Union Budget 2017 – Highlights

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budget
source- Indian express

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-

Farmer’s
rural population
Youth
Poor and the underprivileged
Infrastructure
Financial sector
Digital economy
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:-

  1. IMF estimates world GDP will grow by 3.4 per cent in 2017.
  2. Demonetisation is a bold and decisive measure, for many decades tax evasion was a way of life for many.
  3. Effects of demonetisation not expected to spill over to next year.
  4. Our Budget agenda is – transform, energise and clean India – TEC India.
  5. IMF declared India as the fastest growing economy of the world. 6th largest manufacturers in the world now.
  6. Availability of credit to farmers is 10 lakh cr. Fasal bima yojna of 5500 cr increased to 13240 cr in this area.
  7. Dedicated micro irrigation system has been setup of 5000 cr.
  8. Modern law on contract farming to be consolidated with the states.
  9. Sustainable development dairy – 8000 cr
  10. Highest every funding in the scheme of MNREGA – 48000 cr
  11. 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.
  12. Awas yojna – rural – 23000 cr. and Urban 27800 cr. in 2017-18
  13. 28000 square km Areas affected by arsenic will be provided with fresh water supply in next 4 years.
  14. Innovation fund is to be set up in education sector to encourage people.
  15. Skill acquisition and knowledge acquirement fund – 4800 cr.
  16. Mahila Shakti Kendra will be setup in gram levels – 500 cr.
  17. 6000 rs to be given to woman who delivers their kids in government institutions and vaccinate their child’s.
  18. National housing schemes worth 20000 cr.
  19. 2 New AIIMS in Jharkhand and Gujarat
  20. LIC is going to provide 8% per annum pension schemes to senior citizens.
  21. Dalit Empowerment – 52393 cr.

22 Unmanned rail crossing will vanish till 2020.3500 km of new railroads to be laid.

  1. Rail budget is 131000 cr. 7000 stations will be powered by solar power by midterm.
  2. No digital booking fees to be charged
  3. Metro Rail policy will be announced.

26.140000 km road has been built by this government.

  1. Public Private Partnerships (PPP) mode to be introduced in Airport of Tier-2 cities.
  2. Additional 20000 mgz solar power to be generated in the 2nd phase of solar power programme.
  3. Infrastructure sector allotted 396135 cr.
  4. FIPB will be phased out and abolished.
  5. Expert committee on commodity trading to be created in 2017 -2018.
  6. Computer emergency response team will be created.
  7. 10000 cr for recapitalization of Banks.
  8. Mudra yojna exceeded its limit last year. This year the limit will be doubled.
  9. Dalit and women entrepreneurs to be further assisted in coming years.
  10. 16000 start ups have been set up as a result of last year’s resolution.
  11. Bonus schemes for Individuals and cash back schemes for merchants to be introduced to incentivise digital transactions.
  12. A system of registration and a two tier select process for government jobs.
  13. 8 districts of Haryana are now kerosene free.

The focus is now on revenue and capital expenditures.

  1. 4.11 lakh cr will be allocated to the states.
  2. 2.21 % was the revenue deficit. 1.2% will be targeted for 2018-19.
  3. 4.2 cr organized people filing 1.3 cr worth of taxation.
  4. Only 24 lakh people shows income more than 10 lakh.
  5. Only 1.7 % people shows income more than 50 lakhs.
  6. 99 lakh people declared their income to be under 2.5 lakhs
  7. 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.

  1. 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.
  2. 5% tax cut for companies with turnovers worth of 25 cr.
  3. 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.
  4. Any transaction over the amount of 3 lakh in cash would be illegal.
  5. All political party can only receive anonymous amount of 2000 rs per donor.
  6. Digital payments and cheques are the only way through which parties can accept donations from their donors.
  7. Electoral Bonds will be introduced.
  8. 2.5 lakh to 5 lakh income band people to get a tax cut of 10% to 5%.
  9. One page IT form to be introduced.
  10. 15% surcharge to people earning more than 1 cr per year.
  11. 10% surcharge for people earning up to 50 lakh to 1 cr.
  12. 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.