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Old 02-01-2017, 11:17 AM
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priya.sharma priya.sharma is offline
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Default India Union Budget 2017- 2018 – Highlights

Today Finance Minister Arun Jaitley presented the Union budget 2017-2018 in Lok Sabha .

Union Budget 2017 LIVE updates :

- Finance Minister Arun Jaitley announces Rs 55000 crore for Railways in Budget 2017- 2018. Rs 1.3 Laqkh crore has been allocated for solar power, disabled friendly stations.

- Focus is on the swachch railways, says Jaitley. And also appropriate steps will be taken to launch dedicated trains for pilgrimage and tourism.

- Restructuring of University Grants Commission is announced .

- The government proposes to eliminate the tuberculosis by 2025 . Also two new AIIMS Hospitals to be set up in Jharkhand and Gujarat.

- Budget allocation for the welfare of women and children under different ministries increased to Rs 1,84,632 cr.

- The government will complete 1,00,00,000 houses by 2019 for the houseless.

- SANKALP - 4000 crores alloacted to train for market oriented training. Near about 3.5 Crore youth will be provided market-relevant training under this programme.

- For the youth the government proposed a system of measuring annual learning. Main fous should be on the Science. Across the country to help youth skill centres will be set up.

- By May 1,2018 100 percent village electrification will be achieved .

- In all 648 krishivigyan kendras in India minilabs by the qualified local entrepreneurs to be set for the soil testing .

- Allotment for the Pradhan Mantri Awaaz Yojana up from 15,000 cr to 23,000 cr.

- Sanitation in rural areas has gone up from 42% in October 2014 (launch of Swachh Bharat) to 60% now.

- PMGSY roads work accelerated to 133 km roads/day in 2016-17 as against 73km/day during 2011-14, says Arun Jaitley

- 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%.

- 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

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

- Surplus liquidity in banking system created by demonetisation will lower borrowing cost and increase access to credit.

-My aim while preparing the budget this year has been to spend more in rural areas, infrastructure and poverty alleviation and yet maintain fiscal prudence. We have done away with planned and non planned allocation of resources to states, Jaitley says.

- Demonetisation to create a new normal for a bigger, cleaner GDP; slowdown, if any, will be only transient. Effects of demonetisation will not spill over to the next year. Demonetisation is a bold and decisive measure, for many decades tax evasion was a way of life for many. I am reminded of what our father of the nation Mahatma Gandhi said ‘a right cause never fails’.

- India’s Current Account Deficit decreased frm about 1% of GDP last yr to 0.3% of GDP in 1st half of 2016-17. Growth in a number of emerging economies is expected to recover in 2017. India remains a bright spot in global economy, we are seen as an engine of global growth.

- CPI inflation is expected to remain within RBI’s mandated range of 2 to 6 percent. International Monetary Fund estimates that the world GDP will grow by 3.1% in 2016 and 3.4% in 2017.

-FII has increased from Rs 1.07 lakh crore to Rs 1.45 lakh crore. India has become the sixth largest manufacturing country in the world. Government has ensured fiscal consolidation without cutting back on public investments.

-Expectations included burning issues like inflation and price rise, issue of corruption and crony capitalism. Our focus will be on energising youth to reap benefits of growth and employment. Growth in a number of emerging economies is expected to recover in 2017.

5 Tax changes that could be introduced in Union budget 2017-2018 :

1. Personal Income Tax

Increase in the individual income tax slab limits is expected to be the highlight of the budget in order to revive the consumption cycle. SBI forecast an increase in the personal income tax exemption limit from Rs 2.5 lakh to Rs 3 lakh.

2. Excise Duty

Excise duty exclusion on some food items (ice-cream, cheese, RTE, packaged juices, etc) may be lifted as a step moving towards the GST. Currently, on some food items enjoy 0-6% excise duty.

3. Tax on cigarettes

Given huge illegal market share, tax increase should be modest at 8-10% hike in the excise duty for cigarettes. If hike is higher than 10%, then it is negative for all cigarette companies.

4. Corporate Tax Rates

With surcharge and cess, corporate tax rates in India are among the highest plus Immediate reduction in the rates is an imperative to counter the effect of demonetisation . Minimum alternate tax rates could be rationalised also.

5. Deduction for infrastructure bonds

Tax-saving infrastructure bonds, which allowed the investors to get additional tax deductions, could be reintroduced.

Priya Sharma

Last edited by priya.sharma : 02-01-2017 at 11:20 AM.
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Old 02-01-2017, 11:34 AM
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Shilparana Shilparana is offline
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Arun Jaitley said 100 international skill centres will be set up to help youth to seek job opportunities. Colleges will be identified based on accreditation. Courses on foreign languages to be introduced. Good step taken by Government for education We can say it proudly.
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Old 02-01-2017, 12:51 PM
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Sapnathakur Sapnathakur is offline
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Great Budget! especially jobs opportunity for youth - A new metro rail policy will be announced, this will open up new jobs for our youth and Budget allocation for the welfare of women and children under different ministries increased to Rs 1,84,632 cr.
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Old 02-01-2017, 02:15 PM
Priyanka Gupta Priyanka Gupta is offline
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Posts: 66

The finance minster announced limit of maximum cash donation to any party should be Rs 2000 from individual source. Hope this news will limit the black money investments in political parties as donation during elections.
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