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Union Budget of India 201516 Highlights and Analysis What make a budget good or bad are not some populist announcements or tax incentives. Unlike the traditional media, what serious aspirants should look at the budget is not if the budget increase the cost of mobile phone, liquor or gold. What makes a budget good or bad are some figures – the numbers which show how much the government is spending on where. Preparation of good budget demands balancing of certain parameters. A budget with zero fiscal deficit may not be always a good budget, a budget is good if it focuses on the right areas, if it sets the priorities right and if it shows the vision of the government. Union Budget – NITI Aayog and Finance Commission Recommendations Union Budget 201516 is special as this is the first budget after the creation of National Institution of Transforming India (NITI) and acceptance of 14th Finance Commission’s (FFC) recommendation of substantially higher devolution of Union taxes to States. This Budget marks the beginning of the award period (20152020) of the FFC during which States will be devolved 42% of the divisible pool of Union taxes from existing 32%. Union Budget 201516: Receipts and Expenditure

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Union Budget of India 2015-16 Highlights and Analysis

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  • UnionBudgetofIndia201516HighlightsandAnalysisWhatmakeabudgetgoodorbadarenotsomepopulistannouncementsortaxincentives.Unlikethetraditionalmedia,whatseriousaspirantsshouldlookatthebudgetisnotifthebudgetincreasethecost

    ofmobilephone,liquororgold.Whatmakesabudgetgoodorbadaresomefiguresthenumberswhichshowhowmuchthegovernmentisspendingonwhere.Preparationofgoodbudgetdemandsbalancingofcertainparameters.Abudgetwithzerofiscaldeficitmaynotbealwaysagoodbudget,abudgetisgoodifitfocusesontherightareas,ifitsetstheprioritiesrightandifitshowsthevisionofthegovernment.

    UnionBudgetNITIAayogandFinanceCommissionRecommendations

    UnionBudget201516isspecialasthisisthefirstbudgetafterthecreationofNationalInstitutionofTransformingIndia(NITI)andacceptanceof14thFinanceCommissions(FFC)recommendationofsubstantiallyhigherdevolutionofUniontaxestoStates.ThisBudgetmarksthebeginningoftheawardperiod(20152020)oftheFFCduringwhichStateswillbedevolved42%ofthedivisiblepoolofUniontaxesfromexisting32%.

    UnionBudget201516:ReceiptsandExpenditure

  • Deficits

    Likemostofthepreviousbudgets,IndianBudgetfor201516toorunsondeficitfinancing.RevenueReceiptsasperthebudgetisRs.11,41,575crorewhilerevenueexpenditureisRs.15,36,047croreleadingtoaRevenueDeficitofRs.3,94,472crore.CapitalreceiptsfigureasperthebudgetisRs.6,35,902crore(includingborrowingsandotherliabilities)whilecapitalexpenditureisRs.2,41,430crore.Thoughtheactualnumbersareonariseformostofthedeficitssince201415(exceptforPrimaryDeficit),asapercentageofGDPIndianFinanceministerhasmanagedtobringdeficitsdownincompliance

  • withtheFRBM(FiscalResponsibilityandBudgetManagement)Act.

    RevenueDeficit:Rs.394472crore(2.8percentofGDP)

    EffectiveRevenueDeficit:Rs.283921crore(2.0percentofGDP)

    FiscalDeficit:Rs.555649crore(3.9percentofGDP)

    PrimaryDeficit:Rs.99504crore(0.7percentofGDP)

    TotalPlanOutlay:CentralPlanplusCentralAssistanceforStatePlans

    ThetotalplanoutlayisthesumofCentralPlanandCentralAssistanceforStateandUTplans.ThetotalPlanOutlayfor201516isRs.4,65,277crore.Thisfigureismuchlessthanthebudgetestimatesfor201415(Rs.5,75,000crore),butthePlanOutlayhasbeenkeptnearlyatthelevelofRE201415.

    CentralPlanandCentralAssistance

  • TheBudgetarysupportforCentralPlanin201415isRs.2,60,493crorewhilethetotalcentralassistanceforStateandUnionTerritoryPlansisRs.2,04,784crore.ItshouldbenotedthatwhilethebudgetarysupportforCentralPlanhasincreased,thecentralassistancetostateplanshasdecreased.TotalCentralAssistanceforStateandUnionTerritoryPlansisRs.2,04,784crorewhichismuchlessthanthe201415BudgetEstimates(Rs.3,38,408crore)orRevisedEstimatesfor201415(Rs.2,78,168crore).

    CentralPlanBudgetarySupport:Rs.2,60,493crore.

    CentralPlanExtraBudgetarySupport(notincludedinUnionBudgetfigures):Rs.3,17889crore.

    TotalCentralPlan:Rs.5,78382crore.

    CentralAssistanceforstatesandUTplansasmentionedinUnionBudget:Rs.2,04,784crore.

    PS:The42%devolutionoftaxestostatesshouldbeextratothisfigure.

    Alsoread:TheShrinkingCentralPlanandGrowingCentralAssistance.

    UnionBudgetofIndia201516Highlights

    Budget201516marksthebeginningofcooperativefederalismandempowermentofthestates.

    Severalnewschemesannounced.

    MicroUnitsDevelopmentRefinanceAgency(MUDRA)banktorefinancemicrofinanceinstitutions.

    PradhanMantriSurakshaBimaYojanatocoveraccidentaldeathriskofrs.2lakhforjustrs.12peryearpremium.

    AtalPensionYojanafordefinedpension,governmenttocontribute50%ofthepremium.

    PradhanMantriJeevanJyotiBimaYojanatocoverbothnaturalandaccidentaldeathrisk.

    Proposaltocreateseniorcitizenwelfarefund.

  • NationalInvestmentandInfrastructureFundproposed.

    Taxfreeinfrastructurebondsforprojectsinrail,roadandirrigationsectors.

    Setu(selfemploymentandtalentutilization)mechanismtosupportstartupbusinesses.

    5newultramegapowerprojectstobesetup.

    Goldmonetizationschemetoreplacepresentgolddepositandgoldmetalloanschemes.

    Anotherrs.1,000croreforNirbhayafund.

    NewinstitutionsincludingAIIMS,IITandIIMtobesetup.

    Totalexpenditureestimatedtobers.17,77,477crorefiscaldeficittobe3.9%ofGDP.

    Visionforstabletaxationpolicyandanonadversarialtaxadministration.

    Fightagainstthescourgeofblackmoneytobetakenforward.

    EffortsonvariousfrontstoimplementGSTfromnextyear.

    Nochangeintherateofpersonalincometax.

    Proposaltoreducethecorporatetaxfrom30%to25%overthenextfouryears,startingfromnextfinancialyear.

    Rationalizationandremovalofvarioustaxexemptions.

    Incentivestoreducetaxdisputesandimproveadministration.

    Exemptiontoindividualtaxpayerstocontinuetofacilitatesavings.

    Summary

    Despitethedevolutionoftaxsharetostates,IndianFinanceministerhasdoneadecentjobtosticktothestandardsofFRBMact.Thebudgetshowsambitioustargetswithrespecttorevenuecollectionandvariousdeficits,butoftenwehaveseentheRevisedEstimates(RE)deviatingalotfromtheBudgetaryEstimates(BE).Foranationtoprogress,thegovernmentshouldinvestinproductiveassets(capitalexpenditure).Educationandhealtharethetwomajorareaswherethisgovernment,likemostpreviousgovernments,

  • failedtogiveproperattention


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