Union Budget 2017 : At a Glance

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28 Feb 2017

Recently the Finance minister Mr Arun Jaitly has presented the fourth annual budget of Central Government for the session of 2017-18. The was presented in the Lok Sabha on January 1, 2017. This budget is historic in the sense that the presentation has been pre-ponded by about a month. The another uniqueness of this year’s budget is merger of Railways Budget with the general budget.

Union Budget 2017 at a Glance

S.No Important Data
1. Income Tax on annual income of Rs 2.5 lakhs to Rs 5 lakhs reduced from 10% to 5%
2. Incom tax surcharge of 10% on annual income of Rs 50 lakhs to Rs 1 crore
3. MSMEs with turnover less than Rs 50 crores will pay 5% less tax; effective rate to be 25%
4. Rs 1.31 lakh crore for Railways; 3,500 kms new lines to be laid
5. Fiscal Deficit estimated at 3.2% for 2017-18 and 3% for 2018-19
6. Current Account Deficit stood at 0.3% in the first half of 2016-17
7. Customs and excise duties lowered for renewalble energy sector
8. Foreign Investment Promotion Board to be phase out
9. Rs 10 lakh crore credit target for agricultural sector during 2017-18
10. Major thrust on digitisation; cash transactions over Rs 3 lakh not to be allowed
11. FDI Investments in the first half of 2016-17 touched Rs 1.45 lakh crores
12. Limits of cash donations to political parties brought down to Rs 2000
13. Senior citizens guaranteed to get 8% return as pension for 10 years under a new LIC scheme
14. No service charge on IRCTC Ticket booking
15. Total Expenditure estimated at Rs 21.47 lakh crores
16. Defence expenditure pegged at Rs 2.74 lakh crores excluding pension

Key Features of Union Budget : 2017-18

1. In the last two and half years administration has moved from discretionary, favouritism based to system and transparency based.

2. Inflation brought under control. CPI-based inflation declined from 6% in July 2016 to 3.4% in December 2016.

3. Economy has moved on a hig growth path. India’s Current Account Deficit declined from about 1% of GDP last year to 0.3% of GDP in the first half of 2016-17. FDI grew 36% in H1 2016-17 over H1 2015-16, despite 5% reduction in global FDI inflows. Foreign exchange reserves have reached 361 billion US Dollars as on 20th January, 2017.

4. War against black money launched.

5. Government continued on path of fiscal consolidation, without compromising on public investment.

6. The Indian economy has been robust to mild shocks and IMF forecasts, India to be one of the fastest growing major economies in 2017.
Union Budget 2017

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