Union Budget 2017-18: Arun Jaitley’s fourth budget is for the poor, abolishes FIPB

Addressing Parliament, Union Finance Minister Arun Jaitley called his fourth budget one for the poor. Yet, while vowing prudent fiscal management, he also raised his 2017/18 federal deficit target to 3.2 percent of gross domestic product to cover his spending promises. Jaitley called India “an engine of global growth” but highlighted risks to its outlook from likely US interest rate hikes, rising oil prices and signs that globalisation is in retreat.

Here are the key takeaways from the Union Budget.
* Sanitation coverage in rural areas has gone up to 60 percent (12:28)
* Swachh Bharat Mission has made tremendous progress in promoting safe sanitation and ending open defectation
* By 2019 all passenger coaches of railways to be fitted with bio-toilets
* 1 crore houses to be completed by 2019 for houseless and those living in ‘kacha’ houses
* Rs 19,000 crore in 2017-18 for PMGSY; together with contribution from states, Rs 27,000 crore to be spent
* Total allocation for rural, agricultural and allied sectors for 2017-18 is a record Rs 1,87,223 crore, up 24 percent from last year
* Target for agricultural credit in 2017-18 has been fixed at a record Rs 10 lakh crore
* Coverage of Fasal Bima Yojana to go up from 30 percent of cropped area, to 40 percent in 2017-18, 50 percent in 2018-19
* NABARD to set up dedicated micro-irrigation fund to be set to achieve Per Drop More Crop mission
* Corpus of NABARD’s long-term irrigation fund raised to Rs 40,000 crore
* Mini soil-testing labs in Krishi Vigyan Kendras to ensure 100 percent coverage
* Highest ever allocation to MGNREGA at Rs 48,000 crore
*Merger of Railway Budget with Budget 2017 a historic step
* Transform, Energize and Clean India – #TECIndia – our agenda for the next year
* Advancement of budget will enable all ministries, departments to operationalise all schemes right from beginning of next fiscal
* Demonetisation aims to create a new normal, where the GDP would be bigger, cleaner and real
* Effects of demonetisation not expected to spill over to next year
* Firmly believe that GST, Demonetisation, built on JAM, will have an epoch-making impact on the lives of our people
* Demonetisation aims to create a new normal, where the GDP would be bigger, cleaner and real
* Recalls #MahatmaGandhi’s words: A right cause never fails
* 3 challenges in current global scenario:Monetary stance of US FED Reserve, Commodity prices specially crude oil & retreat from globalisation
* We have moved from a discretionary administration to a policy-based administration
* Expectations included burning issues like inflation and price rise, issue of corruption & crony capitalism
* Our government was elected amidst huge expectations of people, the underlying theme of expectations being good governance
* Hope to resolve all issues regarding GST via consultations
* We are moving from informal to formal economy and the government is now seen as a trusted custodian of public money

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