Union finance minister Arun Jaitley on Wednesday presented the Union Budget 2017, proposing revised income tax limits for individual assesses, higher spending in the infrastructure sector, and measures to push India towards a digital economy. Here are the updates following his budget speech:
Agriculture:
- Dairy processing infrastructure fund wlll be initially created with a corpus of Rs. 2000 crore.Issuance of soil cards has gained momentum.
- Sowing farmers should feel secure against natural calamities.
- A sum of Rs. 10 lakh crore is allocated as credit to farmers, with 60 days interest waiver.
- NABARD fund will be increased to Rs. 40,000 crore.
- Government will set up mini labs in Krishi Vigyan Kendras for soil testing.
- A dedicated micro irrigation fund will be set up for NABARD with Rs 5,000 crore initial corpus.
- Irrigation corpus increased from Rs 20,000 crore to Rs 40,000 crore.
- A model law on contract farming will be prepared and shared with the States.
Financial Sector:
- FDI policy reforms - more than 90% of FDI inflows are now automated.
- Shares of Railway PSE like IRCTC would be listed on stock exchanges.
- Bill on resolution of financial firms to be introduced in this session of parliament.
- Decided to abolish FIPB in 2017-18.
- Foreign Investment Promotion Board to be abolished.
- Revised mechanism to ensure time bound listing of CPSEs
- Computer emergency response team for financial sector to be formed.
- Pradhan Mantri Mudra Yojana lending target at Rs 2.44 lakh crore for 2017-18.
- DBT to LPG consumers , Chandigarh is kerosene free, 84 govt schemes are on the DBT platform.
- Head post office as the central office for rendering passport services
- Easy online booking system for Army, defence personnel.
Income tax :
- Tax liability for those with annual income between Rs2.5 and 5 lakh at 5% instead of the existing 10%.
- Surcharge of 10% for those individuals whose annual income is Rs50 lakh and Rs1 crore.
- Surcharge on individual annual income of Rs1 crore or more remains unchanged at 15%.
- A single-page income tax return filing form for taxable income under Rs5 lakh
Youth budget:
· Will introduce a system of measuring annual learning outcomes and come out with an innovation fund for secondary education.
· Focus will be on 3,479 educationally-backward blocks.
· Colleges will be identified based on accreditation.
· Skill India mission was launched to maximise potential. Will set up 100 India International centres across the country.
· Courses on foreign languages will be introduced.
· Will take steps to create 5000 PG seats per annum.
Infrastructure:
- Total allocation for Railways is Rs. 1,31,000 crore.
- No service charge on tickets booked through IRCTC.
- Raksha coach with a corpus of Rs. 1 lakh crore for five years (for passenger safety).
- Unmanned level crossings will be eliminated by 2020.
- 3,500 km of railway lines to be commissioned this year up from 2,800 km last year.
- SMS-based ''clean my coach service'' is put in place.
- Coach mitra facility will be introduced to register all coach related complaints.
- By 2019 all trains will have bio-toilets.
- Five hundred stations will be made differently-abled friendly.
- Railways to partner with logistics players for front-end and back-end solutions for select commodities.
- Railways will offer competitive ticket booking facility
- Rs. 64,000 crore allocated for highways.
- High speed Internet to be allocated to 1,50,000 gram panchayats
- New Metro rail policy will be announced with new modes of financing.
Rural population:
- The government targets to bring 1 crore households out of poverty by 2019.
- During 2017-18, five lakh farm ponds will be be taken up under the MGNREGA.
- Over Rs 3 lakh crore will be spent for rural India. MGNREGA to double farmers' income.
- Will take steps to ensure participation of women in MGNREGA up to 55%.
- Space technology will be used in a big way to ensure MGNREGA works.
- The government proposes to complete 1 crore houses for those without homes.
- Will allocate Rs. 19,000 crore for Pradhan Mantri Gram Sadak Yojana in 2017-18.
- The country well on way to achieve 100% rural electrification by March 2018.
- Swachh Bharat mission has made tremendous progress; sanitation coverage has gone up from 42% in Oct 13 to 60% now.
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