10 Things to expect from Budget 2017
The Union Budget 2017-18 has already finally come out today on 1st February2017. On the auspicious occasion of Basant Panchami, Finance minister Shree Arun Jaitely has announced the union budget 2017-18 in the presence of all the Loksabha members and honourable Speaker. According to the finance minister in last 2 and half years the nation has remarkably developed in all the sectors from primary sectors to secondary and tertiary as well. With the mission of TEC India, Transform, Energise and Clean India, the ministry will focus on 10 major areas in the financial year 2017-18.
The main focus has given on farmers and their living standard. The various schemes and the insurance schemes for the farmers have been revised and the budget allocated this year has been raised almost 15-20% on an average for all the schemes. The total budget allocated to agricultural sector has risen by nearly 40%.
- Rural People and Standard of living
Rural people and their standard of living is the next part of concentration here. All the schemes and the facilities like pensions for the LIG people will be revised as well. Women, especially who are pregnant and belonging to lower income group will be benefitted.
- Youth Jobs
Youths are the backbone of the economy and country at this moment. More job opportunities for the youths, facilities and subsidies for the emerging entrepreneurs will be provided for the youth of the nation. Before that education system will be developed. Especially in those areas where there are not enough schools or colleges.
- Poor and under – privileged people
Poor and underprivileged people will be benefitted as well. There will be many health and wellness centres for the poor and underprivileged people across the country. By the 2025, the number of such centres will be 1.5 lakh approx. Rs. 52, 393 Cr have been allotted to SC/ST category.
Under infrastructure the first thing that is highlighted is the railways. Rs. 1, 31, 000 Cr has been allotted as Railways Budget this year. This budget includes 51K Cr from the government along with private investments. New and disable people friendly stations will be provided shortly. Total budget allocated to the infrastructure that includes Railways, Roads, Bridges and Highways, is Rs. 3, 96, 000 Cr. (approx)
- Financial Sector – Growth and Stability
It is important to maintain steady growth and stability in the financial sector in India. The main agenda of the budget this year is growth and stability in the financial sector. Rs. 10K Cr will be provided to the public sector banks for the recapitalisation. More will be provided if needed at any point of time.
- Digital Economy
Digital Economy has already been boosted up since the demonetisation took place. Government has already introduced BHIM Mobile App that will help everyone to make payments without carrying a piece of cash. This is a step to save the economy from black money. This will energise the private investment more in the coming time. With digitisation the common people of the nation will be hugely benefitted.
- Public Services
Efficient governance is the key word under this section. According to Mr, Jaitley from now onwards, there will be defence travel online system for registering, passport offices and assistance, LPG transfer and much more will be provided in all the sectors.
- Fiscal Management – Prudence
The total fiscal deficit is 3.2% of GDP and the revenue deficit shows 1.9% of total GDP in the current financial year. The Current Account deficit has been lowered and expected to be 0.6% of total GDP in the FY2017-18. Focusing on capital and revenue expenditure total expenditure is shown as Rs.21, 47, 000 Cr.
- Tax Administration ‘honouring the honest’
In the tax section Jaitley has pointed out that our country is a clearly ‘tax non-compliant society’. In last 2 months, after demonetisation took place on 8th of November, till 31st December 2016, 80 lakh deposits had taken place in nearly 1 cr bank accounts across the nation. The tax rates are still kept reasonable as the main motto of the country was to clean up the black money and they have successfully done that.