Budget 2015-2016: Key Features

Following are the highlights of the Union Budget 2015-16 presented by Finance Minister Arun Jaitley in Parliament:
General Knowledge
  • After inheriting an economy with sentiments of “doom and gloom” with adverse macro-economic indicators, nine months have seen at turn around, making India fastest growing large economy in the World with a real GDP growth expected to be 7.4% (New Series).
  • Stock market - Second best performing in 2014.
  • Macro-economic stability and conditions for sustainable poverty alleviation, job creation and durable double digit economic growth have been achieved.
Three Key achievements:
  • Financial Inclusion- 12.5 crores families financially mainstreamed in 100 days.
  • Transparent Coal Block auctions to augment resources of the States.
  • Swachh Bharat is not only a programme to improve hygiene and cleanliness but has become a movement to regenerate India.
Game changing reforms on the anvil:
  • Goods and Service Tax (GST)
  • Jan Dhan, Aadhar and Mobile (JAM) - for direct benefit transfer.
State of Economy
  • Inflation declined - a structural shift
  • CPI inflation projected at 5% by the end of the year, consequently, easing of monetary policy.
  • Monetary Policy Framework Agreement with RBI, to keep inflation below 6%.
  • GDP growth in 2015-16, projected to be between 8 to 8.5%.
  • Amrut Mahotsav - The year 2022, 75th year of Independence Vision for “Team India” led by PM.
  • Housing for all - 2 crore houses in Urban areas and 4 crore houses in Rural areas.
  • Basic facility of 24x7 power, clean drinking water, a toilet and road connectivity.
  • At least one member has access to means for livelihood.
  • Substantial reduction in poverty.
  • Electrification of the remaining 20,000 villages including off-grid Solar Power- by 2020.