Union Budget 2017-18: Check out the LIVE updates from Finance Minister Arun Jaitley’s budget speech 2017 in Parliament today in India. Follow us for the latest Union Budget 2017-18 Highlights. Hon’ble Finance Minister Presented Union Budget 2017-2018 in the Parliament. This is the fourth Union budget by the Narendra Modi government. Arun Jaitley said the demonetization move by Prime Minister Narendra Modi on 8th November 2016 would not have a lasting impact on the economy of India. Check out Union Budget 2017-18 Highlights in this article.
Union Budget 2017-2018 Highlights
The Union Budget 2017-2018 was broadly focused on ten broad themes mainly on the rural population, farmers, youth, infrastructure, poor and health care for the underprivileged, financial sector for stronger institutions, public services, speedy accountability, prudent fiscal management, tax administration for the honest.
Union Budget 2017-2018 on Demonetisation
- Demonetisation in India has a bold and decisive measure and will lead to higher GDP growth.
- Demonetization is expected to have a transient impact on the economy of India.
- The Government of India has a significant impact on the economy and lives of citizens. The effects of them are not expected to spill over next year.
- The effects of demonetization will not spill over into the next financial year.
Indian Union Budget for Fiscal 2017-18 Updates on Rural Population
- The government of India targets to bring 1 crore households out of poverty by 2019.
- During Financial Year 2017-18, 5 lakh farm ponds will be taken up under the MGNREGA.
- Over Rs. 3,00,000 crore will be spent for rural India. Mahatma Gandhi National Rural Employment Guarantee Act to double farmers’ income.
- Encouraging women to participation in MGNREGA up to 55%.
- Space technology will be used in a big way to ensure MGNREGA works.
- Proposed to complete one crore houses for those without homes in India.
- Rs. 19,000 crore will be allocated for Pradhan Mantri Gram Sadak Yojana in 2017-2018.
- PMGSY (Pradhan Mantri Gram Sadak Yojana) roads work accelerated to 133 km road per day in 2016-17 as against 73km per day during 2011-14.
- 100% rural electrification by the end of March 2018.
- Swachh Bharat mission has made tremendous progress.
- Sanitation coverage has increased up from 42% in October 2014( Swacch Bharat) to 60%.
- Allocation for Pradhan Mantri Awaaz Yojana (PMAY) up from Rs. 15,000 crores to Rs. 23,000 crores
Union Budget 2017-2018 Highlights on Agriculture
- Sowing farmers of India should feel secure against natural calamities.
- With 60 days interest waiver Rs. 10 lakh crore as the credit to for agricultural for 2017-18.
- NABARD fund to be increased to Rs. 40,000 crore in Union Budget 2017-2018.
- The Government of India will set up a Minilabs by qualified local entrepreneurs to be set up for soil testing in all 648 Krishi Vigyan Kendra’s in India.
- A dedicated micro irrigation fund of Rs. 5,000 crores will be established for NABARD with the initial corpus.
- An Increment in the Irrigation corpus is made from Rs 20,000 crores to Rs 40,000 crores.
- Dairy processing infrastructure fund will be created initially with a corpus of Rs. 2000 crores
- Soil cards issuance has gained momentum in Union Budget 2017-2018.
- With better monsoon, The agriculture in India is expected to grow at 4.1 Percent.
- The Government of India will support Nabard for 63,000 functional PACs. Done in 3 years at an estimated cost of Rs 1,900 crores.
- 40% cropped area to be covered in 2017-18, 50% in Financial Year 2018-19 in Fasal Bima Yojana.
Union Budget 2018 Highlights for Youth
- Introduce a system of measuring annual learning and Science to be given focus.
- The Quality Education will energize our youth.
- Skill centers will be set up across the India to help youth seeking opportunities outside the country.
- SANKALP Rs. 4,000 crores allotted for market-oriented training. This SANKALP at least 3.5 crore youth will be provided with market-relevant training.
- Focus will be taken in 3,479 educationally backward blocks.
- Colleges will be identified based on accreditation.
- Courses on foreign languages will be introduced.
- Steps to create 5000 PG seats/annum.
Budget 2018 for the poor and health care
- Budget allocation for welfare of women and children under various ministries would be increased to Rs 1,84,632 crores.
- Mahila Shakthi Kendras in India is allocated for Rs. 500 crore.
- Rs. 6000 will be transferred to each person Under a nationwide scheme for pregnant women.
- Affordable housing will be given infrastructure status.
- The government of India is looking to complete 1 Crore houses by 2019 for those living in kaccha houses and houseless.
- Priority for piped water supply is given for open defecation free villages.
- Banks have started reducing lending rates for housing for Owing to surplus liquidity.
- Termination of tuberculosis by 2025 targeted.
- 1.5 Lakh Health sub-centers will be transformed into health wellness centers.
- Two AIIMS will be set up in Gujarat and Jharkhand.
- Restructuring of University Grants Commission.
- Allocation for Scheduled Castes increased from Rs 38,833 crore to Rs 52,393 crore, a rise of 35%.
- Aadhaar-based smart cards will be issued to senior citizens for health monitoring.
- Nearly 125 lakh people adopted the BHIM app so far and the merchant version of Aadhaar-enabled payment will be launched shortly for those without mobile phones and debit cards.
- The Government of India will launch two new schemes to promote the use of BHIM app.
Union Budget 2017- 2018 Highlights on Railways and Infrastructure
Finance Minister Arun Jaitley announced that capital and development expenditure on Railways in Financial 2017-18 is to be Rs 1,31,000 crores.
- FM Jaitley announce focus is on Swachh railways, new steps will be taken to launch dedicated trains for pilgrimage and tourism.
- Rashtriya Rail Sanraksha Kosh with a passenger safety fund worth Rs 1 lakh crore over 5 years (Rs. 20,000 crore/year). FM Arun Jaitley says that clear guidelines for safety will be drawn out and all unmanned railway crossings will be eliminated by 2020.
- New Railway lines of 3,500 km will be commissioned in 2017-2018. Railways have set joint ventures with nine state governments.
- Its a good news for all those who book e-tickets on IRCTC. You will no longer have to pay the service charge.
- Aat least 25 stations are going to be awarded for redevelopment. Around 500 stations will be made disable-friendly.
- A new metro rail policy will be announced which will open up new jobs for our youth.
- Nearly 7,000 solar power stations within the medium term and a beginning has already been made in 300 stations. He added that work will be taken up for 2,000 stations as part of the government’s 1000 Megawatt solar mission. By 2019, all the rail coaches will have bio-toilets.
- The Bharat Net Project allocated Rs 10,000 crore and the Transport sector allocated Rs 2.41 lakh crores.
- 1,50,000 gram panchayats will be allocated to high speed Internet.
- Under development of PPP Mode, government selects airports in tier-II cities to be taken up for operations.
- Eight districts of Haryana and Chandigarh have been declared as Kerosene-free.
Union Budget Highlights on Personal income tax
- Reduces the existing Income tax rate of taxation for individuals with the income level between 2.5 lakh to 5 lakh to 5% instead of 10%.
- The Government will amend Negotiable Instruments Act to ensure that tax holders of dishonored cheques get payment.
- All other categories of assessees in subsequent brackets will get a benefit of Rs 12,500/-.
- Simple one-page IT return for people with annual income of Rs. 5,00,000/- other than business income.
- People filing Income Tax returns for the first time will not come under government scrutiny.
- 10 Percent surcharge on individual 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 Income Tax slab rate. 15 percent surcharge on individual income above Rs. 1 crore to remain.
- No cash transactions above Rs 3,00,000/-
- The Basic customs duty on LNG (Liquefied natural gas) to be reduced from 5% to 2.5%.
- Income Tax rate for companies with an annual turnover up to Rs. 50 crores to be reduced to 25 percent, to strengthen MSME sector.
- Due to demonetization in India advance tax on personal income is increased by 34.8%.
- The Defence expenditure excluding pension at Rs 2.74 lakh crores.
Latest Union Budget 2017-18 Updates
- International Monetary Fund estimates world GDP to grow at 3.1% in 2016 and 3.4% in 2017.
- India becomes 6 th largest manufacturer in the world EY India Insta-Analysis on Budget 2017.
- The advanced economies are expected to increase their growth from 1.6% to 1.9% and emerging economies from 4.1% to 4.5%.
- The approach in preparing the Budget 2017 is to spend more on rural areas, infrastructure, and poverty alleviation with fiscal prudence.
- Welcome a plan to increase crop insurance to 40% of all cropped area.
- The agriculture sector is expected to grow at 4.6 percent, agriculture expenditure targeted at Rs 10 lakh crore.
- In Union Budget 2017-2018 Government will allocate Rs 48,000 crore for MGNREGA Which is highest ever.
- Allocates Rs. 1,87,223 crore, for rural, agricultural and allied sectors for 2017-18 is increased to 24% than the last year which is 24% higher than last year.
- FII (Foreign Institutional Investors) has increased from Rs 1.07 lakh crore to Rs 1.45 lakh crore. Now India has become the 6th largest manufacturing country in the world.
- CPI ( Consumer Price Index) inflation is expected to remain within RBI’s mandated range of 2% to 6%. International Monetary Fund estimates that the world GDP will grow by 3.1 percent in 2016 and 3.4 percent in 2017.”
Download Union Budget 2017-18 PDF
Here you can download Union Budget 2017-18 and Railway Budget for the Financial Year 2017-18.