Budget 2017

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Arun Jaitley


Manufacturing

In order to keep a check on black money, the government has put a Rs 3 lakh limit on cash transactions. The move is aimed at encouraging digital transactions and keeping a tab on financial transactions through cash.
Additionally in a move which could be beneficial for millions of employed people the tax rate on those earning between Rs 2.5-5 lakhs has been reduced to 5 percent from the existing 10 per cent.
For those whose annual income is Rs 50 lakh to Rs 1 crore, Jaitley has proposed a surcharge of 10 per cent. 
The 15 per cent surcharge on incomes above Rs 1 crore will continue.

Here are other highlights from the budget speech.

1. India stands out as a bright spot amid world economic gloom.
2. Our focus will be on energising youth to reap benefits of growth and employment.
3. IMF estimates world GDP will grow by 3.4 per cent in 2017.
4. Oil prices, rising dollar and volatile commodity prices are seen as risks to the Indian economy. 
5. India is seen as the engine of global growth, have witnessed historic reform in last one year.
6. Demonetisation is a bold and decisive measure, for many decades tax evasion was a way of life for many.
7. Note ban is expected to have only a transient impact on the economy.
8. I am reminded of what our father of the nation Mahatma Gandhi said: "A right cause never fails".
9. The pace of remonetisation has picked up.
Construction
 10. Effects of demonetisation not expected to spill over to next year.
11. Budget preponement to February 1 will give sufficient time to departments to implement government schemes.
12. Our Budget agenda is - transform, energise and clean India - TEC India.
13. Our approach in preparing the Budget is to spend more on rural areas, infrastructure and poverty alleviation with fiscal prudence.
14. The agriculture sector is expected to grow at 4.6%, agriculture expenditure targeted at Rs 10 lakh crore.
Agriculture

15. 36% increase in FDI flow; forex reserves at $361 billion in January, which is enough to cover 12 months needs.
16. Allocation under MNREGA increased to 48,000 crore from Rs 38,500 crore. This is highest ever allocation
17. Total allocation for rural, agricultural and allied sectors for 2017-18 is Rs 1,87,223 crore, which is 24 per cent higher than last year.
18. One crore houses for poor by 2019.
19. Safe drinking water to cover 28,000 arsenic and Fluoride-affected habitations in the next four years.
20. 133-km road per day constructed under Pradhan Mantri Gram Sadak Yojana as against 73-km in 2011-14.Railway Track

21. For senior citizens, Aadhar cards giving their health condition will be introduced.
22. Two new All India Institute of Medical Sciences(AIIMS) to be set up in Jharkhand and Gujarat.
23. 3500 km railway lines to be put up.
24. Service charge on rail tickets booked through IRCTC to be withdrawn.
25. Rail safety fund with corpus of Rs 100,000 crore will be created over a period of five years.
26. 500 rail stations to be made differently abled-friendly by providing lifts and escalators.
27. A new metro rail policy will be announced, this will open up new jobs for our youth.
28. Foreign investment promotion board (FIPB) to be abolished.
29. Allocation for infrastructure stands at a record Rs 3,96,135 crore.
Jobs
30. Government to set up strategic crude oil reserves in Odisha and Rajasthan.
31. 1.25 crore people have already adopted Bhim App for digital payments.
32. Aadhaar Pay- an app for merchants- to be launched' 20 lakh aadhaar-based POS by September 2017.
33. Government is considering introduction of new law to confiscate assets of offenders who escape the country.
34. Defence expenditure excluding pension at Rs 2.74 lakh crore.
Truck
 35. Fiscal deficit for 2017-18 pegged at 3.2 percent of GDP.
36. Fiscal deficit target for next three years pegged at 3 per cent.
37. India's tax-to GDP ratio is very low. We are largely a tax non compliance society, when too many people evade taxes burden falls on those who are honest.
38. Out of 3.7 crore who filed tax returns in 2015-16, only 24 lakh persons showed income above Rs 10 lakh.
39. Of 76 lakh individuals who reported income of over Rs 5 lakh, 56 lakh are salaried.














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