Finance minister Arun Jaitley presented the Union Budget 2017-18 in the Lok Sabha. Here are some key Union Budget 2017 Highlights:
1) Agenda for 2017-18 is : “Transform, Energise and Clean India” – TEC India
2) Ten distinct themes to foster this broad agenda:
- Farmers : committed to double the income in 5 years
- Rural Population : providing employment & basic infrastructure
- Youth : energising them through education, skills and jobs
- The Poor and the Underprivileged : strengthening the systems of social security, health care and affordable housing
- Infrastructure: for efficiency, productivity and quality of life
- Financial Sector : growth & stability by stronger institutions
- Digital Economy : for speed, accountability and transparency
- Public Service : effective governance and efficient service delivery through people’s participation
- Prudent Fiscal Management: to ensure optimal deployment of resources and preserve fiscal stability
- Tax Administration: honouring the honest
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) Target for agricultural credit in 2017-18 has been fixed at a record level of Rs. 10 lakh crores.
5) 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.
6) Incredible India 2.0 Campaign will be launched across the world to promote tourism and employment.
7) 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
8) 500 stations will be made differently abled friendly by providing lifts and escalators.
9) By 2019, all coaches of Indian Railways will be fitted with bio toilets. Tariffs of Railways would be fixed, taking into consideration costs, quality of service and competition from other forms of transport.
10) 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. A DigiGaon initiative will be launched to provide tele-medicine, education and skills through digital technology.
11) 125 lakh people have adopted the BHIM app so far. 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.
12) To utilise the Head Post Offices as front offices for rendering passport services.
13) In order to make MSME companies more viable, income tax for companies with annual turnover upto ` 50 crore is reduced to 25%.
14) Maximum amount of cash donation, a political party can receive, will be Rs. 2000/- from one person.
15) Existing rate of taxation for individual assesses between income of Rs. 2.5 lakhs to Rs. 5 lakhs reduced to 5% from the present rate of 10%
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