Highlights of Union Budget 2017-18

Updated: February 8, 2017 10:54 am

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

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

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

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

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

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

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%.

`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%.