Union Budget Highlights 2015: Live Updates

Finance Minister Arun Jaitley starts presenting the Union Budget  2015 in the Parliament. Being termed as 'make or break', this is Arun Jaitley and the government's first full-year Budget.

Here are the highlights of the Budget 2015:

• I rise to present the Union Budget for the year 2015.
• It is my belief that every rupee of state expenditure will help in the betterment of the people.
• The credibility of the Indian Economy has been re-established.
• In the last 9 months, our government has taken several steps to energise Indian economy.
• We are a round the clock, round the year government.
• Real GDP growth is expected to be 7.4% making India the fastest growing economy in the world, ours is the second-best performing stock market in developing economies.
• The rupee has become stronger by 6.4 %
• States are equal partners in Economic growth.
• The latest CPI inflation is 5.1 % and whole sale price inflation is negative.
• Real GDP growth is expected to be 7.4% making India the fastest growing economy in the world, ours is the second-best performing stock market in developing economies.
• 50 lakh toilets have already been built, and I assure you that we will reach our goal of 6 crore toilets.
• Estimated GDP for 2014-15 is 4.2 per cent.
• The year 2022 is going to be the 'amrut mahotsav' 75th year of India's independence.
• Our objective is to keep inflation below 6 per cent.
• Growth in 15-16 expected to be 8 - 8.5 %
• Each house in the country should have basic facilities
• At least one member of each family should have access to means of livelihood
• Incremental change is not going to take us anywhere we have to think in terms of quantum jumps.
• The rural-urban divide should not be acceptable to us. All villages should be provided with connectivity.
• To fulfill a roof for all by 2022 must build 2 crore houses in rural India, 4 crore in urban areas.

I am also mindful of the challenges that I have to deal with:

1. Agriculture income
2. Increasing investment in Infrastructure
3. Manufacturing has declined, exports are stagnant
4. Need for fiscal discipline
5. Fiscal deficit

• Will meet the challenging fiscal target of 4.1% of GDP which we had inherited.
• I will meet the fiscal deficit of 3 per cent in the next two years.
• With fiscal space being squeezed have to  maintain the challenge of the need for fiscal discipline.
• With the fiscal space reduced, the Government has decided to continue supporting important national priorities.
• Public Investment needs to step in to catalyze the investment in PPP.
• The budget reflects a considerable scaling of the government's investments.
• We need to cut subsidies leakage and not the subsidies itself. We are in the process of rationalising subsidies.
• 6335 crores has been so far transferred directly as LPG subsidies to consumers ... I am sure those who are better off and are in top tax brackets will give up LPG subsidy voluntarily.
• Roadmap to achieve Fiscal deficit of 3% of GDP in three years: Target is 3.9% in 2015-16, 3.5% in 2016-17, 3% in 2017-18.
• Our commitment to farmers run deep, an ambitious soil health card has been introduced to improve soil fertility.
• Our government is committed to ensuring employment through MNREGA, 34699 crore allocated.
• Our government truly believes that development has to be inclusive growth.
• The Finance Minister Announces increase in Visa On Arrival facility from 43 to 150 countries.
• To support agricultural sector, I propose to allocate 25000 crore in 2015 to rural development fund.
• Just as we are banking the unbanked, we are funding the unfunded.
• A large population of India is without insurance of any kind.
• I will work towards creating a social security system for all Indians.
• We will also launch the 'Atal Pension Yojana'.
• Atal Pension Yojana will provide a defined pension to the people, which will start at the age of 60.
• The third social security scheme that I am announcing is the 'Pradhan Mantri Suraksha Bima Yojana', which will provide accidental insurance coverage of Rs 2 lakh.
• I intend to establish a 'National Investment and Infrastructure Fund'.
• National Investment in Infrastructure Fund to ensure an annual flow of 20,000 crores to it.
• I also intend to permit tax-free Infrastructure bonds in Rail and Road developments.
• I propose a new scheme of providing physical aids for senior citizens living below poverty line.
• Propose the 'Nayi Manzil' scheme for the youth minorities.
• 5 ultra-mega power projects each of 4000MW - all in plug-and-play mode.
• The second component of the Kundanlkulam Nuclear Power plant will be commissioned in the year 2015-16.
• Additional funds of Rs 5,000 crore for MNREGA.
• This will have two features.
• Highest allocation to the scheme ever.
• This will help increase wages for the beneficiaries.
• To allocate to Child development scheme -  Rs 15,00 crore.
• For Child security scheme - Rs 500 crore.
• This is just the start, I have a vision of putting in place a direct tax regime that is internationally competitive on rates without exemptions.
• I propose to disincentivise cash transactions to work towards making India a cash-less society.
• In order to support women security programs, an additional allocation of Rs 1,000 crore to 'Nirbhaya Fund'.
• Introduce gold monetisation scheme to allow depositors to earn interest.
•  FMC to be strengthened by merging with SEBI.
• To boost tourism, propose to raise visa on arrival facilities to 150 countries from the current 43.
• Soon be launching a national skills mission with skill initiatives spread across several ministries
• I propose to set up All Indian Institute of Medical Sciences (AIIMS) each in Jammu and Kashmir, Punjab, Tamil Nadu, Himachal Pradesh, Assam, the second in Bihar.
• IIT in Karnataka, Upgrade the Institute to IIT in Dhanbad.
• I propose to give similar assistance to Bihar and West Bengal as provided by the government of India to Andhra Pradesh.
• Government want to empower the poor and share the burden of the new middle-class.
• I have allocated Rs 68,968 set aside for the Education Sector.
• For the Need of the Armed Forces, the budget allocation for Defence for the year 2015-16 is 246727 crore.
• Budget estimates - Unplanned expenditure for 2015-16 is estimated at Rs 13,12, 200 crores.
• Good News for Corporates - Corporate tax reduced from 30% to 25% over next four years.
• Exemptions for individual tax payers to continue.
• We have taken a considered decision to enact a new law to deal with the menace of black money.
• Concealment of income will be prosecutable with rigorous imprisonment.
• Second pillar for my budget this year is job creation.
• Quoting PAN made mandatory for any sale exceeding Rs 1 lakh: Arun Jaitley.
• Foreign Exchange Management Act to allow for seizure of foreign properties and assets.
• I propose to abolish the wealth tax.
• Additional 2% surcharge on taxable income of Rs 1 crore and above.
• Excise duty on footwear having retail price of more than 1000 per pair has been reduced by 6 per cent.
• Transport allowance given to all taxpayers, limit increased from Rs 800 to Rs 1600 per month.
• Health insurance premium exemption raised to Rs 25,000 from Rs 15,000.
• All contributions to Sukanya Samridhi scheme to be tax free.
• To conclude, it is no secret that the expectations from this budget has been high. Even our worst critics would agree, we have moved rapidly.
• We are committed to achieving what we have been voted in power for.