Union Budget Highlights 2017-2018

Union Budget Highlights 2017-2018 |Infra Bazaar

Posted By:Infra Bazaar Pvt Ltd

Indian Union Budget for the fiscal year 2017 to 2018 is out.

  1. Amidst economic gloom India stands out as a bright spot.

  2. The focus will be on empowering youth to reap benefits of growth and employment.

  3. IMF estimates world GDP will grow by 3.4 per cent in 2017.

  4. Oil prices, rising dollar and volatile commodity prices seen as risks to Indian economy.

  5. India is seen as engine of global growth, have witnessed historic reform in last one year.

  6. Demonetization is a bold and decisive measure, for many decades tax evasion was a way of life for many.

  7. Note ban is expected to have only a transient impact on economy.

  8. I am reminded of what our father of the nation Mahatma Gandhi said: "A right cause never fails".

  9. The pace of demonetization has picked up.

  10. Effects of demonetization not expected to spill over to next year.

  11. Budget preponement to February 1 will give sufficient time to departments to implement government schemes.

  12. Our Budget agenda is - transform, energize and clean India - TEC India.

  13. Our approach in preparing the Budget is to spend more on rural areas, infrastructure and poverty alleviation with fiscal prudence.

  14. Agriculture sector is expected to grow at 4.6%, agriculture expenditure targeted at Rs 10 lakh crore.

  15. 36% increase in FDI flow; Forex reserves at $361 billion in January, which is enough to cover 12 months needs.

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

  17. Total allocation for rural, agricultural and allied sectors for 2017-18 is Rs 187223 crore, which is 24% higher than last year.

  18. Govt. will build one crore houses by 2019 for the poor.

  19. Safe drinking water will be provided to 28,000 habitations affected by Arsenic and Fluoride in the next four years.

  20. Govt. to lay 133 km road per day under Pradhan Mantri Gram Sadak Yojana as against 73-km laid in 2011-14.

  21. For senior citizens, Aadhar cards giving their health condition will be introduced.

  22. Govt. will build two new All India Institute of Medical Sciences (AIIMS) hospitals one in Jharkhand and other in Gujarat.

  23. Maximum cash donation any party can receive will be Rs 2000 from one source.

  24. Political parties will be entitled to receive donations by cheques or digital modes.

  25. An amendment has been proposed to RBI Act to enable the issuance of electoral bonds for political funding.

  26. Govt. will lay 3500 km of railway lines.

  27. Service charge on rail tickets booked through IRCTC to be withdrawn.

  28. Rail safety fund with corpus of Rs 100,000 crore will be created over a period of five years.

  29. 500 rail stations to be made differently abled-friendly by providing lifts and escalators.

  30. A new metro rail policy will be announced, this will open up new jobs for our youth.

  31. Foreign investment promotion board (FIPB) to be abolished.

  32. Allocation for infrastructure stands at a record Rs 3,96,135 crore.

  33. Government to set up strategic crude oil reserves in Odisha and Rajasthan.

  34. 1.25 crore people have already adopted Bhim App for digital payments.

  35. Aadhaar Pay: - An app for merchants - to be launched 20 lakh Aadhaar based POS by September 2017.

  36. Government is considering introduction of new law to confiscate assets of offenders who escape the country.

  37. Defense expenditure excluding pension is pegged at Rs 2.74 lakh crore.

  38. Fiscal deficit for 2017-18 pegged at 3.2 percent of GDP.

  39. Fiscal deficit target for next three years pegged at 3 percent.

  40. 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.

  41. Out of 3.7 crore who filed tax returns in 2015-16, only 24 lakh persons showed income above Rs 10 lakh.

  42. Of 76 lakh individuals who reported income of over Rs 5 lakh, 56 lakh are salaried.

  43. Small firms with turnover up to Rs 50 crore to pay 25% tax now, instead of 30%.

  44. Govt. has accepted the suggestion by SIT that no cash transaction above Rs 3 lakh to be accepted.