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Here are the highlights of this year's
budget:
โบIncome Tax rate cut to 5 pc for individuals having income between Rs
2.5 lakh to Rs 5 lakh
โบ10 pc surcharge on individual income above Rs 50 lakh and upto Rs 1
cr to make up for Rs 15,000 cr loss of due to cut in personal I-T rate
โบ15 pc surcharge on income above Rs 1 cr to continue
โบOf 3.7 cr individuals who filed tax returns in 2015-16, 99 lakh
showed income below exemption limit
โบDirect tax collection not commensurate with income and expenditure
pattern
โบRevenue deficit reduced to 2.1 pc from 2.3 pc for 2016-17
โบGovt pegs fiscal deficit target at 3.2 per cent for 2017-18 and 3
per cent for next year.
โบ Monetary policy to be expansionary in major economies
โบ More steps will be taken to benefit farmers and the weaker
sections; budget being presented during weak global economy
โบPace of remonetisation has picked up;demonetisation effects
will not spill over to next year
โบFunctional autonomy of the railways to be maintained
โบDemonetisation will help in transfer of resources from tax evaders
to government:
โบMerger of Railways Budget with General Budget brings focus on a
multi-modal approach for development of railways, highways and inland water
transport
โบOnly transient impact on economy due to demonetisation; long term
benefit include higher GDP growth and tax revenue
โบGDP will be bigger, cleaner after demonetisation
โบEffects of demonetisation not expected to spill over to the next
year, says Finance Minister
โบEffects of demonetisation not expected to spill over to the next
year, says Finance Minister
โบGovt took two tectonic policy initiatives - passage of GST Bill and
demonetisation
โบDemonetisation was a continuation of series of measures taken by
govt in 2 yrs; it is bold and decisive measure
โบWe are seen as engine of global growth; IMF sees India to grow
fastest in major economies
โบ36 pc increase in FDI flow; forex reserves at USD 361 billion in
January enough to cover 12 months needs
โบCAD declined from 1 pc last year to 0.3 pc in first half of current
fiscal: FM
โบIndia has emerged as bright spot in the world: FM
โบUncertainty around commodity prices especially oil to have impact on
emerging economies: FM
โบDouble digit inflation has been controlled; sluggish growth replaced
by high growth; war on blackmoney launched: FM
โบWe have moved from discretionary based administration to policy
based administration: FM Jaitley
โบ Agricultural sector is expected to grow at 4.1 per cent this
fiscal, says Jaitley
โบDemonetisation was a bold and decisive strike in a series of
measures to arrive at a new norm of bigger, cleaner and real GDP
โบCommitted to double farm income in 5 yrs
โบPlan, non-plan classification of expenditure done away with in the
Budget for 2017-18 to give a holistic picture
โบMini labs by qualified local entrepreneurs to be set up for soil
testing in all 648 krishi vigyan kendras in the country
โบBudget presentation advanced to help begin implementation of schemes
before onset of monsoon
โบWe will continue the process of economic reform for the benfit of
poor
โบSpend more in rural areas, infra, poverty alleviation, while
maintaining fiscal prudence as guiding principle of Budget
โบOur agenda for next year is to transform, energise and clean
India
โบWorld Bank expects GDP growth rate at 7.6 pc in FY18 and 7.8 pc in
FY19
โบAllocation under MNREGA increased to 48,000 crore from Rs 38,500
crore. This is highest ever allocation
โบRs 9,000 cr higher allocation for payment of sugarcane arrears
โบTarget of agriculture credit fixed at Rs 10 lakh cr in 2017-18
โบTax administration honouring the honest is one of the 10 pillars of
Budget 2017-18
โบNational Testing agency to conduct all examinations in higher
education, freeing CBSE and other agencies
โบ133-km road per day constructred under Pradhan Mantri Gram Sadak
Yojana as against 73-km in 2011-14
โบGovt to set up dairy processing fund of Rs 8,000 crore over three
years with initial corpus of Rs 2,000 crore
โบ1 cr households to be brought out of poverty under Antodya
Scheme
โบParticipation of women in MNREGA increased to 55 pc from 45 pc in
past
โบModern law on contract farming will be drafted and circulated to
states
โบDedicated micro-irrigation fund to be created with a corpus of Rs
5000 crore
โบMarket reforms will be undertaken, states will be asked to denotify
perishables from Essential Commodities Act
โบSpace technology to be used for monitoring MNREGA
implementation
โบSanitation coverage in villages has increased from 42 pc in Oct 2016
to 60 pc, a rise of 18 pc, says FM
โบWe propose to provide safe drinking water to 28,000 arsenic and
fluoride affected habitations
โบTo construct one crore houses by 2019 for homeless. PM Awas Yojana
allocation raised from Rs 15,000 cr to Rs 23,000 cr
โบ100 pc electrification of villages to be completed by May 2018
โบ27,000 cr on to be spend on PMGSY; 1 cr houses to be completed by
2017-18 for houseless
โบPM Kaushal Kendras will be extended to 600 districts; 100
international skill centres to be opened to help people get jobs abroad
โบThe allocation for rural agri and allied sector in 2017-18 is record
Rs 1,81,223 crore
โบIn higher education, we will undertake reforms in UGC, give autonomy
to colleges and institutions
โบA system of annual learning outcome in schools to be introduced;
innovation fund for secondary education to be set up
โบTwo new AIIMS to be set up Jharkhand and Gujarat
โบNew rules regarding medical devices will be devised to reduce their
cost
โบ 1.5 lakh health sub centres to be converted to Health Wellness
Centres
โบNational Housing Bank will refinance indiviual loans worth Rs 20,000
crore in 2017-18
โบRs 500 cr allocated to set up Mahila Shakti Kendras; Allocation
raised from Rs 1.56 lakh cr to Rs 1.84 lakh cr for women & child
welfare.
โบCapital and development expenditure pegged at Rs 1.31 lakh cr for
railways in 2017-18 from Budget
โบAllocation for SCs increased from Rs 38,833 cr to Rs 52,393 cr, a
rise of 35 per cent
โบ35 pc increase in allocation for SC to Rs 52,393 cr
โบFor senior citizens, Aadhaar based health cards will be issued
โบModel Shops and Establishment Bill to open up additional
opportunities for employment of women
โบ Select airports in tier-II cities to be taken up for operations,
development on PPP mode
โบNew metro rail policy to be unveiled
โบRailway tariffs to be fixed on the basis of cost, social obligation
and competition
โบService charge on e-tickets booked through IRCTC will be
withdrawn
โบDelhi and Jaipur to have solid waste management plants and five more
to be set up later
โบGovernment proposes Coach Mitra facility to redress grievances
related to rail coaches
โบ500 stations will be differently abled by providing lifts and
escalators
โบUnmanned railway level crossings to be eliminated by 2020
โบRailway line of 3,500 km will be commissioned in 2017-18 as against
2,800 km in 2016-17
โบTotal allocation for rural, agri and allied sectors for 2017-18 is a
record Rs 1,87,223 cr, up 24 per cent from last year
โบRs 1 lakh cr corpus for railway safety fund over five years
โบA scheme for senior citizens to ensure 8 per cent guaranteed
returns
โบDedicated micro-irrigation fund to be set up by NABARD to achieve
mission of Per Drop, More Crop
โบDigi Gaon will be launched to promote tele-medicine and
education
โบCrude oil strategic reserves to be set up in Odisha and Rajasthan
apart from 3 already constructed
โบCoverage of Fasal Bima Yojana to go up from 30 pc of cropped area to
40 pc in 2017-18 and 50 per cent next year
โบFor transport sector, including railways, road and shipping,
government provides Rs 2.41 lakh crore
โบAllocation of Rs 10,000 cr for Bharat Net project for providing
high-speed broadband in FY18
โบAllocation for national highways stepped up to Rs 64,000 cr from Rs
57,676 cr
โบBudget allocation for highways stepped up to Rs 64,000 crore in FY18
from Rs 57,676 crore
โบDispute resolution in infrastructure projects in PPP mode will be
institutionalised
โบRs 2,74,114 crore allocated for defence expenditure, excluding
pension; This includes Rs 86,000 crore for defence capital
โบGovt to further liberalise FDI policy
โบOver 90 per cent of FDI proposls are now processed through automatic
route
โบFIPB will be abolished
โบTrade Infrastructure Export Scheme to be launched in 2017-18; total
allocation for infra at record Rs 3.96 lakh cr
โบSecond phase of solar power development to be taken up with an aim
of generating 20,000 MW
โบAfter demonetisation on Nov 8 last year, deposit of between Rs 2
lakh and Rs 80 lakh made in 1.09 cr bank accounts at an average of Rs 5.03 lakh
till Dec 30
โบMore funds beyond Rs 10,000 cr for recapitalisation of banks will be
provided if needed
โบThe shares of railway CPSCs like IRCTC and IRFC to be listed on
various stock exchanges
โบWe are largely a tax non-compliant society
โบNew ETF with diverse stocks will be launched in 2017-18
โบOf 76 lakh individuals who reported income of over Rs 5 lakh, 56
lakh are salaried
โบIntegrated public sector oil major to be created to match global
giants
โบGovt will amend the Multi-state Cooperative Act to protect the poor
and gullible investors
โบUrgent need to protect poor from chit fund schemes, draft bill
placed in public domain
โบComputer emergency response team to be set for cyber security of
financial sector
โบ Govt to introduce two new schemes to promote BHIM App - referal
bonus for users and cash back for traders
โบGovt doubles distribution target under Mudra Yojana to Rs 2.44 lakh
crore for 2017-18
โบOver Rs 80 lakh deposits in 1.48 lakh cr at an average of Rs 3.31 cr
per account
โบCustoms duty on LNG halved to 2.5 pc
โบFPI to be exempt from indirect transfer provisions
โบPolitical parties can receive donations in cheque, electronic mode;
electoral bonds to be issued by RBI
โบMaximum amount of cash donation a political party can receive will
be Rs 2000 from any one source as part of effort to clean political
funding
โบCapital expenditure stepped up by 25.4 pc in FY18 over previous
year
โบTotal expenditure in FY18 at Rs 21.47 lakh cr
โบDuty exempted on various POS machines and iris readers to encourage
digital payments
โบRs 7,200 cr revenue loss due to reduction in tax on smaller
companies
โบGovt mulling introduction of legal changes to confiscate assets of
offenders, including economic offenders, who flee the country
โบGovt to set up a web-based interactive platform for defence pensioners
โบHead post offices to issue passports
โบGovt considering option to amend Negotiable Instruments Act to
ensure that holders of dishonoured cheques get payment
โบFRBM review committee has recommended 60 pc debt to GDP ratio; 0.5
pc of GDP deviation from stipulated fiscal deficit targets
โบPayment regulatory board to be set up in RBI to regulate electronic
payments, replacing Board for Regulation and Supervision in Payments and
Settlements System
โบ3 yr period for long-term capital gains tax on immovalble property
reduced to 2 years; base year indexation shifted from 1.4.1981 to
1.4.2001
โบA proposal to receive all government receipts beyond a certain
threshold through e-modes under consideration