Amidst the uproar of opposition, speaker mam Mrs. Sumitra Mahajan said the House must go ahead with the Budget since it is a constitutional obligation. The House, would, however, not sit tomorrow as a mark of respect on the death on sitting MP E Ahmad.
Shares of PSU banks rose ahead of finance minister Arun Jaitley’s budget presentation, which predicted a good sign of trust among citizens.
Finance minister Arun Jaitley laid out these 10 themes for today’s budget-
Poor and the underprivileged
Public services — effective governance
prudent fiscal management
Tax administration “honouring the honest”
The Important points made by our FM Arun Jaitley in budget 2017 are as follows:-
- IMF estimates world GDP will grow by 3.4 per cent in 2017.
- Demonetisation is a bold and decisive measure, for many decades tax evasion was a way of life for many.
- Effects of demonetisation not expected to spill over to next year.
- Our Budget agenda is – transform, energise and clean India – TEC India.
- IMF declared India as the fastest growing economy of the world. 6th largest manufacturers in the world now.
- Availability of credit to farmers is 10 lakh cr. Fasal bima yojna of 5500 cr increased to 13240 cr in this area.
- Dedicated micro irrigation system has been setup of 5000 cr.
- Modern law on contract farming to be consolidated with the states.
- Sustainable development dairy – 8000 cr
- Highest every funding in the scheme of MNREGA – 48000 cr
- Pradhan Mantri Gram Sadak Yojna is running at a pace of 133 km/day in 2016-2017 in comparison with Congress tenure of 67 km/day.
- Awas yojna – rural – 23000 cr. and Urban 27800 cr. in 2017-18
- 28000 square km Areas affected by arsenic will be provided with fresh water supply in next 4 years.
- Innovation fund is to be set up in education sector to encourage people.
- Skill acquisition and knowledge acquirement fund – 4800 cr.
- Mahila Shakti Kendra will be setup in gram levels – 500 cr.
- 6000 rs to be given to woman who delivers their kids in government institutions and vaccinate their child’s.
- National housing schemes worth 20000 cr.
- 2 New AIIMS in Jharkhand and Gujarat
- LIC is going to provide 8% per annum pension schemes to senior citizens.
- Dalit Empowerment – 52393 cr.
22 Unmanned rail crossing will vanish till 2020.3500 km of new railroads to be laid.
- Rail budget is 131000 cr. 7000 stations will be powered by solar power by midterm.
- No digital booking fees to be charged
- Metro Rail policy will be announced.
26.140000 km road has been built by this government.
- Public Private Partnerships (PPP) mode to be introduced in Airport of Tier-2 cities.
- Additional 20000 mgz solar power to be generated in the 2nd phase of solar power programme.
- Infrastructure sector allotted 396135 cr.
- FIPB will be phased out and abolished.
- Expert committee on commodity trading to be created in 2017 -2018.
- Computer emergency response team will be created.
- 10000 cr for recapitalization of Banks.
- Mudra yojna exceeded its limit last year. This year the limit will be doubled.
- Dalit and women entrepreneurs to be further assisted in coming years.
- 16000 start ups have been set up as a result of last year’s resolution.
- Bonus schemes for Individuals and cash back schemes for merchants to be introduced to incentivise digital transactions.
- A system of registration and a two tier select process for government jobs.
- 8 districts of Haryana are now kerosene free.
The focus is now on revenue and capital expenditures.
- 4.11 lakh cr will be allocated to the states.
- 2.21 % was the revenue deficit. 1.2% will be targeted for 2018-19.
- 4.2 cr organized people filing 1.3 cr worth of taxation.
- Only 24 lakh people shows income more than 10 lakh.
- Only 1.7 % people shows income more than 50 lakhs.
- 99 lakh people declared their income to be under 2.5 lakhs
- In the contrast of above 3 points. No. of cars sold in 2015 was 1.25 cr and 2 cr people took foreign trips in 2015.
46.34.8 % increase in personal tax declared.
- Income tax exemption for startup changed from 3 years out of 5 years to 3 years out of 7 years. Provided that their original capital owner (51%), remains the same.
- 5% tax cut for companies with turnovers worth of 25 cr.
- Companies with revenue of 2 cr whose presumptive income was thought of 8% of the revenue is to be reduced to 6%, for revenue collected through non cash methods.
- Any transaction over the amount of 3 lakh in cash would be illegal.
- All political party can only receive anonymous amount of 2000 rs per donor.
- Digital payments and cheques are the only way through which parties can accept donations from their donors.
- Electoral Bonds will be introduced.
- 2.5 lakh to 5 lakh income band people to get a tax cut of 10% to 5%.
- One page IT form to be introduced.
- 15% surcharge to people earning more than 1 cr per year.
- 10% surcharge for people earning up to 50 lakh to 1 cr.
- National Testing Service to conduct all India entrance exams.
The budget surely going to boost the business sector and bring a lot many positive change in the economy as well as in the society.