Wednesday, 1 February 2017

Budget 2017-2018 Live Updates! Combined Union & Rail Budget News Highlights

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Budget 2017

Budget 2018: Today on 01st February 2017, Finance Minister Arun Jaitley has announced Budget 2017.
The main purpose of this Budget is to spend more in rural areas and improve poverty. Here we are presenting the Live Updates of Budget 2017 and all the news highlights of Combined Union & Rail Budget. This budget is the 04th budget by the side of Prime Minister Narendra Modi.

Finance Minister Arun Jaitley said the demonetization move by PM Narendra Modi on 0TH November 2016 will not have a permanent crash on economy of India. This budget saw Finance Minister Arun Jaitley moving to relieve back on cutting the shortage as he declared rises in allocation throughout sectors, including a 24% hike in spending on rural India and a 35% raise in allocation for Dalits.

Budget 2017

Budget Highlights 2017

Tax Administration:
  • Direct tax collection not commensurate with income/expenditure pattern of India
  • We are largely a tax non-compliant society; predominance of cash in society enables tax evasion
  • After demonetization, data received will increase tax net
  • Real estate: to make changes in capital gains tax
  • Concessional withholding rate will be extended to 30 June 2020 and for rupee-denominated masala bonds
  • Start-ups: Relaxing holding rules
  • MAT not to be abolished at present; to allow carry-forward for 15 years
  • Corporate tax rate: MSMEs’ rate reduced to 25%
Fiscal Management:
  • Total budget expenditure: Rs21 trillion
  • Rs3,000 crore to implement various budget announcements
  • Defence expenditure excluding pensions: Rs2,74,114 crore
  • Consolidated outcome budget for all ministries being created
  • FRBM review panel has recommended debt-to-GDP of 60%
  • Fiscal deficit for FY18 pegged at 3.2% of GDP
  • Revenue deficit for FY18 at 1.9%
Public Service:
  • To use head post-office for passport services
  • Defence: centralized defence travel system developed
  • Defence: Centralized pension distribution system to be established
  • Govt recruitment: To introduce two-tier exam system
  • Considering introducing laws to confiscate assets of economic defaulters
  • High-level panel chaired by PM to commemorate Mahatma Gandhi’s 150th birth anniversary

Digital Economy:
  • India at cusp of massive digital revolution
  • Govt to launch 2 new schemes to promote BHIM scheme including cashback scheme for merchants
  • AADHAAR Pay to be launched for people who don’t have mobile phones
  • Focus on rural and semi-urban areas
  • To strengthen financial inclusion fund
  • Panel on digital payments has recommended structural reforms
  • To create payment regulatory board at RBI
Financial Sector:
  • FDI policy: FIPB to be abolished
  • Commodities market: panel to study legal framework for spot and derivative market
  • Resolution mechanism for financial firms
  • Cyber-security: Computer emergency response team to be set up
  • Listing of PSEs will foster public accountability; revised mechanism for time-bound listing
  • To create integrated public sector oil major
  • New ETF to be launched
  • Pradhan Mantri Mudra Yojana: Lending target at Rs2.44 trillion
  • Stand-up India scheme: over 16,000 new enterprises have been set up
Infrastructure:
  • Total capex and development expenditure of railways pegged at Rs1,31,000 crore
  • Railways: Passenger safety--Safety fund corpus set up; Unmanned level crossing to be eliminated by 2020
  • Railway lines of 3,500km to be commissioned
  • To launch dedicated tourism/pilgrimage trains
  • 500 stations to be made differently-abled friendly
  • Cleanliness in Railways: To introduce Coach Mitra facility; By 2019, biotoilets for all coaches
  • Railways to offer competitive ticket-booking facility; service charge withdrawn for IRCTC
  • New metro rail policy to be announced
  • Roads sector: National highways allocation at Rs64,000 crore
  • AAI Act to be amended to enable monetization of land resources
  • Transport sector: Allocation at Rs2 trillion
  • Telecom sector: allocation to Bharat Net programme at Rs10,000 crore
  • Digi-gau initiative to be launched
  • To make India global hub for electronics manufacture
  • Export infra: New restructured central scheme to be launched
  • Total allocation for infrastructure: Rs3.96 trillion
Poor And Unprivileged:
  • Women: Mahila Shakti Kendras with Rs500 crore corpus
  • Stepped up allocation to Rs1,84,632 crore for various schemes for women and children
  • Affordable housing to be given infrastructure status
  • Action plan to eliminate leprosy by 2018, TB by 2025, reduce IMR to 29 in 2019
  • To create additional PG medical seats per annum
  • Two new AIIMS in Jharkhand and Gujarat
  • New rules for medical devices
  • Labour rights: Legislative reforms to simplify existing labour laws
  • Allocation to SCs increased to Rs52,393 crore; STs to Rs31,920 croe, Minority affairs: Rs4,195 crore
  • Senior citizens: Aadhaar-based smart cards with health details
Youth:
  • Education: System of measuring annual learning outcomes, emphasis on science
  • Innovation fund for secondary education
  • Reforms in UGC: Colleges to be identified based on ranking and given autonomy
  • Propose to leverage IT with launch of SWAYAM platform for virtual learning
  • National testing agency to be established for all entrance exams, freeing CBSE and AICTE
  • 100 Indian international skill centres to be established with courses in foreign languages
  • To launch skill acquisition and knowledge awareness--Rs4,000 crore
  • Special scheme for creating employment in leather/footwear sector
  • Tourism: Five special zones to be set up
Farmers:
  • Farmer credit fixed at record level of Rs10 trillion; will ensure adequate flow to underserved areas
  • Soil health cards: Govt to set up mini-labs in Krishi Vignan Kendras
  • Long-term irrigation fund in Nabard--corpus at Rs40,000 crore
  • Model law on contract farming to be circulated
  • Dairy processing infra fuind with corpus of Rs8,000 crore
  • Dedicated micro-irrigation fund with Rs5,000 crore corpus
Rural Population:
  • Mission Antyodaya to bring 1 crore households of poverty
  • MGNREGA: Participation of women now at 55%
  • MGNREGA: Rs48,000 crore allocated
  • MGNREGA: using space technology in a big way
  • Prime Minister Gram Sadak Yojana: Rs19,000 crore allocated; along with states, Rs27,000 crore to be spent in FY18
  • Pradhan Mantri Awas Yojana: Rs23,000 crore allocated
  • 100% village electrification by May 2018
  • Rural livelihood mission: Rs4,500 crore allocated
  • Mason training for 5 lakh people
  • Panchayat Raj: HR resource programme to be launched
  • Rs1,87,223 crore for rural programmes

Units Used in Economic Survey

The following figures/units are used in the Economic Survey:

BCM
Billion Cubic Metres
Kg
Kilogram
BU
Billion Units
Ha
Hectare
MT
Million Tonnes
Bbl
Billion Barrels Per Litre
Lakh
1,00,000
Million
10 Lakh
Billion
1,000 Million/100 Crore
Crore
10 Million
Trillion
1,000 Billion/100,000 Crore

Union Budget LIVE Updates:

Time
Live Updates
10.25 AM
  • Our President’s office, too, took to twitter to share images of Finance Minister Arun Jaitley and officials of Finance Ministry at the time of their routine visit to Rashtrapati Bhavan.
  • The Finance Minister briefs the President on the government’s initiatives in the budget before he presents it in Parliament.
10.28 AM
  • Constitutional specialized have shared their perceptio on whether the Budget must be postponed.
  • Subhash Kashyap tells news organization ANI that it is neither possible nor right to postpone the budget once the enclosures have reached in Parliament House.
10.32 AM
  • A rapid gathering of Union Cabinet has begun in Parliament House.
  • Arun Jaitley will share details of the budget with his cabinet colleagues before heading to Lok Sabha where he will present the budget.
10.35 AM
The budget docket comprises 16 documents including the speech by Union Finance Minister
10. 38 AM
  • Former Prime Minister HD Deve Gowda has also articulated that the budget must be postponed.
  • “Postponement of budget will be no big deal, it’s not as if secrecy will break,” he said
10. 40 AM
  • Lok Sabha Speaker Sumitra Mahajan has established that the Union budget will be obtainable today.
  • News agency ANI quotes her as saying that a formal statement will be made Shorty
10.45 AM
  • He said that “We are saddened at demise of MP E Ahamed, but the Budget will be presented today itself.
  • He said that budget is a constitutional obligation, it will have to be presented,” Mahajan told reporters outside Parliament House.
10. 50 AM
  • Now that they have the confirmation from the Speaker, let’s look at some of the expectations from Arun Jaitley’s budget.
  • Chandrajit Banerjee of CII is of the opinion that taxes – both direct & indirect and asset restructuring are some of the important expectations from Arun Jaitley’s budget.
  • Anshuman Magazine say Budget 2017 is only the first step. More needs to be done afterwards in the real estate sector
10. 55 AM
  • Union Minister Venkaiah Naidu has also presented his views on whether the budget should be presented today.
  • “Budget has sanctity; we are already in the 11th hour. There should be no controversy over it. It’s a constitutional obligation, Naidu said.
10. 57 AM
More budget expectations here – We expect reduction in corporate tax and simplifying the tax system, says Dr. Naushad Dirbes; Expect benefits for exports to boost Make In India from  Budget 2017, says Piruz Khambatta
11. 00 am
Lok Sabha has convened and Arun Jaitley is set to present the Union Budget 2017-18
11.02 AM
Speaker Sumitra Mahajan begins the session announcing the passing away of MP E Ahamed. She highlighted his career as a member of Parliament. “We deeply mourn the death of our colleague,” Mahajan said. The House stood in silence as a mark of respect
11.04 AM
Mahajan says she would have adjourned the House for the day but today’s sitting has been specifically fixed by the President and it’s a constitutional obligation. “The House may go ahead with the presentation of the Union budget 2017-18. The House may not sit tomorrow as a mark of respect for the deceased member
11.07 AM
Kharge says Ahamed is a very senior leader who has been a part of legislative affairs for over 40 years. “Budget can be postponed today and presented tomorrow. He was on his duty. He collapsed in Parliament and was taken to the hospital,” Kharge said, but Mahajan refused to budge saying the budget will be presented.
11.10 AM
Madam Speaker, on this auspicious day of vasant panchami I rise to present the union budget 2017-18,” Arun Jaitley said, as he stood to present the budget
11. 12 AM
From favouritism to objectivity in decision making, from an informal to a formal economy, inflation in double figures has been controlled, we have launched a massive war against black money… The government is now seen as a trusted custodian of public money,I express gratitude to people for their strong support. Our Govt. was elected amidst huge expectations of people, the underlying theme of expectations being good governance
11. 14 AM
Expectations included burning issues like inflation and price rise, issue of corruption and crony capitalism. Our focus will be on energising youth to reap benefits of growth and employment. Growth in a number of emerging economies is expected to recover in 2017
11. 15 AM
FII has increased from Rs 1.07 lakh crore to Rs 1.45 lakh crore. India has become the sixth largest manufacturing country in the world. Government has ensured fiscal consolidation without cutting back on public investments
11. 18 AM
CPI inflation is expected to remain within RBI’s mandated range of 2 to 6 percent. International Monetary Fund estimates that the world GDP will grow by 3.1% in 2016 and 3.4% in 2017
11. 21 AM
India’s Current Account Deficit decreased frm about 1% of GDP last yr to 0.3% of GDP in 1st half of 2016-17. Growth in a number of emerging economies is expected to recover in 2017. India remains a bright spot in global economy, we are seen as an engine of global growth
11. 22 AM
Demonetisation to create a new normal for a bigger, cleaner GDP; slowdown, if any, will be only transient. Effects of demonetisation will not spill over to the next year. Demonetisation is a bold and decisive measure, for many decades tax evasion was a way of life for many. I am reminded of what our father of the nation Mahatma Gandhi said ‘a right cause never fails
11. 23 AM
My aim while preparing the budget this year has been to spend more in rural areas, infrastructure and poverty alleviation and yet maintain fiscal prudence.” We have done away with planned and non planned allocation of resources to states, Jaitley says
11. 25 AM
Surplus liquidity in banking system created by demonetisation will lower borrowing cost and increase access to credit.
11. 24 AM
We are aware we need to do more for our people, our agenda is transform, energise and clean India, that is ‘tech India
11. 26 AM
With better monsoon, agriculture is expected to grow at 4.1%. Target for agricultural credit for 2017-18 is set at ten lakh crore, announces Arun Jaitley
11. 30 AM
We will support Nabard for 63,000 functional PACs. Done in 3 years at an estimated cost of Rs 1,900 cr.  Issurance of soil health cards have gathered momentum.  Fasal Bima Yojana – 40% cropped area to be covered in 2017-18, 50% in 2018-19. A dedicated fund worth Rs 5,000 crore to be set up for micro-irrigation under Nabard
11. 35 AM
MGNREGA should create productive asets to improve farm productivity, incomes. MNREGA allocation increased. Highest ever allocation for MNREGA at Rs 48,000 crore. Participation of women in MGNREGA up to 55%
11.37 AM
PMGSY roads work accelerated to 133 km roads/day in 2016-17 as against 73km/day during 2011-14, says Arun Jaitley
11. 40 AM
Sanitation in rural areas has gone up from 42% in October 2014 (launch of Swachh Bharat) to 60% now
11. 42 AM
Allocation for Pradhan Mantri Awaaz Yojana up from 15,000 cr to 23,000 cr
11. 43 AM
Minilabs by qualified local entrepreneurs to be set up for soil testing in all 648 krishivigyan kendras in the country
11. 45 AM
100% village electrification will be achieved by May 1,2018
11. 46 AM
For youth, proposed to introduce a system of measuring annual learning; Science to be given focus; Quality education will energize our youth. Skill centres will be set up across the country to help youth seeking opportunities outside the country
11. 47 AM
SANKALP – 4000 crores allotted to train for market oriented training. At least 3.5 crore youth will be provided market-relevant training under Sankalp programme
11.48 AM
The government is looking to complete 1,00,00,000 houses by 2019 for houseless and those living in kaccha houses. Open defecation free villages are now being given priority for piped water supply
11. 49 AM
Budget allocation for welfare of women and children under various ministries increased to Rs 1,84,632 cr
11. 49 AM
On health, the government proposes to eliminate tuberculosis by 2025.  Two new AIIMS Hospitals to be set up in Jharkhand and Gujarat
11. 52 AM
Jaitley also announced the restructuring of University Grants Commission
11. 53 AM
Focus is on swachch railways, says Jaitley. Steps will be taken to launch dedicated trains for pilgrimage and tourism, he says.
11. 54 AM
Rs 1.3 lakh crore has been allotted for solar power, disabled friendly stations. Rail safety fund with a corpus of Rs 100,000 crore to be created over a period of 5 years. Jaitley announces Rs 55000 crore for Railways in Budget 2017
11.55 AM
Good news for all those who book tickets on IRCTC. You will no longer have to pay service charge, announces Jaitley
11. 56 AM
A new metro rail policy will be announced, this will open up new jobs for our youth: FM Jaitley
11. 57 AM
At least 25 stations expected to be awarded during 2017-18; 500 stations will be made differently abled-friendly by providing lifts and escalators
11. 59 AM
Railways will integrate end to end transport solutions for selected commodities through partnership. By 2019, all coaches of Indian Railways will be fitted with bio-toilets.
12.00 PM
Total investment for infrastructure in budget 2017 stands at a record Rs 3, 96,135 cr, says Arun Jaitley.

Finance Minister Arun Jaitley also declared that the budget allotment for welfare of women and children under different ministries will be rises to Rs 1, 84,632 Crores. Following the presentation of Union budget, both Houses of Parliament will suspend for the day. Individuals you want to ask regarding Budget 2017-2018, then drop your comment in the comment box which is provided below. Our team privatejobshub.in will solve your query as soon as possible.

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