While presenting the Union Budget 2016-17, opening his speech the Finance Minister announced that the Government would provide health insurance up to Rs. 1 lakh per family, a top up of Rs. 35000 for persons above 60 years has also been announced. The Finance Minister further disclosed that 3000 stores would be opened for generic drugs.
Unveiling pro-poor measures and relief for small taxpayers the finance minister Arun Jaitley announced that total Rs. 38,500 crore are allocated for MNREGA which if implemented successfully, according to him, would be highest ever annual spending on the scheme.
For the Swachh Bharat Abhiyan, informed the minister, a sum of Rs. 9000 crore has been allocated. He further made the announcement of granting Rs. 2.87 trillion to gram panchayats and municipalities indicating a quantum jump of 228%.
The Finance Minister further disclosed that the government is going to launch a program to provide LPG connections to BPL households; to meet the initial coast of providing to LPG connections in the name of women of poor households a sum of Rs. 2,000 crore has been allocated.
For Pradhan Mantri Gramin Sadak Yojna in 2016-17 a sum Rs. 19000 crore has been allocated which, in all, will come to Rs. 27,000 crore after state contribution.
Reiterating the Government’s commitment for achieving 100% electrification of village by May 2018 the finance minister informed the house that 5,542 out of 18,542 unelectrified villages had been electrified.
The finance minister has announced that the target of agriculture credit card is increased to an all time high of Rs. 9 trillion. The minister further disclosed that the Government would set apart Rs. 412 crore to encourage organic farming. Five lakh acres of land would brought under organic farming within the ambit of Krishi Vikash Yojna in the next three years.
The minister further announced that the under Nabard a dedicated irrigation fund of Rs. 20,000 would be established, 28.5 lakh hectares would be brought under the irrigation under the Pradhan Mantri Krishi Sichai Yojna.
The Finance Minister announced an allocation of Rs. 15,000 crore NHAI bonds.
For nuclear power generation Rs. 3,000 crore has been earmarked.
The Government through its stand up India scheme has allocated Rs. 5000 crore for SC, ST and Women entrepreneurs.
The Finance Minister has announced a hike in existing income tax slab Rs. 1,000 crore has been allocated for a new Employees’ Provident Fund (EPF) scheme. Additional exemption of 50,000 for housing loans up to Rs. 35 lakh, provided the cost of house is not above Rs. 50 lakh. Deduction for rent paid would be increased from Rs. 20,000 to Rs. 60,000 to benefit those living in rented house. 15 % surcharge has been announced on income above Rs. 1 crore.