Budget 2016: Key highlights of Arun Jetley's speech

Finance minister Arun Jetley on Monday gave relief to small tax the affluent to shell out more while focusing to rural economy which much higher fiscal outlays, as  he presented India's national budget for 2016-2017 in the Lok Sabha.

Here are the highlights of his speech:

. Big focus on Agriculture and Farmer's welfare

- Farmers income to be doubled by 2022.

- 28.5 lakh hectare will be brought under irrigation under Pradhan Mantri Krishi Sinchai Yojana.

- 89 irrigation projects, requiring Rs.86,500 crore in next five years, to be fast track. 23 of these will be build before 31st March 2017.

- Dedicated Long Term Irrigation Fund will be created in NABARD with initial corpus of Rs.20,000 crores.

- Total outlay on irrigation including market borrowing is Rs.12,157 crores.

- Major Programme for Sustainable Ground Water Management proposed for multilateral funding at  the cost of Rs.6000 crore.

- 5 lakh farms ponds and dug wells in rain-fed areas and 10 lakh copost pits for production of organic  manure will be taken up.

- Soil Health Cards will be given to 14 crores farm holdings from March 2017.

- Unified Agriculture Marketing E Platform to be dedicated to the nation on birthday on Dr. B.R. Ambedkar on 14 April, 2016.

. Rs. 27000 crore including States share to be spent on PMGSY in 2016-2017. Target date of completion will be 2019  to 2021.

. RS. 9  lakh crore will bee given as agriculture credit in 2016-2017.

. FCI will take online procurement of food grains. This will bring transparency and  convenience to farmers through prior registration and monitoring of procurement. 

. Pashudhan Sanjeevnai, an animal wallness programme will be undertaken. Nakul Swasthya Patras to  be issued.

. Rural Sector

- Rs. 2.87 lakh crore will be given as grant in Aid to Gram Panchayats and Municipalities as per the recommendations of 14th FC . This translates to Rs.81 lakh per gram panchayat and  over 21 crore per Municipalities.

- Every block in drought and rural distress areas will be taken up under Deen Dayal Antoyodaya           Mission.

- 300 Rurban clusters will incubate growth centres in Rural Areas.

- All villages will be electrified by 1st March 2018.

- A new Digital Literacy Mission will be launched for rural India to cover around 6 crore households   in next three years.

- Modernization of Land Records through revamped National Land Records Programme.

- Rashriya Garam Swaraj Programme will be launched.

. Targeted Delivery of Government subsidy and benefits to ensure that they reach the poor and the deserving.

- New law for targeted delivery of financial and other subsidies etc using Aadhar Framework will be enacted.

- DBT in fertilizer will be launched on pilot basis.

- Of the total 5.35 lakh fair price shops in the country, 3 lakh shops will be automated by March, 2017.

. MUDRA - loan target of 1,80,000 crore in 2016-2017.

. Social Sector

- Massive Mission to provide LPG connections to poor households will be launched. 1.5 crore poor households will benefit in 2016-2017.  This scheme will continue for two more years to cover a total 5 crore BPL households.

- New Health Protection Scheme will be launched. Health cover upto 1 lakh per family and additional   30,000 for senior citizens to be provided.

- 3000 stores under Pradhan Mantri Jan Aushadi Yojana will be opened in 2016-17.

- A new Echo System for SC/ST entrepreneurs will be set up. SC/ST hub will be set up in MSME ministry.

. Education

- 62 new Navaodaya Vidyalayas  to be opened in remaining uncovered districts in next two years.

- Higher Education Financing Agency will be set up with an initial capital base of Rs. 1,000 crore.

- Digital Depository will be set up  for educational certificates, marksheets and awards etc.

. Skills

- 1500  Multi Skill Training institutes will be set up under Pradhan Mantri Kaushal Vikas Yojana.

- National board for Skill Development Certification will be set up in partnership with industry and academia.

- Entrepreneurship education  and training  will be provided in 2200 colleges, 300 schools, 50               vocational training centres through open online courses.

 . Job Creations

-  Government of India will pay EPS contribution of 8.33% for all new employees enrolling in EPFO for the first three years of the employment.

- Section 80 JJAA of Income Tax Act being amended to broaden the scope of employment generation   incentives.

- Small and medium shops will be allowed to remain open all 7 days of week on voluntary basis. New job in retail sector.

. "Ek Bahart Shreshtha Baharat" will be launched to link all States and Districts.

. Technology Driven platform for government procurement of goods and services will be set up   by DGS&D. This will improve transparency, efficiency and reduced cost of procurement. 

. Measures in the sector of Infrastructure, Investment, Banking, Insurance etc.

- Rs. 2,18,000 crore will be spent on capital expenditure  of roads and railways in 2016-17.

- Unserved and Underserved airstrips to be revived by AAI and also in partnership with State  Government.

- Road Transport Sector to be opened up by removing permit system. This will benifit the poor as          well a the middle class, encourage new investment, promote startups for entrepreneurs and new  jobs.

. Fiscal Discipline 

- Fiscal deficit target of 3.5% of GDP in 2016-17.

- Committee for review of FRBM Act.

- Removal of Plan/Non Plan classification from 2017-2018.

Rationalisation of Central Plan Scheme. More than 1500 Central Plan schemes have been reconstructed to about 300 Central Sectors and 30 Centrally Sponsored Schemes.