INDIAN UNION BUDGET for Financial Year 2017 – 2018

union budget 2017-2018

The Union Budget 2017-2018 were presented by union finance minister Arun Jaitley at parliament in New Delhi on 01:02:2017 Wednesday. 

The Union Budget is mainly focused on ten major issues viz. as follows:

  • Farming sector
  • Rural population
  • The youth
  • The poor and Underprivileged healthcare
  • Infrastructure of railways
  • Financial sector for institutions
  • Speedy accountability
  • Public services
  • Tax administration for honest
  • Prudent fiscal management

Farming Sector

A sum of Rs.10 lakh crore is allocated for farmers.  They want to feel secure against natural calamities.  So farmers have been credited 10 lakhs crore with 60 days interest.  The Government will set up mini labs for soil testing in Krishi Vigyan Kendras NABARD fund will be increased to Rs.40,000 crore. Micro irrigation fund with Rs.5,000 crore for the initial corpus.  Irrigation corpus increased from Rs.20,000 crore to 40,000 crores Rs.2000 crore is for dairy processing.

Rural Population

As per the Government target, 1 crore household is to bring out of poverty by 2019 Rs.3 lakh crore will be allocated for rural India and also double Farmer’s income, the participation of women will be increased up to 55% Rs.19,000 crore is allocated for Pradhan Mantra gram Sadak yojana in 2017-2018. Every rural area with be 100% electrical facility 42% to 60% gas gone for coverage of sanitation.

Youth with innovation fund for secondary education 5000 PG seats has been created per annum.

The poor and underprivileged health care Rs.500 crore is allocated. Children and women are allocated Rs.1,84,632.  Rs.6000 for each pregnant women.  1.5 lakhs crore will be for health wellness centers Rs.52,393 crore for schedule castes smart cards will be issued for senior citizens to monitor health.

Infrastructure and Railways

Rs.1,31,000 crore for railways is allocated and Rs. 39,61,354 has been made for infrastructure.  Tickets booked through IRCTC no service charges Rs. 1 lakhs crore for Raksha coach. By 2020 unmanned level crossing will be eliminated. 2,800 km railway lines are commissioned to 3,800km.  Coach Mitra will be introduced for coach related complaints.  Bio-Toilets will be introduced by 2019.  500 hundred stations will be made for physically challenged. Rs.64,000 crore allocated for highways 1,500,000 gram panchayats with high-speed internet New Metro Rail policy is introduced.

The energy sector, Rs.1,26,000 crore received for energy production based investments.  New scheme named trade infra export will be launched in 2017-2018.

Financial Sector

union budget 2017 - 2018
Photo Credit: http://indianexpress.com/article/business/budget/union-budget-2017-how-it-will-impact-you-4501873/

90% of FDI inflows are now automated.  Bill on the resolution of a financial firm will be introduced. Foreign investment will be abolished. Computer emergency response team will be formed.  Rs.2144 lakh crore is fixed for Bradham mantra mudra yojana target.  DBT to LPG consumers.

Easy online booking system, Fiscal situation, Rs.21,47000 crore is total expenditure plan, the focus will be on capital expenditure will be 25.4% Department of economic affairs for implementing the Union Budget announcements under the Rs.3,000 crore. Rs.37,435 crore for science and technology.  Rs. 4.11 lakh crore for states and union territories 3% fiscal deficit recommended for 3yrs with 0.5% of GDP deviation.  1.9% is for revenue deficit.

Defence sector, Rs.2,74,114 crore for defence sector.

Personal income tax for individuals between Rs. 2.5- Rs.5 lakh is reduced to 5% from 10%.

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