Budget 2017 Highlights
Key highlights of Budget 2017-18
Union Budget New Delhi : Arun Jaitely ,the formal Finance minister presented the most awaited Bugdet for 2017-18 in Lok Sabha ,which can be rightly said as a history breaker moment due to being evocated on 1 Feb, instead of getting presented on month endunlike previous years.
While addressing the house , Jaitley gave a thorough overview of the present performance of the economy in various sectors and the rapid changes that took after demonetization.
Hence this time as highlighted by Jaitley “Budget is meant to focus on an effective development spending for rural and infrastructural policies. Also it will be narrated in ten distinct sections focusing on youth development, rural upliftment ,financial sector, digitization, tax administration, fiscal management, agriculture, poor and unprivileged
,public support services and infrastructure allocation. In this post we have enlightened only major highlights to this year budget which are listed as :
For Youth development
By establishing a National Testing Agency for entrance exams for higher education and relieving CBSE,AICTE & other bodies .
developing more than 100 skill centres with foreign languages studies and related courses.
schemes for generating more employment in leather and footwear making sector
allocating 4000 cr for promoting e-learning with platforms like SWAYAM and training programs like SANKALP focusing on skill acquisition
Giving proper identification reforms to UG Colleges.
developing platforms like DigiGaon for initiating rural education
For Rural Upliftment :
Ensuring electrification of villages by MAY 2018
Allocating 2300 cr for PMAY (Pradhan mantra awas yojana)
Mason and Pottery Traning to more than 5 lakh people
Allocating 19000 cr to PMGSY (Prime minister gramin sadak yojana) for developing good road base to cities and villages .
Ensuring new houses allocation to more than 1 crore people living in kacha houses
Allocating 48000 cr for ensuring 55% involvement of women in MNREGA
Allocating 1,87,223 cr for other rural programs .
For Financial sector :
Restricting cash transaction more than 3 lakh
Neglecting to cancellation proposal of MAT(Minimum alternate tax) and to carry it to 15 yrs instead of 10yrs
To cut down custom duty on LNG from 5 to 2.5%
Capital gain to be taxed after 2 yr instead of 3yr on immovable property
By creating a payment regulatory board at RBI
Giving more potential to FIF ( Financial Inclusion Fund)
By promoting digital transaction by ADHAAR pay and BHIM app with effective cashback options
Giving more stress to cyber security
For Tax Administration
Reduced tax slab from 10% to 5 % for income base of 2.5-5 lakh
Levying a 10% surcharge on high income base of 50 lakh to 1 crore
No tax for people upto income earning upto 3 lakh
Tax base for MSMEs reduced to 25%, having turnover of more than 50 crore.
For Fiscal Management
To cut down fiscal deficit to 3.2 % of GDP and Revenue deficit to 1.9% by FY18
Estimation to total budget expenditure is 21 trillion.
To allocate 2.74 trillion to defence sector
To allocate more than 3000 cr to various budget sectors
By setting up mini-labs for Krishi Vigyan Kendres
Issuing soil health cards to farmers
To allocate 40000 cr to LRI (Long term irrigation fund) and 5000 cr to micro irrigation fund
Allocating 8000 cr to infrastructure of dairy processing
To boost better credit facility for farmers.
For Poor And Unprivileged
To build two new AIIMS for Gujarat and Jharkhand
Allocation more than 1.84 trillion to health and education of women and children
Allocating Rs 500 cr to development of MAHILA ASHRAM KENDRAS
Generating of smart cards for Senior citizens
Various new reforms for Labour laws
Allocating Rs 52,393 cr to SC s and STs minority affairs Public Support Service
Cancellation of service charge to e-booking of IRCTC rail tickets
Allocating Rs 64000 cr to development of national highways
Allocating Rs 2 trillion to transport sector
Initiating formation of Export Infra for export promotion
Allocating Rs 2.44 trillion to PMMY (Pradhan Mantra Mudra Yojana)
Ensuring development of Railway lines of 3500km
More 500 stations to be improved for disabled people
Eliminating unmanned level crossing by 2020
Allocating fund to Passenger Safety
To estimate total development budget expenditure around Rs 1.34 trillion Over all, This part of budget of 2017-18 is expected to be a economy booster as no major changes have been done to tax slabs and financial reforms of the corporate sector while more stress have been given to the lower income group and digitization of the economy.