Finance Minister Arun Jaitley presented the most significant budget of the government. Arun Jaitely said “ Demonetisation is a bold and decisive measure taken by our government”. He also added “I am reminded of what our father of the nation Mahatma Gandhi said: “A right cause never fails”.
Here is the highlights of Union Budget 2017-
- Finance Minister reduces existing rate of taxation for individuals with income between 2.5 lakh to 5 lakh to 5% instead of 10% ; Surcharge of 10% for those whose annual income is Rs 50 lakh to 1 crore; Surcharge on Rs 1 crore or more remains unchanged.
- Agriculture sector is expected to grow at 4.6%, agriculture expenditure targeted at Rs 10 lakh crore.
- 36% increase in FDI flow , forex reserves at $361 billion in January, which is enough to cover 12 months needs.
- Allocation under MNREGA increased to Rs 48,000 crore from Rs 38,500 crore. This is highest ever allocation.
- 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.
- Safe drinking water to cover 28,000 arsenic and Fluoride-affected habitations in the next four years.
- 133-km road per day constructed under Pradhan Mantri Gram Sadak Yojana as against 73-km in 2011-14. Road sector allocated Rs 64,000 crore.
- For senior citizens, Aadhar cards giving their health condition will be introduced.
- Two new All India Institute of Medical Sciences (AIIMS) to be set up in Jharkhand and Gujarat.
- 3500km railway lines to be laid down across length and breadth of the country.
- Service charge on rail tickets booked through IRCTC to be withdrawn.
- Rail safety fund with corpus of Rs 100,000 crore will be created over a period of five years.
- 500 rail stations to be made differently abled friendly by providing lifts and escalators.
- A new metro rail policy will be announced, this will open up new jobs for our youth.
- Foreign investment promotion board 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.
- Aadhaar Pay- an app for merchants- to be launched’ 20 lakh aadhaar-based POS by September 2017.
Source – Economic Times