When the whole world is talking about #UnionBudget2015, #SuperBudget #Budget4MII and you are still clueless, then this is a must read for you. No, we won’t discuss fiscal deficits, GDP, GST, or any other Economical terms but we are just trying to simplify the most complex steps. Understanding the Union Budget is now no more a rocket science, read the simplest Budget review in 10 points. #UnionBudget simplified for YOUth!
Budget-2015-16
Now it’s clear that the #Modisarkar is taking bold steps and moving away from populism to practicality. 2 days ago we saw Hon. Minister of Railways Sh. Suresh Prabhu doing this and now even the FM has done that.
“कुछ तो फूल खिलाएं है हमने, कुछ और खिलाने हैं’
दिक्कत यह है की राहों में, कई कांटें पुराने हैं?”
- What top economists say?
- More than Expectations
- Welcome the Black Money Law
- Arun Jaitely gets a distinction; top economists rate his budget 8/10.
- Highest boost ever for Investment and Infrastructure.
- India welcomes the Union Annual Budget presented by Hon. Minister of Finance, Sh. Arun Jaitely.
- What Critics say?
- Pro-Corporate and Not So Pro-Poor
- No extension to Tax limit
- Nothing new
- Vision:
- Amrumahotsav: 75th Anniversary of Indian Independence will be celebrated with ‘Roof for All’
- 2 crore house in urban areas and 4 crore in rural.
- 24 hrs power, water facilities, toilets connection, at least 1 member from each family to be employed.
- Electricity by Solar energy.
- Connecting the unconnected with 2,00,000 kms. of roads
- What does it have for YOUth?
- Focus on Quality Education: We have always complained that despite of being educated it does not give you any major edge as the quality of education is useless. Reading our minds FM has announced measure for it.
- Facility in Health care
- Centre for Film Production, Gaming in Arunachal Pradesh: Yes you heard it right, great news for Film Making and Adventure Sports enthusiasts.
- 80,000 secondary schools will be upgraded so that they are within 5 km reach for students
- According to the FM, Skill development should start from class XI for those who are not that bright academically.
- A fully IT based student financial authority to monitor scholarships. Ensure no student misses out on higher education for lack of funds.
- Young people have to be educated and employable. PM has explained how Skill India needs to coordinate with Make In India. FM will launch national skills mission.
- Propose to start working to support heritage sites. Churches in Goa, Hampi in Karnataka, Elephanta Caves in Mumbai, Rajasthan, rani ka Waav, Leh Palace, varanasi temple Town, Jallinagwallah and Tombs in Hyderabad.
- Another Rs 1000 crore for Nirbhaya fund
Details of Budget
- Education:
- IIT in Karnataka & Dhanbad
- IIMs in Jammu & Kashmir, Assam, Himachal Pradesh, & Andhra Pradesh
- Healthcare:
- AIIMS in 5 new states
- Entrepreneur:
- If you are planning to have your own startup or aspire to start after few years then here’s great news for you. FM has given a lot of importance on startups; he gives 1000 crore push for it. FM says that within few years we will move from Job Seekers to Job movers.
- Tax Exemption:
- 100% tax exemption in Corporate Social Responsibility activities for contributions to Swachh Bharat and Clean Ganga.
- Good news:
- Rates increased for Cigarette and Tobacco products
- 3,31,000 crore for Health Sector
- 2,46,727 crore for Defense sector
- Reduction in Corporate tax from 30% to 25%
- More importance to Make in India and Swachh Bharat
- 2000 crore for Child welfare scheme
- Increase MNREGA by 5,000 crore
- Visa on Arrival increased to 150 countries from 43, this will ease doing business in India
- Transport allowance at Rs 800 per month exemption increased Rs 1600 a month
- Yoga: include in charitable ambit of IT act
- To provide social security net, additional deduction of Rs 50,000
- Increase in limit of deduction of health insurance premium from 15,000 to 25,000 and 30,000 for senior citizen
- Yoga to come under charitable organization
- Corporate tax reduced from 30% to 25% over next 4 years
- Stringent Black Money Tax: New structure is being put in place. Tracking black money and bringing it back is top priority. Enact a comprehensive law on black money to deal with money stashed abroad. Bill to be introduced in current session.
- Large portion of population is without insurance of any kind. Young will also be pension-less as they age. Propose to create universal social security system. Rs 2 lakh for premium of Rs 12 per year for accidental death for poor.
- Not-So-Good News:
- Service Tax increased from 12.36% to 14% (To be replaced by GST from 1st April 2015)
- Hotels, Restaurants, Bars etc. to be costlier
