Posted By:Infra Bazaar Pvt Ltd
Indian Union Budget for the fiscal year 2017 to 2018 is out.
- Amidst economic gloom India stands out as a bright spot.
- The focus will be on empowering youth to reap benefits of growth and employment.
- IMF estimates world GDP will grow by 3.4 per cent in 2017.
- Oil prices, rising dollar and volatile commodity prices seen as risks to Indian economy.
- India is seen as engine of global growth, have witnessed historic reform in last one year.
- Demonetization is a bold and decisive measure, for many decades tax evasion was a way of life for many.
- Note ban is expected to have only a transient impact on economy.
- I am reminded of what our father of the nation Mahatma Gandhi said: "A right cause never fails".
- The pace of demonetization has picked up.
- Effects of demonetization not expected to spill over to next year.
- Budget preponement to February 1 will give sufficient time to departments to implement government schemes.
- Our Budget agenda is - transform, energize and clean India - TEC India.
- Our approach in preparing the Budget is to spend more on rural areas, infrastructure and poverty alleviation with fiscal prudence.
- Agriculture sector is expected to grow at 4.6%, agriculture expenditure targeted at Rs 10 lakh crore.
- 36% increase in FDI flow; Forex reserves at $361 billion in January, which is enough to cover 12 months needs.
- Allocation under MNREGA increased to 48,000 crore from Rs 38,500 crore. This is highest ever allocation.
- Total allocation for rural, agricultural and allied sectors for 2017-18 is Rs 187223 crore, which is 24% higher than last year.
- Govt. will build one crore houses by 2019 for the poor.
- Safe drinking water will be provided to 28,000 habitations affected by Arsenic and Fluoride in the next four years.
- Govt. to lay 133 km road per day under Pradhan Mantri Gram Sadak Yojana as against 73-km laid in 2011-14.
- For senior citizens, Aadhar cards giving their health condition will be introduced.
- Govt. will build two new All India Institute of Medical Sciences (AIIMS) hospitals one in Jharkhand and other in Gujarat.
- Maximum cash donation any party can receive will be Rs 2000 from one source.
- Political parties will be entitled to receive donations by cheques or digital modes.
- An amendment has been proposed to RBI Act to enable the issuance of electoral bonds for political funding.
- Govt. will lay 3500 km of railway lines.
- Service charge on rail tickets booked through IRCTC to be withdrawn.
- Rail safety fund with corpus of Rs 100,000 crore will be created over a period of five years.
- 500 rail stations to be made differently abled-friendly by providing lifts and escalators.
- A new metro rail policy will be announced, this will open up new jobs for our youth.
- Foreign investment promotion board (FIPB) to be abolished.
- Allocation for infrastructure stands at a record Rs 3,96,135 crore.
- Government to set up strategic crude oil reserves in Odisha and Rajasthan.
- 1.25 crore people have already adopted Bhim App for digital payments.
- Aadhaar Pay: - An app for merchants - to be launched 20 lakh Aadhaar based POS by September 2017.
- Government is considering introduction of new law to confiscate assets of offenders who escape the country.
- Defense expenditure excluding pension is pegged at Rs 2.74 lakh crore.
- Fiscal deficit for 2017-18 pegged at 3.2 percent of GDP.
- Fiscal deficit target for next three years pegged at 3 percent.
- India's tax-to GDP ratio is very low. We are largely a tax non compliance society, when too many people evade taxes burden falls on those who are honest.
- Out of 3.7 crore who filed tax returns in 2015-16, only 24 lakh persons showed income above Rs 10 lakh.
- Of 76 lakh individuals who reported income of over Rs 5 lakh, 56 lakh are salaried.
- Small firms with turnover up to Rs 50 crore to pay 25% tax now, instead of 30%.
- Govt. has accepted the suggestion by SIT that no cash transaction above Rs 3 lakh to be accepted.
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