Highlights of Arun Jaitley’s Budget 2017-18

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Ahead of amid expectations, Finance Minister Arun Jaitley presented most awaited union budget in parliament house for the year 2017-18 on Wednesday.

Mr Jailtey said while preparing budget for 2017, his main focus was to spend more in rural areas, infrastructure and poverty alleviation and yet maintain fiscal prudence.

Here we have enlisted highlights of most awaited budget of 2017-18.

  • International Monetary Fund estimates that the world GDP will rise by 3.1% in 2016 and 3.4% in 2017.
  • India’s Current Account Deficit has fallen from about 1% of GDP last year to 0.3% of GDP in 1st half of 2016-17.
  • Agriculture is expected to grow at 4.1%. Target for agricultural credit for 2017-18 is set at ten lakh crore.
  • The bold step of Demonetisation taken by government will increase GDP and generate more tax revenue.
  • This time allocation for MNREGA has been increased to Rs 48,000 crore, which is considered to be highest allocation ever.
  • NABARD fund will be increased to Rs. 40,000 crore
  • Finance Minister said we are aware we need to do more for our people , by keeping this mind our agenda is transform, energise and clean India, that is ‘tech India’.
  • Pradhan Mantri Gram Sadak Yojana (PMGSY) roads work has been amplified to 133 km roads/day in 2016-17 as compared to 73km/day during 2011-14.
  • Allocation for Pradhan Mantri Awaaz Yojana increased from 15,000 crore to 23,000 crore.
  • Sanitation in rural areas has gone up from 42% in October 2014 (launch of Swachh Bharat) to 60% now.
  • For the houseless and those who are living in Kaccha House, government will construct 1,00,00,000 houses by 2019.
  • A new metro rail policy to be announced, this will create new jobs opportunities for our youth.
  • Foreign investment promotion board (FIPB) will be abolished.
  • 3500km railway lines to be constructed.
  • Two new AIIMS to be set up in Jharkhand and Gujarat.
  • Service charge on rail tickets booked through IRCTC to be withdrawn.
  • Funds for infrastructure stands at a record Rs 3,96,135 crore.
  • An  application for merchants- namely Aadhaar Pay to be launched and approximately 20 lakh Aadhaar-based POS to be introduce by September 2017.
  • For senior citizens, Aadhar cards will be  introduced.
  • Funds for Scheduled class have been increased from Rs 38,833 crore to Rs 52,393 crore.
  • For senior citizen a scheme to be launched soon ensuring 8 percent guaranteed returns.
  • Digi Gaon to be lauched to promote tele-medicines and education.
  • Foreign Investment Promotion Board (FIPB) to be abolished.
  • Two schemes will be launched to promote BHIM app.
  • Fiscal deficit of 2017-18 pegged at 3.2 percent of GDP and remain committed to achieving 3 percent for next three years.
  • People who are filing I-T returns for the first time will not come under government scrutiny.
  • Income Tax Act will be amended.
  • India’s tax-to GDP ratio is very low.
  • Small companies having turnover up to Rs 50 crore will now pay 25% tax instead of 30%.
  • No cash transaction above Rs 3 lakh.
  • Now Political parties will receive donations by cheques or digital modes.
  • Income tax rate reduced from 10% to 5% for tax slab of Rs 250,000 to Rs 500,000.
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