-Down to Earth States, already flush with cash surplus of Rs 1.6 lakh crore, will get significantly raised share from the central taxes. Along with this financial devolution, the Central government is also going to devolve the responsibility of planning and implementation of centrally sponsored schemes to states in the coming budget. This makes state budgets the key instruments of gauging the social sector Just four days before the Union budget, the...

-The Indian Express The forthcoming budget is expected by some to be make-or-break or path-breaking, by others, to provide a legislative or economic roadmap for the rest of this government's term. Most likely, it will focus on issues within the purview of the finance ministry, namely, macro management, taxation, expenditure, the financial sector and balance of payments. The abolition of the Planning Commission and the 14th Finance Commission recommendations on tax devolution...

-Press Information Bureau/ Ministry of Finance The plan outlay of 2015-16 reflects the compositional shift in the allocations for various Programmes and Schemes in view of high devolution; 42% of Union Taxes, to States as per the recommendation of 14th Finance Commission. Making his Budget Speech while presenting the General Budget 2015-16, the Finance Minister, Shri Arun Jaitley said that consequent to this substantially higher devolution, many schemes on the State...

-The Hindu FM's Budget speech dwelt on agriculture, public investments in infrastructure, manufacturing and social sector spending. States to be equal partners in economic growth; move to making India cashless society; social sector programmes to continue. Some of the challenges mentioned by the Finance Minister are: poor agricultural income, decline in manufacturing ; and the need for fiscal discipline. Here are sector-wise highlights: TAXATION 1 Abolition of Wealth Tax. 2 Additional 2% surcharge for the super...

-The Hindu Allocation has remained same since 2007. Social sector spending has flatlined over the past few years, and massive spending expansions are required to keep Prime Minister Narendra Modi's key promises, Budget data show. Social sector spending - expenditure on health, education, water supply, sanitation and housing among others - has doubled over the past 10 years as a proportion of the Union government's total expenditure. But the big expansion came between...