Budget 2015: Highlights from FM’s speech

11:00 Arun Jaitley starts Budget speech.

11:04 World is predicting that it is India's chance to fly

11:07 We have turnaround the economy

11:08 Dramatically established macro economic stability

11:10 GST will put in place by  April 1, 2016

11:11 Growth in 2015-16 is to be between 8 and 8.5 per cent

11:12 By 2022 we will provide 20 million houses in urban area and 40 million in rural area

11:16 States to get 62 per cent of total (central+state) tax receipts

11:18 To meet the fiscal target of 4.1 per cent for 2014-15

11:19 Targets 3.9 per cent fiscal deficit in 2015-16, 3.5 per cent in 2016-17

11:20 Fiscal deficit target for 2017-18 set at 3 per cent 

11:25 To allocate Rs 5,300 crore to support micro irrigation and PM irrigation scheme 

11:26 To set up 'Mudra Bank' with Rs 20,000 crore capital to support SC/ST/OBC entrepreneurs or those from socially backward strata

11:28 To utilise the vast postal network with 1.55 lakh point of presence for Jan Dhan Yojana

11:29 To work towards creating a universal social security system for the underprivileged people

11:32 To set up a senior citizen welfare fund; details will be issued in March this year

11:32 A new shceme for physical aid and assistance  for senior citizen living below poverty line

11:36 To permit tax free infra bonds in rail, roads and irrigation

11:37 To allocate Rs 25,000 crore for rural infra development fund

11:38 Setting aside Rs 1,000 crore to create a mechanism to support tech startup businesses

11:39 To set up five ultra mega power projects of 4,000 MW each; would set off investments worth Rs 1 lakh crore

11:48 To develop sovereign gold bond that carry a fixed rate of interest

11:56 To set up AIIMS in J&K, Punjab, Tamil Nadu, Himachal Pradesh & Assam; IIT in Karnataka, upgrade IISM in Dhanbad to IIT; IIMs in J&K and AP; Film production, gaming and animation school in Andhra Pradesh

12:00 Service tax to be hiked to 14 per cent

12:07 Base corporate tax rate to be reduced from 30 per cent to 25 per cent over the next four years

12:14 New Benami Transactions Prohibition Bill to be introduced, especially to tackle benami transactions in real estate

12:16 Tax pass-through status to be accorded to all VC/PE funds; not to hedge funds

12:18 GAAR deferred by two years

12:20 Wealth tax to be abolished; to be replaced by 2 per cent surcharge on those earning over Rs 1 crore

12:21 Excise duty on footwear has been reduced to 6 per cent

12:25 To increase clean energy cess from 100 to 200 per metric ton

12:27 Tax exemption for health insurance premium raised from Rs 15,000 to Rs 25,000; for senior citizens to Rs 30,000

12:28 Tax exempt transport allowance increased from Rs 800 to Rs 1600 per month

12:34 Budget speech ends

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