The Finance Minister Arun Jaitley yesterday on February 1 presented the Union Budget 2017 in Parliament which is the third budget of Prime Minister Narendra Modi Government. Though MP E. Ahamed passed away yesterday, the budget got introduced in which for the first time Railway Budget also got included.
In the Budget, the Government has introduced a new agenda for Businessman, Daily worker, and Farmer. Today, we are presenting in front of you the 'SURGERY OF UNION BUDGET 2017' through which you can judge that how good it is for you and as well as for the Nation.
This time along with the Railway, Tax, Health and Digital India, the government has also focused on the development of Farmers.
SURGERY OF RAILWAY-
As it was expected cleanliness is associated in the Rail Budget. The railway is linked with security, development, and cleanliness. The service Tax on the booking of IRCTC e-ticket will be withdrawal as announce by the Finance Minister.
1. Railways to focus on passenger safety, cleanliness, developmental works.
2. Rs. 1.31 lakh crore for Railways for developmental work.
3. By 2019, in all trains bio-toilets will be fitted.
4. Three companies related to Railway i.e IRCTC, IRFC, IRCON to be listed on stock exchanges.
5. Rail safety fund with the corpus of Rs 100,000 crore will be created over a period of five years.
SURGERY OF TAX-
The Government has given Concession on Tax in its budget. That individual who yearly earn Rs 3 Lakh will not pay any Tax. Other important points related to it are below...
1. Developing firms with volume up to Rs 50 crore to pay 25% tax now, rather than of 30%.
2. Arun Jaitley cut down income tax rate from 10% to 5% for tax slab of Rs 250,000 to Rs 500,000.
SURGERY OF BUSINESS-
The Government has given has introduced the provision in this sector. Have a look below at some of it...
1. Government to set up strategic crude oil reserves in Odisha and Rajasthan.
2. Fiscal deficit for 2017-18 pegged at 3.2 % of GDP.
3. Fiscal deficit target for next 3 years pegged at 3 %.
SURGERY OF DIGITAL INDIA-
The government has put its main focus on the Digital India in which priority is given to the Digital Payment, cash back and Passport.
1. 2,500 thousand crores to be funded for Digitization of the India.
2. 20 lakh new Aadhar machines will be allotted.
3. The government will create 'JAM Yojana' to manage the transaction traffic.
4. New policy will be announced for business dealers, 'cash back yojana'.
SURGERY OF AGRICULTURAL SECTOR-
The main motto of government is to do development of rural areas, infrastructure and poverty alleviation with fiscal prudence.
1. Farmers will be provided by the loan of 10 lakhs crore.
2. Dairy development project NABARD will be funded with the amount Rs. 8,000 crore.
3. Government to set up 'Krishi vigyan kendras' lab for an issuance of soil health cards.
4. The government will work to improve nearly 10 lakh ponds for the agricultural sector.
5. The agriculture sector is likely to increase at 4.6percent, as the target of agriculture expenditure set at Rs 10 lakh crore.
SURGERY OF EDUCATIONAL SECTOR-
New laws have been framed for the development of this sector. Below are the announcements made by Arun Jaitley...
1. CBSE & AICTE will not conduct Entrance Exams.
2. Funds to colleges will be given according to the rankings.
3. Two new All India Institute of Medical Sciences(AIIMS) to be set up in Jharkhand and Gujarat.
SURGERY OF HEALTH SECTOR-
1. From 2025 health condition of India will be improved.
2. TB will be eradicated completely by 2020.
3. SmallPox will also be eradicated by 2018.
4. Safe drinking water to cover 28,000 arsenic and Fluoride-affected habitations in the next four years.
5. For senior citizens, Aadhar cards giving their health condition will be introduced.
SURGERY OF INFRASTRUCTURE SECTOR-
1. Total allocation for rural, agricultural and allied sectors for 2017-18 is Rs 187223 crore, which is 24% higher than last year.
2. Allocation for infrastructure stands at a record Rs 3,96,135 crore.
3. Interest for the home loan to brought down.
CHEAP: Wind mill, leather items, parcel, solar panel, gas, bio gas, nylon, railway ticket, tax.
Expensive: Mobile phone, Cigarette, LED Bulb, Silver, Hardware, steel, dry fruits.
Also Read:
Good news for Small Business: Union Budget 2017
Important points which you should know about Union Budget 2017