Finance Minister Arun Jaitley presented the Union Budget 2017

Finance Minister Arun Jaitley presented the Union Budget 2017, his fourth annual budget, today. Here are the highlights of this year’s budget:

Income Tax rate cut to 5 pc for individuals having income between Rs 2.5 lakh to Rs 5 lakh

10 pc surcharge on individual income above Rs 50 lakh and upto Rs 1 cr to make up for Rs 15,000 cr loss of due to cut in personal I-T rate

15 pc surcharge on income above Rs 1 cr to continue

Of 3.7 cr individuals who filed tax returns in 2015-16, 99 lakh showed income below exemption limit

 

Direct tax collection not commensurate with income and expenditure pattern

Budget 2017

Budget 2017

Revenue deficit reduced to 2.1 pc from 2.3 pc for 2016-17

Govt pegs fiscal deficit target at 3.2 per cent for 2017-18 and 3 per cent for next year.

Monetary policy to be expansionary in major economies

More steps will be taken to benefit farmers and the weaker sections; budget being presented during weak global economy
Pace of remonetisation has picked up; demonetisation effects will not spill over to next year

Functional autonomy of the railways to be maintained

Demonetisation will help in transfer of resources from tax evaders to government:

Merger of Railways Budget with General Budget brings focus on a multi-modal approach for development of railways, highways and inland water transport

Only transient impact on economy due to demonetisation; long term benefit include higher GDP growth and tax revenue

GDP will be bigger, cleaner after demonetisation

Effects of demonetisation not expected to spill over to the next year, says Finance Minister

Govt took two tectonic policy initiatives – passage of GST Bill and demonetisation

Demonetisation was a continuation of series of measures taken by govt in 2 yrs; it is bold and decisive measure

We are seen as engine of global growth; IMF sees India to grow fastest in major economies
36 pc increase in FDI flow; forex reserves at USD 361 billion in January enough to cover 12 months needs
CAD declined from 1 pc last year to 0.3 pc in first half of current fiscal: FM
India has emerged as bright spot in the world: FM
Uncertainty around commodity prices especially oil to have impact on emerging economies: FM

Double digit inflation has been controlled; sluggish growth replaced by high growth; war on blackmoney launched: FM

Agricultural sector is expected to grow at 4.1 per cent this fiscal, says Jaitley

Demonetisation was a bold and decisive strike in a series of measures to arrive at a new norm of bigger, cleaner and real GDP

Committed to double farm income in 5 yrs


Plan, non-plan classification of expenditure done away with in the Budget for 2017-18 to give a holistic picture

Mini labs by qualified local entrepreneurs to be set up for soil testing in all 648 krishi vigyan kendras in the country
Budget presentation advanced to help begin implementation of schemes before onset of monsoon

We will continue the process of economic reform for the benfit of poor.

Spend more in rural areas, infra, poverty alleviation, while maintaining fiscal prudence as guiding principle of Budget
Our agenda for next year is to transform, energise and clean India
World Bank expects GDP growth rate at 7.6 pc in FY18 and 7.8 pc in FY19

Allocation under MNREGA increased to 48,000 crore from Rs 38,500 crore. This is highest ever allocation

Rs 9,000 cr higher allocation for payment of sugarcane arrears
Target of agriculture credit fixed at Rs 10 lakh cr in 2017-18
National Testing agency to conduct all examinations in higher education, freeing CBSE and other agencies
133-km road per day constructred under Pradhan Mantri Gram Sadak Yojana as against 73-km in 2011-14
Govt to set up dairy processing fund of Rs 8,000 crore over three years with initial corpus of Rs 2,000 crore


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

Participation of women in MNREGA increased to 55 pc from 45 pc in past

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

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

Market reforms will be undertaken, states will be asked to denotify perishables from Essential Commodities Act
Space technology to be used for monitoring MNREGA implementation

Two new AIIMS to be set up Jharkhand and Gujarat
As against 4.2 crore people working in organised sector, only 1.74 crore individuals filed income tax returns


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1 Response

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