Arun Jaitley Budget speech highlights: 7th Pay Commission, OROP scheme makes FM ‘prioritise’ expenditure

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Arun Jaitley Budget 2016 HIGHLIGHTS: Finance Minister Arun Jaitley presents NDA government’s third budget in Parliament on Monday. For the first time in history, a Finance Minister's speech was disrupted by Opposition in the Parliament as Arun Jaitley started his Union Budget 2016-17 address. After the brief interruption that was slammed by the Speaker, Jaitley was not stopped from talking again. Jaitley faces a tough task of balancing the needs of agricultural sector as well as industry as he seeks to garner resources to boost public spending for higher economic growth amid global slowdown – he has not received much help in terms of investment from private sector. Here are top highlights in Arun Jaitley speech:

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Arun Jaitley Budget 2016 HIGHLIGHTS: I am presenting Budget 2016 when the global economy is in a serious crisis. Amidst global headwinds, the Indian economy has held its own. India’s GDP at 7.6 per cent despite slowdown in exports, Arun Jaitley says. The CPI inflation has come down to 5.4% from 9 plus, bringing big relief to the public. Foreign exchange reserves are at highest ever level. We have to stick to a prudent fiscal policy, raise domestic demand, carry out reforms. Recapitalization of banks will be done during next FY.

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Arun Jaitley Budget 2016 HIGHLIGHTS: We need to prioritize our expenditure, given recommendations of 7th Pay Commission report and One Rank One Pension (OROP) implementation. 5 lakh acres to be brought under organic-farming over a three year period. Long-term irrigation fund of Rs 20,000 cr to be created. Agriculture, Rural Sector, Social Sector (healthcare), Education, Infrastructure, Financial Sector, Governance and Ease of Business, Fiscal Discipline, Tax Reform. Identified 9 pillars for having a transforming impact on the economy and Life of people. The govt is implementing unified agricultural market scheme for farmers to access markets easily with e-platform. Rs 15,000 crore scheme to ease loan burden for farmers in 2016-17.

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Arun Jaitley Budget 2016 HIGHLIGHTS: Rs 2.8 lakh crore grant to gram panchayat and local bodies, a quantum jump of previous years. 19000 crore rupees allotted for #PMGSY. 100% rural electrification by May 1, 2018. 8500 crore rupees for rural electrification. Rs 15,000 crore scheme to ease loan burden for farmers in 2016-17. Rs 2.8 lakh crore grant to gram panchayat and local bodies, a quantum jump of previous years. Rs 38,500 cr to be spent on MGNERGA, highets ever.

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Arun Jaitley Budget 2016 HIGHLIGHTS: Rs 500 crore allocated to pulses production.100 kms road construction per day currently to be stepped up. Need to think beyond food security to income security for agri and farmers. Proposed Rs 9,000 cr for Swachh Bharat in FY17. Digital literacy mission scheme to include 6 crore more households in next 3 years. Rs 87,765 cr allocated for rural development in this Budget. Rs 2000 cr to be allocated for LPG cylinders to women members of poor families. 75 lakh middle income people have given up LPG subsidy through 'Give it Up' scheme. 3,000 medicines stores under Prime Minister Jan Ausidhi Yojna to be started. PM Modi has called for entrepreneurship amongst SC and ST. For this Cabinet has approved Rs 500 crore through 'Stand Up India' scheme to promote SC, ST and women entrepreneurs