Budget Highlights-2017

FISCAL SITUATION

Total expenditure is Rs. 21, 47,000 Crore.
Rs.3000 Crore for implementing budget announcements under department of Economics.
Defense expenses, excluding pension- Rs 2, 74,114 Crore.
Expenses in science and technology- Rs. 37,435 Crore.
Total resources transferred to States and UTs -Rs 4.11 lakh Crore
Recommended fiscal deficit for 3 years – 3% with deviation of 0.5% of GDP.
Revenue deficit- 1.9%
Pegged fiscal deficit of 2017-18 at 3.2% of Gross Domestic Product (GDP) and remain committed to achieving 3% in the next year.

The fund given to NABARD is increased to Rs.40, 000 Crore from Rs.20, 000 Crore.
10 lakh Crore is allocated to farmers as credit, with 60 days interest waiver.
To test soil, govt. will set up mini labs KRISHI VIGYAN KENDRAS (KVK).
An initial amount of Rs.5, 000 Crore to set up micro irrigation for NABARD.
Rs 2,000 Crore for Dairy processing infrastructure fund.
Issuance of soil cards has gained momentum.
A new law on Contract Farming will be prepared & shared with the states.

Five lakh farm ponds will be taken up under the MGNREGA during 2017-18.
Union government plans to bring One Crore households out of poverty by 2019.
Allocated Rs 19,000 Crore for Pradhan Mantri Gram Sadak Yojana (PMGSY).
Government will take steps to make sure that the participation of women in MGNREGA up to 55% from 45%.
100% rural electrification by March-2018
With the help of Space technology, government will monitor the MGNREGA works.
Rs. 3 lakh Crore will be spent for farmers in rural India to double their incomes.
wachh Bharat’s progress has gone up to 60%. It was 42% in oct-2013.

Based on Accreditation, colleges will be identified.
Government will set up 100 India International centers across the country to maximize the potential under Skill India mission.
Courses on Foreign languages will be introduced.
Additional 5000 PG seats for medical sciences.

Rs.1, 84,632 Crore allocated for women & children.
Target of Eradicating Tuberculosis by 2025.
Pregnant women will get Rs.6000 across the country.
Rs.500 Crore has been allocated for Mahila Shakti Kendras.
Around 1.5 lakh health sub centers will be transformed into health wellness centers.
Two AIIMS medical colleges will be set up in Gujarat & Jharkhand.
To monitor health of senior citizens, Aadhar based smart cards will be issued.

Total funds allotted -1, 31,000 Crore.
Elimination of service charge for booking e-ticket with IRCTC.
Raksha coach with a fund of Rs. 1 lakh Crore for 5 years to ensure passenger’s safety.
Around 3,500 km of railway lines will be constructed this year from 2,800 km last year.
Clean My Coach’, an SMS based service will be started.
'Coach Mitra’- to register all problems related to coach will be started.
All the trains will be having Bio-Toilet by the end of 2019.
Around 500 Railway stations will be made differently- abled friendly.
All level crossings will be unmanned by 2020.
Around 2000 km of roads for coastal area connectivity.
Rs.64, 000 Crore allotted for highways.
1, 50,000 Gram Panchayats to get high speed internet.

FDI policy reforms - more than 90% of FDI inflows are now automated.
IRCTC shares will be listed in stock exchanges.
The Foreign Investment Promotion Board will be abolished in 2017-18
Under Pradhan Mantri Mudra Yojana, this year’s target to lend is Rs. 2.44 lakh Crore.
Two new schemes i.e., referral bonus for users & cash back for traders will be introduced to promote the BHIM app.
The ‘Negotiable Instruments Act’ will be amended.
A ‘Computer Emergency Response’ team will be formed for financial sector.
Easy online booking system will be made for Army & Defence personnel.
For big-time offences including economic offenders escaping India, the government, will introduce a legislative change or new law to confiscate the assets of these people within the country
DBT to LPG consumers, Chandigarh is kerosene free, 84 government schemes are on the DBT platform.

The donation to parties has reduced to Rs. 2000 from Rs. 20000.
Political parties are allowed to receive donations by cheque or digital mode from donors.
Amendment is being proposed to RBI Act to allow issuance of electoral bonds. Donor can purchase these bonds from banks or post office via cheque or digital transactions. They can be redeemed only by registered political parties.

India’s tax to GDP ratio is not favorable.
Total 5.97 lakh companies have files returns for 2016-17 out of 13.14 lakh registered companies.
Around 1.95 Crore individuals has shown income b/w 2.5 lakh to 5 lakh.
Out of 76 lakh individual assesses declaring income more than Rs 5 lakh, 56 lakh are salaried persons.
1.72 lakh people showed income more than 50 lakh per annum.
B/w Nov 8 to Dec 30: Deposits between Rs 2 lakh and Rs 80 lakh was made in 1.09 Crore accounts.
Rate of growth of advance tax in Personal I-T is 34.8% in last three quarters of this financial year.
Propose to reduce basic customs duty for LNG to 2.5% from 5%
No cash transaction to be made above Rs. 3 lakh.

Propose to reduce current rate of taxation of those with income between 2.5 lakh to 5 lakh from 10% to 5%.
Simple one page return for persons with annual income of Rs. 5 lakh other than commercial income.
All other categories of tax payers in subsequent brackets will get benefit of Rs 12,500.
Individuals filing I-T returns for the first time will not come under govt. scrutiny.
10% surcharge on single income above Rs. 50 lakh and up to Rs 1 Crore to make up for Rs 15,000 Crore loss due to cut in personal I-T rate. 15% addition on individual income above Rs. 1 Crore to remain

Smart Prep Kit by Ramandeep Singh - Get here

Let's block ads! (Why?)