FM Arun Jaitley presents Union Budget Finance Minister Arun Jaitley presents Path breaking Union budget; says India a bright spot in current economic landscape; Merges Railways budget merged with for the first time in Indian History; Also does away with plan and non-plan expenditure; government to spend 21.47 lakh crore in 2017-18.
REDUCE ( कम ) BURDEN OF TAX ON HONEST TAXPAYERS
Govt. decides to reduce burden of tax on honest taxpayers; reduces tax rate with income between 2.5 lakh to 5 lakh from 10% to 5%; 10% surcharge for annual income is Rs 50 lakh to 1 crore; 15% surcharge on incomes above Rs 1 crore to continue.
3 MAJOR REFORMS IN BUDGET
The budget presented on Wednesday contains 3 major reforms.. budget advanced for better expenditure management..merges rail with general budget..done away with plan/non plan classification of expenditure for a more holistic view of allocations
2.5l To 5l To Attract 5% Tax
FM appeals to people to contribute to nation building by paying tax..tax liability of people below 5 lakh rupees income to reduce. existing rate of taxation for individuals between income of 2.5 l to 5 lakh to come down to 5% from current 10%.
BUDGET MAINTAINS FISCAL PRUDENCE
FM says approach to prepare the budget was to spend more on rural areas, infrastructure and poverty alleviation while maintaining fiscal prudence.
GOVERNMENT ADHERES TO FISCAL CONSOLIDATION( समेकन )
Govt adheres to fiscal consolidation withougt compromising growth and investment Fiscal deficit for 2017-18 pegged at 3.2% of GDP..government committed to maintain fiscal deficit of 3% for this fiscal.
BUDGET FOCUSES ON FARMERS WELFARE
Farmers to continue to avail short term crop loan at 4%..target for agriculture credit to be at record level of 10 lkh crores..to also benefit from 6o days of interest waiver as announce by the prime minister.
INCREASE IN COVERAGE OF FASAL BIMA YOJNA
Coverage of fasal bima yojna to be increased to 40% next year and 50% in 2018-19..FM provides 9000 cr rupees for securing farmers against natural calamities.
FUND FOR IRRIGATION DOUBLED
fund for irrigation doubled to 40000 crores…dedicated micro irrigation fund for per drop more crop.. 585 mandis to be linked under E-nam.. each e-nam market to get 75 lakhs.
MISSION ANTODAYA TO ALLEVIATE ( को कम) POVERTY
Govt to launch mission antodaya to bring 1 cr household out of poverty and make 50000 gram panchayats poverty free..every year more than 3 lakh crore being spent on rural areas.
HIGHEST EVER ALLOCATION TO MGNREGA
Budget makes provision for highest ever allocation to MNREGA..FM provides 48 thou crore for next year..5 lakh farm ponds to be created.
BUDGET FOCUS ON RURAL INFRASTRUCTURE
FM provides for 27 thou crores for PM GSY, 23000 cr for PMAwas yojna..to build 1 crore houses by 2019...for rural electrification around 5000 cr provided.
MANTRA OF SABKA SAATH SABKA VIKAS CONTINUES
Mantra of sabka saath sabka vikas to focus on girl child and women..pregnant women to get 600o rupees in direct transfer..funds for schemes for women and children raised to 1.8 lakh crore.
FOCUS ON LOW COST HOUSING
Budget approves 2 interest subvention scheme for low cost housing as announced by PM..provides for 20000 crores..loans to 12 lakh to attract 3% interest subsidy while 9 lakhs will get 4% subsidy.
2 NEW AIIMS TO BE SET UP
Budget proposes to eliminate (को समाप्त) kala-azar, TB, Filariases, leprosy and measles..2 new AIIMS to be set up in Jharkhand and Gujarat..new rules to regulate medical devices and generic drugs.
LEGISLATIVE REFORMS ON ANVIL
Legislative reforms on anvil (निहाई) to simplify, rationalize ( युक्तिसंगत)and amalgamate existing labour laws..to also open up additional avenues for women employment.
IMPLEMENTATION OF SCHEMES FOR SC/STs, MINORITIES
Special importance to implementation of schemes for SC/STs and minorities..allocation for same at 52 cr, 32 thousand cr and 4100 crore respectively..niti aayaog to monitor expenditure.
1.5 LAKH VILLAGES TO GET BROADBAND
Total allocation for infrastructure development at 3.9 lakh crores…Railways get major chunk of 1.3 lkh crores..Highways 65 thousand cr..Bharat net project to provide broadband in 1.5 lakh gram panchayats..10000 cr provided to the scheme.
RAIL PSUs TO BE LISTED
Govt to come up with revised mechanism for time-bound listing of central PSU's on stock exchanges..shares of railway PSE's like IRCTC, IRFC and IRCON to be listed..govt to use exchage traded funds for further divestment.
MUDRA YOJANA GETS 2.44 LAKH CRORE
Target for PM mudra yojna set at 2.44 lakh crores..Priority to be given to dalit, tribals, backward classes and women
PUSH FOR AADHAR ENABLED DIGITAL PAYMENT
Govt to launch adhar enabled payment system to promote digital transactions..govt mulling making digital payments mandatory at several institutions including college hospitals and post offices.
DEFENCE GETS 2.7 LAKH CRORE
Finance minister provides 2.7 lakh crores for defence excluding pensions , capital expenditure for defence at 86,488 crores.
IT MSME REDUCED TO HALF
Major boost to MSME, income tax for companies upto turnover upto 50 crores reduced to 25%..96% of companies to benefit.
NO CASH PAYMENT ABOVE 3 LAKH
Fight against black money continues..government accepts proposal of SIT to not allow cash payment over 3 lakh rupees..to amend income tax act to enforce decision.
NO CASH DONATION ABOVE 2000 TO POLITICAL PARTIES
For transparency and electoral funding govt accepts suggestions of elections commission..no party to receive cash donation above 2000 rupees per person..govt to make provision to issue electoral bonds for registered political parties.
PUSH FOR EASE OF DOING BUSINESS
Budget continues to focus on ease of doing business..foreign portfolio investors to be exempt from indirect transfer provisions.
REDUCE ( कम ) BURDEN OF TAX ON HONEST TAXPAYERS
Govt. decides to reduce burden of tax on honest taxpayers; reduces tax rate with income between 2.5 lakh to 5 lakh from 10% to 5%; 10% surcharge for annual income is Rs 50 lakh to 1 crore; 15% surcharge on incomes above Rs 1 crore to continue.
3 MAJOR REFORMS IN BUDGET
The budget presented on Wednesday contains 3 major reforms.. budget advanced for better expenditure management..merges rail with general budget..done away with plan/non plan classification of expenditure for a more holistic view of allocations
2.5l To 5l To Attract 5% Tax
FM appeals to people to contribute to nation building by paying tax..tax liability of people below 5 lakh rupees income to reduce. existing rate of taxation for individuals between income of 2.5 l to 5 lakh to come down to 5% from current 10%.
BUDGET MAINTAINS FISCAL PRUDENCE
FM says approach to prepare the budget was to spend more on rural areas, infrastructure and poverty alleviation while maintaining fiscal prudence.
GOVERNMENT ADHERES TO FISCAL CONSOLIDATION( समेकन )
Govt adheres to fiscal consolidation withougt compromising growth and investment Fiscal deficit for 2017-18 pegged at 3.2% of GDP..government committed to maintain fiscal deficit of 3% for this fiscal.
BUDGET FOCUSES ON FARMERS WELFARE
Farmers to continue to avail short term crop loan at 4%..target for agriculture credit to be at record level of 10 lkh crores..to also benefit from 6o days of interest waiver as announce by the prime minister.
INCREASE IN COVERAGE OF FASAL BIMA YOJNA
Coverage of fasal bima yojna to be increased to 40% next year and 50% in 2018-19..FM provides 9000 cr rupees for securing farmers against natural calamities.
FUND FOR IRRIGATION DOUBLED
fund for irrigation doubled to 40000 crores…dedicated micro irrigation fund for per drop more crop.. 585 mandis to be linked under E-nam.. each e-nam market to get 75 lakhs.
MISSION ANTODAYA TO ALLEVIATE ( को कम) POVERTY
Govt to launch mission antodaya to bring 1 cr household out of poverty and make 50000 gram panchayats poverty free..every year more than 3 lakh crore being spent on rural areas.
HIGHEST EVER ALLOCATION TO MGNREGA
Budget makes provision for highest ever allocation to MNREGA..FM provides 48 thou crore for next year..5 lakh farm ponds to be created.
BUDGET FOCUS ON RURAL INFRASTRUCTURE
FM provides for 27 thou crores for PM GSY, 23000 cr for PMAwas yojna..to build 1 crore houses by 2019...for rural electrification around 5000 cr provided.
MANTRA OF SABKA SAATH SABKA VIKAS CONTINUES
Mantra of sabka saath sabka vikas to focus on girl child and women..pregnant women to get 600o rupees in direct transfer..funds for schemes for women and children raised to 1.8 lakh crore.
FOCUS ON LOW COST HOUSING
Budget approves 2 interest subvention scheme for low cost housing as announced by PM..provides for 20000 crores..loans to 12 lakh to attract 3% interest subsidy while 9 lakhs will get 4% subsidy.
2 NEW AIIMS TO BE SET UP
Budget proposes to eliminate (को समाप्त) kala-azar, TB, Filariases, leprosy and measles..2 new AIIMS to be set up in Jharkhand and Gujarat..new rules to regulate medical devices and generic drugs.
LEGISLATIVE REFORMS ON ANVIL
Legislative reforms on anvil (निहाई) to simplify, rationalize ( युक्तिसंगत)and amalgamate existing labour laws..to also open up additional avenues for women employment.
IMPLEMENTATION OF SCHEMES FOR SC/STs, MINORITIES
Special importance to implementation of schemes for SC/STs and minorities..allocation for same at 52 cr, 32 thousand cr and 4100 crore respectively..niti aayaog to monitor expenditure.
1.5 LAKH VILLAGES TO GET BROADBAND
Total allocation for infrastructure development at 3.9 lakh crores…Railways get major chunk of 1.3 lkh crores..Highways 65 thousand cr..Bharat net project to provide broadband in 1.5 lakh gram panchayats..10000 cr provided to the scheme.
RAIL PSUs TO BE LISTED
Govt to come up with revised mechanism for time-bound listing of central PSU's on stock exchanges..shares of railway PSE's like IRCTC, IRFC and IRCON to be listed..govt to use exchage traded funds for further divestment.
MUDRA YOJANA GETS 2.44 LAKH CRORE
Target for PM mudra yojna set at 2.44 lakh crores..Priority to be given to dalit, tribals, backward classes and women
PUSH FOR AADHAR ENABLED DIGITAL PAYMENT
Govt to launch adhar enabled payment system to promote digital transactions..govt mulling making digital payments mandatory at several institutions including college hospitals and post offices.
DEFENCE GETS 2.7 LAKH CRORE
Finance minister provides 2.7 lakh crores for defence excluding pensions , capital expenditure for defence at 86,488 crores.
IT MSME REDUCED TO HALF
Major boost to MSME, income tax for companies upto turnover upto 50 crores reduced to 25%..96% of companies to benefit.
NO CASH PAYMENT ABOVE 3 LAKH
Fight against black money continues..government accepts proposal of SIT to not allow cash payment over 3 lakh rupees..to amend income tax act to enforce decision.
NO CASH DONATION ABOVE 2000 TO POLITICAL PARTIES
For transparency and electoral funding govt accepts suggestions of elections commission..no party to receive cash donation above 2000 rupees per person..govt to make provision to issue electoral bonds for registered political parties.
PUSH FOR EASE OF DOING BUSINESS
Budget continues to focus on ease of doing business..foreign portfolio investors to be exempt from indirect transfer provisions.
Definitions of prudence
noun
the quality of being prudent; cautiousness.
Definitions of anvil
noun
a heavy steel or iron block with a flat top, concave sides, and typically a pointed end, on which metal can be hammered and shaped.
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