Highlights of Union Budget 2017-18

Highlights of Union Budget 2017-18

FARMERS

  • Target for agricultural credit in 2017-18 has been fixed at a record level of `10 lakh crores
  • At an estimated cost of `1,900 crores,Government to support NABARD for computerisation and integration of all 63,000 functional Primary Agriculture Credit Societies,to ensure flow of credit to small farmers

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  • Dairy Processing and Infrastructure Development Fund to be set up in NABARD with a corpus of ` 2,000 crores and will be increased to ` 8,000 crores over 3 years
  • Farmers will also benefit from 60 days’ interest waiver as announced on 31Dec 2016

RURAL POPULATION

  • Total allocation for Rural, Agriculture and Allied sectors is `1,87,223 crores
  • MGNREGA allocation to be the highest ever at `48,000 crores in 2017-18
  • Pace of construction of PMGSY roads accelerated to 133 km roads per day in 2016-17, against an avg. of 73 km during 2011-2014
  • Target of achieving 100% village electrification by 1st May 2018
  • THREE-FOLD increase in allocation for Prime Minister’s Employment Generation Program and Credit Support Schemes
  • Allocation for Pradhan Mantri Awaas Yojana – Gramin increased to ` 23,000 crores in 2017-18

YOUTH

  • SWAYAM platform, leveraging IT, to be launched with at least 350 online courses. This would enable students to virtually attend courses taught by the best faculty
  • Pradhan Mantri Kaushal Kendras to be extended to more than 600 districts across the country
  • 100 India International Skills Centres will be established across the country.
  • SANKALP to be launched at a cost of ` 4,000 crores which will provide market relevant training to 3.5 crore youth

 

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THE POOR AND THE UNDERPRIVILEGED

  • ` 6,000 each will be transferred directly to the bank accounts of pregnant women who undergo institutional delivery and vaccinate their children.
  • National Housing Bank will refinance individual housing loans of about `20,000 crore in 2017-18
  • Additional 5,000 Post Graduate seats per annum shall be created to ensure adequate availabilityof specialist doctors
  • Two new AIIMS to be set up in Jharkhand and Gujarat

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FINANCIAL SECTOR

  • Foreign Investment Promotion Board (FIPB) to be abolished in 2017-18 and further liberalisation of FDI policy is under Consideration.
  • `10,000 crs.for recapitalisation of Banks to provided in 2017-18.
  • Lending target under Pradhan Mantri Mudra Yojana to be set at `2.44 lakh crores
  • The shares of Railway PSEs like IRCTC, IRFC and IRCON will be listed in stock exchanges
  • A new ETF (Exchange Traded Fund) with diversified CPSE stocks and other Government holdings will be launched in 2017-18

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INFRASTRUCTURE

  • For transportation sector as a whole, including rail, roads, shipping,provision of `2,41,387crores has been made in 2017-18
  • The total capital and development expenditure of Railways has been pegged at `1,31,000 crores. This includes `55,000 crores provided by the Government
  • Railway lines of 3,500 kms will be commissioned in 2017-18.
  • It is proposed to feed about 7,000 stations with solar power in the medium term
  • Budget allocation for highways increased from `57,976 crores in BE 2016-17to `64,900 crores in 2017-18
  • Proposed to set up strategic crude oil reserves at 2 more locations, namely, Chandikhole in Odisha and Bikaner in Rajasthan

 

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DIGITAL ECONOMY

  • Banks have targeted to introduce additional 10 lakh new POS terminals by March 2017 and they will be encouraged to introduce 20 lakh POS terminals by September 2017
  • A merchant version of Aadhar Enabled Payment System i.e. Aadhar Pay will be launched shortly
  • A Mission will be set up with a target of ` 2,500 crore digital transactions for 2017-18 through UPI, USSD, Aadhar Pay, IMPS and debit cards

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TAX RATES

  • In case of Resident Individual other than senior citizen and super senior citizen,
  • Taxable Income –

` 2, 50,001 to ` 5, 00,000 –5% in place of 10%.

  • In case of Resident Senior citizen,
  • Taxable Income –

`3, 00,001 to `5, 00,000 –5% in place of 10%

  • Surcharge at the rate of 10% to be levied in case of an individual having a Total Income exceeding 50 lakh rupees but not exceeding crore rupees.
  • In case of Domestic Companies having a Total Turnover/ Gross Receipts, not exceeding 50 crore rupees, in Previous Year 2015-16, tax shall be charged at the rate of 25%.

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