Posted on 01 February 2017.
Finance Minister Arun Jaitley presented Union Budget 2017-18, first since the note ban in November last year. Jaitley began by pointing that the double digit inflation has been controlled and said India is expected to be one of the fastest growing economies in 2017 according to IMF.
Highlights Of The Union Budget
Arun Jaitley on Income Tax Slabs
No Tax on income upto Rs 3 lakh
Reduced Tax Rate For Those Earning Rs 2.5 To 5 Lakh To 5 Percent
No tax on those who use tax rebates for Rs 4.5 lakh income
10% surcharge for Rs 50 lakh to 1 crore income
Simple one-page form for income tax filing
Arun Jaitley on Infrastructure and Highway allocation
-The infrastructure allocation in Union Budget 2017 is at a record Rs 3,96,135 crore
-Highway allocation up to Rs 64,000 crore. 2,000 coastal roads identified for development, says Jaitley
Arun Jaitley on Railways
-Capital and development expenditure on railways in 2017-18 to be Rs 1,31,000 crore.
-All train coaches to have bio-toilets by 2019
-7,000 mid-level stations with solar power
-500 stations to be disabled friendly
-No service charge on withdrawing e-tickets booked through IRTC
-Focus on connectivity issues of remote villages
-SMS based 'clean my coach' service
-3,500 km railway line to be commisioned
-25 staions to be redeveloped in 2017-18
Arun Jaitley On Healthcare
– Healthcare High on government agenda
– 25000 Post Graduation seats in medicines
– Will Formulate new rules regarding medical devices
– Investment in the health sector will be attracted
– Will Reduce Cost of the Device
– Importance to policies aimed at SC/ST and minorities
– Will reduce cost of life-saving drugs
– 2 news AIIMS in Gujarat and Jharkhand
– Eradication of tuberculosis by 2025
Jaitley says emphasis will be on science and flexibility in school curriculum. Universal access and gender parity will get bigger push.
100 international skill centres to be established
Full Electrification of Villages By May 2018.
We will double farmer income in 5 years, Jaitley says in his budget speech.
The Finance Minister says that the aim of the budget is to transform the quality of life, energise the youth and vulnerable, and clean the country of corruption.
Focus of the budget
2. Rural population
4. Poor and underprivileged
6. Financial institutions
7. Digital economy
8. Public service with participation
9. Prudent Fiscal management practices
Arun Jaitley says the approach of the budget is to spend more in rural areas and poverty alleviation.