“My approach in preparing the Budget is to spend more on rural areas, infrastructure & poverty alleviation with fiscal prudence”- Finance Minister Arun Jaitley
Following are the 10 most important announcements by Finance Minister Arun Jaitley while presenting the annual Union Budget 2017-18-
- Total allocation for rural, agricultural and allied sectors for 2017-18 is Rs 187223 Cr, which is 24% higher than last year. Total expenditure of budget 2017-18 has been placed at Rs 21.47 lakh crore: FM Arun Jaitley
- Dairy processing infrastructure fund will be set up under NABARD, with fund of Rs. 8,000 crore. Target of agricultural loans to farmers set at record Rs 10 lakh crore in 2017-18.
- Budget allocation to MNREGA increased to a record Rs 48,000 crore for 2017-18, from Rs 37,000 crore in 2016-17.
- 100% village electrification will be achieved by May 1,2018. The government aims at completing 1,00,00,000 houses by 2019 for houseless and those living in ‘kaccha’ houses.
- Two new AIIMS to be set up in Jharkhand and Gujarat. For senior citizens, Aadhar cards giving their health condition will be introduced.
- Aadhar enabled payment system to be launched soon. Banks have targeted to introduce additional 10 lakh Point-of-Sale terminals by Mar 2017.
- Fiscal Deficit target for 2017-18 is 3.2%. Total resources being transferred to the states & union territories with legislature is Rs 4.11 lakh crore.
- Maximum cash donation any party can receive will be Rs 2000 from one source. Political parties will be entitled to receive donations by cheque or in the digital mode from their donors.
- SIT has suggested no cash transaction above Rs 3 lakhs. The Government has accepted this.
- Propose to reduce existing rate of taxation of those with income between 2.5 lakh to 5 lakh from 10% to 5%.