Budget 2017 – A Quick Listicle - Hum Fauji Initiatives

Now that the cat is out of the bag and I too will take my good time to share a detailed analysis of Budget 2017, here is a quick listicle on the same.

Following is the point-wise gist of the budget presented by the Finance Minister, ArunJaitley, few minutes back. We were also tweeting the same on @humfauji throughout the speech and thanks to those who made it all very interactive.

A detailed analysis of the same and how it pertains to you and affects you, will be given out by us within next two days:-

Sluggish growth has been replaced with high growth
Our mission is to bring transformatory shift to policy-based governance
effects of demonetisation not expected to spill over to next year
CPI inflation is expected to remain within RBI’s mandated range of 2 to 6%
will continue with economic reforms, promote investment
growth in a number of emerging economies is expected to recover in 2017
demonetisation is a bold and decisive measure
We have launched a massive war against Black Money
to double farmers’ income
TEC India: is agenda for next year; transform, energise and clean India.
tax administration will be honouring the honest
FasalBimaYojana coverage to be raised from 30% in FY17 to 40% in FY18 and 50% in FY19
Dedicated micro irrigation fund set up by Nabard to have initial corpus of Rs 5,000 cr
FM allocates Rs 48000 crore to rural job scheme in 2017/18
133 kms of roads being built everyday
Target for agri credit raised to Rs 10000 crore
Govt will set up mini labs to cater to the needs of farmers.
Agriculture expected to grow at 4.1% in the current year
Innovation fund for secondary education to be created
Allocation for rural sector for FY18 rises 24% to Rs 187200 cr
Increased allocation of Rs 23000 cr for PM AwasYojana
National agri markets to be expanded to 585 markets
Initial corpus for dairy processing fund set at Rs 2000 cr
Allocating Rs 19000 cr for Pradhan Mantri Gram SadakYojana
Affordable housing to be given infrastructure status
Two new AIIMS in Jharkhand and Gujarat
Aim is to eliminate tuberculosis by 2025
1 crore pucca homes to be built for the poor in FY18
Proposes to invest Rs 1.31 lakh cr in railways in 2017-18
To take up second phase of solar power development for additional 20,000 mw
New Metro Rail policy to be framed
Airport Operation Management for tier-II airports via PPP
FIPB to be abolished in 2017-18
Railway lines of 3,500 km to be commissioned in 2017-18
Govt proposes to create integrated PSU oil major
National highway allocation at Rs 64000 cr
Rs 10000 cr allocated for recapitalisation of PSU banks
IRCTC, IRCON & IRFC to be listed on stock exchanges
Record allocation for infrastructure: Rs 3.96 lakh crore
Govt to set up strategic crude reserves
Five special tourism zones to be set up in partnership with states
100% electrification of villages to be completed by May 2018
Propose to create a payment regulatory board at RBI
Web-based pension distribution system for defence to be established
Allocation of capital expenditure up 25% YoY
Defence expenditure excluding pension at Rs 2.74 lakh cr
Peg fiscal deficit for 2017-18 at 3.2%, says FM
FRBM panel recommended fiscal deficit at 3% for next 3 years
Total expenditure of Budget 2017-18 has been placed at Rs 21.47 lakh crore
Outlay for Railways raised to Rs 1.31 lakh cr with Rs 55000 cr Budget support
FM says we’re largely a tax non-compliant society
FY18 net market borrowing pegged at Rs 3.48 lakh cr
Changes announced for capital gains tax in real estate
Not practical to remove MAT
Propose carry-forward of MAT to 15 years from 10 years
Tax reduction for small companies with turnover of less than Rs 50 cr to 25%
Basic customs duty on LNG cut to 2.5% from 5%
No transaction over Rs 3 lakh will be permitted in cash
Political parties cannot receive more than Rs 2,000 in cash as donation
Personal income tax rate reduced to 5% from 10% for those in Rs 2.5-5 lakh bracket
Not proposing many changes to indirect taxes given GST roll-out plan