Union Budget

Highlights of Union Budget 2015-16 Sector-wise:

Agriculture:

1. Rs. 5,300 crore was allotted to support Micro Irrigation Programme
2. Rs. 8.5 lakh crore was targeted for farmers credit
3. Rs. 25,000 crore was allotted for Rural Infrastructure Development Bank
Defense
1. Rs. 2,46,726 crore was allotted for defense
2. Defense equipments will be manufactured in India under Make in India Project

Education

1. New IIM will be launched in Jammu & Kashmir and Andhra Pradesh
2. For Horticulture a PG institute will be started in Amritsar
3. AIIMS will be started at Jammu Kashmir, Punjab, Tamilnadu, Himachal Pradesh, Bihar and Assam.
4. University of Disability Studies will be started at Kerala.
5. New IIT in Karnataka
6. Indian Institute of Mines in Dhanbad, Jharkhand will be upgraded to IIT.

Infrastructure

1. Rs. 70,000 crores was allotted for Infrastructure sector.
2. Planned to start 5 ultra mega power projects, capacity of each 4000MW.
3. To implement tax-free bonds for rail road and irrigation projects.
4. Rs. 150 crore was allotted for Research and Development.
5. NITI will be setup to encourage the involvement of the entrepreneurs and researchers to foster scientific innovations.

Renewable Energy

1. Targeted Renewable energy in 2022: 100K MW in solar; 60K MW in wind; 10K MW
in biomass and 5K MW in small hydro.
2. Rs. 75 crores was allotted for electric cars production.

Taxation

1. To Cutoff the Wealth tax
2. Service tax will be increased to 14%
3. Rs. 4, 44,200 will be achieved as total exemption.
4. Surcharge will be increased by 2% for the richest persons those who have income of over Rs. 1 crore.
5. For the contribution of Swachch Bharat the exemption will be 100% apart from CSR