• Welcome to OnlyTech Forums
    An online community for the tech enthusiasts!
    Log in or Register

Union Budget 2017 : Highlights

Optimus_Prime

Guru
Contributor
Joined
5 Oct 2015
Messages
5,656
Reaction score
8,495
•10 distinct themes: Farmers, rural population, energizing youth, poor and underprivileged, infrastructure, financial sector, digital economy, public service, prudent fiscal management, tax administration

TAX ADMINISTRATION:

•Black money: No cash transactions above Rs3 lakh
•Transparency in political funding: Parties continue to receive anonymous donations; propose system of cleaning up: Maximum amount of cash donation that can be received is Rs2,000; political parties can receive donations by cheques or digitally; amendment proposed to RBI Act to issue electoral bonds; every party has to file returns within specified time
•Exempt FPI category 1 and 2 investors from indirect provisions
•Time period of revising tax return reduced to 12 months
•Personal income tax: Rate reduced to 5% for income bracket of Rs2.5-5 lakh; All other categories to get uniform benefit of Rs12,500 per person; to levy surcharge on income bracket Rs50 lakh-Rs1 crore
•Direct tax collection not commensurate with income/expenditure pattern of India
•We are largely a tax non-compliant society; predominance of cash in society enables tax evasion
•After demonetization, data received will increase tax net
•Real estate: to make changes in capital gains tax
•Concessional withholding rate will be extended to 30 June 2020 and for rupee-denominated masala bonds
•Start-ups: Relaxing holding rules
•MAT not to be abolished at present; to allow carry-forward for 15 years
•Corporate tax rate: MSMEs’ rate (annual turnover less than Rs50crore) reduced to 25%
•LNG: Reduce customs duty to 2.5%
•Limit of cash donation for charitable trusts cut to Rs2,000


FISCAL MANAGEMENT:

•Total budget expenditure: Rs21 trillion
•Rs3,000 crore to implement various budget announcements
•Defence expenditure excluding pensions: Rs2,74,114 crore
•Consolidated outcome budget for all ministries being created
•FRBM review panel has recommended debt-to-GDP of 60%
•Fiscal deficit for FY18 pegged at 3.2% of GDP
•Revenue deficit for FY18 at 1.9%

PUBLIC SERVICE:

•To use head post-office for passport services
•Defence: centralized defence travel system developed
•Defence: Centralized pension distribution system to be established
•Govt recruitment: To introduce two-tier exam system
•Considering introducing laws to confiscate assets of economic defaulters
•High-level panel chaired by PM to commemorate Mahatma Gandhi’s 150th birth anniversary


DIGITAL ECONOMY:

•India at cusp of massive digital revolution
•Govt to launch 2 new schemes to promote BHIM scheme including cashback scheme for merchants
•AADHAAR Pay to be launched for people who don’t have mobile phones
•Focus on rural and semi-urban areas
•To strengthen financial inclusion fund
•Panel on digital payments has recommended structural reforms
•To create payment regulatory board at RBI

FINANCIAL SECTOR:

•FDI policy: FIPB to be abolished
•Commodities market: panel to study legal framework for spot and derivative market
•Resolution mechanism for financial firms
•Cyber-security: Computer emergency response team to be set up
• Listing of PSEs will foster public accountability; revised mechanism for time-bound listing
•To create integrated public sector oil major
•New ETF to be launched
•Pradhan Mantri Mudra Yojana: Lending target at Rs2.44 trillion
•Stand-up India scheme: over 16,000 new enterprises have been set up

INFRASTRUCTURE:

•Total capex and development expenditure of railways pegged at Rs1,31,000 crore
•Railways: Passenger safety--Safety fund corpus set up; Unmanned level crossing to be eliminated by 2020
•Railway lines of 3,500km to be commissioned
•To launch dedicated tourism/pilgrimage trains
•500 stations to be made differently-abled friendly
•Cleanliness in Railways: To introduce Coach Mitra facility; By 2019, biotoilets for all coaches
•Railways to offer competitive ticket-booking facility; service charge withdrawn for IRCTC
•New metro rail policy to be announced
•Roads sector: National highways allocation at Rs64,000 crore
•AAI Act to be amended to enable monetization of land resources
•Transport sector: Allocation at Rs2 trillion
•Telecom sector: allocation to Bharat Net programme at Rs10,000 crore
•Digi-gau initiative to be launched
•To make India global hub for electronics manufacture
•Export infra: New restructured central scheme to be launched
•Total allocation for infrastructure: Rs3.96 trillion


POOR AND UNPRIVILEGED:

•Women: Mahila Shakti Kendras with Rs500 crore corpus
•Stepped up allocation to Rs1,84,632 crore for various schemes for women and children
•Affordable housing to be given infrastructure status
•Action plan to eliminate leprosy by 2018, TB by 2025, reduce IMR to 29 in 2019
•To create additional PG medical seats per annum
•Two new AIIMS in Jharkhand and Gujarat
•New rules for medical devices
•Labour rights: Legislative reforms to simplify existing labour laws
•Allocation to SCs increased to Rs52,393 crore; STs to Rs31,920 croe, Minority affairs: Rs4,195 crore

YOUTH:

•Education: System of measuring annual learning outcomes, emphasis on science
•Innovation fund for secondary education
•Reforms in UGC: Colleges to be identified based on ranking and given autonomy
•Propose to leverage IT with launch of SWAYAM platform for virtual learning
•National testing agency to be established for all entrance exams, freeing CBSE and AICTE
•100 Indian international skill centres to be established with courses in foreign languages
•To launch skill acquisition and knowledge awareness--Rs4,000 crore
•Special scheme for creating employment in leather/footwear sector
•Tourism: Five special zones to be set up

FARMERS:

•Farmer credit fixed at record level of Rs10 trillion; will ensure adequate flow to underserved areas
•Soil health cards: Govt to set up mini-labs in Krishi Vignan Kendras
•Long-term irrigation fund in Nabard--corpus at Rs40,000 crore
•Model law on contract farming to be circulated
•Dairy processing infra fuind with corpus of Rs8,000 crore
•Dedicated micro-irrigation fund with Rs5,000 crore corpus

RURAL POPULATION:

•Mission Antyodaya to bring 1 crore households of poverty
•MGNREGA: Participation of women now at 55%
•MGNREGA: Rs48,000 crore allocated
•MGNREGA: using space technology in a big way
•Prime Minister Gram Sadak Yojana: Rs19,000 crore allocated; along with states, Rs27,000 crore to be spent in FY18
•Pradhan Mantri Awas Yojana: Rs23,000 crore allocated
•100% village electrification by May 2018
•Rural livelihood mission: Rs4,500 crore allocated
•Mason training for 5 lakh people
•Panchayat Raj: HR resource programme to be launched
•Rs1,87,223 crore for rural programmes

OPENING REMARKS:

•Our govt was elected amidst huge expectations; underlying theme was good governance: Arun Jaitley
•Massive war against black money has been launched
•Govt now seen as a trusted custodian of public money: FM
•Focus on energizing youth to reap benefits of growth
•World economy faces considerable uncertainty: FM
•Three major challenges for emerging economies: US Fed stance, uncertainty over commodity prices especially oil prices, signs of increasing retreat from globalization as protectionist fears build up
•India stands out as a bright spot
•Govt has continued with steady path of fiscal consolidation: FM
•We are seen as an engine of global growth: FM
• Two tectonic policy initiatives: GST implementation and demonetization
•Demonetization was a continuation of series of measures taken in last two years; was a bold and decisive measure
•Demonetization seeks to create a new normal where GDP would be cleaner and bigger
•Drop in economic activity due to remonetization expected to have only a transient effect
•Demonetization has strong potential to generate long-term benefits
•Demonetization helps to transfer resources resources from tax evaders to govt
•Firmly believe demonetization and GST will have epoch-making impact
•Pace of remonetization will soon reach comfortable levels; effect of demonetization not expected to spill over into next year
•Surplus liquidity in banking system will raise access to credit, leading to multiplier effect on economic activity: FM
•Overall approach in budget to spend more in rural areas
•Budget 2017-18 contains 3 major reforms: advancement of date of presentation, merger of railway budget with general budget, done away with Plan and non-Plan expenditure

Highlights of Union Budget 2017 - Livemint
 

Gobinaath

Guru
Member
Joined
5 Jan 2015
Messages
36,318
Reaction score
21,761
Budget Tabled .. If I am not wrong No change in Service Tax :sp;) ..
 

Sagar

Guru
Contributor
Joined
17 Mar 2015
Messages
7,154
Reaction score
8,845
0-3 lac 0℅ tax
3-5 lac 5℅ tax
5-10 lac 20℅ tax
Above 10 lac 30℅ tax
 

Ritesh

Guru
Member
Joined
24 Nov 2014
Messages
2,405
Reaction score
3,984
Cash txns above 3 lacs banned.. Now, this is a masterstroke by GOI.
 

Sagar

Guru
Contributor
Joined
17 Mar 2015
Messages
7,154
Reaction score
8,845
► Monetary policy to be expansionary in major economies

► More steps will be taken to benefit farmers and the weaker sections; budget being presented during weak global economy

►Pace of remonetisation has picked up; demonetisation effects will not spill over to next year

►Functional autonomy of the railways to be maintained

►Demonetisation will help in transfer of resources from tax evaders to government:

►Merger of Railways Budget with General Budget brings focus on a multi-modal approach for development of railways, highways and inland water transport

►Only transient impact on economy due to demonetisation; long term benefit include higher GDP growth and tax revenue

►GDP will be bigger, cleaner after demonetisation

►Effects of demonetisation not expected to spill over to the next year, says Finance Minister


►Effects of demonetisation not expected to spill over to the next year, says Finance Minister


►Govt took two tectonic policy initiatives - passage of GST Bill and demonetisation

►Demonetisation was a continuation of series of measures taken by govt in 2 yrs; it is bold and decisive measure

►We are seen as engine of global growth; IMF sees India to grow fastest in major economies

►36 pc increase in FDI flow; forex reserves at USD 361 billion in January enough to cover 12 months needs

►CAD declined from 1 pc last year to 0.3 pc in first half of current fiscal: FM


►India has emerged as bright spot in the world: FM

►Uncertainty around commodity prices especially oil to have impact on emerging economies: FM

►Double digit inflation has been controlled; sluggish growth replaced by high growth; war on blackmoney launched: FM

►We have moved from discretionary based administration to policy based administration: FM Jaitley

► Agricultural sector is expected to grow at 4.1 per cent this fiscal, says Jaitley

►Demonetisation was a bold and decisive strike in a series of measures to arrive at a new norm of bigger, cleaner and real GDP

►Committed to double farm income in 5 yrs

►Plan, non-plan classification of expenditure done away with in the Budget for 2017-18 to give a holistic picture

►Mini labs by qualified local entrepreneurs to be set up for soil testing in all 648 krishi vigyan kendras in the country

►Budget presentation advanced to help begin implementation of schemes before onset of monsoon

►We will continue the process of economic reform for the benfit of poor

►Spend more in rural areas, infra, poverty alleviation, while maintaining fiscal prudence as guiding principle of Budget

►Our agenda for next year is to transform, energise and clean India

►World Bank expects GDP growth rate at 7.6 pc in FY18 and 7.8 pc in FY19

►Allocation under MNREGA increased to 48,000 crore from Rs 38,500 crore. This is highest ever allocation

►Rs 9,000 cr higher allocation for payment of sugarcane arrears

►Target of agriculture credit fixed at Rs 10 lakh cr in 2017-18

►Tax administration honouring the honest is one of the 10 pillars of Budget 2017-18

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

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

►Govt to set up dairy processing fund of Rs 8,000 crore over three years with initial corpus of Rs 2,000 crore

►1 cr households to be brought out of poverty under Antodya Scheme

►Participation of women in MNREGA increased to 55 pc from 45 pc in past

►Modern law on contract farming will be drafted and circulated to states

►Dedicated micro-irrigation fund to be created with a corpus of Rs 5000 crore

►Market reforms will be undertaken, states will be asked to denotify perishables from Essential Commodities Act

►Space technology to be used for monitoring MNREGA implementation

►Sanitation coverage in villages has increased from 42 pc in Oct 2016 to 60 pc, a rise of 18 pc, says FM

►We propose to provide safe drinking water to 28,000 arsenic and fluoride affected habitations

►To construct one crore houses by 2019 for homeless. PM Awas Yojana allocation raised from Rs 15,000 cr to Rs 23,000 cr

►100 pc electrification of villages to be completed by May 2018

►27,000 cr on to be spend on PMGSY; 1 cr houses to be completed by 2017-18 for houseless

►PM Kaushal Kendras will be extended to 600 districts; 100 international skill centres to be opened to help people get jobs abroad

►The allocation for rural agri and allied sector in 2017-18 is record Rs 1,81,223 crore

►In higher education, we will undertake reforms in UGC, give autonomy to colleges and institutions

►A system of annual learning outcome in schools to be introduced; innovation fund for secondary education to be set up

►Two new AIIMS to be set up Jharkhand and Gujarat

►New rules regarding medical devices will be devised to reduce their cost

► 1.5 lakh health sub centres to be converted to Health Wellness Centres

►National Housing Bank will refinance indiviual loans worth Rs 20,000 crore in 2017-18

►Rs 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.

►Capital and development expenditure pegged at Rs 1.31 lakh cr for railways in 2017-18 from Budget

►Allocation for SCs increased from Rs 38,833 cr to Rs 52,393 cr, a rise of 35 per cent

►35 pc increase in allocation for SC to Rs 52,393 cr

►For senior citizens, Aadhaar based health cards will be issued

►Model Shops and Establishment Bill to open up additional opportunities for employment of women

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

►New metro rail policy to be unveiled

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

►Service charge on e-tickets booked through IRCTC will be withdrawn

►Delhi and Jaipur to have solid waste management plants and five more to be set up later

►Government proposes Coach Mitra facility to redress grievances related to rail coaches

►500 stations will be differently abled by providing lifts and escalators

►Unmanned railway level crossings to be eliminated by 2020

►Railway line of 3,500 km will be commissioned in 2017-18 as against 2,800 km in 2016-17

►Total 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

►Rs 1 lakh cr corpus for railway safety fund over five years

►A scheme for senior citizens to ensure 8 per cent guaranteed returns

►Dedicated micro-irrigation fund to be set up by NABARD to achieve mission of Per Drop, More Crop

►Digi Gaon will be launched to promote tele-medicine and education

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

►Coverage 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

►For transport sector, including railways, road and shipping, government provides Rs 2.41 lakh crore

►Allocation of Rs 10,000 cr for Bharat Net project for providing high-speed broadband in FY18

►Allocation for national highways stepped up to Rs 64,000 cr from Rs 57,676 cr

►Budget allocation for highways stepped up to Rs 64,000 crore in FY18 from Rs 57,676 crore

►Dispute resolution in infrastructure projects in PPP mode will be institutionalised

►Rs 2,74,114 crore allocated for defence expenditure, excluding pension; This includes Rs 86,000 crore for defence capital

►Govt to further liberalise FDI policy

►Over 90 per cent of FDI proposls are now processed through automatic route

►FIPB will be abolished

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

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

►After 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

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

►The shares of railway CPSCs like IRCTC and IRFC to be listed on various stock exchanges

►We are largely a tax non-compliant society

►New ETF with diverse stocks will be launched in 2017-18

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

►Integrated public sector oil major to be created to match global giants

►Govt will amend the Multi-state Cooperative Act to protect the poor and gullible investors

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

►Computer emergency response team to be set for cyber security of financial sector

► Govt to introduce two new schemes to promote BHIM App - referal bonus for users and cash back for traders

►Govt doubles distribution target under Mudra Yojana to Rs 2.44 lakh crore for 2017-18

►Over Rs 80 lakh deposits in 1.48 lakh cr at an average of Rs 3.31 cr per account

Budget 2017 Highlights: Here are the highlights of Union Budget 2017 - The Economic Times
 
Top Bottom