Union Budget 2017-18 Highlights #Hindustan360

#Hindustan360

Finance Minister Arun Jaitley presented the Union budget 2017-2018 in Lok Sabha today. Here is the complete highlight for you. View more at #Hindustan360.

Jaitley said the demonetisation move by Prime Minister Narendra Modi on 8th Nov, 2016 will not have a lasting impact on the economy. Jaitley also announced that the budget allocation for welfare of women and children under various ministries will be increased to Rs 1,84,632 cr.

Important Updates

  • With better monsoon, agriculture is expected to grow at 4.1%. Target for agricultural credit for 2017-18 is set at ten lakh crore, announces Arun Jaitley
  • We will support Nabard for 63,000 functional PACs. Done in 3 years at an estimated cost of Rs 1,900 cr.
  • Issurance of soil health cards have gathered momentum. Fasal Bima Yojana – 40% cropped area to be covered in 2017-18, 50% in 2018-19.
  • A dedicated fund worth Rs 5,000 crore to be set up for micro-irrigation under Nabard
  • MGNREGA should create productive asets to improve farm productivity, incomes. MNREGA allocation increased.
  • Highest ever allocation for MNREGA at Rs 48,000 crore. Participation of women in MGNREGA up to 55%.
  • PMGSY roads work accelerated to 133 km roads/day in 2016-17 as against 73km/day during 2011-14, says Arun Jaitley.
  • Sanitation in rural areas has gone up from 42% in October 2014 (launch of Swachh Bharat) to 60% now.
  • Allocation for Pradhan Mantri Awaaz Yojana up from 15,000 cr to 23,000 cr.
  • Minilabs by qualified local entrepreneurs to be set up for soil testing in all 648 krishivigyan kendras in the country.
  • 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; Quality education will energize our youth. Skill centres will be set up across the country to help youth seeking opportunities outside the country.
  • SANKALP – 4000 crores allotted to train for market oriented training. At least 3.5 crore youth will be provided market-relevant training under Sankalp programme.
  • The government is looking 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 piped water supply
  • Budget allocation for welfare of women and children under various ministries increased to Rs 1,84,632 cr.
  • On health, the government proposes to eliminate tuberculosis by 2025. Two new AIIMS Hospitals to be set up in Jharkhand and Gujarat
  • Jaitley also announced the restructuring of University Grants Commission.
  • Focus is on swachch railways, says Jaitley. Steps will be taken to launch dedicated trains for pilgrimage and tourism, he says.
  • Rs 1.3 lakh crore has been allotted for solar power, disabled friendly stations. Rail safety fund with a corpus of Rs 100,000 crore to be created over a period of 5 years. Jaitley announces Rs 55000 crore for Railways in Budget 2017.
  • Good news for all those who book tickets on IRCTC. You will no longer have to pay service charge, announces Jaitley.
  • A new metro rail policy will be announced, this will open up new jobs for our youth: FM Jaitley
  • At least 25 stations expected to be awarded during 2017-18; 500 stations will be made differently abled-friendly by providing lifts and escalators
  • 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.
  • Total investment for infrastructure in budget 2017 stands at a record Rs 3,96,135 cr, says Arun Jaitley.
  • The Foreign Investment Promotion Board has been abolished, Jaitley announced, adding that further liberalisation in the FDI policy would be taken in the next few days.
  • Transport sector allocated Rs 2.41 lakh crore and Bharat Net Project allocated Rs 10,000 crore
  • Allocation for SCs increased from Rs 38,833 cr to Rs 52,393 cr, a rise of 35 per cent, Jaitley says.
  • Action plan to eliminate Kala Azar and Filariasis by 2017, Leprosy by 2018, Measles by 2020 and Tuberculosis by 2025
  • Priority will be given to tribal, Dalit, women to setup greenfield enterprises, says Arun Jaitley
  • 125 lakh people adopted the BHIM app so far; merchant version of Aadhaar-enabled payment will be launched shortly for those without debit cards, mobile phones. Govt will launch two new schemes to promote the use of BHIM app.
  • Railway tariffs to be fixed on the basis of cost, social obligation and competition; Railway related state-run companies like Ircon, IRCTC to be listed on stock exchanges, says Arun Jaitley
  • Chandigarh and eight districts of Haryana have been declared Kerosene free
  • Select airports in tier-II cities to be taken up for operations, development on PPP mode
  • New law to confiscate properties/assets of economic offenders fleeing country
  • Forex reserves to offer a cover for 12 months of imports, announces Arun Jaitley
  • Good news for those who have to travel long distances for obtaining a passport. Arun Jaitley has announced that Head Post Offices will now be used as the front office for passport services.
  • The total expenditure of budget 2017-18 has been placed at Rs 21.47 lakh crore, says Arun Jaitley
  • Defence expenditure excluding pension at Rs 2.74 lakh crore, says FM Arun Jaitley
  • Total resources being transferred to the states & union territories with legislature is Rs 4.11 lakh crore. Budget allocation for highways stepped up to Rs 64,000 crore in FY18 from Rs 57,676 crore. Allocation for national highways stepped up to Rs 64,000 cr from Rs 57,676 cr. Fiscal Deficit target for 2017-18 is 3.2%.
  • Predominance of cash in our economy makes it easy for people to avoid taxes, we are largely a tax non compliance society, when too many people evade taxes burden falls on those who are honest, says Arun Jaitley.
  • 3.7 crore individuals filed tax returns, 99 lakh of them below taxable limit. Number of people with more than 50 lakh income is 1.26 lakh, says Jaitley
  • Coastal roads of 2,000 kms to accelerate development of Coastal Economic Zones
  • The rate of growth in advance tax in personal income tax domains has increased by 34.81%
  • Due to demonetisation advance tax on personal income tax increased by 34.8%
  • Of 76 lakh individuals who reported income of over Rs 5 lakh, 56 lakh are salaried, says Jaitley
  • Deposits between Rs 2-80 lakh made in 1.09 cr accounts post demonetisation, says Jaitley
  • The net tax revenue grew by 17% in 2015-16, says Jaitley
  • Tax rate for companies with an annual turnover up to 50 crores to be reduced to 25%, to strengthen MSME sector
  • Basic customs duty on LNG to be reduced from 5% to 2.5%, announces Arun Jaitley
  • We are committed to make our taxation rate reasonable, our tax administration more fair and expand the tax base of the country
  • No cash transcations above Rs 3 lakh, announces Arun Jaitley
  • A proposal to receive all government receipts beyond a certain threshold through e-modes under consideration
  • Political parties will be entitled to recieve donations by cheque or digital mode
  • Max amount political party can receive in cash donation will be Rs 2000 from any one source
  • What do the markets look like right now? BSE Sensex at 27,656.70; Nifty at 8,548.85
  • Govt considering option to amend Negotiable Instruments Act to ensure that holders of dishonoured cheques get payment
  • Jaitley reduces existing rate of taxation for individuals with income between 2.5 lakh to 5 lakh to 5% instead of 10%
  • One page tax filing form for taxable income under Rs 5 lakh

View more at #Hindustan360.