Highlights of Budget 2016-17

  Finance minister Arun Jaitley has today presented the Budget for the financial year 2016-17. The budget was thought to be practical and has aroused mixed reactions among the critics. It is for the readers to decide it’s credibility... here are the main features of this year’s budget. - Agriculture and farmers' welfare, rural sector, social sector including healthcare, education, skills and job creation, infrastructure, financial sector reforms, ease of doing business, fiscal discipline, tax reforms to reduce compliance burden were declared as nine pillars of this year’s budget for the purpose of priority. - Minister has laid a target of 9 lakh crore to be granted as credit for the agricultural sector. He has even set aside 5,500 crores for the purpose of crop insurance scheme. - Rs. 2.87 lakh crore for gram panchayats as per recommendation of 14th finance commission. And 38,500 crore Rs were set aside for rural employment scheme. - Rs. 9,000 crores were allocated for the Prime minister’s ambition of achieving Swatcha Bharat. - "For the better availability of generic medicines in the country, especially in the rural areas, the government has decided to open 3,000 new generic medicines stores... The government will also provide health insurance of up to Rs 1 lakh per family," said Jaitley, in his budget speech. He also announced the launch of a National Dialysis Programme to address the high costs involved in the renal dialysis which is supposed to be a financial curse on the poor. - A total of 2.8 lakh crores would be spend to develop road and railways. - 25,000 crore was set aside  recapitalisation of public sector banks and Asset Reconstruction Companies were said to be encouraged to deal with the non performing assets of the banks. - Necessary Amendments would be made to the companies act to quicken the process of registration. - A Tax holiday was also granted for new companies for three out of five years of setting up the company. Corporate tax was also  reduced from the present 30% to 25%, for those companies whose turnover is less than 5 crores. - Not much relief is granted for the individual tax payers. The increase of HRA deduction from 24,000 to 60,000 seems to be the only major relief. Besides, 40% of PF withdrawal at the time of retirement under National Pension Scheme is to be tax exempt. Further a further exemption of Rs. 50,000 for first time housing loans is granted. --- And as usual, the cost of Cigarettes and luxury goods are going to raise as the minister proposes an increase in the excise duty on tobacco products. He has also charged 1% service tax on luxury cars over 10 lakh rupees, and cash purchase of goods and services over Rs. 2 lakh.    

Indian Penal Code should be revised Pranab

  As a president, Mr. Pranab Mukherjee may not have enough freedom to express his opinion. Particularly, when such opinions hurt the ruling party! So he was always seen participating in the current debates in a suggestive manner. This time too, he has stepped forward to say something regarding the JNU row. As everyone is aware that the sedition laws imposed upon the JNU students were getting controversial, Pranabji thinks that our Penal Code should be thoroughly revised. It’s a facts that IPC which has come into effect from 1862 was almost used as it is! “The IPC has undergone very few changes in the last 155 years. Very few crimes have been added to the initial list of crimes and declared punishable,” he said at an event in Kochi. Pranab was almost sure that those laws were biased and obsolete- “Even now, there are offences in the code which were enacted by the British to meet their colonial needs. Yet, there are many new offences which have to be properly defined and incorporated in the code,” he said. The President is of the view that IPC needs thorough revision to meet the changing needs of the society. He wish to see the economic crimes being included in IPC which were otherwise ignored. Pranabji even wants a drastic change in the attitude of police-  “Our police officers must ensure quick redress of the grievances of the common man. They must partner other stake holders in creating a peaceful and secure atmosphere conducive to progress and development,” were his exact words. That’s certainly a long way ahead!