Budget 2016: Jaitley puts onus on UPA for stress assets problems in PSBs

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New Delhi, Feb. 29 (ANI): Presenting the 2016-17 Annual Budget, Finance Minister Arun Jaitley on Monday said the Centre is confronted with stress assets problems in public sector banks which is a legacy of the former regime.

Jaitley listed out the nine pillars on which the Budget stands, which mainly Public Money should reach the poor and deserving without any leakageare: farmer welfare, rural sector, social sector, education skills, infrastructure, financial reforms, ease of doing business, fiscal discipline and tax reform.

Highlights from the Budget rollout by the Finance Minister:

I propose to amend the SEBI act 1992 in coming year to provide for more number of benches of Securities Appellate Tribunal: Jaitley

Additional burden next financial year due to implementation of 7th pay commission and OROP.

A National Dialysis Services Program will be introduced under National Health Mission: Jaitley

We are confronted with stress assets problems in public sector banks which is a legacy of the past and have already taken many steps in this regard.

Public Money should reach the poor and deserving without any leakage: Jaitley

A bill on targeted delivery of financial services using Aadhar to be introduced: Jaitley

More number of benches of Security Appellate Tribunal to be introduced by amending SEBI Act to reduce pendency: Jaitley

160 airports and airstrips can be revived at a cost of Rs 50-100 Crore each: Jaitley

Revenue deficit estimate for Financial Year 2015-16 down to 2.5% from earlier estimates: Jaitley

For people living in rented houses, HRA deduction increased to Rs 60,000 per annum: Jaitley

Ceiling of tax rebate for tax payers with up to Rs 5 lakh annual income to be raised to Rs 5000 from Rs 2000: Jaitley

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Relief of Rs 3000 per year to taxpayers with income below Rs. 5 Lakh per year;1 cr tax payers to benefit: Jaitley

Deduction for rent payers raised from Rs 20,000 to Rs 60,000 to benefit those living in rented houses

Suitable changes to be made in customs & excise duty rates to improve competitiveness and boost: Jaitley

Service tax exempted for housing construction of houses less than 60 square metres: Jaitley

I propose to lower corporate IT rate for next financial yr of relatively small enterprises companies with turnovers not exceeding 5 crore: Jaitley

15% – surcharge on income tax for those with incomes exceeding 1 crore per annum: Jaitley

Govt to introduce bill to amend Companies Act for ease of doing business; to enable registration of companies in a day: Jaitley

I propose to exempt service tax and services provided under Deen Dayal Upadhyaya gramin kaushalya Yojana: Jaitley

A new grading system of imposing penalties to be introduced on the basis of under reporting or concealment of income: Jaitley

I propose to abolish 13 different taxes levied by various Ministries in which revenue collection is less than Rs 50 crores per year: Jaitley

I accept suggestion from Rahul Gandhi on providing relief(exemption of duty on braille paper) to differently-abled people: Jaitley

I propose to amend customs act to provide for deferred payment of custom duty for importers & exporters within proven track record: Jaitley

Govt. will pay interest rate of 9% over 6% if delay in implementation of appellate order is beyond 90 days: Jaitley

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Plan to use technology in Taxation department in a big way: Jaitley

The growth of GDP has accelerated to 7.6%: Jaitley

Government has to prioritize expenditure. Focus on the rural and social sectors, infrastructure and recapitalization of banks: Jaitley

Nominal premium and highest ever compensation in case of crop loss under the PM Fasal Bima Yojana: Jaitley

Agenda for next year is to undertake transformative measures based on 9 pillars for India: Jaitley

Aim to double the income of farmers in five years. Rs. 35,984 crores total allocation for farmers’ welfare: Jaitley

Pradhanmantri Krishi Sinchaai Yojna strengthened and implemented in Mission Mode: Jaitley

A dedicated irrigation fund worth Rs 20,000 crore to be set up under National Bank for Agriculture and Rural Development: Jaitley

A unified agriculture market e-platform will be dedicated to the nation on the birthday of Dr. B.R. Ambedkar: Jaitley

65 eligible habitats to be connected via 2.23 lakh kms of road.Current construction pace is 100 kms per day: Jaitley

Allocation to PM Fasal Bima Yojana for 2016/17 is Rs. 5500 crores: Jaitley

Quantum jump of 228% in grants to gram panchayats and urban local bodies in accordance with FFC recommendations: Jaitley

100% village electrification to be achieved by 1st May, 2018: Jaitley

MNREGA to get 38,500 crore rupees: Jaitley

Rs. 87,765 crores for rural development as a whole have been allocated in the budget: Jaitley

We plan to launch digital literacy mission scheme for rural India to cover around 6 crore additional households in next three years: Jaitley

Appreciation for 75 lakh Middle class and lower middle class for willingly giving up LPG Subsidy under government’s initiative: Jaitley

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Rs 9,000 crores allocated to Swachch Bharat Abhiyaan: Jaitley

Stand Up India scheme allocated Rs.500 Crores for SC, ST and women entrepreneurs-2 projects to be promoted per bank branch per category: Jaitley

National Skill Development Mission has imparted training to 76 lakh youth. 1500 Multi skill training institutes to be set up: Jaitley

National SC/ST Hub to support SC/ST entrepreneurs: Jaitley

Senior citizens will get additional healthcare cover of Rs 30,000 under the new scheme: Jaitley

Objective to skill 1 crore youth in the next 3 years under the PM Kaushal Vikas Yojana: Jaitley

Allocate Rs 55,000 Crores for roads and highways, total investment in Road Sector would be Rs 97,000 crore: Jaitley

I have proposed to allocate a sum of Rs 55000 crore in Union Budget for roads and highways: Jaitley

Rs. 1000 crore set aside for higher education financing: Jaitley

Government to incentivise Gas production from deep sea and other unutilised deep sources: Jaitley

Govt is drawing a comprehensive plan to be implemented in the next 15-20 years for exploiting Nuclear energy: Jaitley

Comprehensive Code to be introduced to provide a specialised resolution mechanism for bankruptcy of banks/insurance companies: Jaitley

Department of Disinvestment to be renamed as Department of Investment and Public Asset Management: Jaitley

RBI Act to be amended to give statutory backing for monetary policy: Jaitley

Public Money should reach the poor and deserving without any leakage: Jaitley

Jaitley’s Union Budget presentation lasted for one hours and 41 minutes.

The Lok Sabha has been adjourned till tomorrow. (ANI)

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