Budget 2016-2017 Speech of Arun Jaitley Minister of Finance

CONTENTS PART-A Page No. Introduction1 Agriculture and Farmers'Welfare4 Rural Sector7 Social Sector including Health Care9 Education, Skills and Job Creation11 Infrastructure and Investment13 Financial Sector Reforms17 Governance and Ease of Doing Business19 FiscalDiscipline20 PART-B TAX REFORMS Relief to small tax payers23 Measures to boost growth and employment generation24 Incentivisingdomestic value addition to help Make in India26 Measures for moving towards a pensioned society26 Measures for promoting affordable housing27 Additional resourcemobilization for agriculture, rural economy and clean environment27 Reducing litigation and providing certainty in taxation29 Simplification and rationalization of taxation31 Use of Technology for creating accountability32 Conclusion33 Annexes (ii) Annexesto Part–A Annex-I :Proposed Changes/Reforms in FDI andRelated Policies34 Annex-II :Measures for Deepening of Corporate Bond Market35 Annex-III-A :Allocations of Important Ministries, Sectors and Vulnerable Sections36 Annex-III-B :Allocations of Important Schemes37 Annex-III-C:Resources Transferred to State and U.T. Governments39 Annexes to Part–B DirectTax40 Indirect Tax49 Other Legislative Amendments71 Budget2016-2017 Speech of Arun Jaitley Minister of Finance February 29, 2016 Madam Speaker, I rise to present the Budget for the year 2016-17. 2.I am presenting this Budget when the global economy is in serious crisis. Global growth has slowed down from 3.4% in 2014 to 3.1% in 2015. Financial markets have been battered and global trade has contracted. Amidst all these global headwinds, the Indianeconomy has held its ground firmly. Thanks to our inherent strengths and the policies of this Government, a lot of confidence and hope continues to be built around India. 3.TheInternational Monetary Fund has hailed India as a ‘bright spot’ amidst a slowing global economy. The World Economic Forum has said that India’s growthis ‘extraordinarily high’. We accomplished this despite very unfavourable conditions and despite the factthat we inherited an economy of low growth, high inflation and zero investor confidence in Government’s capability to govern. We converted these difficulties and challenges into opportunities. BÉE¶iÉÉÒ SÉãÉÉxÉä ´ÉÉãÉÉå xÉä VÉ¤É cÉ® BÉäE nÉÒ {ÉiÉ´ÉÉ® càÉå ãÉc®-ãÉc® iÉÚ}ÉEÉxÉ ÉÊàÉãÉä +ÉÉè® àÉÉèVÉ-àÉÉèVÉ àÉÄZÉnÉ® càÉå ÉÊ{ÉE® £ÉÉÒ ÉÊnJÉɪÉÉ cè càÉxÉä +ÉÉè® ÉÊ{ÉE® ªÉä ÉÊnJÉÉ nåMÉä ºÉ¤ÉBÉEÉä