Union Budget 2017: Important Highlights

After last year’s demonetarization everyone anxiously awaited for the Union Budget 2017 and Finance Minister Arun Jaitley presented it in the parliament on 1st February, 2017. This complex budget when explained in simple terms mainly focuses on rural development, eradication of poverty and farmer issue. To know the important highlights of the budget, read on

• FDI flow has increased by 36%, to cover 12 months needs 361 billion $ have been reserved in January
• This fiscal the agriculture sector is expected to increase by 4.1 % and agriculture credit for 2017-18 has been fixed for 10 lakhs
• 7.6 % in FY18 and 7.8 % in FY19 GDP growth rate is expected by the World Bank
• The cut in personal Income Tax rate has caused loss of Rs 15,000 crore and to make up for that individuals with income of above Rs. 50 lakh and up to Rs. 1 crore will have 10% surcharges.
• Income Tax for individuals with income of between Rs 2.5 lakh to Rs 5 lakh will be reduced by 5%.
• MNREGA (Mahatma Gandhi National Rural Employment Guarantee Act) implementation will be monitored by space technology and participation of women in MNGREA has been increased to 55 %. Allocation has been increased to 48,000 crore under MNGREA.
• For payment of sugarcane arrears Rs 9,000 crore have be allocated
• Corpus of Rs 5000 crore have been dedicated to create micro-irrigation fund
• Antodya Scheme aims to bring 1 crore households out of poverty
• Market reforms will be tackled as states will be asked to de-notify perishables from Essential Commodities Act
• CBSE and other agencies will be freed, as all examinations in higher education will be conducted by National Testing agency
• Construction of 1 crore homes is to be constructed for the homeless in 2017-18., PMGSY is to spend 27,000 crore
• By May, 2018 100% electrification of villages is to be done
• 28,000 fluoride and arsenic affected habitations will be provided with safe drinking water.
• Rs 1,81,223 crore have been allocated for the rural agri and allied sector
• 600 more districts will be included in the PM Kaushal Kendras and to aid individual in getting jobs abroad 100 international skill centres will be opened
• Government estimates fiscal deficit target at 3.2 % for 2017-18 and increase in 3% for next year
• Expenditure and income patter will not be equivalent to direct tax collection
• For income above 1 crore the 5% surcharge will continue
• Differently abled will be provided with lifts and escalators in 500 stations
• By 2020 elimination of unmanned railway level crossings is to be done
• 8 % guaranteed returns ensured for senior citizens in a scheme
• Solid waste management plants to be step in Delhi and Jaipur, five more to be setup later on
• On basis of social obligation, competition and cost railway tariff will be fixed
• New metro rail policy to be disclosed
• Rs 2.41 lakh crore is provided by the government for the transport sector
• Highway budget allocation increased to Rs 64,000 crore in FY18

These are just the highlights that are to affect the life of a common man but you will be able to find more detailed information on the union budget online.