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Budget 2016-17 presented in Parliament; major focus on agriculture and farmers welfare 28.5 lakh Hectares to be brought under irrigation

Budget - Dated:- 29-2-2016 - ₹ 2.87 lakh crore Grant in Aid to Gram Panchayats and Municipalities 100% village electrification by 1st May 2018 A massive mission announced to provide LPG connection to poor households New Health Protection Scheme to provide Health cover upto ₹ 1 lakh per family 1500 Multi Skill Training Institutes to be set up Emphasis on Infrastructure Development Total expenditure projected at ₹ 19.78 lakh crore Major focus on agriculture and farmers welfare, m .....

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itley underlined that the Government is firm on its course towards fiscal consolidation without compromising on its development agenda. He said 3.5% fiscal deficit is targeted for FY 2016- 17. Stating that the IMF has hailed India as a bright spot amidst a slowing global economy, the Finance Minister said the growth of GDP has now accelerated to 7.6% compared to the last three years of the previous Government when growth had decelerated to 6.3% . He said this was accomplished despite two consecu .....

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d 2016-17 have been and will be extremely challenging for Government expenditure. He said the next financial year will cast an additional burden on account of the recommendations of the 7th Central Pay Commission and the implementation of Defence OROP. Stating that the Government has to prioritise its expenditure, Sh. Jaitley said the Government wants to enhance expenditure in the farm and rural sector, the social sector, the infrastructure sector and provide for recapitalisation of the banks. T .....

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a new initiative to ensure that the BPL families are provided with a cooking gas connection, supported by a Government subsidy. Shri Jaitley said the Government will undertake significant reforms such as the enactment of a law to ensure that all Government benefits are conferred upon persons who deserve it, by giving a statutory backing to the AADHAR platform. He added that significant changes will be brought in the legislative framework relating to the transport sector so as to free it from con .....

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Finance Minister said the agenda for the next year will be to Transform India in this direction. He highlighted that the budget proposals are built on this transformative agenda with nine distinct pillars which include: Agriculture and Farmers Welfare; Rural Sector; Social Sector including Healthcare; Education, Skills and Job Creation; Infrastructure and Investment; Financial Sector Reforms; Governance and Ease of Doing Business; Fiscal Discipline and Tax Reforms. Sh. Jaitley announced that th .....

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n languishing will be fast tracked. The Finance Minister announced creation of a dedicated Long Term Irrigation Fund in NABARD with an initial corpus of about ₹ 20,000 crore. To achieve all these, a total provision of ₹ 12,517 crore has been made through budgetary support and market borrowings in 2016-17. He also said, simultaneously a major programme for sustainable management of ground water resources has been prepared with an estimated cost of ₹ 6,000 crore and proposed for .....

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llocation under Pradhan Mantri Gram Sadak Yojana has been increased to ₹ 19,000 crore and it will connect remaining 65,000 eligible habitations by 2019. In the budget special focus has been given to ensure adequate and timely flow of credit to the farmers. Against the target of ₹ 8.5 lakh crore in 2015-16, the target for agricultural credit in 2016-17 will be an all-time high of ₹ 9 lakh crore. To reduce the burden of loan repayment on farmers, a provision of ₹ 15,000 cro .....

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ion of E-Pashudhan Haat , an e market portal for connecting breeders and farmers; and Fourth, a National Genomic Centre for indigenous breeds. These projects will be implemented at a cost of ₹ 850 crores over the next few years. Regarding rural sector, Sh. Jaitley announced that a sum of ₹ 2.87 lakh crore will be given as Grant in Aid to Gram Panchayats and Municipalities. It will translate to an average assistance of over ₹ 80 lakh per Gram Panchayat and over ₹ 21 crore .....

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ed for it. He said a new Digital Literacy Mission Scheme for rural India will cover around 6 crore additional households within the next 3 years. In order to develop governance capabilities of Panchayati Raj Institutions on the Sustainable Development Goals, the Minister announced a new scheme namely Rashtriya Gram Swaraj Abhiyan , for which ₹ 655 crore is being set apart. For rural development as a whole, ₹ 87,765 crore have been allocated. The Finance Minister announced a massive m .....

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years and above belonging to this category, an additional top-up package up to ₹ 30,000 will be provided. In order to make quality medicines available at affordable prices, 3000 stores under Prime Minister s Jan Aushadhi Yojana will be opened during 2016-17. He said that a National Dialysis Services Programme will be started to provide dialysis services in all district hospitals. In the area of education, the Finance Minister said allocation under Sarva Shiksha Abhiyan will be increased. 6 .....

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ial capital base of ₹ 1,000 crore. The Finance Minister while laying emphasis on skill development said the Government wants to bring entrepreneurship to the doorsteps of youth through Pradhan Mantri Kaushal Vikas Yojana (PMKVY). 1500 Multi Skill Training Institutes will be set up for which ₹ 1700 crore have been set aside. Shri Jaitley said that in order to incentivize creation of new jobs in the formal sector, the Government will pay the Employee Pension Scheme contribution of 8.33 .....

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crore to be raised by NHAI through bonds. The total investment in the road sector including PMGSY allocation would be 97,000 crore during 2016-17. He said together with the capital expenditure of the Railways, the total outlay on roads and railways will be ₹ 2,18,000 crore. He said 10,000 kms. of National Highways are expected to be approved in 2016-17. He further said abolition of permit-raj will be the medium term goal. The Government will enact necessary amendments in the Motor Vehicles .....

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Aviation Sector action plan is being drawn up to revive unserved and underserved airports. There are about 160 airports and air strips with the State Governments which can be revived at an indicative cost of ₹ 50 crore to ₹ 100 Crore each. In the power sector, he said the Government is drawing up a comprehensive plan, spanning next 15 to 20 years to augment the investment in nuclear power generation. To augment infrastructure spending further, the Government will permit mobilization .....

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s, including disinvestment and strategic sale has been approved. Shri Jaitley announced a number of financial sector reforms. A comprehensive Code on Resolution of Financial Firms will be introduced as a Bill in the Parliament during 2016-17. He said the RBI Act 1934 is being amended to provide statutory basis for a Monetary Policy Framework and a Monetary Policy Committee through the Finance Bill 2016. A Financial Data Management Centre will also be set up. Expressing concern over problem of st .....

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