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Agriculture
- Sowing farmers
should feel secure against natural calamities.
- INR 10 lakh Crores
as credit to farmers with 60 days interest waiver says FM
- NABARD fund to be
increased to INR 40,000 Crores
- Govt will set up
mini lab in Krishi Vigyan Kendras for soiling:
- A dedicated micro
irrigation fund will be set up for NABARD with INR 5,000 cr initial corpus
- Irrigation corpus
increased from INR 20,000 to INR 40,000 Crores
- Dairy processing
infrastructure fund with be created initially with a corpus of INR 2,000
Crores
- Issuance of Soil
cards has gained momentum
- A model law on
contract farming will be prepared and shared with Stat
Rural sector
- Government targets
to bring 1 Crores households out of poverty by 2019
- During 2017-18, 5
lakh farm ponds to be taken up under MGNREGA
- Over INR 3 lakh cr
spend for rural India. MGNREGA to double farmers income
- Participation of
women in mgnrega up to 55%
- During 2017-18, 5
lakh farm ponds to be taken up under MGNREGA
- Using space tech in
a big way to plan MGNREGA works
- We propose to
complete 1 crore houses for those without homes
- Allocating INR
19,000 cr for Pradhan Mantri Gram Sadak Yojana in 2017-18
- We are well on our
way of achieving 100% rural electrification by March 2018.
- Swachh Bharat
mission has made tremendous progress, sanitation coverage has gone up from
42% in Oct 13 to 60% now.
- Sanitation coverage
in rural areas gone up from 42% in Oct 2014 to 60% now.
For youth
- Introduction of a
system of measuring annual learning outcomes, innovation fund for
secondary education.
- There will be a
focus on 3,479 educationally-backward blocks
- Colleges will be
identified based on accreditation
- Skill India mission
was launched to maximise potential. 100 India International centres across
country.
- Courses on foreign
languages to be introduced.
- Skill India Mission
was launched in 2015 to maximise the potential of our youth. 100 India
International Skill centres will be established across the country.
- Steps to create 5000
PG seats per annum
For the poor; health care
- Mahila Shakthi
Kendras - INR 500 Crores allocated.
- Nationwide scheme
for pregnant women - INR 6000 each will be transferred.
- For women and Kids -
INR 1,84,632 Crores. allocation investment
- Affordable housing
to be given infrastructure status.
- Surplus liquidity -
banks have already started reducing lending rates for housing
- Elimination of
tuberculosis by 2025 targeted.
- 1.5 lakh health sub
centres to be transformed into health wellness centre.
- Two new AIIMS in
Jharkhand and Gujarat.
- Structural
transformation of regulator framework for medical education in India
- Allocation for
Scheduled Caste - INR 52,393 crore
- Aadhaar-based
smartcards for senior citizens to monitor health.
Infrastructure; railways
- A total allocation
of INR 39,61,354 crore
- Total allocation for
Railways — INR 1,31,000 crore
- No Service charge
while booking tickets with IRCTC
- Raksha coach with a
corpus of INR 1 lakh cr fore five years (for passenger safety)
- Unmanned level
crossings eliminated by 2020
- 3,500 km of railway
lines to be commissioned this year up from 2,800 km last year.
- SMS based clean my
coach service started
- Coach mitra facility
- to register all coach related complaints
- 2019 - bio toilets
for all trains
- 500 stations to be
made differently-abled friendly
- Railways to partner
with logistics players for front end and back end solutions for select
commodities.
- Railways will offer
competitive ticket booking facility
- 2,000 km for coastal
connectivity of roads -
- INR 64,000 crore
allocation for highways.
- Allocation of high
speed Internet 1,50,000 gram panchayats
- New Metro rail
policy to be announced with new modes of financing
Energy sector
- A strategic policy
for crude reserves will be set up
- INR 1.26,000 cr for
energy production-based investments received
- Trade infra export
scheme will be launched 2017-18
Financial sector
- FDI policy reforms -
more than 90% of FDI inflows are now automated.
- Shares of Railway
PSE like IRCTC would be listed on stock exchanges.
- Bill on resolution
of financial firms to be introduced in this session of parliament.
- Decided to abolish
FIPB in 2017-18.
- Foreign Investment
Promotion Board to be abolished.
- Revised mechanism to
ensure time bound listing of CPSEs
- Computer emergency
response team for financial sector to be formed.
- Pradhan Mantri Mudra
Yojana lending target at INR 2.44 lakh crore for 2017-18
- Digital India - Bhim
app will unleash mobile phone revolution - two new schemes to promote the
app.
- Govt to introduce
two new schemes to promote BHIM App - referral bonus for users and cash
back for traders: FM.
- Negotiable
Instruments Act might be amended.
- DBT to LPG consumers
, Chandigarh is kerosene free, 84 govt schemes are on the DBT platform.
- Head post office as
the central office for rendering passport services
- Easy online booking
system for Army, defence personnel
- For big-time
offences - including economic offenders fleeing India, the govt. will
introduce a legislative change or new law to confiscate the assets of
these people within the country
Fiscal situation
- Total expenditure -
INR 21, 47,000 crore
- Abolition on plan,
non-plan expenditure, focus on capital expenditure ( Capital expenditure
will be 25.4 per cent)
- INR 3,000 crore
under Dept of Economic Affairs for implementing Budget announcements.
- Defence expenditure,
excluding pension, at INR 2,74,114 crore
- Expenditure in
science and technology — INR 37,435 crore
- Total resources
transferred to States and UTs is INR 4.11 lakh crore
- Recommended 3%
fiscal deficit for three years with deviation of 0.5% of GDP.
- Revenue deficit -
1.9 %
- Pegged fiscal
deficit of 2017-18 at 3.2% of GDP and remain committed to achieving 3% in
the next year.
On funding of political
parties
- Maximum amount of cash
donation for political parties will be INR 2,000 from any one source from INR
20,000
- Political parties
will be entitled to receive donations by cheque or digital mode from
donoINR
- Amendment is being
proposed to RBI Act to enable issuance of electoral bonds that government
will scheme. Donor can purchase these bonds from banks or post office via
cheque or digital transactions. They can be redeemed only by registered
political parties.
Tax proposals
- India's tax to GDP
ratio is not favourable.
- Out of 13.14 lakh
registered companies, only 5.97 lakh companies have filed returns for
2016-17.
- Proportion of direct
tax to indirect tax is not optimal.
- 1.95 crore
individuals showed income between INR 2.5 lakh to INR 5 lakh.
- Out of 76 lakh
individual assessees declaring income more than INR 5 lakh, 56 lakh are
salaried.
- Only 1.72 lakh
people showed income of more than INR 50 lakh a year.
- Between Nov 8 to Dec
30: Deposits between INR 2 lakh and INR 80 lakh was made in 1.09 crore
accounts.
- Net tax revenue of
2013-14 was INR 11.38 lakh crore.
- Out of 76 lakh
individual assessees declaring income more than INR 5 lakh, 56 lakh are
salaried.
- 1.95 crore
individuals showed income between INR 2.5 lakh to INR 5 lakh.
- Rate of growth of
advance tax in Personal I-T is 34.8% in last three quarters of this
financial year.
- Holding period for
long term capital gain lowered to 2 years
- Propose to have
carry-forward of MAT for 15 years.
- Capital gains tax to
be exempted for persons holding land from which land was pooled for
creation of state capital of Telangana.
- Corporate tax: In
order to make MSME companies more viable, propose to reduce tax for small
companies of turnover of up to INR 50 crore to 25%. About 67 lakh
companies fall in this category. 96% of companies to get this benefit.
- Propose to reduce
basic customs duty for LNG to 2.5% from 5%
- SIT on black money
suggested no cash transactions of more than INR 3 Lakh. Govt has accepted
this proposal.
- Income Tax Act to be
amended. No transaction above INR 3 lakh to be permitted in cash.
- Limit of cash
donation by charitable trust reduced to INR 2,000 from INR 10,000.
- Net revenue loss in
direct tax could be INR 20,000 Crores.
Personal Income Tax
- Existing rate of tax
for individuals between INR 2.5- INR 5 lakh reduced to 5% from 10%
- All other categories
of tax payers in subsequent brackets will get benefit of INR 12,500.
- Simple one page
return for people with annual income of INR 5 lakh other than business
income.
- People filing I-T
returns for the first time will not come under govt. scrutiny.
- 10% surcharge on
individual income above INR 50 lakh and up to INR 1 crore to make up for INR
15,000 crore loss due to cut in personal I-T rate. 15 surcharge on
individual income above INR 1 crore to remain.
(This Information has
been Obtained from indiabudget.nic.in. Taaza
Vaartha has not edited any data, figures or any other and is published from a syndicated feed.)
