One big takeaway from budget is that there is no new idea: P Chidambaram

 BT Online        Last Updated: May 6, 2016  | 17:33 IST
  • "I think it's a very simple budget. Had expected revolutionary budget," Himachal Chief Minister Virbhadra Singh says
  • "This Budget is not constructive, nor is it creative. It is stereotype and routine," says Trinamool Congress
  • Office of Rahul Gandhi: I want to thank the FM though for accepting my recommendation on removing import duty on Braille paper to help the visually impaired
  • "One big takeaway from the budget is that there is no new idea. The third budget of a government which presented two forgettable budgets is expected to be political. I am happy that the UPA schemes have been continued but the crucial problem is price," says former Finance Minister P Chidambaram
  • GST will be implemented by constitutional amendment and this budget is a step in that direction, says FM
  • This budget deals with reality of India - agriculture and rural infrastructure, says FM Arun Jaitley
  • The first and immediate agenda is to strengthen the banks by recapitalisation, says FM Arun Jaitley
  • "Budget 2016-17 gives the government an opportunity to deepen the economic foundation and widen the infrastructure network of our country. The Budget outlines the priorities of this government and the vision of PM," says Union Home Minister Rajnath Singh.
  • "Insurance is good but no substitute for capital expenditure in agri and health. Silence on exports and job creation surprising," tweets Ahmed Patel, political scretary to Congress president Sonia Gandhi.
  • Arvind Kejriwal tweet on Budget, "Nothing for middle class in this budget. Modi govt cheated middle class which votes for them."
  • Women, farmers and rural India have been the focus of Union Budget 2016: PM Modi
  • "The kind of tax structure they have given is like from the back door. They are proposing cess so that they won't have to share it with states. No solid step on black money. Now they are announcing protection for black money holders from back door," says Delhi Deputy Chief Minister Manish Sisodia on the Union Budget
  • "We are disappointed," says Bihar Chief Minister Nitish Kumar on the Union Budget.
  • Compliance window is neither Voluntary Disclosure of Income Scheme nor amnesty scheme, says Finance Minister Arun Jaitley
  • "I have seen many budgets being presented in Parliament. The one that Finance Minister Arun Jaitley presented in Parliament today is certainly one of the best so far," BJP veteran L K Advani says.
  • "This budget is for the development of the country and will help in reviving economy," Maharashtra chief minister Devendra Fadnavis says.
  • "The rural areas are where money is needed, jobs are needed. MNREGA will be the highest this year because there is stress on the rural areas," Jaitley says in a post-budget interview.
  • "Huge relief has been given to the weaker sections and middle class in many aspects of this budget. Our stress has really been on agrarian sector," says FM Arun Jaitley.
  • "PM said that he wishes to double income of farmers by 2022. Revolutionary budget dedicated to farmers," Madhya Pradesh Chief Minister Shivraj Singh Chouhan says.
  • "Am not a budget expert, but do agree it is a good budget. Haven't seen a focus on education, defence so far," veteran Bollywood actor and BJP MP Shatrughan Sinha says.
  • "What could be a better budget for common man? It will bring transformation in rural India," says Minister of State for Home Affairs Kiren Rijiju.
  • "Most heartening is the budget's strong emphasis on the neglected task of revitalisation of agriculture and rural development," says  BJP veteran L K Advani.
  • "Outside budget they promised a lot to the corporate sector, though it is not evident now. Nothing spectacular in budget," CPI leader D Raja says.
  • "PM Modi said he will double the income of farmers by 2022. What is the guarantee?" says RJD president Lalu Prasad on Union Budget.
  • "Union Budget will increase cash flow in the country and will strengthen economy. It is creditable that focus of Budget has been shifted from corporate to non corporate and farm sector but FDI in food processing will enable MNCs to control and dominate food sector," CAIT says.
  • Telecom Minister Ravi Shankar Prasad says, "Don't look at dispute redressal only from the Vodafone prism. Are there not tax disputes elsewhere in the world? The PM has said no retrospective tax from now on and the FM in the budget has spelt out a mechanism for the past disputes."
  • Union Environment Minister Prakash Javadekar says, "This budget is for all. Medical scheme will provide great relief to the poor."
  • Senior Congress leader Kamal Nath says, "Unfortunately, what needed to be done has not been done in the Union Budget. Biggest challenges that remain are employment and agriculture."
  • For first time in history more than Rs 1 lakh crore is allocated to development of roads, its historic, says Road Transport and Highways Minister Gadkari
  • Customs baggage rules for international travellers to be simplified, says FM
  • No mention of Defence in budget speech, for the first time in at least 15 years
  • 3.41 lakh cr budget for defence including 82K cr for pension in Union Budget 2016
  • Leader of the Opposition in Lok Sabha, Mallikarjun Kharge says, "Disappointed with the budget. Certainly not pro-farmer, in fact I believe it is tilted towards the rich and corporates in a subtle way. Dedicating the first half of the speech to farmers and rural sector was just a show ahead of the assembly elections in 5 states."
  • "PM has passed the budget exam with distinction. Best ever budget. Pro poor and pro farmer budget. Taken care of all segments," says senior BJP leader Sushil Kumar Modi.
  • Market recovers all loses - now in positive
  • FM presented a piece of rhetoric which will contribute to shrinking of economy, says Manish Tewari of Congress
  • TDS provisions to be rationalised. Non resident Indians providing alternate documents will not be subject to higher tax rate, says FM
  • Direct tax proposal to result in revenue loss of Rs 1060 cr; indirect tax proposals to raise Rs 20,670 cr; net gain of Rs 19,610 cr, says FM
  • Rate of securities transaction tax to be raised from 0.017 pc to 0.05 pc, says FM
  • Gold, diamond jewellary, branded apparllel going to be costly. Excise duty of 1 pc imposed on articles of jewellery, excluding silver
  • Dividend in excess of Rs 10 lakh per annum to be taxed at additional 10 pc, says FM
  • 11 new benches of tax tribunals to be established to reduce pendency, says FM
  • High level committee headed by Revenue Secretary to oversee creation of fresh liability using retrospetive tax legislation, says FM
  • I propose to abolish 13 different taxes levied by various ministries in which revenue collection is less than Rs 50 crore per year, says FM
  • Long term capital gains period for unlisted companies to be reduced from 3 to 2 years. Start-ups to get 100 per cent tax exemption for 3 years except MAT which will apply from April 2016-2019 for creation of jobs, says FM
  • New manufacturing companies incorporated after March 2016 will be given option of being taxed at 25 pc plus cess plus surcharges, says FM
  • 10 to 15% increase of excise duty on tobacco products, says FM
  • Time has come to review the FRBM Act; a committee to be constituted for the purpose, says FM
  • Our govt is completely committed to removing black money from the economy. Limited period compliance window for taxpayers to declare undisclosed income. Declarations to have immunity from prosecutions. New grading system of imposing penalties to be introduced for under-reporting or concealment of income, says FM
  • Clean energy cess increased from Rs 200/ton to 400/ton on coal, lignite and peat, says FM
  • Govt to levy 1% infra cess on small cars, 2.5% on diesel and 4% of SUVs for anti-pollution initiatives, says FM
  • Krishi Kalyan Cess of 0.5% on all taxable services, says FM
  • Earlier 12%, now onwards 15% surcharge on income tax for those with incomes exceeding 1 crore per annum, says FM
  • First time buyers to get Rs 50,000 per annum additional deduction for house costing less than Rs 50 lakh, says FM
  • Target delivery of financial, other intermediary services will be introduced using Aadhar in this Budget session, says FM
  • FM acknowledges the role of the taxpayer in nation building
  • Suitable changes to be made in customs and excise duty rates to improve competitiveness and boost Make In India, says FM
  • Committed to increase investment in asset reconstruction companies, says FM
  • Service tax exempted for general insurance schemes under Niramayi Swasthya Bima Yojna. Service Tax Exemption for services under the Deen Dayal Gram Jyoti Yojana. Service tax exemption for construction of affordable housing upto 60 sq m under state and central housing schemes, says FM
  • Jaitley gives credit to Rahul Gandhi for incorporating his suggestion for giving tax exemption to Braille paper for the blind
  • Committed to implementing GAAR from April 1, 2017, says FM
  • Govt to increase ATMs, micro-ATMs in post offices in next three years, says FM
  • Presumptive income tax scheme to be extended to all professionals with income of Rs 50 lakh with a presumption of 50 per cent profit, says FM
  • Accelerated depreciation to be limited to 40% wef from Apr 1, 2017 as part of phasing out of exemptions to industry, says FM
  • Consolidation roadmap for public sector banks to be spelt next year; govt open to reducing its stake in PSBs below 50%, says FM
  • SEBI Act to be amended to provide for more benches for Securities Appellate Tribunal, says FM
  • HRA deduction increased to Rs 60,000 per annum, earlier it was 24,000. Ceiling of tax rebate for tax payers with up to Rs 5 lakh annual income to be raised to Rs 5000 from Rs 2000 currently, says FM
  • Initial sum of Rs 100 crore each for celebrating birth anniversary of Deen Dayal Upadhyaya, Guru Gobind Singh, says FM
  • Govt to bring new policy for strategic sale of CPSE assets, says FM
  • Revenue deficit estimate for FY 2015-16 down to 2.5% from earlier estimates. Plan and non-plan classification of expenditure to be done away with from FY 2017-2018, says FM
  • Sensex falls 600 points as FM presents the Union Budget 2016
  • More FDI reforms proposed in insurance, pension, asset restructuring companies and stock markets. A new credit rating system for infrastructure will be developed, says FM
  • Fiscal deficit target for 2015-16 and 2016-17 retained at 3.9 pc and 3.5 pc respectively, says FM
  • Duty drawback scheme widened and deepened to include more products and countries, says FM
  • Govt considering to provide calibrated market freedom to new gas production from deep sea, ultra deep sea to boost stagnant domestic output, says FM
  • Public money should reach the poor and deserving without any leakage. Amount sanctioned under PM Mudra Yojana has reached Rs.1 lakh crore to cover 2.5 crore borrowers by Feb, 2016, says FM
  • DBT on pilot basis in fertilisers to be introduced in some districts, says FM
  • A Bill to amend the Companies Act to be introduced in the coming session for the Ease of doing business, says FM
  • A fund of Rs 900 crore started for stabilising market crisis of pulses, says FM
  • 160 airports and airstrips can be revived at a cost of Rs 50-100 crore each. Rs 8000 cr provided for Sagarmala project. 2,000 kilometres of state highways to be converted into national highways, says FM
  • RBI Act being amended to provide statutory basis for monetary policy framework, says FM
  • New Financial Data Management Centre to facilitate integrated data analysis, says FM
  • Target of disbursement under
  • MUDRA increased to Rs 1,80,000 crore, says FM
  • Govt will enact necessary amendments in the Motor Vehicles Act and open up the road transport sector in passenger segment, says FM
  • Rs 25,000 crore to be allocated for re-capitalisation of Public Sector Banks. Banking Board Bureau will be operationalized, we stand solidly behind public sector banks, says FM
  • Department of Disinvestment to be renamed as Department of Investment and Public Asset Management, says FM
  • Hard copies of Budget not to be distributed at Parliament house, media centre, numbers curtailed as part of green effort of Finance Ministry, says FM
  • A public utility resolution of disputes bill will be introduced during 2016-17 to streamline institutional arrangement for resolution of disputes in infra related to construction contracts, public utility contracts, PPP, says FM
  • 100% FDI through FAPB route in marketing of food products produced and manufactured in India, says FM
  • Government is drawing a comprehensive plan to be implemented in the next 15-20 years for exploiting nuclear energy, says FM
  • Shops should be given a choice to remain open on all 7 days of the week of voluntary basis, says FM
  • We have started a series of measures for modernising ports, says FM
  • 85% of stalled road projects back on track, total allocation to road sector including PMGSY is Rs 97,000 cr, says FM
  • Govt will pay EPF contribution of 8.33% for all new employees for 1st three years, says FM
  • Digital literacy scheme to be launched to cover 6 cr additional rural households. A Higher Education Financing Agency to be set up with a fund of Rs 1000 crore, says FM
  • Rs 1 lakh countrywide health cover and 2000 medicine shops to control medicine prices. A new health protection scheme to provide cover up to Rs one lakh per family; top up of Rs 35,000 for people above 60 yrs, says FM
  • National Skill Development Mission has imparted training to 76 lakh youth. 1500 multi-skill training institutes to be set up, says FM
  • Appreciation for 75 lakh middle class and lower middle class for willingly giving up LPG Subsidy under govt initiative, says FM
  • Stand Up India scheme allocated Rs 500 crores for SC, ST and women entrepreneurs - 2 projects to be promoted per bank branch per category. We are trying to  consolidate SC and ST financially, multi sectoral development program will be implemented. Important support for dalit business - SC /ST empowerment through entrepreneurship development, says FM
  • 3,000 stores to be opened under Jan Aushadhi Scheme in 2016-17, says FM
  • 62 more Navodaya Vidyalayas to come up under Sarva Siksha Abhiyan, says FM
  • National Dialysis Scheme under PPP in all districts; Certain equipment parts to be exempt from customs duty, says FM
  • Govt to spend Rs 850 crore in a few years on animal husbandry, cattle and livestock breeding, says FM
  • LPG connection in the name of women members to be introduced, a sum of Rs 2,000 crore to be allocated for BPL families, says FM
  • Rs. 87,765 crore for rural development as a whole have been allocated in the budget, says FM
  • Swacch Bharat allocation at RS 9000 crore, says FM
  • 300 rurban clusters to be set up under Shyama Prasad Mukherji Rurban Mission, says FM
  • 90% of honey is now exported. Record agri credit target of Rs 9 lakh crore in 2016-17 set, says FM
  • 5542 villages have been electrified till Feb 23, 2016; to achieve 100% village electrification till May 1, 2018, says FM
  •   A sum of Rs 38,500 crore, highest allocated till date in a single year, will be allocated to MGNREGA, says FM
  • Govt to set apart Rs 412 crore to encourage organic farming. Rs 60,000 crore for recharging of ground water recharging, says FM
  • 2.87 lakh crore grants to gram panchayats and municipalities - a quantum jump of 228%, says FM
  • 28.5 lakh hectares will be brought under irrigation under the Pradhan Mantri Krishi Sichai Yojana. Allocation to PM Fasal Bima Yojana for 2016/17 is Rs. 5,500 crore, says FM
  • A unified agricultural e-market platform will be dedicated to the nation on the birthday of Dr. BR Ambedkar this year, says FM
  • Rs 19,000 crore to be allocated for Pradhan Mantri Gram Sadak Yojana. 65 eligible habitats to be connected via 2.23 lakh km of road. Current construction pace is 100 km per day, says FM
  • Soil health card scheme to be implemented with greater vigour, all 14,000 crore farms to be included under it by 2017, says FM
  • Value chain organic farming in North-Eastern region, incentives for pulses production. 5 lakh acres to be brought under organic farming over a three year period. Total allocation for agriculture and farmers' welfare is Rs 35,984 crores, says FM
  • We will work for passage of insolvency and bankruptcy laws, says FM Arun Jaitley
  • Propose to spend Rs 86,500 cr on irrigation projects in 5 years. Focus on social sector especially healthcare, education and skill development, says FM
  • We will enact a law to confer benefits on deserving sections on aadhar platform, says FM Arun Jaitley
  • We have to focus on: 1. Prudent fiscal policy 2. Raise domestic demand 3. Carry out reforms, says FM Arun Jaitley
  • Financial Year 2017 will be challenging for government expenditure, says FM Arun Jaitley
  • Forex Reserves are at highest ever level, have reached their highest mark at $350 billion, says FM Arun Jaitley
  • We are grateful to our farmers for being the backbone of the country's food security. A dedicated irrigation fund worth Rs 20,000 crore to be initiated under NABARD, says Finance Minister Arun Jaitley
  • FM identifies nine focus areas: 1. Agri and farmers welfare 2. Rural sector 3. Social sector inc healthcare 4. Educational skills 5. Infra and investment 6. Financial sector reforms 7. Governance and Ease of business 8. Fiscal discipline 9. Tax reforms
  • Govt is launching a new initiative to provide cooking gas to BPL families with state support, says FM
  • We need to prioritize our expenditure, given recommendations of 7th pay panel and OROP implementation, says FM
  • Nominal premium and highest ever compensation in case of crop loss under the PM Fasal Bima Yojana. Aim is to double the income of farmers by 2022, says FM
  • We must strengthen firewalls against risks through structural reforms; rely on domestic market so that growth does not slow down, says FM
  • Govt to enhance expenditure for social, rural and agri sector, says FM
  • Our external situation is robust, CAD has declined to $14.4 bn this year, will be 1.4% of GDP at the end of fiscal, says FM
  • The growth of GDP has accelerated to 7.6%. Indian growth is extraordinary high; we converted difficulties and challenges into opportunity, says FM
  • We believe in the principle that money with the government belongs to the people, says FM Jaitley
  • The CPI inflation has come down to 5.4% from over 9%, bringing big relief to the public, says FM Jaitley
  • Lot of confidence and hope continues to be built around India, says FM Jaitley
  • Amidst global headwinds, the Indian economy has held its own, says FM Arun Jaitley in preface to Budget 2016
  • Finance Minister Arun Jaitley presents Union Budget 2016
  • Cabinet meeting in Parliament ends, Union Budget 2016 approved by the Cabinet
  • FM Arun Jaitley and his team called on President Pranab Mukherjee this morning for customary briefing on Union Budget
  • FM Arun Jaitley and minister of state for finance Jayant Sinha reach Parliament
  • Copies of Union Budget 2016 brought to Parliament
  • Rupee opens 12 paise lower ahead of Union Budget speech
  • Sensex opens on a flat note ahead of FM Arun Jaitley's Union Budget speech
  • PM Modi says Budget is his exam and he is full of confidence
  • PM Modi wants Budget to focus on rural India
  • Industry expects the FM to be more aggressive on the disinvestment front in FY17
  • Market will keenly track how much fund is set aside by for PSBs recapitalisation
  • FM walks on a tight rope to click a balance between industry expectations and fiscal consolidation
  • Tax exemptions are likely to go
  • Finance Minister Arun Jaitley heads towards Parliament to present Budget 2016 
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