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Highlights of Union Budget 2017

IndianMoney.com Research Team | Posted On Wednesday, February 01,2017, 08:14 PM

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Highlights of Union Budget 2017

 

 

Agriculture:

  • The Finance Minister wants farmers to feel secure against natural calamities. Finance Minister announces INR 10 lakh crore as credit to farmers with 60 days interest waiver.
  • NABARD fund would be increased to INR 40,000 crores. This money will be used for long term irrigation.
  • Government would set up mini-labs in Krishi Vignan Kendras for soil testing.
  • The issuance of soil health cards to gather momentum.
  • A dedicated micro irrigation fund to be set up under NABARD with funds worth INR 5000 Crores.
  • 40% of cropped area to be covered under Fasal Bima Yojana in 2017-18.
  • A dairy processing infrastructure fund to be created with a corpus of INR 2,000 Crores.
  • Model law on contract farming to be prepared and shared with States.

Rural Population:

  • Government sets a target to bring 1 crore households out of poverty by 2019, under Mission Antyodaya.
  • Government allocates INR 48,000 crores towards MGNREGA.
  • Participation of women in MGNREGA has gone up to 55%.
  • The Government has allocated INR 19,000 Crores towards Pradhan Mantri Gram Sadak Yojana in 2017-18.
  • The Government wants to achieve 100% electrification of all villages by May 1, 2018.
  • Allocation for Pradhan Mantri Awaaz Yojana increased from INR 15,000 Crores to INR 23,000 Crores.
  • 5 Lakh citizens to be given mason training.
  • The Government has allocated INR 4,500 Crores towards rural livelihood mission.
  • The Government wants to complete the construction of 1 Crore houses by 2019 for homeless citizens living in kaccha houses.
  • Sanitation in rural areas has gone up from 42% in October 2014 when Swachh Bharat was launched, to 60% now.

SEE ALSO: How to check Aadhaar linking status with bank?

Digital Sector:

  • Government will strengthen the financial inclusion fund.
  • Government will launch 2 New Schemes to promote the BHIM app. More than 125 Lakh citizens have adopted the BHIM app.
  • Merchant version of Aadhaar-enabled payments to be launched, for those without debit cards and mobile phones.

Health:

  • The Government has allocated INR 500 Crores towards Mahila Shakthi Kendras.
  • The Government has started a nationwide scheme for pregnant women where INR 6,000 will be transferred to each pregnant women’s bank account.
  • The Government proposes to eliminate Tuberculosis by 2025.
  • Two new AIIMS to be set up in Gujarat and Jharkhand.
  • 1.5 Lakh health centers would be converted into health wellness centers.
  • Aadhaar-based smartcards launched for senior citizens to monitor their health.
  • The Government plans to eliminate Kala Azar and Filariasis by 2017, Leprosy by 2018, and Measles by 2020.

SEE ALSO: How To Download EPF Mobile App: M-Sewa app of EPFO?

Financial Sector:

  • Shares of Railway PSE like IRCTC would be listed on stock exchanges. 
  •  Foreign Investment Promotion Board (FIPB) to be abolished in 2017-18.
  • Panel will be set up to study legal framework for spot and derivative markets.
  • Resolution mechanism to be set up for financial firms.
  • To help in cyber-security, computer emergency response team to be set up.
  •  Listing of PSEs would help in fostering public accountability and a revised mechanism for time-bound listing.
  • New ETF to be launched.
  • An integrated public sector oil major to be created.
  • Lending target under Pradhan Mantri Mudra Yojana set at INR 2.44 trillion.
  • Over 16,000 new enterprises have been set up under Stand-up India scheme.
  • Government to consider an option to amend Negotiable Instruments Act to ensure that holders of dishonoured cheques get payment.
  • A centralized pension distribution system to be established for defense personnel.
  • For big time economic offences, where offenders have fled the country, the Government will introduce a new law to confiscate assets of these citizens within the country.
  • 84 Government schemes to be on DBT (Direct Benefit Transfer) Platform.
  • Head Post Offices will soon be used as front office for passport services. This helps those who have to travel long distances for obtaining a passport.

Railways:

  • Railway lines of 3,500 Kms to be commissioned.
  • A railway safety fund with a corpus of 1 Lakh crores to be set up over 5 years.
  • 500 rail stations to be made differently abled-friendly by providing lifts and escalators.
  • A new metro rail policy would soon be announced to open up new jobs for our youth.
  • Railway tariffs to be fixed based on cost, social obligation and competition.
  • Integration of end to end transport solutions by railways for selected commodities through partnerships.
  • All coaches of Indian Railways would be fitted with bio-toilets by 2019.
  • 25 railway stations would be awarded in 2017-18.
  • There’s good news if you book rail tickets on IRCTC. You do not have to pay any service charge.
  • Focus to be on Swachch railways. SMS based clean my coach facility launched.
  • Dedicated trains would be launched for pilgrimage and tourism.

Education:

  • Innovation fund set up for secondary education.
  • Colleges would be identified, based on ranking and given autonomy.
  • National testing agency to be established for all entrance exams.
  • SWAYAM platform launched for virtual learning.
  • Fund of INR 4,000 Crores to promote skill acquisition and knowledge awareness.
  • 100 Indian International skill centers to be set up offering courses in foreign languages.

Personal Income Tax:

  • Existing tax rate for citizens between INR 2.5 Lakhs – INR 5 Lakhs, reduced from 10% to 5%.
  • All categories of tax payers in subsequent tax brackets will get a benefit of INR 12,500.
  • Citizens filing IT returns for the first time will not come under Government scrutiny.
  • Simple one page tax filing form, for taxable income under INR 5 lakh, other than business income.
  • A 10% surcharge on individual income above INR 50 lakhs and up to INR 1 crore, to make up for the INR 15,000 crore loss due to cut in the personal I-T rate.
  • 15% surcharge on income above INR 1 crore will continue.

Corporate Tax:

  • The corporate tax rate for MSME with annual turnover less than INR 50 Crores reduced to 25%.

Funding for Political Parties:

  • Political parties can receive donations by cheque or digital mode from donors.
  • Political parties can receive maximum cash donations of INR 2000.

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