Get the Highlights of Union Budget 2017-18

All eyes were on Indian Budget on 1st Feb 2017 but amidst all the hustle and bustle the most anticipated budget was presented by Finance minister Arun Jaitley. Here are some of the highlight of the budget.

  1. The budget is youth centric to benefit them with growth and employment.
  2. FM estimated world GDP to improve by 3.4 percent in 2017.
  3. People having income between 2.5L to 5L will enjoy income tax rate cut to 5%.
  4. Effective surcharges of 15% on people above Rs. 1Cr income.
  5. To make up for the losses of Rs 15,000Cr due to cut in personal I-T rate, people with income above Rs 50L and upto Rs. 1Cr will face 10% surcharge on the income.
  6. Farmers were ensured adequate flow of money from Rs. 10 trillion credit fixed for the underserved areas.
  7. Budget is prepared to equip the rural areas and spend more on infra and poverty alleviation.
  8. Highest allocation under MNREGA with a fund of 48,000 Cr.
  9. Ensuring 1Cr houses for underprivileged by 2019.
  10. Road per day construction under Pradhan Mantri Gram Sadak Yojana increased to 133Km as against 73Km in 2011-14.
  11. Jharkhand and Gujarat will get their All India Institute of Medical Sciences (AIIMS).
  12. Long pending and most needed rail safety got 100,00Cr fund.
  13. 3500Km railway line to be put up.
  14. A record fund of Rs. 3,96,135 Cr allocated to infrastructure.
  15. Fiscal deficit for 2017-18 pegged at 3.2% of GDP.
  16. Budget lowered the tax for small firms whose turnover is upto 50Cr will pay 25% tax.
  17. No cash transaction above Rs. 3L.
  18. Max donation one can make is not more than Rs.2000.
  19. The political party will be allowed to receive donations by cheque or digital modes.
  20. Food subsidy increased from Rs. 1.35 trillion to Rs. 1.45 trillion in 2017/18.
  21. Fuel subsidy revised from Rs. 275 billion to 250 billion.
  22. No changes in fertiliser subsidy which be 700 billion.
  23. Budget allocation raised from 399 billion to 489 billion to the health industry.
  24. Electrification of villages to be completed by May 2018.
  25. This time villages sanitation coverage will increase from 42% to 60%.
  26. Dedicated Rs. 5000Cr fund for micro-irrigation.
  27. Sugarcane arrears to be cleared with the allocation of Rs.9000 Cr fund.
  28. Local entrepreneurs to set up soil testing mini labs in 648 krishi vigyan kendras.
  29. Leather/footwear sector to create employment under the special scheme proposal.
  30. Allocation of Rs.500 Cr to Mahila Shakti Kendras.
  31. Allocation to SCs increased to Rs.52,393; to STs Rs.31,920 Cr, and to minority Rs.4,195 Cr.
  32. Senior citizens will get health card with their details on the basis of Adhaar card.
  33. Dedicated tourism Colleges in Delhi For Pgdm and pilgrimage train to be launched.
  34. Biotolets for all the coaches by 2019.
  35. New metro policy to be announced.
  36. Allocation of Rs.10,000Cr to Bharat Net programme.
  37. Two new schemes will be launched to promote BHIM app, including cashback for merchants.
  38. Head post-office to be used for passport service.
  39. To implement various budget announcements Rs.3,000 allocated.
  40. No cash transaction above Rs.3L

According to FM India stands a bright spot amidst the gloomy world economy. What do you think?

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