Highlights of Union Budget 2017-18

Union Finance Minister Arun Jaitley arrives at the Parliament to present the Union Budget 2017-18, in New Delhi on Wednesday.

Union Budget

Budget 2017

Following are the highlights of Union Finance Minister Arun Jaitley’s 2017 Budget speech.

The Union Budget 2017 was broadly focused on 10 broad themes — farmers, rural population, youth, poor and health care for the underprivileged; infrastructure; financial sector for stronger institutions; speedy accountability; public services; prudent fiscal management; tax administration for the honest.

On demonetisation

  1. Demonetisation is expected to have a transient impact on economy.
  2. We will have a great impact on the economy and lives of our people . The effects of Dem. are not expected to spill over next year.
  3. Demonetisation a bold and decisive measure and will lead to higher GDP growth.
  4. The effects of demonetisation will not spillover to the next fiscal.

Agriculture

  1. Sowing farmers should feel secure against natural calamities.
  2. Rs. 10 lakh crore as credit to farmers with 60 days interest waiver says FM
  3. NABARD fund to be increased to Rs. 40,000 crore 
  4. Govt will set up mini lab in Krishi Vigyan Kendras for soiling:
  5. A dedicated micro irrigation fund will be set up for NABARD with Rs 5,000 cr initial corpus
  6. Irrigation corpus increased from Rs 20,000 crores to Rs 40,000
  7. Dairy processing infrastructure fund with be created initially with a corpus of Rs. 2000 cr
  8. Issuance of Soil cards has gained momentum
  9. A model law on contract farming will be prepared and shared with States

Rural sector

  1. Government targets to bring 1 crore households out of poverty by 2019
  2. During 2017-18, 5 lakh farm ponds to be taken up under MGNREGA
  3. Over Rs 3 lakh cr spend for rural India. MGNREGA to double farmers income
  4. Participation of women in mgnrega up to 55%
  5. During 2017-18, 5 lakh farm ponds to be taken up under MGNREGA
  6. Using space tech in a big way to plan MGNREGA works
  7. We propose to complete 1 crore houses for those without homes
  8. Allocating Rs. 19,000 cr for Pradhan Mantri Gram Sadak Yojana in 2017-18
  9. We are well on our way of achieving 100% rural electrification by March 2018.
  10. Swachh Bharat mission has made tremendous progress, sanitation coverage has gone up from 42% in Oct 13 to 60% now.
  11. Sanitation coverage in rural areas gone up from 42% in Oct 2014 to 60% now.

For youth

  1. Introduction of a system of measuring annual learning outcomes, innovation fund for secondary education.
  2. There will be a focus on 3,479 educationally-backward blocks
  3. Colleges will be identified based on accreditation
  4. Skill India mission was launched to maximise potential.  100 India International centres across country.
  5. Courses on foreign languages to be introduced.
  6. Skill India Mission was launched in 2015 to maximise the potential of our youth. 100 India International Skill centres will be established across the country.
  7. Steps to create 5000 PG seats per annum

For the poor; health care

  1. Mahila Shakthi Kendras – Rs. 500 cr allocated.
  2. Nationwide scheme for pregnant women – Rs. 6000 each will be transferred.
  3. For women and Kids – Rs. 1,84,632  cr. allocation investment
  4. Affordable housing to be given infrastructure status.
  5. Surplus liquidity – banks have already started reducing lending rates for housing
  6. Elimination of tuberculosis by 2025 targeted.
  7. 1.5 lakh health sub centres to be transformed into health wellness centre.
  8. Two new AIIMS in Jharkhand and Gujarat.
  9. Structural transformation of regulator framework for medical education in India
  10. Allocation for Scheduled Caste  – Rs. 52,393  crore
  11. Aadhaar-based smartcards for senior citizens to monitor health.

Infrastructure

  1. A total allocation of Rs. 39,61,354 crore
  2. Total allocation for Railways — Rs. 1,31,000 crore
  3. No Service charge while booked tickets with IRCTC
  4. Raksha coach with a corpus of Rs. 1 lakh cr fore five years (for passenger safety)
  5. Unmanned level crossings eliminated by 2020
  6. 3,500 km of railway lines to be commissioned this year up from 2,800 km last year.
  7. SMS based clean my coach service started
  8. Coach mitra facility – to register all coach related complaints
  9. 2019 – bio toilets for all trains
  10. 500 stations to be made differently-abled friendly
  11. Railways to partner with logistics players for front end and back end solutions for select commodities.
  12. Railways will offer competitive ticket booking facility
  13. 2,000 km for coastal connectivity of roads –
  14. Rs. 64,000 crore allocation for highways. 
  15. Allocation of high speed Internet 1,50,000 gram panchayats

Energy sector

  1. A strategic policy for crude reserves will be set up
  2. Rs. 1.26,000 cr for energy production-based investments received
  3. Trade infra export scheme will be launched 2017-18