UNION BUDGET 2017- LIVE UPDATE

New Delhi 

Finance Minister Arun Jaitley presented the Union Budget for 2017-18 in Parliament at 11 am on Wednesday, during the Budget Session.

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LIVE UPDATE – UNION BUDGET 2017 

• Tax collection has increased by 17 per cent per year over the last 2 years
• When too many people evade taxes burden falls on those who are honest. We are mainly a tax non-compliant society
• RBI review committee recommended 3 per cent fiscal deficit for next 3 years
• Revenue deficit has come down to 2.1 per cent.
• Direct Tax collection is not commensurate with income. Only 1.8 crore Indians have filed IT returns
• Total resources being transferred to the states & union territories with legislature is Rs 4.11 lakh crore
• Rs 21.47 lakh crore to be allocated as total expenditure in the Budget
• Defence forces to get centralised, hassle-free rail ticket booking system. They do not have to stand in queues any more
• 2,74,114 crores allocated to defence expenditure, including pensions
• Government will consider early implementation of recommendations of committee of Chief Ministers on digital transactions
• Digital payment infrastructure and grievance handling system will be strengthened
• Aadhar pay facility will be launched soon to help those without mobile wallets
• Digital transaction has witnessed an increase, 1,25,000 people have adopted BHIM app already
• Foreign Investment Promotion Board (FIPB) has been abolished: FM
• A computer emergency response team will be established to ensure cyber security in financial sector
• Expert committee to be created to integrate spot and derivative market for commodity trading
• Total allocation for infrastructure will be Rs 3,96,135 crores
• Want to make India a global hub of electronic infrastructure
• Under Bharat Net project, Optical Fibre Cable has been laid for a length of 1,55,000 kms
• Selected airports in Tier 2 cities will be taken for Public-Private Partnership
• Service charges on e-tickets booked through IRCTC will be withdrawn
• By 2019, all coaches of Indian Railways will be fitted with bio-toilets, and Railways will integrate end to end transport solutions for selected commodities through partnership
• A new metro rail policy will be announced. This will also open up new jobs for our youth
• 500 stations to be made differently abled-friendly
• Dedicated trains will be launched for tourism and pilgrimage
• Rail Raksha Fund to be created with corpus of 1 lakh crore over 5 years
• Total capital for rail budget has been pegged at 1,37,000 crores
• Two new All India Institute of Medical Sciences to be set up in Jharkhand and Gujarat
• Action plan to eliminate Kala Azar, filariasis by 2017, leprosy by 2018, measles by For senior citizens, Aadhaar based health cards will be issued
• Allocation for welfare of Scheduled Castes increased to Rs 52,393 crore
• Open defecation free villages are now being given priority for pipe to water supply
• 100% village electrification will be achieved by May 1, 2018
• Under various schemes, allocation stepped up to 1,84,632 crores to facilitate affordable housing and infrastructure to poor
• Mission Antyodaya to bring 1 crore houses out of poverty, make 50,000 Gram Panchayats poverty-free
• Government to complete 1,00,00,000 houses by 2019 for homeless and those living in kaccha house
• In higher education, we will undertake reforms in UGC,
  give autonomy to colleges and institutions
• Special schemes will be annouced to create employment in textile sector
• National Testing Agency to conduct all entrance exams for higher education
• PM Kaushal Kendras will be set up in more than 600 districts across the country to offer advanced training and foreign languages
• Will leverage ICT by Swayam course, where students can learn course work online
• Innovation fund for secondary education to encourage local innovation, gender parity and ICT transformation
• Total allocation for rural, agricultural and allied sectors for 2017-18 is Rs 187223 crore, which is 24% higher than last year
• Target of agricultural loans to farmers set at record Rs 10 lakh crore in 2017-18
• Arun Jaitley said the highest ever amount of Rs 48,000 crore has been allocated for MNREGA scheme.
• Dairy processing infrastructure fund will be set up under NABARD, with fund of 8,000 crore
• A model law on contract farming and a dairy processing fund will be set up in 3 years
• Dedicated micro irrigation fund to be set up. For post harvest, farmers will get better prices in market
• Issuance of soil health cards have gathered momentum. We will setup a mini lab in krishi vigyan kendras
• We will take special efforts to ensure adequate flow of credit to under served areas, Northeastern states and Jammu and Kashmir
• Government to spend more on rural areas, infrastructure and poverty alleviation with fiscal prudence.
• Government committed to double farmer income
• The Finance Minister hailed both GST and demonetisation as ‘tectonic changes’ in the Indian economy. He also called merger of Railway Budget with General Budget a ‘historic step’.
• Advantages in terms of GST are competitiveness, greater transparency etc have been discussed in both Houses: Arun Jaitley.
• Saying that demonetisation seeks to ‘create a new normal’, the Finance Minister added that it was a follow up of the other measures taken by the govt in past two years.
• India is seen as engine of global growth. We have witnessed historic reform in last one year, Arun Jaitley stated.
• India has become the 6th largest manufacturing country in the world, up from the 9th position, Arun Jaitley said.
• “India stands out as a bright spot in the world economy. India’s macro-economic policy continues to be source of our success,” Arun Jaitley said.
• The Finance Minister said that GDP growth had recovered following demonetisation. He said India’s growth rate was much higher than the global estimate of 3.4 per cent for 2017.
• Arun Jaitley said that inflation, which was in double digits and has now been controlled, while sluggish growth has been replaced by high growth. He also mentioned that the government has launched a war against black money through its demonetisation policy.
• “The government is now seen as a trusted custodian of public money, I express gratitude to people for their strong support,” said Arun Jaitley.