Here's snapshot of Union Budget 2017 in two minutes
Know about India's Union Budget 2017-18 in two minutes
Finance Minister Arun Jaitley announced India's Union Budget 2017-18 in Lok Sabha in New Delhi on Wednesday.
FM Jaitley's Union Budget 2017 speech was based on ten themes namely farmers, rural population, youth, the poor and the underprivileged, infrastructure, financial sector, digital economy, public service, prudent fiscal management and tax administration.
ALSO READ: Here are key highlights of Union Budget 2017
Here's quick snapshot of Union Budget 2017:
1. The government's agenda for 2017-18 is Transform, Energise and Clean India. Transform the quality of governance and quality of life of people and energise various sections of society, especially the youth and the vulnerable.
2. Target for agricultural credit in 2017-18 has been fixed at a record level of Rs 10 lakh crore.
3. Aim to bring one crore households out of poverty and to make 50,000 Gram Panchayats poverty free by 2019, the 150th birth anniversary of Gandhiji
4. Innovation Fund for Secondary Education proposed to encourage local innovation for ensuring universal access, gender parity and quality improvement to be introduced in 3479 educationally backward districts
5. Mahila Shakti Kendra will be set up with an allocation of Rs 500 crore in 14 lakh ICDS Anganwadi Centres.
6. Under Maternity Benefit Scheme Rs 6,000 each will be transferred directly to the bank accounts of pregnant women who undergo institutional delivery and vaccinate their children
7. Affordable housing to be given infrastructure status
8. National Housing Bank will refinance individual housing loans of about Rs 20,000 crore in 2017-18
9. For transportation sector as a whole, including rail, roads, shipping, provision of ` 2,41,387 crores has been made in 2017-18
10. For 2017-18, the total capital and development expenditure of Railways has been pegged at Rs 1,31,000 crore. This includes Rs 55,000 crore provided by the Government
11. For passenger safety, a Rashtriya Rail Sanraksha Kosh will be created with a corpus of Rs1 lakh crore over a period of five years
12. In the road sector, Budget allocation for highways increased from Rs 57,976 crore in BE 2016-17 to Rs 64,900 crore in 2017-1
13. By the end of 2017-18, high speed broadband connectivity on optical fibre will be available in more than 1,50,000 gram panchayats, under BharatNet
14. Foreign Investment Promotion Board to be abolished in 2017-18 and further liberalisation of FDI policy is under consideration
15. Bill relating to curtail the menace of illicit deposit schemes will be introduced.
16. Government will put in place a revised mechanism and procedure to ensure time bound listing of identified CPSEs on stock exchanges.
17. Lending target under Pradhan Mantri Mudra Yojana to be set at Rs 2.44 lakh crore. Priority will be given to Dalits, Tribals, Backward Classes and Women.
18.The Government will launch two new schemes to promote the usage of BHIM; these are, Referral Bonus Scheme for individuals and a Cashback Scheme for merchants
19. 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
20 No transaction above Rs 3 lakh would be permitted in cash subject to certain exceptions
21. Maximum amount of cash donation, a political party can receive, will be Rs 2000 from one person. Political parties will be entitled to receive donations by cheque or digital mode from their donors
22. In order to make MSME companies more viable, income tax for companies with annual turnover up to Rs 50 crore is reduced to 25%
23. Existing rate of taxation for individual assesses between income of Rs 2.5 lakh to Rs 5 lakh reduced to 5% from the present rate of 10%
24. Surcharge of 10% of tax payable on categories of individuals whose annual taxable income is between Rs 50 lakhs and Rs 1 crore
25. Simple one-page form to be filed as Income Tax Return for the category of individuals having taxable income upto Rs 5 lakh other than business income