Source: News Bharati English01 Feb 2017 10:56:22

Union Budget 2017-18: Highlights 

Union Budget 2017-18: Highlights 

FM Arun Jaitley starts speaking amid opposition uproar #Budget2017.

Our Govt. was elected amidst huge expectations of people, the underlying theme of expectations being good governance

Expectations included burning issues like inflation and price rise, issue of corruption & crony capitalism.

We have moved from a discretionary administration to a policy-based administration.

FM Arun Jaitley thanks the people for support to the Government, assures of more measures for people's welfare. 

The Government is now seen as a trusted custodian of public money.

We have launched a massive war against Black Money. 

Energizing youth, to reap benefits of growth and employment: our focus.

International Monetary Fund estimates that the world GDP will grow by 3.1% in 2016 and 3.4% in 2017.

India is seen as engine of global growth, have witnessed historic reform in last one year.

DeMonetization is a bold and decisive measure, for many decades tax evasion was a way of life for many.

Demonetization seeks to create a new normal where in the GDP would be bigger, cleaner and real.

Pace of remonetisation has picked up &will soon reach comfortable levels; Effects of #Demonetisation not expected to spill over to next year.

We are aware we need to do more for our people, our agenda is transform, energise and clean India, that is 'tech India'.

Cabinet has given its approval for introduction of Constitution (Scheduled Castes) Orders (Amendment) Bill, 2017 in Parliament. 

Cabinet has given its approval for introduction of The Indian Institutes of Information Technology (Amendment) Bill. 

Cabinet approves Extension of tenure of loans under Credit Linked Subsidy Scheme of Pradhan Mantri Awas Yojana from 15 to 20 years. 

Current monetary plance of the US Federal reserve one of 3 challenges. 

Uncertainty around commodity prices, especially around crude oil, second major challenge. 

Signs of retreat from globalization have potential to affect exports from many emerging economies, including India. 

India continues to stand as a bright spot in the world economic landscape

India's macroeconomic stability continues to the foundation of our economic success. 

My approach in preparing the #Budget2017 is to spend more on rural areas, infrastructure & poverty alleviation with fiscal prudence.

Favourable price developments reflect prudent macroeconomic management. 

Government has continued with a steady path of fiscal consolidation. 

No. of global reports show India has considerably improved its policies, profile and practice. 

Uncertainty around commodity prices, especially around crude oil, one of the major challenges.

With better Monsoon, Agriculture is expected to grow at 4.1% in current year. 

Issuance of soil health cards have gathered momentum, will setup a mini lab in krishi vigyan kendras. 

Committed to doubling the farm income in 5 yrs

We have witnessed historic and impactful economic reform and policymaking.

GST and Demonetization two tectonic policy initiatives. 

3 challenges in current global scenario:Monetary stance of US FED Reserve, Commodity prices specially crude oil & retreat from globalisation. 

Firmly believe that GST, Demonetisation, built on JAM, will have an epoch-making impact on the lives of our people. 

Dairy processing infrastructure fund will be set up under NABARD, with fund of 8,000 crore. 

Target of agricultural loans to farmers set at record Rs 10 lakh crore in 2017-18. 

India has emerged as bright spot in the world. 

CAD declined from 1 pc last year to 0.3 pc in first half of current fiscal. 

Protectionism is increasing. 

36 pc increase in FDI flow; forex reserves at USD 361 billion in January enough to cover 12 months needs. 

Participation of women in MNREGA has increased to 55%. 

Budget 2017 will see the highest ever allocation to MGNREGA scheme at 48000 crore.

Dedicated micro-irrigation fund will b set up by NABARD to achieve goal of 'Per Drop More Crop'.Initial corpus will be Rs 5000 crore. 

My overall approach while preparing #Budget2017 has been to spend more in rural areas, infrastructure and poverty alleviation. 

And yet maintain the best standards of fiscal prudence. 

The advancement of #Budget2017 will enable all Ministries, Departments to operationalize all schemes right from beginning of next FY. 

Merger of Railway Budget with Budget 2017 a historic step. 

Total allocation for rural, agricultural and allied sectors for 2017-18 is Rs 187223 cr, which is 24% higher than last year. 

As Swami Vivekananda said 'education which does not help the common mass of people to equip themselves is it worth of the name?'

100% village electrification will be achieved by May 1,2018. 

For youth, proposed to introduce a system of measuring annual learning; Science to be given focus. 

PM Kaushal Kendras to be extended to 600 districts; 100 int'l skill centres to be opened to help people get jobs abroad

Transform, Energize and Clean India - TECIndia - our agenda for the next year. 

Modern law on contract farming will be drafted and circulated to states. 

To complete 1,00,00,000 houses by 2019 for houseless and those living in kaccha houses. 

Open defecation free villages are now being given priority for pipe to water supply. 

Market reforms will be undertaken, states will be asked to denotify perishables from Essential Commodities Act.

Dedicated micro-irrigation fund to be created with a corpus of Rs 5000 crore. 

For senior citizens, Aadhar cards giving their health condition will be introduced. 

1 cr households to be brought out of poverty under Antodya Scheme.

1.5 lakh health sub centres to be converted to Health Wellness Centres. 

Govt to set up dairy processing fund of Rs 8,000 crore over 3 years with initial corpus of Rs 2,000 crore. 

133-km road per day constructred under Pradhan Mantri Gram Sadak Yojana as against 73-km in 2011-14. 

19,000 crore in 2017-18 for PMGSY; together with contribution from states, 27,000 crore to be spent.

National Testing agency to conduct all examinations in higher education, freeing CBSE and other agencies. 

National Housing Bank will refinance indiviual loans worth Rs 20,000 cr in 2017-18. 

Total allocation for rural, agricultural and allied sectors for 2017-18 at record Rs 1.87 crore, it is up by 24%. 

Target for agricultural credit in 2017-18 has been fixed at a record level of 10 lakh crore rupees. 

Coverage of Fasal Bima Yojana to go up from 30% of cropped area, to 40% in 2017-18 & 50% in 2018-19. 

Two new All India Institute of Medical Sciences(AIIMS) to be set up in Jharkhand and Gujarat. 

Steps will be taken to launch dedicated trains for pilgrimage and tourism. 

Rail safety fund with corpus of Rs 100,000 crore will be created over a period of 5 years. 

A new metro rail policy will be announced, this will open up new jobs for our youth. 

At least 25stations expected to be awarded during 2017-18; 500stations to be made differently abled-friendly by providing lifts & escalators. 

By 2019, all coaches of Indian Railways will be fitted with Bio-toilets. 

Railways will integrate end to end transport solutions for selected commodities through partnership. 

Unmanned railway level crossings to be done away with by 2020. 

Service charges on e-tickets booked through IRCTC will be withdrawn. 

Railway tariffs to be fixed on the basis of cost, social obligation and competition. 

Unified budget provides an opportunity for integrated transport solutions by synergising rail, road & waterways transportation investments. 

Capital and development expenditure pegged at Rs 1.31 lakh cr for railways in 2017-18 from Budget

Transport sector allocated Rs 2.41 Lakh Crore and Bharat Net Project allocated Rs 10,000 crore. 

Coverage of eNAM to be expanded from 250 to 585 APMCs. 

New rules regarding medical devices will be devised to reduce their cost. 

The Foreign Investment Promotion Board has been abolished. 

Action plan to eliminate Kala Azar & Filariasis by 2017, Leprosy by 2018, Measles by 2020 & Tuberculosis by 2025. 

Model Shops and Establishment Bill to open up additional opportunities for employment of women.  

Allocation for SCs increased from Rs 38,833 cr to Rs 52,393 cr, a rise of 35 per cent

During 2017-18, another 5 lakh ponds to be constructed, for drought-proofing. 

Mission Antyodaya to bring 1 crore households out of poverty and to make 50,000 Gram Panchayats poverty-free. 

Using space technology in a big way to plan MGNREGA works.

Railway related state-run companies like IRCON and IRCTC to be listed on stock exchanges. 

3.5 Crore youth will be trained under Sankalp program launched by the government. 

A scheme for senior citizens to ensure 8 percent guaranteed returns. 

Propose to double the lending target of Pradhan Matri Mudra Yojana and set it up at Rs 2.44 lakh crore for 2017-18. 

Delhi and Jaipur to have solid waste management plants and five more to be set up later.

Chandigarh and eight districts of Haryana have been declared Kerosene free.  

Swachh Bharat Mission has made tremendous progress for promoting safe sanitation and ending open defectation. 

Select airports in tier-II cities to be taken up for operations, development on PPP mode. 

Govt considering introduction of new law to confiscate assets of offenders who escape the country. 

Govt will amend the Multi-state Cooperative Act to protect the poor and gullible investors. 

Aadhar enabled payment system to be launched soon; Banks have targeted to introduce additional 10 lakh Point-of-Sale terminals by Mar'17. 

Govt to introduce two new schemes to promote BHIM App - referral bonus for users and cash back for traders. 

Innovation Fund for secondary education to be created. 

Total expenditure of budget 2017-18 has been placed at Rs 21.47 lakh crore. 

Defence expenditure excluding pension at Rs 2.74 lakh crore. 

Total resources being transferred to the states & union territories with legislature is Rs 4.11 lakh crore. 

Total allocation for infrastructure in Budget for Better India stands at a record level Rs 3,96,135 crore in 2017-18. 

Fiscal Deficit target for 2017-18 is 3.2%. 

FRBM review committee recommended 3% fiscal deficit for next 3 years.

Have increased allocation for scientific ministry to Rs 37,435 cr in 2017-18. 

5 special tourism zones,anchored on SPV, to be set up; Incredible India II campaign to be launched across the world. 

Digi Gaon will be launched to promote tele-medicine and education. 

Trade Infrastructure Export Scheme to be launched in 2017-18; total allocation for infra at record Rs 3.96 lakh cr. 

Second phase of solar power development to be taken up with an aim of generating 20,000 MW. 

Integrated public sector oil major to be created to match global giants. 

New ETF with diverse stocks will be launched in 2017-18. 

Over 90 per cent of FDI proposls are now processed through automatic route. 

After #demonetisation on Nov 8, deposit of between Rs 2 L and Rs 80 L made in 1.09 cr bank a/cs at an avg of Rs 5.03 L till Dec 30. 

We are largely a tax non compliance society, when too many people evade taxes burden falls on those who are honest. 

We are largely a tax non-compliant society.

Out of 3.7 crore who filed tax returns in 2015-16, only 24 lakh persons showed income above Rs 10 lakh. 

Of 76 lakh individuals who reported income of over Rs 5 lakh, 56 lakh are salaried. 

Due to Demonitisation advance tax on personal Income tax increased by 34.8%. 

There is an urgent need to protect the poor from chit fund schemes, draft bill placed in public domain. 

Govt to set up a web-based interactive platform for defence pensioners. 

Plan to extend basket of financial instruments to which the capital gains can be invested sans payment of tax. 

Capital gains tax to be exempted, for persons holding land from which land was pooled for creation of state capital of Telangana. 

Capital gains tax to be exempted, for persons holding land from which land was pooled for creation of state capital of Ap. 

govt considering option to amend Negotiable Instruments Act to ensure that holders of dishonoured cheques get payment. 

FRBM review committee has recommended 60 pc debt to GDP ratio; 0.5 pc of GDP deviation from stipulated fiscal deficit targets. 

Head post offices to issue passports.

The net tax revenue grew by 17% in 2015-16. 

To make MSMEs more viable, income tax for smaller companies to be reduced. 

Rs 7,200 cr revenue loss due to reduction in tax on smaller companies. 

Tax rate for companies with an annual turnover up to 50 crores to be reduced to 25%, a 5% reduction, to strengthen MSME sector. 

Basic customs duty on LNG to be reduced from 5% to 2.5%. 

Long-term capital gains tax on immovable property to apply after 2 years, instead of 3 years now

Not to remove Minimum Alternative Tax in 2017-18; Propose to allow a carry forward of MAT for a period of 15 yrs as against 10 yrs now. 

A proposal to receive all government receipts beyond a certain threshold through e-modes under consideration. 

SIT has suggested no cash transaction above Rs 3 lakhs. Govt has accepted this. 

Political parties continue to receive most funds through anonymous donations. 

Amount of cash donation a political party can receive to be 2000 rupees from any one source. 

With abolition of plan and non-plan expenditure, govt's focus is on revenue and capital expenditure. 

Political parties will be entitled to receive donations by cheque or in the digital mode from their donors. 

An amendment being proposed to RBI Act to enable the issuance of electoral bonds for political funding. 

Propose to reduce existing rate of taxation of those with income between 2.5 lakh to 5 lakh from 10% to 5%. 

A single one-page form for filing IT returns for taxable income up to 5 lakh rupees. 

Surcharge of 10% for those whose annual income is Rs 50 lakh to 1 crore. 

 15% surcharge on incomes above Rs 1 crore to continue. 

GST Council finalised its recommendations; Implementation of GST likely to bring more taxes to Centre, States.