Budget 2015 good for industry, people; nothing for farmers: SAD

MP Prem Singh Chandumajra welcomed the budget, especially its focus on social security, education, health services and infrastructure.

Budget 2015 good for industry, people; nothing for farmers: SAD
NEW DELHI: BJP ally Shriomani Akali Dal today hailed the Union Budget as being good for industry, growth and investment in the country but lamented there is "nothing special" for farmers in it.

Welcoming the budget, Union Minister and SAD leader Harsimrat Kaur Badal gave it "10 on a scale of 10" and credited Finance Minister Arun Jaitley for presenting an "amazing" budget that takes care of all sections in society and said it will see the common man progress.

"I credit our Finance Minister, who despite constraints, has made good allocation to various departments. He has made the highest ever allocation to MNREGA.

"It is an amazing budget. It's what the people of the country need. It is not a budget meant just for the rich, but it is a total budget which is addressed to the poor, the weaker and to the underprivileged in the country," she said.

Badal added that Jaitley has taken care of all sections like the poor, elderly, women, youth, disabled, children and their protection. "Such things are being talked which the nation badly wanted."

She also hailed the big schemes including irrigation, soil health for farmers and said she was happy that now the common in the country will progress.
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Her fellow party member in Rajya Sabha Balwinder Singh Bhunder said overall there is relief for the industry and a number of plans have been announced, but there is nothing special announced for farmers.

"Overall, for the industry, growth and investment, it is fine. But for agriculture, (there is) nothing special for benefit of farmers and farming," he said.

Bhunder added that going by President's address and amid talk of FCI moving away from procurement, though goverment is talking of setting up a national agriculture market commission its details are yet to be seen.

Akali leader and Lok Sabha MP Prem Singh Chandumajra welcomed the budget, especially its focus on social security, education, health services and infrastructure.
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"The demand of several states seeking special assistance has been fulfilled. But Punjab has been kept out of it. We believe Punjab also deserves it because Punjab has undergone much loss in Indo-Pak wars and it is a border state.

"The incentives given to hill states have also been a disadvantage, so we want that Punjab be included in the states to whom special assistance is given and its economy grows," he said.
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Budget 2015: Top takeaways for the common man
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The limit of reduction of health insurance premium was enhanced from Rs 15,000 to Rs 25,000. For senior citizens this limit has been increased from Rs 20,000 to Rs 30,000.

"For senior citizen above the age of 80 years, not eligible to take health insurance, deduction is allowed for Rs 30,000 toward medical expenditure. Deduction limit of Rs 60,000 on expenditure on account of specified diseases is enhanced to Rs 80,000 in the case of senior citizens," Jaitley said.

Additional deduction of Rs 25,000 is allowed for differently-abled persons, increasing the limit from Rs 50,000 to Rs 75,000. It is also proposed to increase the limit of deduction from Rs 1 lakh to Rs 1.25 lakh in case of severe disability.

Jaitley also proposed to provide that investment in Sukanya Samriddhi Scheme will be eligible for deduction under section 80C of the income-tax and any payment from the scheme shall not be liable to tax.

Limit on deduction on account of contribution to a pension fund and the new pension scheme is proposed to be increased from Rs 1 lakh to Rs 1.5 lakh.

Additional deduction of Rs 50,000 will be allowed for contribution to the new pension scheme u/s 80 CCD increasing from Rs 1 lakh to Rs 1.5 lakh.
The limit of reduction of health insurance premium was enhanced from Rs 15,000 to Rs 25,000. For senior citizens this limit has been increased from Rs 20,000 to Rs 30,000.

"For senior citizen ..
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The transport allowance for salaried, which currently stands at Rs 800 per month was increased to Rs 1,600 per month.
The transport allowance for salaried, which currently stands at Rs 800 per month was increased to Rs 1,600 per month.
Encouraged by the success of the Pradhan Mantri Jan Dhan Yojana, the Finance Minister proposed to work towards creating a universal social security system for all Indians, specially the poor and the under-privileged.

Jaitley said that soon Pradhan Mantri Suraksha Bima Yojana will be launched to cover accidental death risk of Rs 2 lakh for a premium of just Rs 12 per year.

Similarly, we will also launch the Atal Pension Yojana, which will provide a defined pension, depending on the contribution, and its period. To encourage people to join this scheme, the government will contribute 50% of the beneficiaries' premium limited to Rs. 1,000 each year, for five years, in the new accounts opened before 31st December, 2015.

Jaitley also announced a third Social Security Scheme, the Pradhan Mantri Jeevan Jyoti Bima Yojana, which covers both natural and accidental death risk of Rs 2 lakh. The premium will be Rs 330 per year, or less than one rupee per day, for the age group 18-50.
Encouraged by the success of the Pradhan Mantri Jan Dhan Yojana, the Finance Minister proposed to work towards creating a universal social security system for all Indians, specially the poor and the ..
Read More
Jaitley announced that with respect to Employees Provident Fund (EPF), the employee needs to be provided two options. Firstly, the employee may opt for EPF or the New Pension Scheme (NPS). Secondly, for employees below a certain threshold of monthly income, contribution to EPF should be optional, without affecting or reducing the employer's contribution.

He said, with respect to ESI, the employee should have the option of choosing either ESI or a Health Insurance product, recognized by the Insurance Regulatory Development Authority (IRDA).
Jaitley announced that with respect to Employees Provident Fund (EPF), the employee needs to be provided two options. Firstly, the employee may opt for EPF or the New Pension Scheme (NPS). Secondly, ..
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Jaitley in his Budget Speech in proposed no change in the rate of personal Income-tax.

However, Jaitley proposed to levy a surcharge at the rate of 12% on individuals, HUFs, AOPs, BOIs, artificial juridical persons, firms, cooperative societies and local authorities having income exceeding Rs 1 crore.
Jaitley in his Budget Speech in proposed no change in the rate of personal Income-tax.

However, Jaitley proposed to levy a surcharge at the rate of 12% on individuals, HUFs, AOPs, BOIs, artif..
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To promote creation of jobs, Jaitley announced a series of cuts in customs and excise duties in the Budget. Customs duties on certain inputs like metal parts, insulated wires and cables, refrigerators compressor parts, compounds used in catalytic converters, sulphuric Acid for use in manufacture of fertilizers and compounds of video Cameras have been reduced.

SAD is reduced in Metal scrap of iron & steel, copper, brass and aluminum from 4% to 2% to address problem of CENVAT credit accumulation. For inputs for use in the manufacture of LED driver and MCPCB for LED lights, fixture and LED lamps SAD is reduced from 4% to Nil.
To promote creation of jobs, Jaitley announced a series of cuts in customs and excise duties in the Budget. Customs duties on certain inputs like metal parts, insulated wires and cables, refrigerator..
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With a move to up the employability of youth, the government will launch a National Skills Mission through the Skill Development and Entrepreneurship Ministry.

The Mission will consolidate skill initiatives spread across several Ministries. Jaitley also proposed to set up an IIT in Karnataka, and upgrade Indian School of Mines, Dhanbad into a full fledged IIT. IIMs will be set in J&K and Andhara Pradesh, FM added.

Three new National Institutes of Pharmaceuticals Education and Research are proposed to be set up in Maharashtra, Rajasthan and Chattisgarh along with Institutes of Science and Education Research in Nagaland and Odisha.

For the North Eastern States, a Centre for Film Production, Animation and Gaming will be set up in Arunachal Pradesh while an Apprenticeship Training Institute for Women will be set in Haryana and Uttarakhand during 2015-16.

To enable all poor and middle class students to pursue higher education of their choice without any constraints of funds, a fully IT based Student Financial Aid Authority is proposed to be set up during the year 2015-16.
With a move to up the employability of youth, the government will launch a National Skills Mission through the Skill Development and Entrepreneurship Ministry.

The Mission will consolidate ski..
Read More
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