HIGHLIGHTS OF UNION BUDGET 2016-2017

• Agricultural policy will be recognised to double farmer income in five years.
• A new scheme for BPL families to supply Gas connections
• Government give priority to rural area and 300 rurban clusters to be set up under shyama prasad mukherjee rurban mission
• 38500 crore rupees was allocated to MNREGA
• The Government give assurance that 100% village electrification by 1sta may 2018
• Government create hub to support SC/ST entrepreneurs
• National dialysis service programme under PPP model 
• LPG connection will be provided to the women member in rural homes
• Government proposed that 3000 generic drugs stores to be opened
• 9000 crore rupees was granted for Swachch Bharat Abhiyan
• Government will make 10 public and 10 private educational institute as world class
• 500 crore rupees allocated for stand up India scheme
• Government plan to skill one crore youth over three years
• 62 new navodaya vidyalayas will be established
• Motor vehicle act will be amended to encourage entrepreneurship in the road transport sector
• 97000 crore rupees will be spent for road development
• 1500 multi-skill training institute will be open and government allocate 1700 crore rupees for this
• 8.33% will be paid towards employee pension fund
• Shopping malls will be allowed to open on all seven days of week, a model shops and establishment bill to be circulated to states
• RBI act will be amended to set up monetary policy committee
• General insurance companies which owned by the government will be listed in stock exchange
• Total allocation for Agriculture and farmers welfare 2016-2017 will be 35984 crore rupees
• Long term irrigation fund will be created in NABARD with an capital of 20000 crore rupees
• In order to ensure the benefit of MSP(Miniums Support Price) reaches farmers in all parts of the country 3 specific initiative will be taken up in 2016-2017. the initiative are:

        Encourage remeaning states to take up decentralized                       procurement

        Taking up effective arrangements for pulses procurement

        undertaking an online procurement system through the FCI

• 850 crore rupees will be allocated on 4 new dairying project. they are:

            Pashudhan Sanjivani, an animal wellness programme and             provision of animal health cards(nakul swasthya patra)

            Programme on advanced breeding technology

            Creation of E-Pashudhan haat, an e-market portal for                   connecting breeders & farmers

            Nakul swasthya patra, E-Pashudhan Haat and National Genomic Centre for indigenous breeds

• Pradhan mantri krishi sinchal yojana will be implemented in mission mode - under the scheme which was approved by the union government in july 28.5 lakh hectares will be brought under irrigation
• Allocation under Prime minister Fasal Bima yojana will be 5500 crore rupees 
• Krishi kalyan cess of 0.5% will be imposed on all taxable service starting from 1st june 2016
• Surcharge levied at 7.5% of undisclosed income will be called krishi kalyan surcharge (KKS) and it is used for agriculture & rural economy
• Fiscal deficit at 3.5% of GDP in 2016-2017
• 1% Service charge on purchase of luxury cars over 10 lakh rupees and in cash purchase of goods & services over 2 lakh rupees
• additional exemption of 50000 rupees for housing loans up to 35 lakh rupees
• fiscal deficit target for 2015-2016 3.9%
• fiscal deficit target for 2016-2017 3.5%
• excise duty on tobacco increased by 100-15%
• 4% high capacity tax for SUVs
• GAAR (general anti-avoidance rule) will be implemented from 1st april 2017
• 15% surcharge on income above 1 crore rupees
• pollution cess of 1% on small petrol, LPG and CNG cars ; 2.5% on diesel cars