Finance Minister Arun Jaitley presents the Union Budget 2017 on Wednesday, February 1 at 11 AM. The union budget 2017 is considered to be the most historic and unique budget in the history of Independent India, considering that fact that it would be presented on February 1, doing way with the former date of presentation on the last working day of the month. The budget also holds significance due to its close proximity to the announcement of the demonetisation drive by Prime Minister Narendra Modi on November 8, 2016.

Here are the highlights of the Union Budget 2017:

FM Jaitley concludes his Budget speech

DnB Insta-Analysis on Budget 2017: Corporate tax reduction will support financial health of msmes segment

Surcharge of 10% for those whose annual income is Rs 50 lakh to 1 crore: FM Jaitley

Propose to reduce existing rate of taxation of those with income between 2.5 lakh to 5 lakh from 10% to 5%, says FM Jaitley

EY India Insta-Analysis on Budget 2017: Corporate tax rate for small companies having turnover upto 50 cr. reduced to 25%. Will benefit 96% of companies in India

Political parties will be entitled to receive donations by cheque or in the digital mode from their donors: FM Jaitley

Maximum cash donation to political parties limited to Rs 2,000: FM Arun Jaitley

SIT has suggested no cash transaction above Rs 3 lakhs. Government has accepted this, says FM Jaitley

I propose to reduce basic customs duty on LNG from 5% to 2.5% in 2017-18, says FM Arun Jaitley

Not to remove Minimum Alternative Tax in 2017-18; Propose to allow a carry forward of MAT for a period of 15 yrs as against 10 years now, says FM

Income tax for small companies with an annual turn over of 50 crore, now to pay 25%, a 5% reduction, says FM

Capital gains tax to be exempted, for persons holding land from which land was pooled for creation of state capital of Telangana, says FM

The net tax revenue grew by 17% in 2015-16, says FM Arun Jaitley

Plan to extend basket of financial instruments to which the capital gains can be invested sans payment of tax, says Jaitley

Due to demonitisation advance tax on personal Income tax increased by 34.8%, says FM

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

We are largely a tax non compliant society, when too many people evade taxes burden falls on those who are honest, says FM Jaitley

Of 76 lakh individuals who reported income of over Rs 5 lakh, 56 lakh are salaried, says FM

More funds beyond Rs 10,000 cr for recapitalisation of banks will be provided if needed, says Jaitley

The shares of railway CPSEs like IRCTC and IRFC to be listed on various stock exchanges, says Arun Jaitley

New ETF with diverse stocks will be launched in 2017-18, says FM

We are largely a tax non-compliant society, says FM Jaitley

Urgent need to protect poor from chit fund schemes, draft bill placed in public domain, says FM

Computer emergency response team to be set for cyber security of financial sector, says FM

Government to further liberalise FDI policy, says FM

Rs 2,74,114 cr allocated for defence expenditure, excluding pension; This includes Rs 86,000 cr for defence capital, says FM

Second phase of solar power development to be taken up with an aim of generating 20,000 MW, says FM

Trade Infrastructure Export Scheme to be launched in 2017-18; total allocation for infra at record Rs 3.96 lakh cr, says FM

Digi Gaon will be launched to promote tele-medicine and education, says FM

Crude oil strategic reserves to be set up in Odisha and Rajasthan apart from 3 already constructed, says FM

Government provides Rs 2.41 lakh crore for transport sector, including railways, road and shipping, says FM

Coverage of Fasal Bima Yojana to go up from 30 pc of cropped area to 40 pc in 2017-18 and 50 pc next year, says FM

Select airports in tier-II cities to be taken up for operations, development on PPP mode, says FM

Railway tariffs to be fixed on the basis of cost, social obligation and competition, says FM

Fiscal Deficit target for 2017-18 is 3.2%, says FM Jaitley

Have increased allocation for scientific ministry to Rs 37,435 cr in 2017-18, says FM

Total resources being transferred to the states & union territories with legislature is Rs 4.11 lakh crore, says FM Arun Jaitley

Total expenditure of budget 2017-18 has been placed at Rs 21.47 lakh crore, says FM

Defence expenditure excluding pension at Rs 2.74 lakh crore, says FM Arun Jaitley

The Aadhar enabled payment system to be launched soon;Banks have targeted to introduce additional 10 lakh Point-of-Sale terminals by Mar’17, says FM

Government considering introduction of new law to confiscate assets of offenders who escape the country, says FM

Chandigarh and eight districts of Haryana have been declared Kerosene free, says FM

Unmanned railway level crossings to be done away with by 2020, says FM Jaitley

Propose to double the lending target of Pradhan Mantri Mudra Yojana and set it up at Rs 2.44 lakh crore for 2017-18, says FM Arun Jaitley

KPMG in India Insta-Analysis: FIPB may be phased out by 2017-18, New FDI policy under consideration

Propose to double the lending target of Pradhan Matri Mudra Yojana and set it up at Rs 2.44 lakh crore for 2017-18: FM Arun Jaitley

3.5 Crore youth will be trained under Sankalp program launched by the government, says FM Jaitley

Railway related state-run companies like IRCON and IRCTC to be listed on stock exchanges, says FM Jaitley

During 2017-18, another 5 lakh ponds will be constructed, for drought-proofing, says FM Jaitley

Action plan to eliminate Kala Azar & Filariasis by 2017, Leprosy by 2018, Measles by 2020 & Tuberculosis by 2025, says FM

Allocation to electronics manufacturers schemes like MSIPS increased to all time high of Rs 745 crores with 250 proposals received, says FM

The Foreign Investment Promotion Board has been abolished, says FM Jaitley

Transport sector allocated Rs 2.41 Lakh crore and Bharat Net Project allocated Rs 10,000 crore, says FM Jaitley

Service charges on e-tickets booked through IRCTC will be withdrawn, says FM Arun Jaitley

Railways will integrate end to end transport solutions for selected commodities through partnership, says FM Jaitley

By 2019, all coaches of Indian Railways will be fitted with Bio-toilets, says FM Arun Jaitley

Atleast 25 stations expected to be awarded during 2017-18; 500stations to be made differently abled-friendly by providing lifts&escalators, says FM

A new metro rail policy will be announced, this will open up new jobs for our youth, says FM Jaitley

Rail safety fund with a corpus of Rs 100,000 crore to be created over a period of 5 years, says FM Jaitley

Steps will be taken to launch dedicated trains for pilgrimage and tourism, says FM Jaitley

Two new All India Institute of Medical Sciences(AIIMS) to be set up in Jharkhand and Gujarat, says FM Arun Jaitley

Allocation to SC/ST increased by 35% to Rs 52,393 cr in FY18 : FM Jaitley

National Housing Bank to refinance Rs 20,000 cr loans in FY18: FM Jaitley

Allocation for women, children at Rs 1.84 Lk Cr in FY18: FM Jaitley

100 India International skill centers will be set up in India: FM Jaitley

PM Housing Plan allocation raised to Rs 23,000 Cr in FY18: FM Jaitley

To achieve 100% Village Electrification by May 2018: FM Jaitley

133-km road per day constructred under Pradhan Mantri Gram Sadak Yojana as against 73-km in 2011-14, says FM

Government to set up dairy processing fund of Rs 8,000 crore over 3 years with initial corpus of Rs 2,000 crore, says FM

National Testing agency to conduct all examinations in higher education, freeing CBSE and other agencies, says FM

27,000 cr  to be spend on #PMGSY; 1 crore houses to be completed by 2017-18 for houseless, says FM.

Bank lending rates for Housing Loans coming down in wake of Demonetisation: FM Jaitley

1.5 lakh health sub-centres to be transformed to Health Wellness Centres: FM Jaitley

Propose to amend drug rules to ensure availability of drugs at reasonable prices: FM Jaitley

Sanitation Coverage Under Swachh Bharat At 60% Now: FM Jaitley

National Agriculture Market to be expanded to 585 Markets : FM Jaitley

Undertaking mission to bring 1 Crore households out of Poverty: FM Jaitley

Aim to make 50,000 Gram Panchayat poverty free: FM Jaitley

To set up Dairy Processing Fund with Initial Corpus Of Rs 2000 Cr: FM Jaitley

To raise crop insurance coverage to 50% In FY19: FM Jaitley

Will support NABARD to digitise 63,000 primary Agri Co-Ops

To raise farm Insurance Coverage area to 40% From 30%

Target for Agriculture Credit fixed at Rs 10 Lakh Crore

Long-term Irrigation Fund set up in NABARD, additional corpus of Rs 20,000 Crore: FM Arun Jaitley

Demonetisation two tectonic policy initiatives, We have witnessed historic and impactful economic reform and policymaking, Number of global reports show India has considerably improved its policies, profile and practice, says FM

Hope to resolve all issues regarding GST via consultations

Expectations included burning issues like inflation and price rise, issue of corruption & crony capitalism

Our government was elected amidst huge expectations of people, the underlying theme of expectations being good governance

India’s macroeconomic stability continues to the foundation of our economic success. Signs of retreat from globalization have potential to affect exports from many emerging economies, including India: FM Arun Jaitley

I am reminded of what our father of the nation Mahatma Gandhi said ‘a right cause never fails’, says FM. Demonetisation is a bold and decisive measure, for many decades tax evasion was a way of life for many, he adds.

We will Continue To Uplift Vulnerable Sections of the Society. Inflation Has Been Controlled; Have Launched Massive War On Black Money: FM Arun Jaitley

Arun Jaitley thanks the people for support to the Government, assures of more measures for people’s welfare.