The nation’s eyes are trained on Finance Minister Arun Jaitley, who is presenting the General Budget for the year 2016-17 in Parliament.
The Finance Minister has a herculean task of balancing the needs of agriculture as well as the industry as the Modi-Government seeks to garner resources to boost public spending for higher growth amid global headwinds.
Catch live updates below:
Meeting in Parliament ends, cabinet approves Union Budget 2016.
Prime Minister Narendra Modi reaches Parliamnet, cabinet meeting begins. Copies of Union Budget 2016 brought to Parliament
Rising rural distress because of back-to-back droughts has put considerable pressure on the Finance Minister to spend more on social schemes, while at the same time he has to win back foreign investors craving for faster reforms.
If the stock markets are an indicator of the overall prevailing sentiments in the economy, the successive declines in key indices to their yearly lows and the volatility in trading don’t portend well.
Noting the challenge posed by a global slowdown, the Economic Survey 2015-16 tabled in parliament by Jaitley on Friday lowered the economic growth forecast for the current fiscal to 7.6 percent — from the previously projected 8.1-8.5 percent range — mainly because of lower agricultural output due to deficit rainfall.
“The coming year is expected to be a challenging one from the fiscal point of view because of challenges posed by a lower-than-projected nominal GDP growth,” said the survey.
“The chances of India’s growth rate in 2016-17 increasing significantly beyond 2015-16 levels are not very high, due to likelihood of persistence of global slowdown,” it said.
“The implementation of the Pay Commission recommendations and the ‘One Rank One Pay’ scheme will put additional burden on expenditure,” it added.
Alpesh Sharma'a Updated Blog - earlier this month that the country’s fiscal position will remain weaker than other emerging economies in the near term even if fiscal consolidation continued on course.
“Even if the budgetary consolidation continues, India’s fiscal metrics will remain weaker than rating peers in the near term, because of the relatively high levels of deficits and debts of India’s state and central governments,” Sharma’s said in a report.
The Finance Minister has a herculean task of balancing the needs of agriculture as well as the industry as the Modi-Government seeks to garner resources to boost public spending for higher growth amid global headwinds.
- Fiscal deficit at 3.9% in 2015-16 and at 3.5% in 2016-17; no deviation from fiscal deficit roadmap: FM Jaitley
- 900 crore rupees for Market Stabilization Fund for Pulses
- Public Money should reach the poor and deserving without any leakage, emphasizes finance minister Arun Jaitely.
- A National Dialysis Services Program will be introduced under National Health Mission- FM Jaitley
- 100% FDI through FAPB route in marketing of food products produced and manufactured in India
- Rs 1,000 crore allocated for new EPF(Employees’ Provident Fund) scheme
- Public Utility Resolution of Disputes Bill for resolution of disputes in infra sector:
- Rs. 1000 crores set aside for higher education financing
- 3000 crore rupees earmarked for nuclear power generation.
- Target of 10,000 kms of national highway and upgradation of 50,000 kms of state highways in 2016/17
- 55,000 crore for roads and highways. 50000 km of state highways to be taken up for upgradation as national highways.
- A national careers service was launched in July 2015. We propose to make 100 model career centres operational by end of 2016
- Objective to skill 1 crore youth in the next 3 years under the PM Kaushal Vikas Yojna
- Senior citizens will get additional healthcare cover of Rs 30,000 under the new scheme.
- A new health protection scheme for health cover upto 1 lakh per family
- Rs 9,000 crores allocated to Swaccha Bharat Abhiyaan. 500 crores for startup India.
- I have set aside a sum of Rs. 2000 crores in this year’s budget to meet the initial cost of providing these LPG connections-
- Massive mission to be launched to provide LPG connections to BPL households
- 2.87 lakh crore grants to gram panchayats and municipalities – a quantum jump of 228%: Finace Minister
- Govt is committed to achieve 100% village electrification by 1st May 2018: Arun Jaitley
- MGNREGA to get 38,500 crore rupees
- 2.87 lakh crore grants to gram panchayats and municipalities – a quantum jump of 228%.
- A unified agriculture market e-platform will be dedicated to the nation on birthday of Dr BR Ambedkar
- 19000 crore rupees allotted for Pradhanmantri Gram Sadak Yojna: Finance Minister
- 5 lakh acres to be brought under organic farming over a three year period
- Rs 35,984 crores allocated for Agriculture in 2016-17
- Aim to double the income of farmers in five years. Rs. 35,984 crores total allocation for farmers’ welfare
- We need to prioritize our expenditure, given recommendations of 7th CPC and OROP implementation
- Govt. has to prioritize expenditure. Focus on the rural and social sectors, infrastructure and recapitalization of banks
- Forex Reserves have reached their highest mark at $350 billion.
- Financial Year 2017 will be challenging for Government expenditure
- Growth of GDP has accelerated to 7.6% .CPI inflation has declined to 5.4%
- Foreign exchange reserves are at highest ever level, says Finance Minister.
- The CPI inflation has come down to 5.4% from 9 plus, bringing big relief to the public:
- Amidst global headwinds, the Indian economy has held its own.
- I am presenting Budget when the global economy is in a serious crisis.
- Lot of confidence and hope continues to be build around India: Arun Jaitely
- FM Arun Jaitley begins Budget speech in Parliament
- Finance Minister to present Union Budget 2016 shortly.
Prime Minister Narendra Modi reaches Parliamnet, cabinet meeting begins. Copies of Union Budget 2016 brought to Parliament
- I am full of confidence. Let my exams take place on Tuesday and may all of us succeed so that the nation succeeds: Prime minister
- I have an exam tomorrow. The country’s 125 crore people are going to take my examination: Prime minister Narendra Modi said on Sunday.
- The importance of the upcoming budget lies in its message on the government’s fiscal consolidation plans: Moody’s Investors Service
- Union Budget till 2001 was presented at 5pm. Yashwant Sinha, Finance Minister during NDA government has changed it to 11am.
Rising rural distress because of back-to-back droughts has put considerable pressure on the Finance Minister to spend more on social schemes, while at the same time he has to win back foreign investors craving for faster reforms.
If the stock markets are an indicator of the overall prevailing sentiments in the economy, the successive declines in key indices to their yearly lows and the volatility in trading don’t portend well.
Noting the challenge posed by a global slowdown, the Economic Survey 2015-16 tabled in parliament by Jaitley on Friday lowered the economic growth forecast for the current fiscal to 7.6 percent — from the previously projected 8.1-8.5 percent range — mainly because of lower agricultural output due to deficit rainfall.
“The coming year is expected to be a challenging one from the fiscal point of view because of challenges posed by a lower-than-projected nominal GDP growth,” said the survey.
“The chances of India’s growth rate in 2016-17 increasing significantly beyond 2015-16 levels are not very high, due to likelihood of persistence of global slowdown,” it said.
“The implementation of the Pay Commission recommendations and the ‘One Rank One Pay’ scheme will put additional burden on expenditure,” it added.
Alpesh Sharma'a Updated Blog - earlier this month that the country’s fiscal position will remain weaker than other emerging economies in the near term even if fiscal consolidation continued on course.
“Even if the budgetary consolidation continues, India’s fiscal metrics will remain weaker than rating peers in the near term, because of the relatively high levels of deficits and debts of India’s state and central governments,” Sharma’s said in a report.
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