Union Budget 2016: Facts and Highlights of Past Modi’s Government Budgets
Budget Session of the Parliament is soon going to start within few hours and before that, here are the few facts regarding the Union Budget and they are very important for the Narendra Modi’s government.
Union Budget 2016 By FM Arun Jaitley Live Updates
Focus on Social Welfare
It is said that, this government is predicted to move their approach towards the and focus on the social welfare from its present pro-infrastructure particularly before the elections in many of the key states of India where Bharatiya Janata Party of Modi is willing to make inroads.
Budget 2016 Presentation
Usually, the finance minister will present the general budget before the start of the financial year. This year, Arun Jaitley would be presenting the Budget around the end of February i.e., on 29th February 2016. The budget sessions for various categories are as follows.
- Parliament Budget Session would be on 23rd February 2016.
- The presentation of the Rail Budget would take place on 25th February 2016 and
- The Economic Survey will be on 26th February 2016.
The Economic Survey this time shows the direction for the budget and it too highlights the economic performance of the country.
Highlights of Modi’s Government Past Budgets
After the Narendra Modi came in to power on May 2014, Modi’s government has presented the first Union Budget Session for 2014-2015.
- The biggest highlight of the 2014 Budget that was presented by Arun Jaitley was increase in exemption of tax limit up to Rs 2.5 lakh as well as investment within Section 80C to Rs 1.5 lakh.
- It also raised the cap on FDI (Foreign direct investment) in both insurance and defence sectors each to 49 percent.
- Not only those, in 2015 the government also raised the service tax to 14 percent, increased the devolution of tax to the states to 42 percent of the dividable pool i.e., from 2015-16 to 2019-20.
- It too gave a hike in excise duty on all tobacco products and cigarettes.
The slabs of the tax were not changed and the government even abolished the tax for the wealth. And now we need to wait for some time to know the budget details of this year and what changes would happen this time.
Download Union Budget 2016-17 :