Union Budget -2017-2018 : Live updates

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Wednesday, February 1, 2017
New Delhi

Union Minister for Finance Arun Jaitely will present the Union cum Rail Budget -2017 today on Wednesday as schedule despite the death of sitting MP E.Ahmed on February according to a PMO’s office spokesman. The government has decided to advance the date of the Budget and to merge the Railway Budget with the Union Budget.

The Finance Minister will present the Budget at 11am today. Speaker gives nod to the Finance Minister to present the Budget as it is a constitutional obligation and cannot be delayed. Sources said the government cited death of minister M B Rana on the Budget day on August 31, 1974. The then Speaker G S Dhillon decided to go ahead with the Budget presentation. Indira Gandhi was the prime minister then. On April 19, 1954, sitting member Jujhar Pal Sorein passed away on the day of presentation of the Railway Budget, but the House proceedings were held as scheduled.

Earlier, the House mourns the death of the MP Ahmed. Finance Minister presents Union-Rail budget amidst rucks by Congress that wants to postpone the presentation to February 2.

  • Inflation is controlled and growth is on track.
  • CPI inflation expected to remain in normal range. The CPI inflation declined from 6% to 3% and expected to remain within RBI band. The current account deficit declined from 1% to 0.3%. India has become 6th largest manufacturing country: Arun Jaitley
  • Growth has been restored after note ban.
  • Demonetisation seeks to eliminate corruption. Tax evasion has become a way of life in our country. Demonetisation helps transfer resources from the tax evaders to the government, which will use these for development schemes
  • Aim to spend more in rural areas, infra, poverty alleviation
  • Government now seen as trusted custodian of public money
  • Pace of remonetization has picked up
  • Record budge of Rs.10 lakh crore for farmer credit
  • We will double farmer income in 5 years, boost social security and housing security for the poor,
  • Demonetisation a huge success in the crackdown against black money. Says impact on economy only transient. But isn't it true that economic survey was portraying a much grimmer scenario post demonetization.
  • Rs. 48,000 cr for MNREGA, highest allocation ever. NREGA will improve farm productivity. We’ll geo-tag MNREGA assets to contribute to transparenc
  • Well on our way to achieving 100% rural electrification
  • We're committed to double farm income in 5 years' time
  • Dairy processing infra fund to be set up for Rs. 2,000 crore
  • Coverage under crop insurance scheme to be increased to 40%
  • Aim to bring 1 crore rural households out of poverty.We have to complete 1,00,00,000 houses by 2019 for the houseless and those living in kaccha houses.
  • 100 India international Skill Centres to be established
  • In education, will undertake reforms in the UGC
  • Affordable Housing to now be given 'infrastructure' status
  • Target elimination of tuberculosis by 2025
  • Propose national testing agency to conduct entrance examinations.
  • Five special tourism zones will be set up which will be structured as special purpose vehicles. *There will be schemes for employment in textile, leather and footwear sectors
  • Dedicated micro-irrigation fund will be set up by NABARD to achieve goal of 'Per Drop More Crop'. Initial corpus will be Rs 5000 crore.
  • Keen to foster environment where labour rights are protected
  • Two new AIIMS to be set up in Jharkhand and Gujarat
  • Rs 9,000 crore higher allocation for payment of sugarcane arrears
  • By end of 2017-18, high speed broadband connectivity on optic fibres will be available in more than 1,50,000 gram panchayats.
  • Fiscal deficit pegged at 3.2 per cent of GDP in 2017-18 and 3 per cent in the following year.
  • Draft Bill to curb illegal deposit scheme ready
  • Total allocation for infrastructure in Budget stands at a record level Rs 3,96,135 crore in 2017-18
  • Rs 10,000 crore for recapitalisation of banks
  • 500 Railway stations to be made disabled-friendly
  • No capital gains tax for those who pooled land for Amravati.
  • From the 3.5 crore individuals who filed tax returns, 99 lakh showed income below income tax slab, while only 24 lakh show income above Rs 10 lakhs, Jaitley says in Parliament
  • A new law likely to confiscate assets of the big-time economic offenders fleeing country.
  • Total expenditure: Rs 21.47 lakh crore
  • Science - Rs 37,435 crore
  • Defence expenditure - Rs 2.74 lakh crore
  • States, UTs - Rs 4.11 lakh crore
  • Revenue deficit - 1.9%
  • India targets FY18 budget deficit at 3.2% of GDP
  • Defence allocation of Rs. 2.74 lakh crore
  • Web-based pension distribution system for defence pensioners
  • State-run companies like IRCON, IRCTC to be listed on markets
  • 20 lakh Aadhaar-based swipe machines by 2020
  • Strategic crude oil reserves to be set up in Odisha,Rajasthan
  • 20,000 MW solar power capacity to be set Airport Operation Management for tier-II airports via PPP. Airport Authority Act to be amended to monetise airport land.
  • Allocation for highways raised to Rs. 64,000 crore
  • New Metro Rail policy to be framed
  • All service taxes for bookings via IRCTC to be withdrawn
  • All railway coaches will have bio-toilets by 2019
  • At least 25 stations to be redeveloped in 2017-18
  • Railway lines of 3,500 km to be commissioned in 2017-2018
  • Unmanned railway crossings to be eliminated by 2020
  • Allocation for Scheduled Castes raised to Rs. 55,393 crore
  • Women, child welfare allocation upped to Rs. 1,84,362 crore
  • Cash donations to political parties from one source cannot exceed Rs 2,000. The cap earlier was Rs 20,000
  • No cash transactions above Rs 3 lakh
  • Corporate Income Tax on medium and small enterprises reduced. MSMEs with 50 crore turnover will get a 5% reduction in corporate income tax.
  • No Captial gain if you sell your house after 2 years
  • Government considering option to amend Negotiable Instruments Act to ensure that holders of dishonoured cheques get payment
  • Political parties will be entitled to receive donations by cheque or digital mode
  • A proposal to receive all government receipts beyond a certain threshold through e-modes under consideration
  • Merchant version of Aadhaar-enabled payment system for those without debit cards, mobiles
  • Tax for small companies having a turnover of less than Rs 50 crore reduced to 20 per cent
  • 125 lakh people have adopted BHIM app so far
  • Foreign portfolio investors exempted from indirect transfer provisions
  • All tax payers (above Rs 5 lakh) to get benefit of Rs 12,500 across the board.
  • Income Tax rate for annual income between Rs 2.5 lakh to 5 lakh reduced to 5% from 10%. Zero tax liability for people with annual income of Rs 3 lakh. Surcharge of 10% on individuals earning between Rs 50 lakh to Rs 1 crore.
  • Rs.10,500 crore allocated to BharatNet
  • High speed fibres to reach 1,50,000 villages in 2017
  • Surcharge of 10% for those whose annual income is Rs 50 lakh to Rs 1 crore
  • Existing surcharge of 15% on people earning more than 1 crore will continue
  • No changes in excise rates.

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