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Saturday, February 28, 2015

Union Budget 2015

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Here are sector-wise highlights of Union Budget 2015:
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TAXATION
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1 Abolition of Wealth Tax.
2 Additional 2% surcharge for the super rich with income of over    
        Rs. 1 crore.
3 Rate of corporate tax to be reduced to 25% over next four        
        years.
4 No change in tax slabs.
5 Total exemption of up to Rs. 4,44,200 can be achieved.
6 100% exemption for contribution to Swachch Bharat, apart 
        from CSR.
7 Service tax increased to 14 per cent.

AGRICULTURE
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1 Rs. 25,000 crore for Rural Infrastructure Development Bank.
2 Rs. 5,300 crore to support Micro Irrigation Programme.
3 Farmers credit - target of 8.5 lakh crore.

INFRASTRUCTURE
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1 Rs. 70,000 crores to Infrastructure sector.
2 Tax-free bonds for projects in rail road and irrigation
3 PPP model for infrastructure development to be revitalised 
        and govt. to bear majority of the risk.
4 Atal Innovation Mission to be established to draw on expertise 
        of entrepreneurs, and researchers to foster scientific 
        innovations; allocation of Rs. 150 crore.
5 Govt. proposes to set up 5 ultra mega power projects, each of 
        4000 MW.

EDUCATION
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1 AIIMS in Jammu and Kashmir, Punjab, Tamil Nadu, Himachal 
        Pradesh, Bihar and Assam.
2 IIT in Karnataka; Indian School of Mines in Dhanbad to be 
        upgraded to IIT.
3 PG institute of Horticulture in Amritsar.
4 Kerala to have University of Disability Studies
5 Centre of film production, animation and gaming to come up in 
        Arunachal Pradesh.
6 IIM for Jammu and Kashmir and Andhra Pradesh.

DEFENSE
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1 Allocation of Rs. 2,46,726 crore; an increase of 9.87 per cent 
        over last year.
2 Focus on Make in India for quick manufacturing of Defense 
        equipment.

WELFARE SCHEMES
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1 GST and JAM trinity (Jan Dhan Yojana, Aadhaar and Mobile) 
        to improve quality of life and to pass benefits to common man.
2 Six crore toilets across the country under the Swachh Bharat 
        Abhiyan.
3 MUDRA bank will refinance micro finance orgs. to encourage 
        first generation SC/ST entrepreneurs.
4 Housing for all by 2020.
5 Upgradation 80,000 secondary schools.
6 DBT will be further be expanded from 1 crore to 10.3 crore.
7 For the Atal Pension Yojana, govt. will contribute 50% of the 
        premium limited to Rs. 1,000 a year.
8 New scheme for physical aids and assisted living devices for 
        people aged over 80 .
9 Govt. to use Rs. 9,000 crore unclaimed funds in PPF/EPF for 
        Senior Citizens Fund.
10 Rs. 5,000 crore additional allocation for MGNREGA.
11 Govt. to create universal social security system for all Indians.

RENEWABLE ENERGY
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1 Rs. 75 crore for electric cars production.
2 Renewable energy target for 2022: 100K MW in solar; 60K        
        MW in wind; 10K MW in biomass and 5K MW in small hydro

TOURISM
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1 Development schemes for churches and convents in old Goa; 
        Hampi, Elephanta caves, Forests of Rajasthan, Leh palace, 
        Varanasi , Jallianwala Bagh, Qutb Shahi tombs at Hyderabad 
        to be under the new tourism scheme.
2 Visa on Arrival for 150 countries.

GOLD
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1 Sovereign Gold Bond, as an alternative to purchasing metal 
        gold.
2 New scheme for depositors of gold to earn interest and 
       jewelers to obtain loans on their metal accounts.
3 To develop an Indian gold voin, which will carry the Ashok 
      Chakra on its face, to reduce the demand for foreign coins and  
      recycle the gold available in the country.

FINANCIAL SECTOR
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1 Forward Markets Commission to be merged with the 
        Securities and Exchange Board of India
2 NBFCs registered with the RBI and having asset size of Rs 
       500 crore and above to be considered as ‘financial institution’ 
       under Sarfaesi Act, 2002, enabling them to fund SME and mid-
       corporate businesses
3 Permanent Establishment norms to be modified to that mere 
       presence of offshore fund managers in the country does not 
       lead to “adverse tax consequences.”

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