Finance Minister Arun Jaitley today said the focus of his Budget for 2017-18 will be on 10 important sectors, including farmers, infrastructure, digital economy and tax administration to transform, energise and clean India.
The other areas of focus include rural India, the youth, poor and under-privileged, the financial sector, public service and prudent fiscal management.
“The government will continue with the reforms to boost economic activity,” he said in his speech in the Lok Sabha while setting three main agenda of the Budget — Transform, Energise, Clean India (TECIndia).
He also announced substantial increase in farm credit to Rs 10 lakh crore and “highest ever” allocation for MNREGA at Rs 48,000 crore.
Also, a long-term irrigation fund has been proposed to be set up in Nabard with an additional corpus of Rs 20,000 crore.
The Budget for 2017-18 is itself a reform as it merges rail budget with General Budget and replaces Plan/non-Plan expenditure classification with capital and revenue model to give a holistic picture of government spending.
As a Relief for income tax payers, Tax on income from Rs 2.5 lakh to Rs 5 lakh reduced from 10% to 5%. No income tax up to Rs 3 lakh, 5% tax on income up to Rs 5 lakh.
Budget 2017-18 Highlights:
- Lok Sabha adjourned after FM Jaitley concludes his Budget 2017 speech
- No tax on income up to 3 lakh, says FM Arun Jaitley
- 15% surcharge on incomes above Rs 1 crore to continue: FM Jaitley
- All cash transactions above Rs 3 lakh banned from April 1: FM
- Propose to reduce existing rate of taxation of those with income between 2.5 lakh to 5 lakh from 10% to 5%: FM Jaitley
- Maximum cash donation any party can receive will be Rs 2000 from one source: FM Jaitley
- Income tax for small companies with an annual turn over of 50 crore, now to pay 25%, a 5% reduction: FM
- When too many people evade taxes, burden of their share falls on those who are honest and tax compliant, says Arun Jaitley
- The net tax revenue grew by 17% in 2015-16: FM Jaitley
- Due to demonitisation advance tax on personal Income tax increased by 34.8%: FM Jaitley
- Dispute resolution in infrastructure projects in PPP mode will be institutionalised: FM
- We are largely a tax non compliant society, when too many people evade taxes burden falls on those who are honest: FM Jaitley
- Over 90 per cent of FDI proposls are now processed through automatic route: Jaitley
- Digi Gaon will be launched to promote tele-medicine and education: FM
- Allocation of Rs 10,000 cr for Bharat Net project for providing high-speed broadband in FY18, says FM
- Budget allocation for highways stepped up to Rs 64,000 crore in FY18 from Rs 57,676 crore: FM
- New metro rail policy to be unveiled: FM
- Service charges on e-tickets booked through IRCTC will be withdrawn: FM Arun Jaitley
- The Foreign Investment Promotion Board has been abolished, says Jaitley
- Transport sector allocated Rs 2.41 Lakh Crore and Bharat Net Project allocated Rs 10,000 crore: FM
- By 2019, all coaches of Indian Railways will be fitted with Bio-toilets: FM Arun Jaitley
- A new metro rail policy will be announced, this will open up new jobs for our youth: FM Jaitley
- In higher education, we will undertake reforms in UGC, give autonomy to colleges and institutions: Jaitley
- Sanitation coverage in villages has increased from 42 pc in Oct 2016 to 60 pc, a rise of 18 pc, says FM
- 133-km road per day constructred under Pradhan Mantri GramSadakYojana as against 73-km in 2011-14, says Jaitley
- National Testing agency to conduct all examinations in higher education, freeing CBSE and other agencies: FM
- For senior citizens, Aadhar cards giving their health condition will be introduced: Jaitley
- Dedicated micro-irrigation fund to be created with a corpus of Rs 5000 crore: FM
- Pace of remonetisation has picked up; demonetisation effects will not spill over to next year: FM
- Highest allocation ever announced for job guarantee scheme MNREGA: FM
- India has emerged as bright spot in the world: FM
- More steps will be taken to benefit farmers and the weaker sections: FM
- Our Budget agenda is – transform, energise and clean India, says Finance Minister Arun Jaitley
- Double digit inflation has been controlled; sluggish growth replaced by high growth; war on black money launched: FM
- Demonetisation is a bold and decisive measure, for many decades tax evasion was a way of life for many, says Jaitley
- The advanced economies are expected to increase their growth from 1.6%-1.9% and emerging economies from 4.1%-4.5%, says Arun Jaitley
- Demonetisation seeks to create a new normal, it will only have a transient impact, says Arun Jaitley
- The focus will be on energizing our youth, to reap benefits of growth & employment: FM Jaitley
- We have moved from a discretionary administration to a policy-based administration: FM
- We are fighting black money: FM
- FM Arun Jaitley starts speaking amid opposition uproar
