FOR LIVE: Union Budget 2015 REFRESH THE


States to be equal partners in economic growth; move to making India cashless society; social sector programmes to continue.

12.33 p.m.: The Finance Minister tables the Union Budget, Statement of Receipts and Expenditure and the Finance Bill in Parliament after completing his speech.
12.32 p.m.: DTC - No merit in going ahead with Direct tax Code as it exists today. Net impact of tax proposals Rs. 15,068 crore.
12.31 p.m.: Yoga - included under charitable activites.
12.30 p.m.: Indiviual taxpayer can get benefits up to Rs. 4,44,200.
12.29 p.m.: Transport allowance exemption to be increased to Rs. 1,600 per month.
12.28 p.m.: Rs. 50,000 contribution to new pension scheme. "To make India a pensioned society."
12.27 p.m.: Additional deduction of Rs. 25,000 for differently abled persons.
12.26 p.m.: Increase in limit of deduction of health insurance premium of Rs. 15,000 to Rs. 25,000. For senior citizens, limit will be Rs. 30,000. Very senior citizens - Rs. 30,000 deduction on expenses incurred.
12.25 p.m.: 2 per cent cess on services for Swachch Bharat.
12.24 p.m.: 100 per cent deduction for contribution to Swachch Bharat and Clean Ganga schemes.
12.23 p.m.: Service Tax rate increased to 14 per cent.
12.22 p.m.: Educational cess and higher educational cess to be subsumed as a part of GST.
12.19 p.m.: Wealth tax - Rs. 1,008 crore in 2013-14. Wealth tax to be abolished and replaced with a super-rich tax for those with income of over Rs. 1 crore.
12.17 p.m.: Basic custom duty rate reduced for 22 items.
12.16 p.m.: GAAR - applicability to be deferred by two years.
12.15 p.m.: Allocation for renewable energy
12.10 p.m.: Allocation for agriculture
12.08 p.m.: First proposal is to deal with black money. In the last 9 months, a major breakthrough was achieved when a delegation of the Revenue Department visited Switzerland.

12.07 p.m.: Exemption to individual taxpayers will continue.
12.04 p.m.: Taxation
Basic rate of corporate tax in India is now 30 per cent. But rate of collection is 23 per cent. A regime of exemptions has led to loss of revenue.
Coporate tax rate wil be reduced to 25 per cent over the next four year
12.02 p.m.: Budget estimates
Non-plan expenditure - Rs. 13,12,200
Plan expenditure - Rs. 4,65,277
Fiscal deficit - 3.9% of GDP
12.01 p.m.: Make in India policy for defence equipment - Rs. 2,46,727 crore allocation for defence.
12.00 noon: Rs. 68,968 crore for education sector.
11.57 a.m.: We are making good progress on Digital India.
11.55 a.m.: AIIMS in Jammu and Kashmir, Punjab, Tamil Nadu, Assam. AIIMS-like institution in Bihar. IIT in Karnataka. IIMs in Jammu and Kashmir, and Andhra Pradesh. Centre for Film Production and Animation in Arunachal Pradesh.
11.54 a.m.: Fully IT based student financial aid scheme for higher education.
11.53 a.m.: National Skills Mission for skill development and entrepreneurship - Rs. 1,500 crore.
11.52 a.m.: Procurement law for public contracts. Govt. to introduce Public Contracts (Resolution of Disputes) Bill. Regulatory reform law to be introduced.
11.51 a.m.: Coal - Rs. 75 crore for electric cars production.
11.50 a.m.: Visa on arrival scheme - increased to 150 countries in different stages.
11.49 a.m.: World Heritage Sites - churches and convents of old Goa, Hampi, Elephanta caves, Leh palace, Varanasi temple town, Jallianwala Bagh etc., will be developed to make them more tourist-friendly.
11.48 a.m.: Rs. 1,000 crore additional allocation to the Nirbhaya fund.
11.47 a.m.: Will do away with different types of foreign investment — like FPI and FDI — and replace them with a comprehensive type.
11.46 a.m.: We will look at making India a cashless society by incentivising card transactions.
11.44 a.m.: EPF - Employee may opt for EPF or new pension scheme, employee's contribution to EPF below an income threshold will be optional without reducing employer's contribution.
11.43 a.m.: Direct Tax regime which will be internationally competitive on rates.
11.41 a.m.: Will merge Forward Markets Commision with SEBI. Will set up a public debt management agency.
11.40 a.m.: Rs. 5,000 crore additional allocation for MGNREGA.
11.37 a.m.: Ports will be encouraged to corporatise and become companies under Companies Act.
11.35 a.m.: The govt. is establishing a mechanism for techno-financial incubation and facilitation programme - Rs. 1,000 crore set aside for this.
11.33 a.m.: Investment in Infrastructure will go up by Rs 70,000 crore in 2015-16.
11.32 a.m.: Nayi Manzil scheme - to enable minority youth to obtain school leaving certificate and gain better employment.
11.31 a.m.: Assisted living devices for senior citizens living below the poverty line.
11.30 a.m.: Pradhan Mantri Jeevan Jyoti Bima Yojana - Rs. 1 per day premium, Rs. 2 lakh coverage.
11.28 a.m.: Accident death risk - Rs 2 lakhs for a premium of Rs. 12 per year. Atal Pension Yojana - defined pension depending on contribution. Govt. will contribute 50 per cent of the amount.
11.27 a.m.: NBFCs registered with RBI above Rs. 5,000 crore to be considered financial institutions.
11.26 a.m.: We will bring a comprehensive bankruptcy code in 2015-16.
11.26 a.m.: Will create Mudra Bank with corpus of Rs. 20,000 crore for microfinance. "We are banking the unbanked and funding the unfunded."
11.25 a.m.: MNREGA - Rs. 34,699 crore
11.23 a.m.: Rs. 8.5 lakh crore of rural credit for the year.
11.21 a.m.: In order to improve soil health, the Agriculture Ministry's organic farming programme, Rs. 5,300 crore for micro-irrigation watershed projects.

11.20 a.m.: Gross disinvestment in loss-making units will be undertaken. DBT will be further expanded from 1 crore to 10.3 crore.

11.17 a.m.: Total public investment will be Rs 1.25 lakh crore. "Will complete the journey to fiscal deficit of 3 per cent in two years and not three years."
11.16 a.m.: Government will continue all social sector programmes like MNREGA, rural schemes etc.

11.14 a.m.: "We have devolved a 42 per cent share of divisible taxes to States. Devolution will be Rs. 5.2 lakh crore in 2015. Total transfer to States will 62 per cent."
11.13 a.m.: "The rural-urban divide is no longer acceptable."
11.12 a.m.: "All our schemes should focus off-centre on the poor. We need to upgrade 80,000 secondary schools."
11.11 a.m.: Housing for all by 2022 announced — 2 crore in rural areas, 5 crore in urban areas.
11.10 a.m.: Estimated GDP for 2015-16 will be between 8 and 8.5 per cent.
11.08 a.m.: We have embraked on two other programmes now — GST and JAM Trinity. GST will be implemented by April 2016 says Mr. Jaitley.

11.07 a.m.: Mr. Jaitley puts forth three achievements of the new government — the success of the Jan Dhan Yojana, coal auctions and Swachch Bharat Abhiyan. "We will attain the target of building 6 crore toilets. It's at a deeper level a programme of preventive healthcare."
11.05 a.m.: "The people of India have voted resoundingly for quick change, faster growth and high levels of transparency. We have lived up to that trust."
11.04 a.m.: "We inherited a sentiment of doom and gloom. We have come a long way since then. The CAD for the year is expected to be below 1.3% of GDP. Foreign exchange reserves have risen to $340 billion."
11.02 a.m.: "The credibility of the Indian economy has been reestablished," says Mr. Jaitley. "We are a round-the-clock, round-the-year government."

11 a.m.: Arun Jaitley begins his Budget speech. "We have embraced the States as equal partners in the process of economic growth."

10.50 a.m.: Budget documents arrive at the Parliament. Photo: Sandeep Saxena

10.45 a.m.: The Swachch Bharat Abhiyan has a target of building 120 million toilets over five years with an investment of Rs. 2 lakh crore. But the FY '15 target of 12 million targets seems set to be missed.
10.34 a.m.: Which are India’s most effective subsidies, the ones that best reach the poor?
Read The Hindu's National Data Editor Rukmini S.' analysis on how India's Rs. 3.8 lakh crore subsidies don’t always reach the poor.
10.25 a.m.: Take a look at how our Business team demystified the Economic Survey 2014-15, in a live chat with our readers.
10.20 a.m.: Before the Budget speech begins, familiarise yourself with terms that will be used in the speech using our glossary.
10.15 a.m.: Do you know which former Finance Minister used to be a soap salesman and eventually became the first Minister to lose his job over a scam? Head over to our Budget quiz to answer this and more.
10.10 a.m.: The Hindu's headlines on previous Union Budgets, over the years.
10:05 a.m.: From mass rapid transit system to standardisation of taxes to higher budgetary spending and steps to curb prices, here are a series of measures that might transform Chennai:



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