Arun Jaitley's 3G budget: Key Takeaways

    • TNN
    • Publish Date: Feb 1 2017 7:09PM
    • |
    • Updated Date: Feb 1 2017 7:25PM
Arun Jaitley's 3G budget: Key Takeaways

Gaon

  • 100 per cent electrification of villages will be achieved by May 1, 2019. The government has allocated Rs 4,843 crore for electrification in fiscal year 2017-18. 
  • Rural Agricultural and allied sectors received Rs 1,87,223 crore for fiscal year 2017-18, a hike of 24 per cent as complared to last year.
  • The finance minister dedicated Rs 27,000 crore for rural roads against Rs 19,000 crore last year.
  • The budget for MNREGA has been increased to Rs 48,000 crore for 2017-18. Jaitley also informed the house that participation of women in the scheme has increased from 45 per cent to 55 per cent.
  • Under the Swachh Bharat Yojana, open defecation-free villages will now be given priority for piped water supply.

Ghar

  • To boost the slowdown-hit real estate sector, the government announced infrastructure status to affordable housing to encourage investment in this segment.
  • Affordable housing developers will also be eligible for government's incentives, tax benefits and institutional funding.
  • The National Housing Bank will provide Rs 20,000 crore for housing loans, which will enable allocation for the infrastructure sector.
  • To improve investability, the holding period for land and buildings has been reduced from three years to two years for long-term capital gains purpose.
  • Finance minister Jaitley also allocated Rs 23,000 crore for building houses in rural areas during fiscal year 2017-18.
Garib
  • The government targets to bring one crore households and 50,000 Gram Panchayats out of poverty by 2019.
  • Mahila Shakti Kendra will be set up with an allocation of Rs 500 crore in 14 lakh Integrated Child Development Services (ICDS) Anganwadi Centres. This will provide one stop convergent support services for empowering rural women with opportunities for skill development, employment, digital literacy, health and nutrition. 
  • The allocation for Scheduled Castes has been increased by 35% compared to Budget Estimate 2016-17.
  • The allocation for Scheduled Tribes has been increased to Rs 31,920 crores and for Minority Affairs to Rs 4,195 crore.
  • The government will continue process of economic reforms for the benefit of the poor. Finance minister announced legislative reforms to be undertaken to simplify, rationalise existing labour laws. India to spend more in rural areas, infrastructure and poverty alleviation.

47 things that Arun Jaitley said/presented.

  1. India stands out as a bright spot amid world economic gloom.
  2. Our focus will be on energising youth to reap benefits of growth and employment.
  3. IMF estimates world GDP will grow by 3.4 per cent in 2017.
  4. Oil prices, rising dollar and volatile commodity prices seen as risks to Indian economy.
  5. India is seen as engine of global growth, have witnessed historic reform in last one year.
  6. Demonetisation is a bold and decisive measure, for many decades tax evasion was a way of life for many.
  7. Note ban is expected to have only a transient impact on economy.
  8. I am reminded of what our father of the nation Mahatma Gandhi said: "A right cause never fails".
  9. The pace of remonetisation has picked up.
  10. Effects of demonetisation not expected to spill over to next year.
  11. Budget preponement to February 1 will give sufficient time to departments to implement government schemes.
  12. Our Budget agenda is - transform, energise and clean India - TEC India.
  13. Our approach in preparing the Budget is to spend more on rural areas, infrastructure and poverty alleviation with fiscal prudence.
  14. Agriculture sector is expected to grow at 4.6%, agriculture expenditure targeted at Rs 10 lakh crore.
  15. 36% increase in FDI flow; forex reserves at $361 billion in January, which is enough to cover 12 months needs.
  16. Allocation under MNREGA increased to 48,000 crore from Rs 38,500 crore. This is highest ever allocation.
  17. Total allocation for rural, agricultural and allied sectors for 2017-18 is Rs 187223 crore, which is 24% higher than last year.
  18. One crore houses for poor by 2019.
  19. Safe drinking water to cover 28,000 arsenic and Fluoride-affected habitations in the next four years.
  20. 133-km road per day constructed under Pradhan Mantri Gram Sadak Yojana as against 73-km in 2011-14.
  21. For senior citizens, Aadhar cards giving their health condition will be introduced
  22. Two new All India Institute of Medical Sciences(AIIMS) to be set up in Jharkhand and Gujarat.
  23. 3500km railway lines to be put up.
  24. Service charge on rail tickets booked through IRCTC to be withdrawn.
  25. Rail safety fund with corpus of Rs 100,000 crore will be created over a period of five years.
  26. 500 rail stations to be made differently abled-friendly by providing lifts and escalators.
  27. A new metro rail policy will be announced, this will open up new jobs for our youth.
  28. Foreign investment promotion board (FIPB) to be abolished.
  29. Allocation for infrastructure stands at a record Rs 3,96,135 crore.
  30. Government to set up strategic crude oil reserves in Odisha and Rajasthan.
  31. 1.25 crore people have already adopted Bhim App for digital payments.
  32. Aadhaar Pay- an app for merchants- to be launched' 20 lakh aadhaar-based POS by September 2017.
  33. Government is considering introduction of new law to confiscate assets of offenders who escape the country.
  34. Defence expenditure excluding pension at Rs 2.74 lakh crore.
  35. Fiscal deficit for 2017-18 pegged at 3.2 percent of GDP.
  36. Fiscal deficit target for next three years pegged at 3 percent.
  37. India's tax-to GDP ratio is very low. We are largely a tax non compliance society, when too many people evade taxes burden falls on those who are honest.
  38. Out of 3.7 crore who filed tax returns in 2015-16, only 24 lakh persons showed income above Rs 10 lakh.
  39. Of 76 lakh individuals who reported income of over Rs 5 lakh, 56 lakh are salaried.
  40. Small firms with turnover up to Rs 50 crore to pay 25% tax now, instead of 30%.
  41. Black money SIT has suggested no cash transaction above Rs 3 lakh. The government has accepted this recommendation .
  42. Maximum cash donation any party can receive will be Rs 2000 from one source.
  43. Political parties will be entitled to receive donations by cheques or digital modes.
  44. An amendment being proposed to RBI Act to enable the issuance of electoral bonds for political funding.
  45. Jaitley reduces income tax rate from 10% to 5% for tax slab of Rs 250,000 to Rs 500,000.
  46. Surcharge of 10% for those whose annual income is Rs 50 lakh to 1 crore.
  47. 15% surcharge on incomes above Rs 1 crore to continue.

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Comments

Pragya RUKMINI DEVI PUB. SCHOOL(PITAMPURA)

This is an amazing budget planned by our finance minister Mr. Arun Jaitley.

TAVISHA ARORA dav public school

this is an amazing budget planned but it will be successful if it is implemented and looked after it

S.VISALAKSHI P.B.D.A.V. MODEL SCHOOL

This budget is absolutely correct and it is amazing . It should be implemented as soon as possible .

SRIRAM.C Amalorpavam Higher Secondary School - Puducherry

I welcome this budget this is amazing

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