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Summary : Key Features of Budget 2017-2018


Read the Key Features of Budget 2017-2018 Here


Also, Download : Summary of ECONOMIC SURVEY 2016-17


Some Important Points from Key Features of Budget 2017-2018:


  • In the last two and half years administration has moved from discretionary, favoritism based to system and transparency based
  • Inflation brought under control. CPI-based inflation declined from 6% in July 2016 to 3.4% in December, 2016
  • Passage of the Constitution Amendment Bill for GST and the progress for its introduction
  • Enactment of the Insolvency and Bankruptcy Code; amendment to the RBI Act for inflation targeting; enactment of the Aadhar bill for disbursement of financial subsidies and benefits

DEMONITISATION


  • Generate long term benefits including reduced corruption, greater digitisation, increased flow of financial savings and greater formalisation of the economy
  • The surplus liquidity in the banking system will lower borrowing costs and increase the access to credit

ROADMAP & PRIORITIES


Agenda for 2017-18 is : “Transform, Energise and Clean India” – TEC India


FARMERS


  • Coverage under Fasal Bima Yojana scheme will be increased from 30% of cropped area in 2016-17 to 40% in 2017-18 and 50% in 2018-19
  • New mini labs in Krishi Vigyan Kendras (KVKs)

RURAL POPULATION


  • 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
  • Allocation for Prime Minister’s Employment Generation Program and Credit Support Schemes has been increased three fold

YOUTH


  • SWAYAM platform, leveraging IT, to be launched with at least 350 online courses.
  • Skill Acquisition and Knowledge Awareness for Livelihood Promotion programme (SANKALP) to be launched at a cost of ` 4000 crores

THE POOR AND THE UNDERPRIVILEGED


  • Mahila Shakti Kendra will be set up with an allocation of ` 500 crores in 14 lakh ICDS Anganwadi Centres.
  • Government has prepared an action plan to eliminate Kala-Azar and Filariasis by 2017, Leprosy by 2018, Measles by 2020 and Tuberculosis by 2025 is also targeted

INFRASTRUCTURE


  • For passenger safety, a Rashtriya Rail Sanraksha Kosh will be created with a corpus of ` 1 lakh crores over a period of 5 years
  • Coach Mitra’, a single window interface, to register all coach related complaints and requirements to be launched
  • By 2019, all coaches of Indian Railways will be fitted with bio toilets.
  • A new Metro Rail Policy will be announced with focus on innovative models of implementation and financing

FINANCIAL SECTOR


  • Foreign Investment Promotion Board to be abolished in 2017-18 and further liberalisation of FDI policy is under consideration
  • A new ETF with diversified CPSE stocks and other Government holdings will be launched in 2017-18
  • In line with the ‘Indradhanush’ roadmap, 10,000 crores for recapitalisation of Banks provided in 2017-18

DIGITAL ECONOMY


Aadhar Pay, a merchant version of Aadhar Enabled Payment System, will be launched shortly


PRUDENT FISCAL MANAGEMENT


FRBM Committee has recommended 3% fiscal deficit for the next three years


MEASURES FOR STIMULATING GROWTH


  • Concessional withholding rate of 5% charged on interest earned by foreign entities in external commercial borrowings or in bonds
  • MAT credit is allowed to be carried forward up to a period of 15 years instead of 10 years at present

TRANSPARENCY IN ELECTORAL FUNDING


  • Maximum amount of cash donation, a political party can receive, will be 2000/- from one person.
  • Amendment to the Reserve Bank of India Act to enable the issuance of electoral bonds in accordance with a scheme that the Government of India would frame in this regard.

PERSONAL INCOME-TAX


  • Existing rate of taxation for individual assesses between income of `2.5 lakhs to 5 lakhs reduced to 5% from the present rate of 10%
  • Surcharge of 10% of tax payable on categories of individuals whose annual taxable income is between `50 lakhs and ` 1 crore

GOODS AND SERVICES TAX


  • The GST Council has finalized its recommendations on almost all the issues based on consensus
  • The extensive reach-out efforts to trade and industry for GST will start from 1st April, 2017

Click Here forKey Features of Budget 2017-2018


 

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