Business/Economy- Union Budget 2017-18

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Economy- Budget 2017-18

 

Highlights of Budget 2017-18

* Demonetisation is a bold and decisive measure that will lead to higher GDP growth.
* NABARD fund will be increased to Rs. 40,000 crore.

  • A dedicated micro irrigation fund will be set up for NABARD with Rs 5,000 crore
    initial corpus.
  • The government will set up mini labs in Krishi Vigyan Kendras for soil testing.
  • The government targets to bring 1 crore households out of poverty by 2019.
  • The country well on way to achieve 100% rural electrification by March 2018.
  • Will take steps to ensure participation of women in MGNREGA up to 55%.
  • Rs. 500 crore allocated for Mahila Shakthi Kendras.
  • During 2017-18, five lakh farm ponds will be taken up under the MGNREGA.
  • A sum of Rs. 1,84,632 crore allocated for women and children.
  • A sum of Rs. 10 lakh crore is allocated as credit to farmers, with 60 days interest
    waiver.
  • Skill India mission was launched to maximize potential. Will set up 100 India
    International centers across the country.
  • No service charge on tickets booked through IRCTC.
  • Raksha coach with a corpus of Rs. 1 lakh crore for five years (for passenger safety).
  • Unmanned level crossings will be eliminated by 2020.
  • SMS-based ”clean my coach service” is put in place.
  • By 2019 all trains will have bio-toilets.
  • 3,500 km of railway lines to be commissioned this year up from 2,800 km last year.
  • Five-hundred stations will be made differently-abled friendly.
  • Coach Mitra facility will be introduced to register all coach related complaints.
  • High-speed Internet to be allocated to 1,50,000 gram panchayats.
  • Under a nationwide scheme for pregnant women, Rs. 6000 will be transferred to
    each person.
  • Over Rs 3 lakh crore will be spent for rural India. MGNREGA to double farmers’
    income.
  • Two AIIMS will be set up in Jharkhand and Gujarat.
  • Digital India – BHIM app will unleash mobile phone revolution. The government will
    introduce two schemes to promote BHIM App – referral bonus for the users and cash
    back for the traders.
  • Aadhaar-based smart cards will be issued to senior citizens to monitor health.
    Infrastructure and railways
  • FDI policy reforms – more than 90% of FDI inflows are now automated.
  • Health sub centers, numbering 1.5 lakh, willl be transformed into health wellness
    centres.
  • Elimination of tuberculosis by 2025 target.
  • Dairy processing infrastructure fund will be initially created with a corpus of Rs.
    2000 crore.
  • Rs. 64,000 crore allocated for highways.
  • Swachh Bharat mission has made tremendous progress; sanitation coverage has
    gone up from 42% on Oct 13 to 60% now.
  • Trade infra export scheme will be launched 2017-18.
  • Pradhan Mantri Mudra Yojana lending target fixed at Rs 2.44 lakh crore for 2017-18.
  • Easy online booking system for Army and other defense personnel.
  • Fiscal situation
  • Total expenditure is Rs. 21, 47,000 crore.
  • Plan, non-plan expenditure is abolished; focus will be on capital expenditure, which
    will be 25.4 %.
  • DBT to LPG consumers, Chandigarh is kerosene-free, 84 government schemes are on
    the DBT platform.
  • Total resources transferred to States and Union Territories is Rs 4.11 lakh crore.
  • The maximum amount of cash donation for a political party will be Rs. 2,000 from
    any one source.
  • Expenditure for science and technology is Rs. 37,435 crore.
  • The fiscal deficit of 2017-18 pegged at 3.2% of the GDP. Will remain committed to
    achieving 3% in the next year.
  • Recommended 3% fiscal deficit for three years with a deviation of 0.5% of the GDP.
  • Out of 13.14 lakh registered companies, only 5.97 lakh firms have filed returns for
    2016-17.
  • Out of 76 lakh individual assessees declaring income more than Rs. 5 lakh, 56 lakh
    are salaried.
  • Only 1.72 lakh people showed income of more than Rs. 50 lakh a year.
  • Proposal to have a carry-forward of MAT for 15 years.
  • The government proposes to reduce basic customs duty for LNG to 2.5% from 5%.
  • Under the corporate tax, in order to make MSME companies more viable, there is a
    proposal to reduce tax for small companies with a turnover of up to Rs 50 crore to
    25%. About 67 lakh companies fall in this category. Ninety-six % of companies to get
    this benefit.
  • Capital gains tax to be exempted for persons holding land from which land was
    pooled for the creation of the state capital of Andhra Pradesh.
  • Simple one-page return for people with an annual income of Rs. 5 lakh other than
    business income.
  • Rate of growth of advance tax in Personal I-T is 34.8% in the last three-quarters of
    this financial year.
  • The limit of cash donation by charitable trusts is reduced to Rs 2,000 from Rs 10,000.
  • Existing rate of tax for individuals between Rs. 2.5- Rs 5 lakh is reduced to 5% from
    10%.
  • All other categories of tax payers in subsequent brackets will get a benefit of Rs
    12,500.
  • The Income Tax Act to be amended to ensure that no transaction above Rs 3 lakh is
    permitted in cash.
  • People filing I-T returns for the first time will not come under any government
    scrutiny.
  • To boost the image of India in the international travel market Incredible India 2.0
    The campaign will be unveiled across the world in the financial year 2017-18.
  • 100 crore has been allocated for Pilgrimage Rejuvenation and Spiritual
    Augmentation Drive (PRASAD).
  • Integrated Development of Tourist Circuits around specific themes under Swadesh
    Darshan scheme.
  • The Union Budget 2017-18 has announced that Government will set up five Special
    Tourism Zones in partnership with States.

 

 

 

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