Finance Minister Arun Jaitley presented the Union Budget 2017, his fourth annual budget.
Here are the Highlights of this year’s budget:
1) Income Tax rate cut to 5 percent for individuals having income between Rs 2.5 lakh to Rs 5 lakh.
2) 10 percent surcharge on individual income above Rs 50 lakh and up to Rs 1 cr to make up for Rs 15,000 cr loss of due to cut in personal I-T rate.
3) 15 percent surcharge on income above Rs 1 cr to continue.
4) Of 3.7 cr individuals who filed tax returns in 2015-16, 99 lakh showed income below exemption limit.
5) Direct tax collection not commensurate with income and expenditure pattern.
6) Revenue deficit reduced to 2.1 percent from 2.3 percent for 2016-17.
7) Govt pegs fiscal deficit target at 3.2 per cent for 2017-18 and 3 per cent for next year.
8) Monetary policy to be expansionary in major economies.
9) More steps will be taken to benefit farmers and the weaker sections; budget being presented during weak global economy.
10) Pace of remonetisation has picked up; demonetisation effects will not spill over to next year.
11) Functional autonomy of the railways to be maintained.
12) Demonetisation will help in transfer of resources from tax evaders to government:
13) Merger of Railways Budget with General Budget brings focus on a multi-modal approach for development of railways, highways and inland water transport.
14) Only transient impact on economy due to demonetisation; long term benefit include higher GDP growth and tax revenue.
15) GDP will be bigger, cleaner.We are seen as engine of global growth; IMF sees India to grow fastest in major economies.
16) 36 percent increase in FDI flow; forex reserves at USD 361 billion in January enough to cover 12 months needs.
17) CAD declined from 1 percent last year to 0.3 percent in first half of current fiscal: FM
18) India has emerged as bright spot in the world: FM.
19) Uncertainty around commodity prices especially oil to have impact on emerging economies: FM
20) Oil prices, rising dollar and volatile commodity prices seen as risks to Indian economy.
21) India is seen as engine of global growth, have witnessed historic reform in last one year.
22) Demonetisation is a bold and decisive measure, for many decades tax evasion was a way of life for many.
23) I am reminded of what our father of the nation Mahatma Gandhi said: “A right cause never fails”.
24) The pace of remonetisation has picked up.
25) Effects of demonetisation not expected to spill over to next year.
26) Agricultural sector is expected to grow at 4.1 per cent this fiscal, says Jaitley.
27) Demonetisation was a bold and decisive strike in a series of measures to arrive at a new norm of bigger, cleaner and real GDP.
28) Committed to double farm income in 5 yrs.
29) Plan, non-plan classification of expenditure done away with in the Budget for 2017-18 to give a holistic picture.
30) Mini labs by qualified local entrepreneurs to be set up for soil testing in all.
31) Budget presentation advanced to help begin implementation of schemes before onset of monsoon.
32) We will continue the process of economic reform for the benfit of poor.
33) Spend more in rural areas, infra, poverty alleviation, while maintaining fiscal prudence as guiding principle of Budget.
34) Our agenda for next year is to transform, energise and clean India.
35) World Bank expects GDP growth rate at 7.6 percent in FY18 and 7.8 percent in FY19.
36) Agriculture sector is expected to grow at 4.6%, agriculture expenditure targeted at Rs 10 lakh crore.
37) 36% increase in FDI flow; forex reserves at $361 billion in January, which is enough to cover 12 months needs.
38) Allocation under MNREGA increased to 48,000 crore from 38,500 crore.This is highest ever allocation.
39) Total allocation for rural,agricultural and allied sectors for 2017-18 is 1,87,223 crores. which is 24 percent higher than last year.
40) One crore houses for poor by 2019.
41) Safe drinking water to cover 28,000 arsenic and Fluoride-affected habitations in the next four years.
42) Two new All India Institute of Medical Sciences(AIIMS) to be set up in Jharkhand and Gujarat.
43) 3500km railway lines to be put up.
44) Service charge on rail tickets booked through IRCTC to be withdrawn.
45) Rail safety fund with corpus of Rs 100,000 crore will be created over a period of five years.
46) A new metro rail policy will be announced, this will open up new jobs for our youth.
47) Foreign investments Promotion Board(FIPB) to be abolished.
48) Allocation for infrastructure standa at a record of 3,96,135 crore.
48) Allocation under MNREGA increased to 48,000 crore from Rs 38,500 crore. This is highest ever allocation.
49) Rs 9,000 cr higher allocation for payment of sugarcane arrears.
50) Target of agriculture credit fixed at Rs 10 lakh cr in 2017-18.
51) Tax administration honouring the honest is one of the 10 pillars of Budget 2017-18.
52) National Testing agency to conduct all examinations in higher education, freeing CBSE and other agencies.
53) 133-km road per day constructred under Pradhan Mantri Gram Sadak Yojana as against 73-km in 2011-14.
54) Govt to set up dairy processing fund of Rs 8,000 crore over three years with initial corpus of Rs 2,000 crore.
55) 1 cr households to be brought out of poverty under Antodya Scheme.
56) Participation of women in MNREGA increased to 55 percent from 45 percent in past.
57) Modern law on contract farming will be drafted and circulated to states.
58) Dedicated micro-irrigation fund to be created with a corpus of Rs 5000 crore.
59) Market reforms will be undertaken, states will be asked to denotify perishables from Essential Commodities Act.
60) Space technology to be used for monitoring MNREGA implementation.
61) Sanitation coverage in villages has increased from 42 percent in Oct 2016 to 60 percent, a rise of 18 percent, says FM.
62) We propose to provide safe drinking water to 28,000 arsenic and fluoride affected habitations.
63) Jaitley reduces income tax rate from 10% to 5% for tax slab of 2.5 lakhs to 5 lakhs.
64) Surcharge of 10% for those whose annual income is Rs 50 lakhs to Rs 1 crore .
65) 15% surcharge on incomes above Rs 1 crore to continue.
66) Food subsidy estimated at Rs 1.45 trillion in 2017/18 versus Rs 1.35 trillion revised estimate for 2016/17.
67) To construct one crore houses by 2019 for homeless. PM Awas Yojana allocation raised from Rs 15,000 cr to Rs 23,000 cr.
68) 100 percent electrification of villages to be completed by May 2018.
69) 27,000 cr on to be spend on PMGSY; 1 cr houses to be completed by 2017-18 for houseless.
70) 1.5 lakh health sub centres to be converted to Health Wellness Centres.
71) National Housing Bank will refinance indiviual loans worth Rs 20,000 crore in 2017-18.
72) Rs 500 cr allocated to set up Mahila Shakti Kendras; Allocation raised from Rs 1.56 lakh cr to Rs 1.84 lakh cr for women & child welfare.
73) Capital and development expenditure pegged at Rs 1.31 lakh cr for railways in 2017-18 from Budget.
74) Allocation for SCs increased from Rs 38,833 cr to Rs 52,393 cr, a rise of 35 per cent.
75) 35 percent increase in allocation for SC to Rs 52,393 cr.
76) 500 stations will be differently abled by providing lifts and escalators.
77) Unmanned railway level crossings to be eliminated by 2020.
78) Railway line of 3,500 km will be commissioned in 2017-18 as against 2,800 km in 2016-17.
79) Total allocation for rural, agri and allied sectors for 2017-18 is a record Rs 1,87,223 cr, up 24 per cent from last year.
80) Rs 1 lakh cr corpus for railway safety fund over five years.
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