Budget Highlights 2017-18. “Transform, Energise and Clean India” – TEC India is the Agenda for Budget 2017-18. Indian Finance Minister Mr. Arun Jaitley on 1st February 2017. The details of the union Budget 2017-18 has been compiled in points for your ease of reading.
Budget 2017-18 Highlights
- The coverage of “Fasal Bima Yojana” will be increased from 30% of cropped area in 2016-17 to 40% in 2017-18 and 50% in 2018-19. The Budget provision of ₹ 5,500 crores for this Yojana in BE 2016-17 was increased to ₹ 13,240 crores in RE 2016-17 to settle the arrear claims. For 2017-18, FM has provided a sum of ₹ 9,000 crores. The sum insured under this Yojana has more than doubled from ` 69,000 crores in Kharif 2015 to ` 1,41,625 crores in Kharif 2016.
- Govt. is in way to achieving 100% village electrification by 1st May 2018.
- Participation of women in MGNREGA has increased to 55% from less than 48% in the past.
- Under National Rural Drinking Water Programme (NRDWP), it is proposed to provide safe drinking water to over 28,000 arsenic and fluoride affected habitations in the next four years.
- “SWAYAM” platform with at least 350 online courses. Access to SWAYAM would be widened by linkage with DTH channels, dedicated to education.
- SANKALP (Skill Acquisition and Knowledge Awareness for Livelihood Promotion programme) will provide market relevant training to 3.5 crore youth at a cost of ₹ 4,000 crores.
- Incredible India 2.0 Campaign will be launched across the world.
- Mahila Shakti Kendra will be set up with an allocation of ₹ 500 crores in 14 lakh ICDS Anganwadi Centres.
- Aadhar based Smart Cards containing their health details will be introduced.
- SMS based Clean My Coach Service has been started. It is now proposed to introduce ‘Coach Mitra’ facility, a single window interface, to register all coach related complaints and requirements.
- By 2019, all coaches of Indian Railways will be fitted with bio toilets.
- Under the BharatNet Project, OFC has been laid in 1,55,000 kms. Allocation for BharatNet Project to ₹ 10,000 crores in 2017-18.
- A DigiGaon initiative will be launched to provide telemedicine, education, and skills through digital technology.
- Shares of Railway PSEs like IRCTC, IRFC and IRCON will be listed in stock exchanges.
- Govt. to promote the usage of BHIM; these are, Referral Bonus Scheme for individuals and a Cashback Scheme for merchants.
- Aadhar Pay, a merchant version of Aadhar Enabled Payment System, will be launched shortly.
- Direct Benefit Transfer (DBT) to LPG and kerosene consumers. Chandigarh and eight districts of Haryana have become kerosene-free.
- Abolition of Plan-Non Plan classification of expenditure, the focus is now on Revenue and Capital expenditure.
- Fiscal deficit for 2017-18 at 3.2% of GDP and remain committed to achieve 3% in the following year.
- Basic customs duty on LNG reduced from 5% to 2.5%.
- Donation to political parties- suggestion made by the Election Commission, the maximum amount of cash donation that a political party can receive will be ₹ 2000/- from one person.
- To reduce the existing rate of taxation for individual assesses between income of ₹ 2.5 lakhs to ₹ 5 lakhs to 5% from the present rate of 10%.
- Zero tax liability for people getting income upto ₹ 3 lakhs p.a. and the tax liability will only be ₹ 2,500 for people with income between ₹ 3 and ₹ 3.5 lakhs.
- If the limit of ₹ 1.5 lakh under Section 80C for investment is used fully the tax would be zero for people with income of ₹ 4.5 lakhs.
- Surcharge of 10% of tax payable on categories of individuals whose annual taxable income is between ₹ 50 lakhs and ₹ 1 crore.
Source – indiabudget.nic.in