Union Budget 2017

KEY HIGHLIGHTS:

1.  Finance

- Total expenditure at 21,47,000 crores
- 90% FDI flows automated
-Foreign Investment Promotion Board will be abolished
- Direct Benefit Transfer to LPG consumers
- BHIM app launched
-Fiscal deficit at 3.2% for 2017-18
- Revenue deficit stood at 1.9%

2. Agriculture:

- NABARD fund increased to 40,000 crores

- A micro irrigation fund (within NABARD) of 5000 crores

- Irrigation corpus increased by 20,000 crores

- 2000 crores invested in Dairy processing infrastructure

- 10 lakh crores dedicated to credit for farmers

Targets:
- Model law on contract farming
- Mini Labs in Krishi Vigyan Kendras for soil testing

3. Rural Population

- Total spending of 3 lakh crores for rural sector

- Sanitation coverage up to 60% from around 40% in three years

- Allocation to MNERGA increased from 38,500 crores to 48,000 crores (expected to double farmers' incomes)

- 19,000 crores for Pradhan Mantri Grameen Sadak Yojana

Targets:
- Bringing out 1 crore homes out of poverty by 2019
- Steps to increase women participation in MNERGA to 55%

- Use of space technology to improve working of MNERGA

-100 % electrification by March 2018

4. Infrastructure and Railways

- Total Allocation in Infrastructure of approximately 39,00,000 crores 

- Allocation to Railways of 1,30,000 crores

- 64,000 crores for highways

- No service tax on online ticket booking through IRCTC

Targets:

- Bio-toilets in all trains by 2019

- 500 railway stations to be made differently-abled friendly

- High speed internet in some 1,50,000 gram panchayats

5. The Poor and Health Sector

- Rupees 6000 for pregnant women nation-wide

- More than 1,80,000 crores for women and children development

- 2 new AIIMS in Jharkhand and Gujarat

- Around 52,000 crores for uplifting Scheduled Castes

- 500 crores for Mahila Shakti Kendras

Targets:

- Elimination of tuberculosis by 2025

- Aadhaar based smart cards for senior citizens to monitor health

6. Energy Sector

- Strategic policy for crude reserves
- Almost 1,30,000 crores received as energy production based investments


Other
- Out of approx 13 lac registered companies, only around 6 lac filed returns for 2016-17
- Maximum amount a political party can receive in cash from one source as donation is Rs 2,000
-Personal Income Tax grew by 34%
- Cash transactions to be of only upto 3 lakhs
-Tax on income between 2.5 lakhs-5 lakhs reduced from 10% to 5%
-10% surcharge on income above 50 lakhs and 15% on income above 1 crore