Some of the Highlights are:
IMF estimates world GDP to grow at 3.1% in 2016 and 3.4% in 2017: FM
EY India Insta-Analysis on Budget 2017: India becomes 6th largest manufacturer in the world.
The advanced economies are expected to increase their growth from 1.6%-1.9% and emerging economies from 4.1%-4.5%, says FM Arun Jaitley
Approach in preparing the Budget 2017 is to spend more on rural areas, infrastructure & poverty alleviation with fiscal prudence, says FM
Welcome plan to increase crop insurance to 40% of all cropped area
Agriculture sector is expected to grow at 4.6%, agriculture expenditure targeted at Rs 10 lakh crore.36% increase in FDI flow; forex reserves at $361 billion in January, which is enough to cover 12 months needs.
- Allocation for MGNREGA at Rs 48,000 crore, highest ever.
- Total allocation for rural, agricultural and allied sectors for 2017-18 is Rs 187223 crore, which is 24% higher than last year.
- One crore houses for poor by 2019.
- Safe drinking water to cover 28,000 arsenic and Fluoride-affected habitations in the next four years.
- 133-km road per day constructed under Pradhan Mantri Gram Sadak Yojana as against 73-km in 2011-14.
- For senior citizens, Aadhar cards giving their health condition will be introduced.
- Two new All India Institute of Medical Sciences(AIIMS) to be set up in Jharkhand and Gujarat.
- 3500 km 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- Service charge on rail tickets booked through IRCTC to be withdrawn.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.
- Foreign investment promotion board (FIPB) to be abolished.
- Allocation for infrastructure stands at a record Rs 3,96,135 crore.
- 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 lakh aadhaar-based POS by September 2017.
- Government is considering introduction of new law to confiscate assets of offenders who escape the country.
- Defence expenditure excluding pension at Rs 2.74 lakh crore.
- Fiscal deficit for 2017-18 pegged at 3.2 percent of GDP.
- Fiscal deficit target for next three years pegged at 3 percent.
- 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.
- 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.
- Small firms with turnover up to Rs 50 crore to pay 25% tax now, instead of 30%.
- Black money SIT has suggested no cash transaction above Rs 3 lakh. The government has accepted this recommendation.
- Maximum cash donation any party can receive will be Rs 2000 from one source.
- Political parties will be entitled to receive donations by cheques or digital modes.
- An amendment being proposed to RBI Act to enable the issuance of electoral bonds for political funding.
- Jaitley reduces income tax rate from 10% to 5% for tax slab of Rs 250,000 to Rs 500,000.
- Surcharge of 10% for those whose annual income is Rs 50 lakh to 1 crore.
- 15% surcharge on incomes above Rs 1 crore to continue.