Friday, 01 May 2015 13:36

Union Budget 2015 Highlight on Youth’s Perspective

In his first full budget presentation, Union Finance Minister ArunJaitleyon February 28th announced schemes and policies for the welfare of youth of the nation. To give growth a rise and create more jobs, the Finance Minister talked of increasing spending on infrastructure developments and policies to encourage young entrepreneurs among others. ArunJaitley said, “To ensure that our young get proper jobs, we have to aim to make India the manufacturing hub of the world.” The job creation initiative in the Union Budget can help in creating millions of employment opportunities in the coming years, the FM further said. The setting up of AIIMS, IITs, IIMs etc. across several states will help address the huge demand for jobs for youth in India. Given below are key highlights of the Union Budget 2015 catering to youth:
•    AIIMS in Jammu and Kashmir, Punjab, Tamil Nadu, Himachal Pradesh, Bihar and Assam.
•    IIT in Karnataka; Indian School of Mines in Dhanbad to be upgraded to IIT.
•    PG institute of Horticulture in Amritsar.
•    Kerala to have University of Disability Studies
•    Centre of film production, animation and gaming to come up in Arunachal Pradesh.
•    IIM for Jammu and Kashmir and Andhra Pradesh.
•    Abolition of Wealth Tax.
•    Additional 2% surcharge for the super rich with income of over Rs. 1 crore.
•    Rate of corporate tax to be reduced to 25% over next four years.
•    No change in tax slabs.
•    Total exemption of up to Rs. 4,44,200 can be achieved.
•    100% exemption for contribution to Swachch Bharat, apart from CSR.
•    Service tax increased to14 per cent.

Welfare Schemes
•    GST and JAM trinity (Jan DhanYojana, Aadhaar and Mobile) to improve quality of life and to pass benefits to common man.
•    Six crore toilets across the country under the Swachh Bharat Abhiyan.
•    MUDRA bank will refinance micro finance orgs. to encourage first generation SC/ST entrepreneurs.
•    Housing for all by 2020.
•    Upgradation 80,000 secondary schools.
•    DBT will be further be expanded from 1 crore to 10.3 crore.
•    For the Atal Pension Yojana, govt. will contribute 50% of the premium limited to Rs. 1,000 a year.
•    New scheme for physical aids and assisted living devices for people aged over 80 .
•    Govt. to use Rs. 9,000 crore unclaimed funds in PPF/EPF for Senior Citizens Fund.
•    Rs. 5,000 crore additional allocation for MGNREGA.
•    Govt. to create universal social security system for all Indians.

•    Rs. 25,000 crore for Rural Infrastructure Development Bank.
•    Rs. 5,300 crore to support Micro Irrigation Programme.
•    Farmers credit - target of 8.5 lakh crore.
•    Rs. 70,000 crores to Infrastructure sector.
•    Tax-free bonds for projects in rail road and irrigation
•    PPP model for infrastructure development to be revitalised and govt. to bear majority of the risk.
•    Atal Innovation Mission to be established to draw on expertise of entrepreneurs, and researchers to foster scientific innovations; allocation of Rs. 150 crore.
•    Govt. proposes to set up 5 ultra mega power projects, each of 4000MW.

•    Develpoment schemes for churches and convents in old Goa; Hampi, Elephanta caves, Forests of Rajasthan, Leh palace, Varanasi , Jallianwala Bagh, Qutb Shahi tombs at Hyderabad to be under the new toursim scheme.
•    Visa on Arrival for 150 countries.

•    Sovereign Gold Bond, as an alternative to purchasing metal gold.
•    New scheme for depositors of gold to earn interest and jewellers to obtain loans on their metal accounts.
•    To develop an Indian gold voin, which will carry the Ashok Chakra on its face, to reduce the demand for foreign coins and recycle the gold available in the country.

Financial Sector
•    Forward Markets Commission to be merged with the Securities and Exchange Board of India
•    NBFCs registered with the RBI and having asset size of Rs 500 crore and above to be considered as ‘financial institution’ under Sarfaesi Act, 2002, enabling them to fund SME and mid-corporate businesses
•    Permanent Establishment norms to be modified to that mere presence of offshore fund managers in the country that does not lead to “adverse tax consequences.”

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