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Union Budget 2017: Highlights of Arun Jaitley’s budget

Union Budget 2017, Budget 2017, Arun Jaitley, Arun jaitley budget plans, jaitley budget presentation, Housing, Urban sector, Housing sector, Arun jaitley housing sector, india news, indian express news New Delhi: Finance Minister Arun Jaitley tabling the Union Budget for 2017-18 in the Parliament in New Delhi on Wednesday. (Source: PTI Photo/TV Grab)

Finance Minister Arun Jaitley is presenting the Union Budget 2017. Jaitley claimed double digit inflation has been controlled and sluggish growth replaced by high growth. With demonetisation a war on blackmoney was launched which was a bold and decisive move. The budget this year focuses on poverty eradication, farmers issues and rural development. Here are the highlights of the budget.

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*36 per cent increase in FDI flow; forex reserves at USD 361 billion in January enough to cover 12 months needs.

*World Bank expects GDP growth rate at 7.6 per cent in FY18 and 7.8 per cent in FY19

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

*Agricultural sector is expected to grow at 4.1 per cent this fiscal

Festive offer

*Target of agriculture credit fixed at Rs 10 lakh crore in 2017-18

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

*Allocation under MNREGA increased to 48,000 crore from Rs 38,500 crore. This is highest ever allocation, says FM Jaitley.

*Space technology to be used for monitoring MNREGA implementation

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

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

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

*Participation of women in MNREGA increased to 55 per cent from 45 per cent in past

*1 crore households to be brought out of poverty under Antodya Scheme

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

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

*100 per cent electrification of villages to be completed by May 2018

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

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

*In higher education, we will undertake reforms in UGC, give autonomy to colleges and institutions: Jaitley.

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

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

*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.

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

*1.5 lakh health sub centres to be converted to Health Wellness Centres.

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

*Two new AIIMS to be set up Jharkhand and Gujarat

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

*For senior citizens, Aadhaar based health cards will be issued.

*35 per cent increase in allocation for SC to Rs 52,393 crore

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

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

*Total allocation for rural, agri and allied sectors for 2017-18 is a record Rs 1,87,223 crore, up 24 per cent from last year

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

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

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

*Unmanned railway level crossings to be eliminated by 2020

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

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

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

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

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

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

*New metro rail policy to be unveiled

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

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

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

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

*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

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

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

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

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

*FIPB will be abolished.

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

*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

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

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

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

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

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

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

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

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

* Govt to double lending target under PM Mudra Yojana to Rs 2,44,000 crore for 2017-18

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

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

*A proposal to receive all government receipts beyond a certain threshold through e-modes under consideration

*3 yr period for long-term capital gains tax on immovalble property reduced to 2 years; base year indexation shifted from 1.4.1981 to 1.4.2001

*Payment regulatory board to be set up in RBI to regulate electronic payments, replacing Board for Regulation and Supervision in Payments and Settlements System.

*FRBM review committee has recommended 60 per cent debt to GDP ratio; 0.5 per cent of GDP deviation from stipulated fiscal deficit targets

*Govt considering option to amend Negotiable Instruments Act to ensure that holders of dishonoured cheques get payment.

*Govt to set up a web-based interactive platform for defence pensioners

*Head post offices to issue passports

*Total expenditure in FY18 at Rs 21.47 lakh croreDuty exempted on various POS machines and iris readers to encourage digital payments.

*Capital expenditure stepped up by 25.4 per cent in FY18 over previous year.

*Maximum amount of cash donation a political party can receive will be Rs 2000 from any one source as part of effort to clean political funding.

*Political parties can receive donations in cheque, electronic mode; electoral bonds to be issued by RBI

*FPI to be exempt from indirect transfer provisions

*Customs duty on LNG halved to 2.5 per cent

*With abolition of plan and non-plan expenditure, the govt’s focus is on revenue and capital expenditure

*Govt pegs fiscal deficit target at 3.2 per cent for 2017-18 and 3 per cent for next year.

*Revenue deficit reduced to 2.1 per cent from 2.3 per cent for 2016-17

*Direct tax collection not commensurate with income and expenditure pattern

*Of 3.7 cr individuals who filed tax returns in 2015-16, 99 lakh showed income below exemption limit.

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*Income Tax rate cut to 5 per cent for individuals having income between Rs 2.5 lakh to Rs 5 lakh

*10 per cent surcharge on individual income above Rs 50 lakh and upto Rs 1 crore to make up for Rs 15,000 crore loss of due to cut in personal I-T rate.

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*5 per cent surcharge on income above Rs 1 crore to continue

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