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Economy

India's Union Budget 2015-16 Highlights

• By  Textile Excellence
• March 01, 2015

Key Figures: Union Budget 2015-16

• Budgeted Expenditure: Rs. 17,77,477 crore
• Centre’s Share of Taxes: Rs. 9,19,842 crore
• Non-tax Revenues: Rs. 2,21,773 crore
• Fiscal deficit: 3.9% of GDP
• Revenue deficit: 2.8 % of GDP

General Industry Sector Highlights

1. GDP growth prediction between 8 to 8.5% for 2015-16. Double digit GDP growth rate achievable soon.

2. Allocation of Rs. 70,000 crores to Infrastructure sector. Proposes to set up 5 ultra mega power projects of 4000MW each.

3. Renewable energy: By 2022, India to generate 100,000MW in solar; 60,000MW in wind; 10,000MW in biomass and 5000MW in small hydro.

4. Corporate tax cut to 25% for next four years.

5. To implement GST by April 2016

6. To increase Service Tax rate to 14 percent (from 12.36%)

Textile Sector Highlights

1. Textile Ministry's budget increased to Rs. 4274.80 crores from last year's Rs. 4183.54 crores.

2. Promotion of domestic manufacturing through ‘Make in India’ will benefit Textile and Apparel Sector.

3. Financing of trade receivables of MSMEs and facilitating it through electronic Trade Receivables Discounting System (TReDS) will help the industry.

4. TUFS allocation REDUCED to Rs. 1520.79 crores (from Rs. 1864.02 crores)

5. Scheme for Integrated Textile Parks (SITP) to get Rs 240 crores

6. TMTT allocation reduced to get Rs. 25 crores (from Rs 32 crores)

7. ISDS to receive increased allocation of Rs. 201 crores

8. Development of Powerloom Mega Clusters will receive Rs 136.21 crores

9. Excise duty on footwear with leather uppers and having retail price of more than Rs. 1000 per pair is reduced to 6%.

Textile Excellence