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  • Highlights of Union Budget 2017-18

    By NE Reporter on February 1, 2017

    NEW DELHI:
    Union Finance Minister Arun Jaitley today said his Union Budget for 2017-18 allocates more towards rural areas, welfare schemes and infrastructure, while ensuring that government finances do not go out of control.
    Presenting his fourth budget in the Lok Sabha, the Finance Minister also outlined 10 themes for his latest exercise. “My approach in preparing the budget is to spend more on rural areas, infrastructure and poverty alleviation with fiscal prudence,” he said.
    On demonetisation, he said it has long-term benefits and will create an economy that is bigger anFM Arun Jaitley presents Union Budget 2017d cleaner. “The pace of remonetisation has also picked up and will soon reach comfortable levels. The effects of demonetisation are not expected to spill over to the next year.”

    Highlights of Union Budget speech:
    Propose to reduce existing rate of taxation of those with income between 2.5 lakh to 5 lakh from 10 per cent to 5 per cent
    RBI to launch electronic bonds
    An amendment being proposed to RBI Act to enable the issuance of electoral bonds for political funding
    Political parties will be entitled to receive donations by cheque or in the digital mode from their donors
    Maximum cash donation any party can receive will be Rs 2000 from one source
    Tax rate on small firms cut to 25 per cent
    Tax sops extended by three years on overseas borrowings like masala bonds
    RBI Payments Regulatory Board for digital payments announced
    Norms for incentives under affordable housing scheme eased
    Political parties continue to receive most funds through anonymous donations
    SIT has suggested no cash transaction above Rs 3 lakhs. Govt has accepted this
    I propose to reduce basic customs duty on LNG from 5% to 2.5 per cent in 2017-18
    Not to remove Minimum Alternative Tax in 2017-18; Propose to allow a carry forward of MAT for a period of 15 years as against 10 years now
    Income tax for small companies with an annual turn over of 50 crore, now to pay 25 per cent , a 5 per cent reduction
    Capital gains tax to be exempted, for persons holding land from which land was pooled for creation of state capital of AP
    India largely a tax non-compliant society
    Revenue deficit pegged at 1.9 per cent
    The net tax revenue grew by 17 per cent in 2015-16
    Plan to extend basket of financial instruments to which the capital gains can be invested sans payment of tax
    There is an urgent need to protect the poor from chit fund schemes, draft bill placed in public domain
    Due to demonitisation advance tax on personal Income Tax increased by 34.8 per cent
    Out of 3.7 crore who filed tax returns in 2015-16, only 24 lakh persons showed income above Rs 10 lakh
    Rs 10,000 crore for recapitalisation of banks
    We are largely a tax non compliant society, when too many people evade taxes burden falls on those who are honest
    FRBM review committee recommended 3% fiscal deficit for next 3 years
    Increased allocation for scientific ministry to Rs 37,435 cr in 2017-18
    Fiscal Deficit target for 2017-18 is 3.2 per cent
    Total resources being transferred to the states and territories with legislature is Rs 4.11 lakh crore
    Defence expenditure excluding pension at Rs 2.74 lakh crore
    Total expenditure of budget 2017-18 has been placed at Rs 21.47 lakh crore
    Two new schemes to be launched for adoption of BHIM digital payment app
    New ETF with diverse central PSUs to be launched in 2017-18
    LIC scheme for senior citizens with guaranteed 8 per cent return
    Aadhar enabled payment system to be launched soon;Banks have targeted to introduce additional 10 lakh Point-of-Sale terminals by March 17
    Government considering introduction of new law to confiscate assets of offenders who escape the country
    By 2019 all coaches of Indian Railways will be fitted with Bio-Toilets
    Chandigarh and eight districts of Haryana have been declared Kerosene free
    Unmanned railway level crossings to be done away with by 2020
    Propose to double the lending target of Pradhan Mantri Mudra Yojana and set it up at Rs 2.44 lakh crore for 2017-18
    3.5 Crore youth will be trained under Sankalp program launched by the government
    Railway related state-run companies like IRCON and IRCTC to be listed on stock exchanges
    During 2017-18, another 5 lakh ponds will be constructed, for drought-proofing
    Foreign Investment Promotion Board to be abolished
    Road sector allocation at Rs 64,000 crore
    Solar plan phase 2 to add 20,000 MW capacity
    Mission Antyodaya to bring 1 crore households out of poverty and to make 50,000 Gram Panchayats poverty-free
    Action plan to eliminate Kala Azar & Filariasis by 2017, Leprosy by 2018, Measles by 2020 & Tuberculosis by 2025
    Total infra outlay pegged at over Rs 390,000 crore
    The Foreign Investment Promotion Board has been abolished
    Transport sector allocated Rs 2.41 Lakh Crore and Bharat Net Project allocated Rs 10,000 crore
    Unmanned level crossings to be done away with by 2020
    Charges for e-booking of railway tickets through IRCTC withdrawn
    Railways will integrate end to end transport solutions for selected commodities through partnership
    By 2019, all coaches of Indian Railways will be fitted with Bio-toilets
    Atleast 25 stations expected to be awarded during 2017-18; 500stations to be made differently abled-friendly by providing lifts and escalators
    A new metro rail policy will be announced, this will open up new jobs for our youth
    Drought proofing of Gram Panchayats via construction of five lakh ponds across India
    Rail safety fund with a corpus of Rs 100,000 crore to be created over a period of 5 years
    Steps will be taken to launch dedicated trains for pilgrimage and tourism
    Two new All India Institute of Medical Sciences(AIIMS) to be set up in Jharkhand and Gujarat
    Total allocation for rural, agricultural and allied sectors for 2017-18 at record Rs 1.87 crore, it is up by 24 per cent
    For senior citizens, Aadhar cards giving their health condition will be introduced
    Safe drinking water to cover 28,000 arsenic and Fluoride affected habitations in the next four years
    Open defecation free villages are now being given priority for pipe to water supply
    For youth, proposed to introduce a system of measuring annual learning; Science to be given focus
    We have moved from a discretionary administration to a policy-based administration
    Expectations included burning issues like inflation and price rise, issue of corruption & crony capitalism
    Our government was elected amidst huge expectations of people, the underlying theme of expectations being good governance
    Hope to resolve all issues regarding GST via consultations
    We are moving from informal to formal economy & the Government is now seen as a trusted custodian of public money
    Agricultural credit target fixed at Rs 10 lakh crore
    Government announces 10 new schemes under Budget 2017-18
    Agriculture expected to grow at 4.1 per cent in current year
    Model law on contract farming to be sent to states for adop
    tion
    MGNREGA allocation raised to Rs 48,000 crore
    One crore houses for poor by 2019

    NE Reporter

    affordable housingdemonetisationelectronic bondsFinance Minister Arun Jaitleyincome taxinfrastructure and poverty alleviationLNGrural areastaxationUnion Budget 2017-18

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    • ACC and Adani Foundation Empower Rural Youth Through Skill development
    • Lux Cozi Steps Boldly into Women’s Wear with Pynk
    • India Neutralises Pakistan Air Defence System in Major Retaliatory Strike
    • 15 Civilians Killed in Pakistan’s Heavy Shelling Along J&K LoC
    • Operation Sindoor: Pakistan Shuts Down Flight Operations in Major Cities

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    • Operation Sindoor: Pakistan Shuts Down Flight Operations in Major Cities

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