Budget sops for rural India, small tax payers |
India`s Finance Minister Arun Jaitley on Feb 29, 2016, unveiled a Rs 19.78 lakh crores ($300 billion) budget for 2016-17, with a focus on the rural economy and infrastructure along with a minor rebate for small taxpayers and more money for health, literacy and roads. Jaitley`s main focus was on schemes for agriculture and farmers` welfare for which he provided a whopping Rs 35,984 crore. Another massive amount, of Rs 87,765 crore, was allocated for the rural sector while Rs 2000 crore was earmarked to give concessional LPG connections to BPL families. He did this in view of upcoming assembly elections in five states. As much as Rs 2.87 lakh crore will be given as grants in aid to panchayats and municipalities, while the allocation for education and healthcare -- has been pegged at Rs 1.51 lakh crore.A total outlay of Rs 2.21 lakh crore has been made for infrastructure, of which Rs 97,000 crore will be spent on roads, especially ones in rural areas. Jaitley said, it is neither left nor right but deals with the reality of Indian economy. It addresses sectors which need highest priority and rural areas need most attention.There is a serious challenge, if not distress, in the rural sector and we have given priority to the social sector and infrastructure. This Budget is a combination of several things, he said.
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