Public Finances
· Fiscal deficit pegged at 3.2 percent of GDP
· Revenue Deficit target at 1.9% of GDP
· Total expenditure for 2017-18 at Rs 21,47,000 crore,
· The net tax revenue grew by 17% in 2015-16
· Total resource transfer to States and UTs with legislature at Rs 4.11 lakh crore up from Rs 3.6 lakh crore in BE 16-17
· Plan, non-plan classification of expenditure done away with in the Budget for 2017-18 to give a holistic picture
Taxation
· We are largely a tax non-compliant society & the burden of tax-evaders falls on honest taxpayers Only 1.72 lakh people show income above Rs 50 lakh: FM
· 1.5 crore people show income between Rs 2.5-5 lakh; 52 lakh people between between Rs 5-10 lakh; 24 lakh above Rs 10 lakh
· Existing rate of taxation of those with income between 2.5 lakh to 5 lakh to be reduced from 10% to 5%:
· All taxpayers above 5 lakh rupees to get benefit of 12,500 rupees across the board:
· Surcharge of 10% for those whose annual income is Rs 50 lakh to 1 crore
· Time period of revising tax return to be reduced to 12 months
· A single one-page form for filing IT returns for taxable income up to 5 lakh rupees
· Long-term capital gains tax on immovable property to apply after 2 years, instead of 3 years now
· No transaction over Rs 3 lakh will be allowed in cash
· Tax rate for companies with an annual turnover up to 50 crores to be reduced to 25%, to strengthen MSME sector:
Infrastructure
· Total allocation for infrastructure stands at a record level Rs 3,96,135 crore in 2017-18
· Allocation for national highways stepped up to Rs 64,000 cr from Rs 57,676 cr
· Rs 2000 Cr announced for coastal road connectivity - essentially to enhance connectivity to ports & coastal villages
· Rs27,000 crore on to be spend on Pradhan Mantri Gram Sadak Yojana;
Railways
· Railways to focus on 4 major areas 1. Passenger safety 2. Capital and development work 3. Cleanliness 4. Financial and accounting reforms
· Railways plan size for 2017-18 pegged at Rs. 1,31,000 crore
· Railway line of 3,500 km will be commissioned in 2017-18 as against 2,800 km in 2016-17
· For rail passenger safety, a fund of 1 lakh crores will be allocated over the next 5 years
· 500 stations will be made differently abled friendly with lifts and escalator
· Government proposes Coach Mitra facility to redress grievances related to rail coaches
· Indian Railways plans to feed about 7000 stations with solar power in the next few years
· Service charge on e-tickets booked through IRCTC will be withdrawn
· Railway tariffs to be fixed on the basis of cost, social obligation and competition;
· State run companies like IRCON and IRCTC to be listed in markets
Defence
· Defence allocation of Rs 2.74 lakh crore
Agriculture
· Total allocation for rural, agricultural & allied sectors for 2017-18 a record 1,87,223 cr, up by 24%:
· Allocation under MNREGA increased to 48,000 crore from Rs 38,500 crore
· Rs 9,000 cr higher allocation for payment of sugarcane arrears
· Govt to set up dairy processing fund of Rs 8,000 crore over three years with initial corpus of Rs 2,000 crore
· Modern law on contract farming will be drafted and circulated to states
· Dedicated micro-irrigation fund to be set up by NABARD to achieve mission of Per Drop, More Crop
· Coverage of Fasal Bima Yojana to go up from 30 pc of cropped area to 40 pc in 2017-18 and 50 per cent next year
Housing
· To construct one crore houses by 2019 for homeless.
· PM Awas Yojana allocation raised from Rs 15,000 cr to Rs 23,000 cr
Trade & Commerce
· Trade Infrastructure Export Scheme to be launched in 2017-18
· Basic customs duty on LNG to be reduced from 5% to 2.5%
Ease of doing business
· Foreign Investment Promotion Board (FIPB) will be abolished. 90% of FDI coming through automatic route.
Digital India
· AadharPay, a merchant version of Aadhaar-enabled payment system to be launched shortly for those without debit cards, mobile phones
· Allocation of Rs 10,000 cr for Bharat Net project for providing high-speed broadband in FY18
· By end of FY 2017-18 high speed broadband connectivity on optic fibres will be available in more than 1,50,000 gram panchayats
· Digi Gaon initiative will be launched to provide tele-medicine, education & skills through digital technology:
Skill Development & Empowerment
· 600 districts to get Pradhan Mantri Kaushal Kendra (PMKK) for skilling youth for opportunities
· “SANKALP” for Livelihood Promotion Programme to be Launched at a cost of Rs. 4000 Crores
· Mahila Shakti Kendras to be set up at village level, in 14 lakh ICDS centres, with an allocation of Rs. 500 crore
· Pradhan Mantri Mudra Yojana lending target has been doubled at Rs 2.44 lakh crore for 2017-18
Political funding
· Max. amount of cash donation a political party can receive to be 2000 rupees from any one source
· Political parties will be entitled to receive donation by cheque or in digital mode, from their donors
· Amendment to RBI Act proposed to enable electoral bonds
Tourism
· 5 special tourism zones,anchored on SPV, to be set up;Incredible India 2.0 campaign to be launched across the world
HRD
· National Testing Agency to be established to conduct all entrance exams for higher education:
· Innovation Fund for secondary education to be created
· Two new AIIMS to be set up Jharkhand and Gujarat
· “SWAYAM” Platform will be launched to leverage Information Technology. this will enable students to virtually attend the courses taught by the best faculty; access high quality reading resources, participate in discussion forums; take tests and earn academic grades. Access to SWAYAM would be widened by linkage with DTH channels, dedicated to education.
Welfare
· For senior citizens, Aadhaar based health cards will be issued
· Allocation for welfare of women and children increased from Rs 1,56,528 crores in BE 2016-17 to Rs 1,84,632 crores in 2017-18
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