<h1>India's 2015-16 Budget: Cooperative Federalism, MUDRA Bank Launch, Tax Reforms, Black Money Law, GST & JAM Trinity Initiatives.</h1> The 2015-16 Indian budget emphasizes cooperative federalism and state empowerment, introducing schemes like the Micro Units Development Refinance Agency (MUDRA) Bank and social security initiatives. Key proposals include tax-free infrastructure bonds, new educational institutions, and a focus on agriculture and rural development. The budget aims for a fiscal deficit of 3.9% of GDP, with plans to reduce corporate tax from 30% to 25% over four years. Measures to curb black money include a new law with severe penalties. The budget also highlights efforts to implement GST and direct benefit transfers via the JAM Trinity.