Indian Union Budget 2017: 17 facts you must know for a prosperous year

In the light of game-changer economic and social developments, Indian economy has been seen as an engine of economic growth. The Indian setting has been drastically transformed to cushion against all adversary changes in the global world. Here are facts and figures which are major highlights of the Union Budget 2017:

  • Jaitley also claimed that the after-math of demonetisation will not spill-over in the next year. He also highlighted the enactment of the Aadhar Bill for transmission of financial incentives. He noted that the Indian economy will be effectively equipped with digital technologies, bolstering the vision of ‘Tech India’.

 

  • The farmers will be showered with transformational benefits. The government will help in shooting up farmer’s income to atleast double their current income by selling their produce at a reasonable price and not a compromise on income.

 

  • FM shed light on Rural Population and its empowerment in every sense of the word. He informed that more than 1 crore households will be drawn out from the claws of poverty. A scheme called ‘ Antraay’ will be integrated into the system for this purpose.

 

  • Amounts for the purpose of ‘Grameen’ have been increasingly doled out from 15000 crore to 23000 crore. This signals enhanced focus on rural development and village development.

 

  • Villages will tread on the path of electrification. Villages will be transformed into 100% electrified. Allocations for that purpose have also been stepped up.

 

  • The credit support schemes has been increased three-fold. The pro-farmer budget focused on an increased line of credit.

 

  • The level of sanitation in villages have risen up from 42% in October 2014 to 60% presently.

 

  • For the purpose of making transactions easy for senior residents, health status will be structurally embedded with their Aadhar card.

 

  • Government allocated Rs. 10000 cr for recapitalisation of PSU Banks.

 

  • Bhim App has played a stellar role in the process of digitizing India. As many as 1.25 crore people have already adopted the Bhim app. FM has also spurred incentivises on user referrals to trigger greater reach.

 

  • Government also pegs fiscal deficit at 3.2% for 2017.

 

  • MSME’s having turnover of upto 50 crore will be subject to a reduction of 5%. MSME’s to get more competitive.
  • Maximum cash donation only of Rs.2000 for political parties. All other donations will have to be routed through digital means to prevent creation of black currency, and also increasing transparency.
  • Government proposes carry forward of MAT Credit from 10 years to 15 years.
  • Additional surcharge of 15% on income of above Rs.1 crore remains unchanged. From 50lakh to 1 crore, surcharge of 10%
  • Income tax of 5% from income of 2.5lac to 5 lacs in year.
  • The game-changing news was that all individuals with income upto Rs.3 lac will be exempt from tax obligations.

BJP was sure accentuated to power in huge expectations. From ensuring optimum utilisation of natural resources, eradicating poverty and increasing employment opportunities for one and all. Women and other vulnerable sections of the society voted BJP, in immense hope that the country will become a better place for them. I cannot deny but agree that BJP has been indomitable in rolling its promises in motion. It has stood up for what it had claimed and we do not regret our vote even a tad bit.

He also thanked both houses for enabling successful adoption of the GST Bill. He also highlighted that substantial efforts to make India safer for youth of the country.

 

 

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