LIVE: Highlights Of Budget 2017 Speech Of Finance Minister Arun Jaitley

The Logical Indian

February 1st, 2017

The Finance Minister, Arun Jaitley, announced the Budget for 2017-2018 today in Parliament. For the first time, the Union Budget was announced along with the Railway Budget.

Here are the main points from Mr. Jaitley’s speech.


Highlights from the Finance Minister’s speech.

  • Focus will be on energising youth to reap benefits of growth and employment.
  • Oil prices, rising dollar, and volatile commodity prices seen as risks to Indian economy.
  • India is seen as an engine of global growth, have witnessed historic reform in last one year.
  • Demonetisation is a bold and decisive measure, for many decades tax evasion was a way of life for many.
  • The pace of re-monetisation has picked up.
  • Effects of demonetisation not expected to spill over to next year.
  • Budget preponement to February 1 will give sufficient time to departments to implement government schemes.
  • Our Budget agenda is – transform, energise and clean India – TEC India.
  • Our approach in preparing the Budget is to spend more on rural areas, infrastructure, and poverty alleviation with fiscal prudence.
  • Agriculture sector is expected to grow at 4.6%, agriculture expenditure targeted at Rs 10 lakh crore.
  • 36% increase in FDI flow; forex reserves at $361 billion in January, which is enough to cover 12 months needs.
  • Allocation under MNREGA increased to 48,000 crore from Rs 38,500 crore. This is highest ever allocation.
  • Total allocation for rural, agricultural and allied sectors for 2017-18 is Rs 187223 crore, which is 24% higher than last year.
  • One crore houses for poor by 2019.
  • Safe drinking water to cover 28,000 arsenic and Fluoride-affected habitations in the next four years.
  • 133-km road per day constructed under Pradhan Mantri Gram Sadak Yojana as against 73-km in 2011-14.
  • For senior citizens, Aadhar cards giving their health condition will be introduced.
  • Two new All India Institute of Medical Sciences (AIIMS) to be set up in Jharkhand and Gujarat.
  • Government to set up strategic crude oil reserves in Odisha and Rajasthan.
  • Government is considering introduction of new law to confiscate assets of offenders who escape the country.
  • Defence expenditure excluding pension at Rs 2.74 lakh crore.
  • Fiscal deficit for 2017-18 pegged at 3.2 percent of GDP.
  • Fiscal deficit target for next three years pegged at 3 percent.
  • Tax rate for those with income of Rs 2.5-5 lakh slashed to 5% from 10%.
  • Tax rate for those with income of Rs 2.5-5 lakh slashed to 5% from 10%.
  • No transaction above Rs 3 lakh can be made in cash.
  • Plan to create integrated oil company.
  • Political parties to receive a maximum of Rs 2000 funding from any source.

Railway Budget highlights:

  • 3500-km railway lines to be put up.
  • Service charge on rail tickets booked through IRCTC to be withdrawn.
  • Rail safety fund with corpus of Rs 100,000 crore will be created over a period of five years.
  • 500 rail stations to be made differently abled-friendly by providing lifts and escalators.
  • A new metro rail policy will be announced, this will open up new jobs for our youth.

 

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