The Bihar Post

Highlights of Budget 2017-18 presented by Finance Minister Arun Jaitley in Lok Sabha


New Delhi: Union Finance Minister Arun Jaitley  while presenting the Budget 2017 on Wednesday focused on rural spending and assured that demonetisation impact will not be felt in the next financial year.

Some Highlights:

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Income Tax rate cut from 10 to 5 pc for Rs 2.5 to 5 lakh income slab

No cash transaction above Rs 3 lakh to be permitted

Fiscal deficit target for 2018-19 pegged at 3% of GDP

Revenue deficit is pegged at 1.9%

Demonetisation led to 35 pc increase in Income Tax collection

Defence allocation at Rs. 2.74 lakh crore

Total budget allocation is Rs. 21.47 trillion in 2017-18

20 lakh Aadhaar-based swipe machines targetted by 2020

New law proposed to confiscate assets of economic offenders

Agriculture expected to grow at 4.1 pc

10 lakh crore credit to farmers targetted

Coverage under crop insurance scheme to be increased to 40%

Dairy processing infra fund to be set up for Rs. 2,000 crore

Reforms in UGC in education sector

National Testing Agency to be set up

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1 crore rural households to be brought out of poverty

100 India international Skill Centres to be established

100% rural electrification

Elimination of tuberculosis by 2025

Two new AIIMS to be set up in Jharkhand and Gujarat

3500 km railway line extension

No unmanned label crossing by 2020

Bio-toilets in all trains by 2019

Focus on Railway cleanliness

1 lakh crore for Railway security

500 stations to be made disabled friendly

Allocation for highways raised to Rs. 64,000 crore

Carpet area instead of built up area to be considered for low-cost housing.

Andhra Pradesh’s new capital Amaravati land pool holders will not pay tax on capital gains

Donations to political parties from one source permitted only up to Rs 2,000

Amendment being proposed to enable issue of electoral bonds


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