The Union Budget 2017-18 was presented today at the Lok sabha, by our honorable Finance minister Arun Jaitley. While talking about his fourth budget, Mr. Jaitley expressed his views on the demonetization movement organized by the Prime Minister Narendra Modi on Nov 8, 2016; saying it will not have a lasting impact on the economy. Apart from this, there were various discussions on income tax relief, budget allocation, political funding and many other topics.
Here’s a list of a few key highlights from the 2017 Budget:
The govt. has accepted the recommendation made by Black money SIT to have no cash transaction above Rs 3 lakh.
36% increase in FDI flow with forex reserves at $361 billion in January.
Allocation under MNREGA increased to 48,000 crores from Rs 38,500 crore.
Aadhaar Pay- an app for merchants- to be launched’ 20 lakh aadhaar-based POS by September 2017.
Safe drinking water to cover 28,000 arsenic and Fluoride-affected habitations in the next four years.
IMF estimates world GDP will grow by 3.4 percent in 2017.
3500km railway lines to be put up.
Agriculture sector is expected to grow at 4.6%
Total allocation for rural, agricultural and allied sectors for 2017-18 is Rs 187223 crore, which is 24% higher than last year.
One crore houses for poor by 2019.
133-km road per day constructed under Pradhan Mantri Gram Sadak Yojana.
Service charge on rail tickets booked through IRCTC to be withdrawn.
Rail safety fund with the corpus of Rs 100,000 crore will be created over a period of five years.
500 rail stations to be equipped with lifts and escalators for the physically challenged.
A new metro rail policy will be announced, this will open up new jobs for our youth.
Foreign investment promotion board (FIPB) to be abolished.
Allocation for infrastructure stands at a record Rs 3,96,135 crore.
Government to set up strategic crude oil reserves in Odisha and Rajasthan.
Defense expenditure excluding pension at Rs 2.74 lakh crore.
Fiscal deficit for 2017-18 pegged at 3.2 percent of GDP.
Small firms with turnover up to Rs 50 crore to pay 25% tax now, instead of 30%.
Income tax relief of 5 percent on tax slab of Rs 250,000 – Rs 500,000.
Political parties will be entitled to receive donations by cheques or digital modes.