1. Union Budget 2017: Tax proposals, Railways & Political Funding, here are the key takeaways from FM Arun Jaitley’s budget for the year 2017-18

Union Budget 2017: Tax proposals, Railways & Political Funding, here are the key takeaways from FM Arun Jaitley’s budget for the year 2017-18

FM Arun Jaitley during his speech said, "India is seen as engine of global growth, have witnessed historic reform in last one year." The finance minister added that this year the focus will be on energizing our youth, to reap benefits of growth & employment. The focus of the budget are in these areas: Farmers, rural population, youth, poor and underprivileged, infrastructure, financial sector, digital economy, public service, fiscal management and tax administration.

By: | New Delhi | Updated: February 1, 2017 1:11 PM
Finance Minister Arun Jaitley presented the Union Budget for 2017 in the Parliament today. Here are the key takeaways from the presentation. (Source: PIB) Finance Minister Arun Jaitley presented the Union Budget for 2017 in the Parliament today. Here are the key takeaways from the presentation. (Source: PIB)

Finance Minister Arun Jaitley presented the Union Budget for 2017 in the Parliament today. Here are the key takeaways from the presentation. The unending wait is over for people waiting with bated breath. While there was much uncertainty that the Budget presentation would be delayed by a day or a few hours due to the unfortunate demise of former Union Minister E Ahamed, but the final decision taken by the PMO and Speaker Sumitra Mahajan put the budget on course.

While Jaitley moved away from the colonial era tradition of presenting the budget on the last day of February and presented it on February 1. This move was done with an aim towards faster implementation of schemes.  Meanwhile, ahead of the budget, from businessmen to salaried people, from students to housewives, everyone had showcased their varying categories of demands. Was Jaitley able to live up to it?

After the sudden demonetisation decision by the Modi government, with the narrative of reduction of black money and corruption, the government now tabled its annual budget today. Has the Finance Minister been able to keep the economists and common man happy? Following the Budget presentation, Jaitley will be replying to questions by Twitterati on the Budget proposals.

Here are the key takeaways from FM Arun Jaitley’s speech:

“International Monetary Fund estimates that the world GDP will grow by 3.1% in 2016 and 3.4% in 2017. The advanced economies are expected to increase their growth from 1.6%-1.9% and emerging economies from 4.1%-4.5%.”

 “The focus of the budget are in these areas: Farmers, rural population, youth, poor and underprivileged, infrastructure, financial sector, digital economy, public service, fiscal management and tax administration.”

Tax proposals:

“We are largely a tax non-compliance society when too many people evade taxes burden falls on those who are honest.”

“We are committed to making our taxation rate reasonable more fair & expand the tax base of the country.”

“Tax-to-GDP ratio very low in India.”

“Tax rate if income of Rs 2.5 to 5 lakh will be reduced to 5%.”

“50 percent saving in income tax on earning upto Rs 5 lakh.”

“Total FY18 disinvestment target seen at Rs 72,500 Crore Vs Rs 56,500 Crore (YoY).”

“Total Tax revenue seen at Rs 12.27 Lakh Crore.”

“Gross Market borrowing seen at Rs 6.05 Lakh Crore.”

“Revenue receipts seen at Rs 15.16 Lakh Crore.”

“To levy surcharge of 10 percent on income between Rs 50 Lakh to Rs 1 Crore.”

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

“New law for defaulters, proposed.”

“Net Tax Revenue Growth At 17% For Last 2 Years.”

“Post demonetisation deposits between Rs 2-80 lakhs made in 1.09 crore accounts.”

“Thrust of Tax proposals will be to stimulate growth.”

“Propose to make changes in capital gains tax for housing.”

“Holding period for land & building will be reduced to 2 years from 3 years.”

 

Railways:

“Target of agricultural loans to farmers set at a record Rs 10 lakh crore in 2017-18.”

“Rail safety fund with the corpus of Rs 100,000 crore will be created over a period of 5 years.”

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

“At least 25 stations expected to be awarded during 2017-18; 500 stations to be made differently abled-friendly by providing lifts and escalators.”

“Railways will integrate end to end transport solutions for selected commodities through partnership.”

“By 2019, all coaches of Indian Railways will be fitted with Bio-toilets.”

“Railways will integrate end to end transport solutions for selected commodities through partnership.”

“Service charges on e-tickets booked through IRCTC will be withdrawn.”

 “Railway related state-run companies like IRCON and IRCTC to be listed on stock exchanges.”

Other announcements:

“Fiscal Deficit target for 2017-18 is 3.2%.”

“Total resources being transferred to the states & union territories with the legislature is Rs 4.11 lakh crore.”

“Defence expenditure excluding pension at Rs 2.74 lakh crore.”

“Total expenditure of budget 2017-18 has been placed at Rs 21.47 lakh crore.”

“Aadhar enabled payment system to be launched soon; Banks have targeted to introduce additional 10 lakh Point-of-Sale terminals by Mar’17.”

 “Demonetization seeks to create a new normal where in the GDP would be bigger, cleaner and real.”

“India’s macroeconomic stability continues to the foundation of our economic success.”

 “Uncertainty around commodity prices, especially around crude oil, second major challenge.”

“Signs of retreat from globalisation have potential to affect exports from many emerging economies, including India.”

“Cabinet approves Introduction of The Indian Institutes of Information Technology (Amendment) Bill, 2017 in Parliament.”

“Cabinet approves Extension of tenure of loans under the Credit Linked Subsidy Scheme (CLSS) of Pradhan Mantri AwasYojana (PMAY) from 15 to 20 years.”

“Total allocation for rural, agricultural and allied sectors for 2017-18 at a record Rs 1.87 crore, it is up by 24%.”

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

“Safe drinking water to cover 28,000 arsenic & Fluoride affected habitations in the next four years.”

“Open defecation free villages are now being given priority for pipe to water supply.”

“To complete 1,00,00,000 houses by 2019 for houseless and those living in kaccha houses.”

“For youth, proposed to introduce a system of measuring annual learning; Science to be given focus.”

“100% village electrification will be achieved by May 1, 2018.”

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

“Budget allocation to MNREGA increased to a record Rs 48,000 crore for 2017-18, from Rs 37,000 crore in 2016-17.”

“Participation of women in MNREGA has increased to 55%.”

“Cabinet approves an extension of tenure of loans under Credit Linked Subsidy Scheme of Pradhan Mantri Awas Yojana from 15 to 20 years.”

 

“Transport sector allocated Rs 2.41 Lakh Crore and Bharat Net Project allocated Rs 10,000 crore.”

“Mission Antyodaya to bring 1 crore households out of poverty, & to make 50,000 Gram Panchayats poverty-free by the 150th birth anniversary of Mahatma Gandhi.”

“Action plan to eliminate Kala Azar & Filariasis by 2017, Leprosy by 2018, Measles by 2020 & Tuberculosis by 2025.”

“Coverage of eNAM to be expanded from 250 to 585 APMCs.”

“Dedicated Micro-irrigation fund to be set up by NABARD to achieve the mission of ‘Per Drop More Crop’.”

“Corpus of Long Term Irrigation Fund in NABARD to now become 40,000 crore rupees.”

Mini Soil Testing Lab in Krishi Vigyan Kendras to ensure 100% coverage.”

“Coverage of Fasal Bima Yojana to go up from 30% of cropped area, to 40% in 2017-18 & 50% in 2018-19.”

(more updates to follow)

  1. R
    RR
    Feb 1, 2017 at 7:23 am
    This bloody govt has ruined the scientific community of this nation. They hav stopped fundings to scientific organization and derailing the nation research activities. Without funding them properly, these bloody govt ministers are asking departments to fund themselves on their own! Worst govt ever for science and technology. Baniya saaaale barbaad karke rakh diya hai science ko India me.
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