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Union Budget highlights 2017

Union Budget highlights 2017.Union Budget is represented each year by the finance minister of India. Budget is nothing but the detail of all the income and expenditure of the country estimated over the financial year. The year begins with April 1 and ends with March 31 and for this upcoming period, the government projects various plans and for these plans it allocates funds in the budget which is released by February 1 each year. This is finance minister ArunJaitely has released the union budget for the year 2017-18 and the highlights of the same has been given here. Candidates who are preparing for the examination should learn these details and this will help them during the banking examination and all other competitive exams where the general awareness is one of the important sections in the examination.

Highlights of Union budget 2017-18 financial year

  • Govt doubles distribution target under Mudra Yojana to Rs 2.44 lakh crore for 2017-18Govt to double lending target under PM Mudra Yojana to Rs 2,44,000 crore for 2017-18
  • Govt to introduce two new schemes to promote BHIM App -referal bonus for users and cash back for traders.
    Integrated public sector oil major to be created to match global giants
  • More funds beyond Rs 10,000 cr for recapitalisation of banks will be provided if needed
  • New ETF with diverse stocks will be launched in 2017-18Of 76 lakh individuals who reported income of over Rs 5 lakh, 56 lakh are salaried
  • The shares of railway CPSCs like IRCTC and IRFC to be listed on various stock exchanges
  • 1 crore households to be brought out of poverty under Antodya Scheme
  • 5 lakh health sub centres to be converted to Health Wellness Centres.
  • 100 per cent electrification of villages to be completed by May 201827,000 crore on to be spend on PMGSY;
  • 1 crore houses to be completed by 2017-18 for houseless3 yr period for long-term capital gains tax on immovalble property reduced to 2 years; base year indexation shifted from 1.4.1981 to 1.4.200135 per cent increase in allocation for SC to Rs 52,393 crore36 per cent increase in FDI flow;
  • forex reserves at USD 361 billion in January enough to cover 12 months needs.
  • 500 stations will be differently abled by providing lifts and escalatorsA proposal to receive all government receipts beyond a certain threshold through e-modes under consideration
  • A scheme for senior citizens to ensure 8 per cent guaranteed returns
  • Agricultural sector is expected to grow at 4.1 per cent this fiscalAllocation for SCs increased from Rs 38,833 cr to Rs 52,393 crore, a rise of 35 per cent
  • Allocation of Rs 10,000 crore for Bharat Net project for providing high-speed broadband in FY18Allocation under MNREGA increased to 48,000 crore from Rs 38,500 crore. This is highest ever allocation, says FM Jaitley.
  • Budget allocation for highways stepped up to Rs 64,000 crore in FY18 from Rs 57,676 crore.
  • Capital and development expenditure pegged at Rs 1.31 lakh crore for railways in 2017-18 from Budget
  • Capital expenditure stepped up by 25.4 per cent in FY18 over previous year.Computer emergency response team to be set for cyber security of financial sector.
  • Coverage of FasalBimaYojana to go up from 30 pc of cropped area to 40 pc in 2017-18 and 50 per cent next year
  • Crude oil strategic reserves to be set up in Odisha and Rajasthan apart from 3 already constructed
  • Dedicated micro-irrigation fund to be created with a corpus of Rs 5000 crore.
  • Dedicated micro-irrigation fund to be set up by NABARD to achieve mission of Per Drop, More Crop.
  • Delhi and Jaipur to have solid waste management plants and five more to be set up laterDigiGaon will be launched to promote tele-medicine and education
  • Dispute resolution in infrastructure projects in PPP mode will be institutionalised
  • FIPB will be abolished.
  • For senior citizens, Aadhaar based health cards will be issued.
  • For transport sector, including railways, road and shipping, government provides Rs 2.41 lakh crore.
  • FRBM review committee has recommended 60 per cent debt to GDP ratio; 0.5 per cent of GDP deviation from stipulated fiscal deficit targets
  • Government proposes Coach Mitra facility to redress grievances related to rail coaches
  • Govt considering option to amend Negotiable Instruments Act to ensure that holders of dishonoured cheques get payment.
  • Govt to further liberalise FDI policy
  • Govt to set up a web-based interactive platform for defence pensioners
  • Govt to set up dairy processing fund of Rs 8,000 crore over three years with initial corpus of Rs 2,000 crore.
  • Govt will amend the Multi-state Cooperative Act to protect the poor and gullible investors
  • Head post offices to issue passports
  • In higher education, we will undertake reforms in UGC, give autonomy to colleges and institutions: Jaitley.
  • Market reforms will be undertaken, states will be asked to denotify perishables from Essential Commodities Act
  • Maximum amount of cash donation a political party can receive will be Rs 2000 from any one source as part of effort to clean political funding.
  • Mini labs by qualified local entrepreneurs to be set up for soil testing in all 648 krishivigyankendras in the country
  • Model Shops and Establishment Bill to open up additional opportunities for employment of women
  • National Housing Bank will refinance indiviual loans worth Rs 20,000 crore in 2017-18.National Testing agency to conduct all examinations in higher education, freeing CBSE and other agencies
  • New metro rail policy to be unveiled
  • New rules regarding medical devices will be devised to reduce their cost
  • Over 90 per cent of FDI proposls are now processed through automatic route
  • Participation of women in MNREGA increased to 55 pc from 45 pc in past
  • Payment regulatory board to be set up in RBI to regulate electronic payments, replacing Board for Regulation and Supervision in Payments and Settlements System.PM KaushalKendras will be extended to 600 districts; 100 international skill centres to be opened to help people get jobs abroad.
  • Political parties can receive donations in cheque, electronic mode; electoral bonds to be issued by RBI
  • Railway line of 3,500 km will be commissioned in 2017-18 as against 2,800 km in 2016-17Railway tariffs to be fixed on the basis of cost, social obligation and competition.
  • Rs 1 lakh cr corpus for railway safety fund over five years
  • Rs 2,74,114crore allocated for defence expenditure, excluding pension; This includes Rs 86,000 crore for defence capital.
  • Rs 500 cr allocated to set up Mahila Shakti Kendras; Allocation raised from Rs 1.56 lakh cr to Rs 1.84 lakh cr for women & child welfare.
  • Rs 9,000 cr higher allocation for payment of sugarcane arrears
  • Second phase of solar power development to be taken up with an aim of generating 20,000 MW
  • Select airports in tier-II cities to be taken up for operations, development on PPP mode
  • Service charge on e-tickets booked through IRCTC will be withdrawn
  • Space technology to be used for monitoring MNREGA implementation
  • Target of agriculture credit fixed at Rs 10 lakh crore in 2017-18The allocation for rural agri and allied sector in 2017-18 is record Rs 1,81,223 croreTo construct one crore houses by 2019 for homeless.
  • PM AwasYojana allocation raised from Rs 15,000 crore to Rs 23,000 crore.
  • Total allocation for rural, agri and allied sectors for 2017-18 is a record Rs 1,87,223 crore, up 24 per cent from last year
  • Total expenditure in FY18 at Rs 21.47 lakh croreDuty exempted on various POS machines and iris readers to encourage digital payments.
  • Trade Infrastructure Export Scheme to be launched in 2017-18; total allocation for infra at record Rs 3.96 lakh crore.Two new AIIMS to be set up Jharkhand and Gujarat
  • Unmanned railway level crossings to be eliminated by 2020We propose to provide safe drinking water to 28,000 arsenic and fluoride affected habitations.
  • World Bank expects GDP growth rate at 7.6 per cent in FY18 and 7.8 per cent in FY19

Economic survey 2017 Highlights

Last 6 Months Current Affairs Pdf

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