Want to know the key highlights of Union Budget 2016 ?

The Union Budget 2016 was presented by our Finance Minister Arun Jaitley on the 29th February 2016. In his speech, he stressed on many important factors which can facilitate the growth of our economy. The global economy is under a huge crisis, the financial markets have faced lots of ups and downs thus destabilizing the economy. In the past few years, India has faced lots of problems including low economic growth and high inflation. Compared to the scenario of previous years, India has improved a lot bringing in growth and development. The Union Budget 2016 has presented a lot many changes in various sectors which include agricultural and rural sector, infrastructural development, education facilities, job opportunities, tax reforms, income tax slabs, financial and the investment sector, healthcare facilities.

Image credit: Expertmile.com

In the current scenario, the growth of Indian economy has increased extraordinarily. Few important highlights have been enlisted below that were announced in the Union Budget this year:

• Small business institutions which have a turnover of lesser than 5 crores have to face a reduced corporate tax of 29%
• Any manufacturing companies setting up after 1st March 2016 will have to pay corporate tax at 25%
• The turnover limit for presumptive taxation scheme has been increased to 2 crores
• The companies act has been proposed to be amended so that the registration of companies is done in one day
• More number of Securities Appellate Tribunal will be provided, the SEBI Act proposed to be amended
• A comprehensive code to be provided so as to resolve the bankruptcy resolution mechanism
• Food products that are manufactured and produced in India are allowed to have 100% FDI on their marketing
• SC/ST entrepreneurship is to be promoted
• Professional  support is to be provided by National SC/ST hub
• New healthcare protection scheme is to be launched
• 15,000 crores of provision are proposed to decrease the burden on farmer’s loan
• Free gas connection is to be provided to all BPL (below poverty line) families
• Decline in the fiscal deficit and forex (foreign exchange) reserves are on the rise
• GDP (gross domestic product) growth has increased considerably. 
• Special flow of money has been ensured so to support the farmers after calamities
• Yield of honey has increased to 90% and is now being exported; Rs. 35,984 crores have been allocated to the farm and agricultural sector.
• 100% supply of electricity has been committed by the government to be achieved by 1st May 2018
• Quality education and entrepreneurship to provided be it the primary schools or higher educational institutions
• For the construction of roads and railways, there has been a total allocation of Rs. 2.18 trillion 
• Additional duty is to be imposed on  jewellery
• Problem of tax evasion to be strongly banned

Thus, we see that compared to the previous years the growth rate has been quite high in the current years. This forms a positive view on the part of economic growth and development of the country. If these announcements of Union budget are successfully implemented and strongly followed then India is sure to have a bright future.

Article by Anisha Dutta

She is a content evangelist who believes that the Science of today is the Technology of tomorrow. 
She can be reached at https://twitter.com/Anisha_Dutta29