New Delhi: The Finance Minister Arun Jaitley in Parliament is presenting the Union Budget 2017 which is the third budget of Prime Minister Narendra Modi Government. At around 2:30 AM, E. Ahamed the MP from Kerala and the National President of the Indian Union Muslim League died in Hospital due to which there was the doubt that the budget will be introduced today or not.
This time with the Union Budget, Railway Budget is also presented. In 93 years, for the first time this is happening and with it, for the first time, the Budget is presenting on February 1 instead of 28 or 29 February.
Finance Minister Arun Jaitley says in Parliament:
#India emerges out as a bright spot in the world economic landscape.
# Our focus will be on energizing youth to reap benefits of growth and employment.
# IMF estimates world GDP will grow by 3.4% in 2017.
#The price of Oil, emerging dollar & explosive commodity rates seen as risks to the Indian economy.
#India is seen as the main chain of world growth, which has beholder historic reform in past 1 year.
#The brave step has been taken Demonetisation, as for many decades tax evasion was a way of life.
# The transient impact of Indian economy is only expected by note ban.
#Our Budget agenda is - transform, energize and clean India - TEC India
#Mahatma Gandhi said: "A right cause never fails"- FM Jaitley says I am reminded of what our father of the nation.
#Remonetization’s pace has picked up.
# Demonetization’s effect is not expected to liquid over the coming year.
#The main motto for the approach of the Budget is to expand more on rural areas, infrastructure and poverty alleviation with fiscal prudence.
#The agriculture sector is likely to increase at 4.6percent, as the target of agriculture expenditure set at Rs 10 lakh crore.
#36% gain in FDI flow; forex reserves at $361 billion in January, which is sufficient to cover 1 year needs.
#Farmers will be provided by the loan of 10 lakhs crore.
#In upcoming 5 years, farmers' income will be raised two times.
#Sowing funds will be provided to the farmers have increased up to five thousand crore.
#Dairy development project NABARD will be funded with the amount Rs. 8,000 crore.
#Government will work to improve nearly 10 lakh ponds for the agricultural sector.
#Government to set up 'Krishi vigyan kendras' lab for an issuance of soil health cards.
Educational Sector:
#CBSE & AICTE will not conduct Entrance Exams.
#Funds to colleges will be given according to the rankings.
#New body will be made for IIT & Medical
#Two new All India Institute of Medical Sciences(AIIMS) to be set up in Jharkhand and Gujarat.
#Government school's security will be reviewed.
#National Exam Agency will be set up.
#There will be improvement in UGC
Health Sector:
#From 2025 health condition of India will be improved.
#TB will be eradicated completely by 2020
#Smallbox disease will also be eradicated by 2018.
#Safe drinking water to cover 28,000 arsenic and Fluoride-affected habitations in the next four years.
#For senior citizens, Aadhar cards giving their health condition will be introduced.
#Total allocation for rural, agricultural and allied sectors for 2017-18 is Rs 187223 crore, which is 24% higher than last year.
#1 crore house to be complete allocation in 2018
#133-km road per day constructed under Pradhan Mantri Gram Sadak Yojana as against 73-km in 2011-14.
#Foreign investment promotion board (FIPB) to be abolished. #Allocation for infrastructure stands at a record Rs 3,96,135 crore.
#NHB to refinance housing loan 20,000 crore
#Interest for home loan to brought down
#Railways to focus on passenger safety, cleanliness, developmental works.
#Two new AIIMS to be set up in Gujarat and Jharkhand.
#Rs. 1.31 lakh crore for Railways for developmental work.
# Rs. 1 lakh crore for safety of passengers.
#By 2019, in all trains bio-toilets will be fitted.
#3500km railway lines to be put up.
#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.
#Three new companies related to railway launched in the market.
Industry/Business:
#Government to set up strategic crude oil reserves in Odisha and Rajasthan
#1.25 crore people have already adopted Bhim App for digital payments.
#Aadhaar Pay- an app for merchants- to be launched' 20 lakhaadhaar-based POS by September 2017.
#Government is considering the introduction of the new law to confiscate assets of offenders who escape the country.
#Defence outgo excluding pension at Rs 2.74 lakh crore.
#Fiscal deficit for 2017-18 pegged at 3.2 % of GDP.
#Fiscal deficit target for next 3 years pegged at 3 %.
Income Tax:
#GDP ratio of India is very low. We are largely a tax non compliance society, when too many people evade taxes burden falls on those who are honest.
#Out of 3.7 crore who filed tax returns in 2015-16, only 24 lakh persons showed income above Rs 10 lakh.
#Of 76 lakh individuals who reported income of over Rs 5 lakh, 56 lakh are salaried.
#Developing firms with volume up to Rs 50 crore to pay 25% tax now, rather than of 30%. #Black money or corrupted money SIT has recommended no cash dealings above Rs 3 lakh.
#Extreme cash donation any party can have will be Rs 2000 from one source. #Political parties will be titled to have donations by cheques or digital modes. #A rectification being planned to Reserve Bank of India Act to enable the issuance of electoral bonds for political funding. #Arun Jaitley cut down income tax rate from 10% to 5% for tax slab of Rs 250,000 to Rs 500,000.
Digital India/Technology:
#Government will create 'JAM Yojana' to manage the transaction traffic.
#2,500 thousand crores to be funded for Digitization of the India.
#New policy will be announced for business dealers, 'cash back yojana'.
#Aadhar card transactions will be possible for those who do not have credit/debit cards.
#20 lakh new Aadhar machines will be allotted.
#Strict laws to be passed for 'check bounce issues'.
#Banking transactions have made essential for the exchange of more than Rs. 3 lakh.
Aam Aadmi :
#More than 1crore of the marginalized population will be out of 'garibi rekha'.
#Country will promote full open defecation system.
#Swachh Bharat Abhiyan will be executed in every city of the state.
#More than 1crore homeless citizens will be provided shelters to live.
#Fund of Rs. 17,500 crores will be given to deen dayal antyodaya yojana.
#MGNREGA will be funded with 48,000 crores.
#Gramin Sadak Yojana will be funded with Rs. 4lakh crore for the improvements of roadways.
#Vulnerable group fund include total amount of Rs. 1.84 lakh crores.
#Safe drinking water will be provided to every city of the Nation.
#Escaped criminals' property will be taken in custody of government.
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