Page 14 - MASTER IN BUDGET
P. 14
Union Finance Minister Shri ArunJaitleypresented the General Budget 2016-17 in LokSabha on February 29, 2016.
Finance Minister ArunJaitley presented India's national budget for 2016-17 in the LokSabha on Monday, saying the
country was a bright spot of the global economy today, while outlining his nine focus areas in which rural develop-
ment took the top slot.
"I am presenting the budget when the global economy is in crisis," Jaitley said in his opening remarks, adding that
India, however, remained the bright spot in this gloom, turning dificulties into opportunities.
He said India's growth has expanded 7.5 percent, despite slowdown in exports, even as inlation had eased, bringing
big relief to the general public. He also said foreign exchange reserves were robust. "Indian growth is at an extraor-
dinary high."
Jaitley said his budget will look at three pillars in right earnest: A prudent iscal policy, raise domestic demand and
carry out reforms. He also said farm, rural sector, infrastructure and social sector will be allotted more money.
"Recapitalization of banks also to be done during next iscal year," he said, as much concern have emerged over the
quantum of exposure of Indian scheduled banks in terms of gross non-productive assets, re-cast loans and write-offs,
which amounts to Rs.9.5 lakh crore.
He said the nine pillars of this year's budget will be: agriculture, social programmes, rural development, education
with skill development, infrastructure, inancial reforms, policy reforms in terms of ease of doing business, iscal
discipline and tax reforms.
"A uniied agriculture platform to be dedi-
cated to the nation on the birth anniversary of
Dr.B.R. Amebdkar," the inance minister
said, amid applause from the benches.
He said the govern- ment had targeted
agriculture credit of Rs.8.5 lakh crore in
2015-16, which was being enhanced to Rs.9
lakh crore in the next iscal. He also said
Rs.19,000crore will be allocated for rural
roads development programme.
Overall, Rs.87,765crores was being allocated for
rural development as a whole.
At the same Rs.35,984crore was being allocated for agriculture in the next iscal. This apart, the outlay under the job
guarantee programme was being enhanced to get Rs.38,500crore. These enhanced allocations are capable of trans-
forming villages and towns, Jaitley said.
He said there was also the need to spread digital literacy in rural areas. In addition, he added, Rs.8,500crore was being
allotted towards rural electriication, targeting 100 percent rural electriication by May 1, 2018.
Jaitley also assured that the government intended to double the income of farmers in ive years, besides allotting
Rs.35,984crore towards welfare of farmers. The proposals also included universal coverage of cooking gas in the
country, with a massive mission towards this aimed at the poor people.
In this regard, he said, the government appreciated the 75 lakh middle class and lower middle class families for will-
ingly giving up cooking gas subsidy.
On health, he said, a new scheme will provide cover upto 1.lakh per family.
@Mahendra’s 14 MASTER IN BUDGET 2016-17
Finance Minister ArunJaitley presented India's national budget for 2016-17 in the LokSabha on Monday, saying the
country was a bright spot of the global economy today, while outlining his nine focus areas in which rural develop-
ment took the top slot.
"I am presenting the budget when the global economy is in crisis," Jaitley said in his opening remarks, adding that
India, however, remained the bright spot in this gloom, turning dificulties into opportunities.
He said India's growth has expanded 7.5 percent, despite slowdown in exports, even as inlation had eased, bringing
big relief to the general public. He also said foreign exchange reserves were robust. "Indian growth is at an extraor-
dinary high."
Jaitley said his budget will look at three pillars in right earnest: A prudent iscal policy, raise domestic demand and
carry out reforms. He also said farm, rural sector, infrastructure and social sector will be allotted more money.
"Recapitalization of banks also to be done during next iscal year," he said, as much concern have emerged over the
quantum of exposure of Indian scheduled banks in terms of gross non-productive assets, re-cast loans and write-offs,
which amounts to Rs.9.5 lakh crore.
He said the nine pillars of this year's budget will be: agriculture, social programmes, rural development, education
with skill development, infrastructure, inancial reforms, policy reforms in terms of ease of doing business, iscal
discipline and tax reforms.
"A uniied agriculture platform to be dedi-
cated to the nation on the birth anniversary of
Dr.B.R. Amebdkar," the inance minister
said, amid applause from the benches.
He said the govern- ment had targeted
agriculture credit of Rs.8.5 lakh crore in
2015-16, which was being enhanced to Rs.9
lakh crore in the next iscal. He also said
Rs.19,000crore will be allocated for rural
roads development programme.
Overall, Rs.87,765crores was being allocated for
rural development as a whole.
At the same Rs.35,984crore was being allocated for agriculture in the next iscal. This apart, the outlay under the job
guarantee programme was being enhanced to get Rs.38,500crore. These enhanced allocations are capable of trans-
forming villages and towns, Jaitley said.
He said there was also the need to spread digital literacy in rural areas. In addition, he added, Rs.8,500crore was being
allotted towards rural electriication, targeting 100 percent rural electriication by May 1, 2018.
Jaitley also assured that the government intended to double the income of farmers in ive years, besides allotting
Rs.35,984crore towards welfare of farmers. The proposals also included universal coverage of cooking gas in the
country, with a massive mission towards this aimed at the poor people.
In this regard, he said, the government appreciated the 75 lakh middle class and lower middle class families for will-
ingly giving up cooking gas subsidy.
On health, he said, a new scheme will provide cover upto 1.lakh per family.
@Mahendra’s 14 MASTER IN BUDGET 2016-17
