Finance minister Arun Jaitley presented the Union Budget 2017–18 in the Lok Sabha today. Here are the highlights of the Union Budget:
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 and above 1 crore 15%.
Maximum cash donation any party can receive will be Rs 2000 from one source.
Small firms with turnover up to Rs 50 crore to pay 25% tax now, instead of 30%
Defence expenditure excluding pension at Rs 2.74 lakh crore.
Fiscal deficit for 2017–18 pegged at 3.2 percent of GDP.
Government is considering introduction of new law to confiscate assets of offenders who escape the country.
Government to set up strategic crude oil reserves in Odisha and Rajasthan.
Allocation for infrastructure stands at a record Rs 3,96,135 crore.
A new metro rail policy will be announced, this will open up new jobs for our youth.
500 rail stations to be made differently abled-friendly by providing lifts and escalators.
Rail safety fund with corpus of Rs 100,000 crore will be created over a period of five years.
Service charge on rail tickets booked through IRCTC to be withdrawn.
3500km railway lines to be put up.
Two new All India Institute of Medical Sciences(AIIMS) to be set up in Jharkhand and Gujarat.
One crore houses for poor by 2019.
Total allocation for rural, agricultural and allied sectors for 2017–18 is Rs 187223 crore, which is 24% higher than last year.
Allocation under MNREGA increased to 48,000 crore from Rs 38,500 crore. This is highest ever allocation
Note ban is expected to have only a transient impact on economy.
Oil prices, rising dollar and volatile commodity prices seen as risks to Indian economy.
IMF estimates world GDP will grow by 3.4 per cent in 2017.
Black money SIT has suggested no cash transaction above Rs 3 lakh. The government has accepted this recommendation.