 "Finance Minister Arun Jaitley arrives at the parliament to present the budget for the 2016/17 fiscal year, in New Delhi (pic: Reuters)")
Finance Minister Arun Jaitley unveiled a budget for the poor on Monday, announcing new rural aid and health programmes in a strategy shift that could boost his ruling party in coming state elections.
Presenting his third budget, Jaitley reiterated a forecast that it would grow by 7.6 percent in the fiscal year that is drawing to a close. But he said the government wanted to ensure that the benefits of growth were more widely shared among India's 1.3 billion people.
Read our full coverage on Union Budget 2016
"We have a shared responsibility to spend prudently and wisely for the people, especially for the poor and downtrodden," the 63-year-old finance minister said in his opening remarks to lawmakers.
Here are the highlights of Jaitley's budget for the fiscal year that begins on April 1.
RURAL ECONOMY
* Rural jobs programme allocated Rs 38,500 crore ($5.61 billion) in 2016/17
* Farmer welfare budget to total Rs 35,984 crore
* Rural road development to get Rs 19,000 crore
* Target of agriculture credit at Rs 9 lakh crore
* Interest subvention towards farm loans at Rs 15,000 crore
POLICY REFORMS
* Bankruptcy code for financial firms to be introduced in parliament in 2016/17
* RBI act is being amended for implementing monetary policy framework
* To list general insurances companies on stock exchanges
BANKING REFORMS
* Government to infuse Rs 25,000 crore capital into state-run banks in 2016/17; will find resources for additional capital for banks if required
INFRASTRUCTURE
* Allocates Rs 2.21 lakh crore for infrastructure development for 2016/17
* Allocation for roads and highways development at Rs 55,000 crore
* Capital expenditure on roads and rail development at Rs 2.18 lakh crore
INVESTMENT
* 100 percent foreign direct investment to be allowed in food processing industry
* Promises further reforms in foreign direct investment policy in insurance, pension, asset recast companies
DIVESTMENT
* To encourage central public enterprises to divest own assets for raising resources for new projects
($1 = 68.6700 Indian rupees)
