Digging into the Union Budget 2017-2018presented by Finance Minister Arun Jaitley in Lok Sabha today, Finance Minister said about the demonetization set by PM Narendra Modi will not affect the economy. Good news is that the budget allocation for welfare of women and children will have a hike of rs 1, 84,632 cr.
Mr. Jaitley also focuses on the passenger safety, cleanliness, and other issues under Railway Budget. This is the 4th Budget under PM Narendra Modi’s government. Following the presentation of the budget, both houses of the Parliament will adjourn for the day.
Here is the Highlight of the Budget 2017-2018
1. A growth of 4.6% is expected in agriculture. Target expenditure to agriculture is rs 10 lakh crore.
2. By the year 2019 there will be 1 crore houses for poor.
3. Additional 35000km railway lines are to be put.
4. Service charge is not to be paid if tickets are booked through IRCTC.
5. Around 500 rail stations are to be made differently with facilities like lifts and escalators for disabled.
6. Income tax rate is cut by 5 pc for individuals having a yearly income between 2.5 to 5 lakhs.
7. Plan for next year is to energize, transform and clean India.
8. Instead of 30% tax, small firms having turnover up to 5-crore has to pay only 25% tax.
9. New metro policy will be announced as a result it will open new jobs for youth.
10. Aadhar cards giving health condition of senior citizens will be introduced.
11. A fund of 5000crore will be specially created for micro irrigation.
12. Space technology to be used for monitoring MNREGA implementation.
13. Two new AIIMs will be set up in Gujarat and Jharkhand.
14. Around 1.5 lakh health subcenters are to be transformed to Health Wellness Centers.
15. Cities like Jaipur and Delhi to have solid waste management plans and 5 more to be setup later.
16. Unmanned railway crossings are to be eliminated by 2020.
17. Budget for national highways has been stepped up to Rs 64,000 cr from rs 57,676 cr.
18. New Exchange Traded Fund with stocks will be launched in 2017-2018.
19. The materials used in the manufacturing of solar panels/cells like solar tempered glass are set free from customs duty.
20. Excise duty on pan masala containing tobacco is increased to 12pc from 10pc.
21. Demonetisation "a bold and decisive measure", will make GDP bigger and lead to higher tax revenues - finance minister
22. No transaction amount above than 300,000 in cash will be permitted.
23. 80 billion rupees for milk is allocated for over 3 years.
24. Planning to make India a global hub for electronics manufacturing – Arun Jaitley
25. Planning to create a great opportunity for use of entertainment online on mobile phones.
You can check more key points of the budget here.
Finance Minister Comments –
"India stands out as a bright spot in the world economic landscape."
"My approach in preparing the budget is to spend more on rural areas, infrastructure and poverty alleviation with fiscal prudence."
"Signs of retreat from globalisation have potential to affect exports from many emerging economies, including India."
"One of the thrust areas of my tax proposals is to stimulate growth, give relief to the middle class, (promote) affordable housing, curb ..