Budget 2015 highlights

New Delhi February 28, 2015 (Agency) social sector programmes to continue; move to making India cashless society; . Some of the challenges mentioned by the Finance Minister are: poor agricultural income, decline in manufacturing ; and the need for fiscal discipline.
States to be equal partners in economic growth

sector-wise highlights are Here:

TAXATION

1     Abolition of Wealth Tax.
2     Additional 2% surcharge for the super rich with income of over Rs. 1 crore.
3     Rate of corporate tax to be reduced to 25% over next four years.
4     No change in tax slabs.
5     Total exemption of up to Rs. 4,44,200 can be achieved.
6     100% exemption for contribution to Swachch Bharat, apart from CSR.
7     Service tax increased to14 per cent.

AGRICULTURE

1     Rs. 25,000 crore for Rural Infrastructure Development Bank.
2     Rs. 5,300 crore to support Micro Irrigation Programme.
3     Farmers credit - target of 8.5 lakh crore.

EDUCATION

1     AIIMS in Jammu and Kashmir, Punjab, Tamil Nadu, Himachal Pradesh, Bihar and Assam.
2     IIT in Karnataka; Indian Institute of Mines in Dhanbad to be upgraded to IIT.
3     PG institute of Horticulture in Amritsar.
4     Kerala to have University of Disability Studies
5     Centre of film production, animation and gaming to come up in Arunachal Pradesh.
6     IIM for Jammu and Kashmir and Andhra Pradesh.

WELFARE SCHEMES

1     50,000 toilets constructed under Swachh Bharath Abhiyan.
2     Two other programmes to be introduced- GST & JAM Trinity. GST will be implemented by April 2016.
3     MUDRA bank will refinance micro finance orgs. to encourage first      generation SC/ST entrepreneurs.
4     Housing for all by 2020.
5     Upgradation 80,000 secondary schools.
6     DBT will be further be expanded from 1 crore to 10.3 crore.
7   



 For the Atal Pension Yojna, govt. will contribute 50% of the premium limited to Rs. 1000 a year.
8     New scheme for physical aids and assisted living devices for people aged over 80 .
9     Govt to use Rs. 9000 crore unclaimed funds in PPF/EPF for Senior Citizens Fund.
10     Rs. 5,000 crore additional allocation for MGNREGA.
11     Govt. to create universal social security system for all Indians.

DEFENCE

1     Allocation of Rs. 2,46,726 crore; an increase of 9.87 per cent over last year.
2     Focus on Make in India for quick manufacturing of Defence equipment.

INFRASTRUCTURE

1     Tax-free bonds for projects in rail road and irrigation
2     PPP model for infrastructure development to be revitalised and govt. to bear majority of the risk.
3     Rs. 150 crore allocated for Research & Development
4     Atal Innovation Mission to be established to draw on expertise of entrepreneurs, and researchers to foster scientific innovations; allocation of Rs. 150 crore.
5     Govt. proposes to set up 5 ultra mega power projects, each of 4000MW.
6    Rs. 70,000 crores to Infrastructure sector.

RENEWABLE ENERGY

1     Rs. 75 crore for electric cars production.
2     Renewable energy target for 2022: 100K MW in solar; 60K MW in wind; 10K MW in biomass and 5K MW in small hydro

TOURISM

1     Develpoment schemes for churches and convents in old Goa; Hampi, Elephanta caves, Forests of Rajasthan, Leh palace, Varanasi , Jallianwala Bagh, Qutb Shahi tombs at Hyderabad to be under the new toursim scheme.
2     Visa on Arrival for 150 countries.

GOLD

1     Sovereign Gold Bond, as an alternative to purchasing metal gold.
2     New scheme for depositors of gold to earn interest and jewellers to obtain loans on their metal accounts.
3     To develop an Indian gold voin, which will carry the Ashok Chakra on its face, to reduce the demand for foreign coins and recycle the gold available in the country.