATMs and micro ATMs through postal netwrok
8. Fiscal Discipline
Theme--Boosting growth while Ensuring Fiscal prudence
Black Money--A new amnesty scheme for those holding unaccounted money
and assets has been announced. Those declaring undisclosed income under
this scheme will have to pay 45 per cent tax.
9. Tax Reforms