BUDGET 2017 Updates

budget 2017

• IMF estimates world GDP to grow at 3.1% in 2016 and 3.4% in 2017
• Growth in a no. of emerging economies is expected to recover in 2017
• Cabinet extends tenure of loans under Credit Linked Subsidy Scheme of Pradhan Mantri Awas Yojana from 15 to 20 yrs
• Budget allocation to MNREGA increased to a record Rs48,000 crore for 17-18, from Rs37,000 crore in 16-17
• 100% village electrification will be achieved by May 1,2018
• Target for agricultural credit in 2017-18 has been fixed at a record level of 10 lakh crore rupees
• Coverage of Fasal Bima Yojana to go up from 30% of cropped area, to 40% in 2017-18 & 50% in 2018-19
• Mini Soil Testing Lab in Krishi Vigyan Kendras to ensure 100% coverage
• Total rail capital expenditure for fiscal year 2018 pegged at 1.31 trillion rupees
• For senior citizens, Aadhaar based health cards will be issued
• Mission Antyodaya to bring 1 crore households out of poverty, & to make 50,000 Gram Panchayats poverty-free By the 150th birth anniversary
• Allocated Rs 3.96 lakh crores for Infrastructure
• Highest ever allocation for MNREGA up from Rs 37,000 crs in 16-17 to a record Rs 48,000 crs for 17-18
• Total capital & developmental expenditure Rs1.31 lakh crs for Railways in 17-18 including Rs 55,000 crore to be provided by govt
• Service charge on e-tickets booked through #IRCTC will be withdrawn
• Sanitation coverage in rural areas has gone up to 60% now
• Govt considering introduction of new law to confiscate assets of offenders who escape the country
• Defence Expenditure excluding Pension at Rs 2.74 lakh crore
• 5 special tourism zones,anchored on SPV, to be set up; II campaign to be launched across the world
• Total expenditure of budget 2017-18 has been placed at Rs 21.47 lakh crore
• Mahila Shakti Kendras to be set up at village level, in 14 lakh ICDS centres, with an allocation of Rs. 500 crore
• Railway lines of 3,500 km will be commissioned in 2017-18 as against 2,800 km in 2016-17
• 76 lakh individuals who reported income of over Rs 5 lakh, 56 lakh are salaried
• Capital gains tax to be exempted, for persons holding land from which land was pooled for creation of state capital of Telangana
• Tax rate for companies with an annual turnover up to 50 crores to be reduced to 25%
• Max. amount of cash donation a political party can receive reduced to Rs 2000 rupees from any one source
• Personal income tax in 2.5 lakh – 5 lakh bracket to be reduced to 5%
• Surcharge of 10% for those whose annual income is Rs 50 lakh to 1 crore