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Budget 2017 presented by finance minister

Finance Minister Arun Jaitley today began the presentation of the Union Budget after wishing the country on the occasion of Vasant Panchami. Jaitley stated that the sluggish growth has been controlled and government is seen as the trusted custodian of government money.

Here are the highlights of the Budget 2017:

Read:- Congress is opportunist, says Arun Jaitley

  • International Monetary Fund estimates that the world GDP will grow by 3.1% in 2016 and 3.4% in 2017: FM Arun Jaitley
  • The focus will be on energizing our youth, to reap benefits of growth & employment: FM Jaitley
  • India’s macroeconomic stability continues to be its fountainhead of its growth. CAD has declined by 1%,” says Jaitley.
  • We have moved from a discretionary administration to a policy-based administration: FM Jaitley
  • Demonetization seeks to create a new normal where in the GDP would be bigger, cleaner and real: FM Jaitley
  • India is seen as engine of global growth, have witnessed historic reform in last one year: FM Jaitley
  • Pace of remonetisation has picked up &will soon reach comfortable levels; Effects of Demonetisation not expected to spill over to next year-FM
  • Uncertainty around commodity prices, especially around crude oil, one of the major challenges:FM Jaitley
  • We are aware we need to do more for our people, our agenda is transform, energise and clean India, that is ‘tech India’: FM
  • Issuance of soil health cards have gathered momentum, will setup a mini lab in krishi vigyan kendras: FM Jaitley
  • My approach in preparing the #Budget is to spend more on rural areas, infrastructure & poverty alleviation with fiscal prudence:FM
  • With better Monsoon, Agriculture is expected to grow at 4.1% in current year: FM Arun Jaitley
  • Dairy processing infrastructure fund will be set up under NABARD, with fund of 8,000 crore: FM Jaitley
  • Target of agricultural loans to farmers set at record Rs 10 lakh crore in 2017-18:FM Jaitley
  • Budget allocation to MNREGA increased to a record Rs 48,000 crore for 2017-18, from Rs 37,000 crore in 2016-17:FM Jaitley
  • Dedicated micro-irrigation fund will b set up by NABARD to achieve goal of ‘Per Drop More Crop’.Initial corpus will be Rs 5000 crore:FM
  • Participation of women in MNREGA has increased to 55%: FM Arun Jaitley
  • Cabinet approves extension of tenure of loans under Credit Linked Subsidy Scheme of Pradhan Mantri Awas Yojana from 15 to 20 years
  • To complete 1,00,00,000 houses by 2019 for houseless and those living in kaccha houses:FM Jaitley
  • 100% village electrification will be achieved by May 1,2018: FM Jaitley
  • For youth, proposed to introduce a system of measuring annual learning; Science to be given focus: FM Arun Jaitley
  • Total allocation for rural, agricultural and allied sectors for 2017-18 at record Rs 1.87 crore, it is up by 24%: FM Jaitley
  • For senior citizens, Aadhar cards giving their health condition will be introduced: FM Jaitley
  • Safe drinking water to cover 28,000 arsenic & Fluoride affected habitations in the next four years: FM Jaitley
  • Steps will be taken to launch dedicated trains for pilgrimage and tourism: FM Jaitley
  • Two new All India Institute of Medical Sciences(AIIMS) to be set up in Jharkhand and Gujarat: FM Arun Jaitley
  • Rail safety fund with a corpus of Rs 100,000 crore to be created over a period of 5 years: FM Jaitley
  • National testing agency to conduct entrance exams for higher education
  • Atleast 25stations expected to be awarded during 2017-18; 500stations to be made differently abled-friendly by providing lifts&escalators-FM
  • Drought proofing of Gram Panchayats via construction of five lakh ponds across India: Jaitley
  • By 2019, all coaches of Indian Railways will be fitted with Bio-toilets: FM Arun Jaitley
  •  Charges for e-booking of railway tickets through IRCTC withdrawn
  • Action plan to eliminate Kala Azar & Filariasis by 2017, Leprosy by 2018, Measles by 2020 & Tuberculosis by 2025: FM
  • Transport sector allocated Rs 2.41 Lakh Crore and Bharat Net Project allocated Rs 10,000 crore:FM Jaitley
  • Solar plan phase 2 to add 20,000 MW capacit
  • Mission Antyodaya to bring 1 crore households out of poverty and to make 50,000 Gram Panchayats poverty-free: FM Jaitley
  • Chandigarh and eight districts of Haryana have been declared Kerosene free: FM Jaitley
  • Unmanned railway level crossings to be done away with by 2020: FM Jaitley
  • 3.5 Crore youth will be trained under Sankalp program launched by the government: FM Jaitley
  • Total expenditure of budget 2017-18 has been placed at Rs 21.47 lakh crore: FM
  • Aadhar enabled payment system to be launched soon;Banks have targeted to introduce additional 10 lakh Point-of-Sale terminals by Mar’17: FM
  • Have increased allocation for scientific ministry to Rs 37,435 cr in 2017-18: FM
  • Defence expenditure excluding pension at Rs 2.74 lakh crore: FM Arun Jaitley
  • Due to Demonitisation advance tax on personal Income tax increased by 34.8%: FM Jaitley
  • Not to remove Minimum Alternative Tax in 2017-18; Propose to allow a carry forward of MAT for a period of 15 yrs as against 10 yrs now: FM
  • Income tax for small companies with an annual turn over of 50 crore, now to pay 25%, a 5% reduction: FM
  • Out of 3.7 crore who filed tax returns in 2015-16, only 24 lakh persons showed income above Rs 10 lakh: FM Jaitley
  • Tax rate on small firms cut to 25%: FM Jaitley
  • Political parties will be entitled to receive donations by cheque or in the digital mode from their donors: FM Jaitley
  • Maximum cash donation any party can receive will be Rs 2000 from one source: FM Jaitley
  • Tax rate on small firms cut to 25%: Jaitley
  • Basic customs duty on LNG cut from 5% to 2.5%: Jaitley
  • Surcharge of 10% for those whose annual income is Rs 50 lakh to 1 crore: FM Jaitley
  • Propose to reduce existing rate of taxation of those with income between 2.5 lakh to 5 lakh from 10% to 5%: FM Jaitley
  • An amendment being proposed to RBI Act to enable the issuance of electoral bonds for political funding: FM