The union budget is for giving the finance and the corporate affairs. This was the first attempt of the government to show the consolidated budget. This was introduced by finance minister Arun Jaitley, under 2017 Union budget on Wednesday. Which includes the railway budget about all the ministries and the departments. This also includes the pros and the cons.
The recent survey has said that the budget is progressive but it is not meeting the standards, this is one of the important topics which are included in every competitive examination and the questions related to this topic are included in the general awareness section.
Now let us have look at the budget highlights and on which elements these budget highlights are focused:
Fiscal situation, agricultural sector, rural population, for youth, poor & about health care, infrastructure, and railways, energy sector, financial sector, tax proposals, personal income tax, demonetization. Below we will discuss these elements in detail so that this will be easy for you to make points and so that you can crack this section easily.
A) Fiscal situation:
- The total expenditure was about Rs. 21,47,000 crore.
- For implementing the budget announcements under the department of the economics they spent around Rs. 3000 crore.
- Expenses the case of science and the technology it was about Rs. 37,435 crore.
- The defense expenses are Rs. 2,74,114 crore and this includes the pension also.
- The complete money which was transferred to the states and the UTs is Rs. 4.11 lakh crore.
- Now the fiscal deficit which is about 3% with a deviation of 0.5% of GDP for 3 years.
- Revenue deficit- 1.9%
- 3.2% is the gross domestic product or GDP which is the fiscal deficit of 2017-18 and the remaining 3% is for the next year.
- The demonetization is expected to have a positive and the transient impact on the economy.
- This is the bold and the decisive measure which would lead to having the higher GDP growth.
- It will create the great impact on the economy and the lives of the people.
C) The annual learning outcome system should be started:
- The government is taking measures to give the complete annual outcome to give the local innovative content which gives the emphasis of science education.
D) Railway public sectors enterprises:
- The budget highlights regarding the railways such as the Railway public sector enterprises (PSEs) like IRCTC, IRFC and IRCON. These are listed on the stock exchange.
E) Agriculture sector:
- There was an increase in the fund given to NABARD which was Rs.20,000 crore and now it is Rs.40,000 crore. An initial amount of Rs. 5000 crore was given to NABARD to set up the micro irrigation.
- With the 60 day interest waiver about 10 lakh crores are allocated to the farmers.
- For testing the soil to find the minerals and all government as set up the mini labs which is known as the KVK (krishi vigyan kendras) Rs.2000 crore are for dairy processing infrastructure fund.
- The Contract on the framing is also prepared and is shared with the states.
F) Financial sectors:
- There was a change in FDI policy- now it was 90% of inflow of the FDI and the IRCTC shares will be listed on the stock exchanges.
- Two new schemes are introduced they are referral bonus for users and the cash back for traders in the BHIM app.
- A new team is formed in the financial sector which is known as the Computer Emergency response and an easy online booking system is made especially for the army and the defence personnel.
- For the DBT to LPG customers, there was a new scheme chandigarh is kerosene free and another 84 government schemes are on the DBT platform.
G) Tax proposals and the Personal income tax:
- India’s tax to GDP ratio is not favorable.
- The total of 5.97 lakh companies has the files returns for the year 2016-2017 out of 13.14 lakh is the registered companies.
- Out of the 76 lakh individuals declaring the income more than Rs. 5 lakhs and 56 lakhs are the salaried persons and 1.72 lakh people showed the income more than 50 lakh per annum.
- The rate of growth of advance tax in the personal I-T is 34.8% which is showed in the last three years of this financial year.
- The cash transaction cannot be made above Rs. 3 lakh.
- There was a reduce in the taxation for those who are with the income 2.5 lakh to 5 lakh. The tax payers will get a benefit of Rs. 12,500 under the subsequent brackets.
- The individuals who are filing the I-T returns for the first time will not come under the government scrutiny.
Candidates who are willing know more information about the budget highlights of 2017 can visit Byjus.com so that you will get more info.