Union Finance Minister Arun Jaitley presented the Budget in Parliament on Wednesday.  

Jaitley discussed global trade tensions, protectionism and rising crude prices.

This was for the first time that the Railway Budget was presented along with the Union Budget.

Presenting the Union Budget for 2017-18, the FM said sluggish growth in the current fiscal will be replaced by a higher trajectory in 2017-18 as India’s macroeconomic stability was sound, though the global scenario could pose three major challenges.

Earlier in the day, there were reports that the budget session might be postponed to February 2 after the sad demise of Kerala MP E Ahamed. However, Lok Sabha speaker Sumitra Mahajan clarified that budget will be presented as it is a constitutional obligation.


Here are the highlights of this year’s budget:

12.58 pm: House adjourned for the day.

12.57 pm: 15% surcharge on incomes above Rs 1 crore to continue: FM Jaitley

12.52 pm: I would like to request the people of India to contribute for the nation building by paying the taxes regulalry: FM

12.50 pm: Surcharge of 10% for those whose annual income is Rs 50 lakh to 1 crore

12.49 pm: Propose to reduce existing rate of taxation of those with income between 2.5 lakh to 5 lakh from 10% to 5%

12.47 pm: Political parties will be entitled to receive donations through cheque or in the digital mode from their donors

12.46 pm: I propose to reduce basic customs duty on LNG from 5% to 2.5% in 2017-18: Jaitley

12.45 pm: Maximum cash donation any party can receive will be Rs 2000 from one source: FM Jaitley

12.44 pm: Political parties continue to receive most funds through anonymous donations: FM Jaitley

12. 31 pm: The main aim of the budget will be to stimulate growth, provide affordable housing and curb black money

12.26 pm: Our govt is dedicated to eliminate black money component from the economy.

12.25 pm: We are largely a non-compliant society, when too many people evade taxes burden falls on those who are honest: FM Jaitley

12.24 pm: FRBM review committee recommended 3% fiscal deficit for next 3 years

12.23 pm : India’s tax to GDP is very low

12.20 pm: Fiscal Deficit target for 2017-18 is 3.2%: FM Jaitley

12.17 pm: Defence expenditure excluding pension at Rs 2.74 lakh crore: FM Arun Jaitley

12. 13 pm: New transport scheme for Defence personnel

12.11 pm: Soldiers can book railway tickets online now . They don’t have to wait in the queues now

12.10 pm: Chandigarh and eight districts of Haryana have been declared kerosene free     

12.11 pm: Govt to work on digital transactions, says FM

12.03 pm: 3.5 Crore youth will be trained under Sankalp program launched by the government: FM Jaitley

12.00 pm: 5 lakh ponds will be constructed, for drought-proofing during 2017-18, says Jaitley

11.55 am: By 2019, all coaches of Indian Railways will be fitted with Bio-toilets

11.54: 500 new railway stations for differently-abled persons by providing lifts and escalators

11.50 am: Railways, roads and waterways are the lifeline of the country

11.48 am: For senior citizens, Aadhar cards giving their health condition will be introduced: FM Jaitley

11.47 am: For senior citizens, Aadhar cards giving their health condition will be introduced: FM Jaitley

11.46 am: Govt giving special importance for the implementation of schemes for the Scheduled Castes

11.46 am: Two new AIIMS centres to be set up in Jharkhand and Gujarat

11.45 am: Open defecation free villages are now being given priority for pipe to water supply: FM Jaitley

11.44 am: To complete 1,00,00,000 houses by 2019 for houseless and those living in kaccha houses: FM Jaitley

11.35 am: Budget allocation to MNREGA increased to a record Rs 48,000 crore for 2017-18, from Rs 37,000 crore in 2016-17: FM Jaitley

11.34 am: Participation of women in MGNERGA has increased by 55%

11.30 am: With better Monsoon, Agriculture is expected to grow at 4.1% in current year: FM Arun Jaitley

11.25 am: Uncertainty around commodity prices, especially around crude oil, one of the major challenges:FM Jaitley

11.23 am: We are aware we need to do more for our people, our agenda is transform, energise and clean India that is ‘tech India’: FM

11.22 am: Merger of the Railway Budget and Union Budget historic: FM Jaitley

11.20 am: Demonetisation seeks to create a new normal where in the GDP would be bigger, cleaner and real: FM Jaitley

11.19 am: The pace of remonetisation has picked up and will soon reach comfortable levels

11.18 am: Demonetisation has a strong potential to reduce corruption

11.17 am: I am reminded of what our father of the nation Mahatma Gandhi said ‘a right cause never fails’: FM Jaitley

11.15 am: India to be one of the fastest growing economies in 2017: Jaitley

11. 13 am: Demonetisation is a bold and decisive measure; for many decades tax evasion was a way of life for many: FM Jaitley

11.14 am: The advanced economies are expected to increase their growth from 1.6%-1.9% and emerging economies from 4.1%-4.5%: FM Arun Jaitley

11.05 am: Finance Minister Arun Jaitley presents Budget 2017

10.30 am: Budget has a sanctity, we are already in the 11th hour. There should be no controversy over it. Its constitutional obligation: Venkaiah Naidu

10.27 am: We have to keep in mind that budget is a constitutional obligation, will have to be presented: Sumitra Mahajan 

10.26 am: Saddened by E Ahamed’s demise but budget will be presented: Sumitra Mahajan

10.25 am: Arun Jaitley confirms Union Budget 2017 will be presented in the Parliament at 11 am.

10.20 am: FM Arun Jaitley and his team call on PresidentMukherjee for the customary briefing on the Budget before presentation.

10.18 am: This was an inhumane act: Mallikarjun Kharge on allegations that E Ahamed ‘s death announcement was delayed

10.10 am: I think Govt already knew that he had passed away, but they were trying to maybe delay announcement: Mallikarjun Kharge,Congress #EAhamed

10.05 am: In our opinion,including JDU leaders and former PM Deve Gowda, the budget should be postponed: Mallikarjun Khadge on E Ahamed

10.03 am: Finance Minister Arun Jaitley in the Parliament

10.00 am: Cabinet meeting to be held shortly in Parliament

 09.45 am: FM Arun Jaitley reaches the Parliament

(With IANS inputs)


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