Sunday, February 28, 2016

Union Budget 2016: Growth of GDP has accelerated to 7.6%, says Jaitley

NEW DELHI: The growth of GDP has accelerated to 7.6 % and inflation has declined to 5.4 %, said Finance Minister Arun Jaitley while presenting his third Union Budget Monday.

Major highlights

Rs 38,500 cr allocated for MNREGA in 2016-17, the highest ever if entire amount is spent

Record agri credit target of Rs 9 lakh crore in 2016-17 set. Govt to allocate Rs 5,500 crore for crop insurance scheme

Rs 19,000 cr allocated for Pradhan Mantri Gramin Sadak Yojana in 2016-17; in all, Rs 27,000 cr after state contribution 

28.5 lakh hectares will be brought under irrigation under the Pradhan Mantri Krishi Sichai Yojana

Allocation of Rs 35,984 crore for farm sector. A dedicated long term irrigation fund will be created in NABARD with a corpus of Rs 20,000 cr

Govt will undertake 9-point reforms including steps to ensure ease of business in governance, fiscal discipline to ensure benefits for people and tax reforms to ensure compliance

We will work for passage of insolvency and bankruptcy laws. We will undertake significant reforms

Govt is launching a new initiative to provide cooking gas to BPL families with state support

Next financial year will cast an additional burden due to implementation of 7th Pay Commission and OROP

Farm, rural sector, infra, social sector to have more Government expenditure

Growth has accelerated to 7.6 % in 2015-16 notwithstanding contraction of global exports

CPI inflation was 9.4 per cent in the last 3 years of previous government. It has come down to 5.5 per cent now

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