Budget 2017-18 LIVE Updates

Union Budget 2017-18 LIVE Updates, Highlights: Finance Minister Arun Jaitley presented the Union budget 2017-2018 in Lok Sabha at 11 am, 1st February 2016, the fourth budget by the Narendra Modi government. This year’s budget will be keenly watched following the demonetisation move by Prime Minister Narendra Modi on November 8, 2016 which tendered invalid Rs 500 and Rs 1000 notes, in a surprise move. The finance minister will present the annual federal budget despite the death of a sitting member of parliament, E Ahamed. Parliament typically adjourns for a day after the death of a member.

Union Budget 2017-18 LIVE Updates, Highlights:
Demonetisation and Digital Economy
Demonetisation is expected to have a transient impact on economy.
The effects of demonetisation will not spillover to the next fiscal.
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
Panel on digital payments has recommended structural reforms
Create payment regulatory board at RBI

Agriculture and Farmers
Farmer credit fixed at record level of Rs10 trillion; will ensure adequate flow to underserved areas
Sowing farmers should feel secure against natural calamities.
Rs. 10 lakh crore as credit to farmers with 60 days interest waiver says FM
NABARD fund to be increased to Rs. 40,000 crore 
Soil health cards: Govt to set up mini-labs in Krishi Vignan Kendras
Long-term irrigation fund in Nabard--corpus at Rs40,000 crore
Dedicated micro-irrigation fund with Rs5,000 crore corpus
Dairy processing infrastructure fund with be created initially with a corpus of Rs. 2000 cr

Rural sector
Mission Antyodaya to bring 1 crore households of poverty
During 2017-18, 5 lakh farm ponds to be taken up under MGNREGA
Over Rs 3 lakh cr spend for rural India. MGNREGA to double farmers income
Participation of women in mgnrega up to 55%
During 2017-18, 5 lakh farm ponds to be taken up under MGNREGA
Using space tech in a big way to plan MGNREGA works
We propose to complete 1 crore houses for those without homes
Allocating Rs. 19,000 cr for Pradhan Mantri Gram Sadak Yojana in 2017-18
100% village electrification by May 2018
Swachh Bharat mission has made tremendous progress, sanitation coverage has gone up from 42% in Oct 13 to 60% now.
Sanitation coverage in rural areas gone up from 42% in Oct 2014 to 60% now.
Rs1,87,223 crore for rural programmes

For youth
Introduction of a system of measuring annual learning outcomes, innovation fund for secondary education.
There will be a focus on 3,479 educationally-backward blocks
Skill India mission was launched to maximise potential.  100 India International centres across country.
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.
Steps to create 5000 PG seats per annum

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

Railways and Infrastructure
A total allocation of Rs. 39,61,354 crore
No Service charge while booking tickets with IRCTC
Railways: Passenger safety--Safety fund corpus set up; Unmanned level crossing to be eliminated by 2020
Railway lines of 3,500km to be commissioned
Unmanned level crossings eliminated by 2020
3,500 km of railway lines to be commissioned this year up from 2,800 km last year.
SMS based clean my coach service started
Coach mitra facility - to register all coach related complaints
Railways to partner with logistics players for front end and back end solutions for select commodities.
Rs. 64,000 crore allocation for highways. 
Allocation of high speed Internet 1,50,000 gram panchayats
New metro rail policy to be announced
Telecom sector: allocation to Bharat Net programme at Rs10,000 crore
Digi-gau initiative to be launched
Rs. 1.26,000 cr for energy production-based investments received

Financial sector
FDI policy reforms - more than 90% of FDI inflows are now automated.
Shares of Railway PSE like IRCTC would be listed on stock exchanges. 
Bill on resolution of financial firms to be introduced in this session of parliament.
Foreign Investment Promotion Board to be abolished.
Revised mechanism to ensure time bound listing of CPSEs
Computer emergency response team for financial sector to be formed.
Digital India - Bhim app will unleash mobile phone revolution - two new schemes to promote the app.
Govt to introduce two new schemes to promote BHIM App - referral bonus for users and cash back for traders: FM.
Negotiable Instruments Act might be amended.
DBT to LPG consumers , Chandigarh is kerosene free, 84 govt schemes are on the DBT platform.
Head post office as the central office for rendering passport services
Easy online booking system for Army, defence personnel
For big-time offences - including economic offenders fleeing India, the govt. will introduce a legislative change or new law to confiscate the assets of these people within the country

Fiscal Management
Total expenditure - Rs. 21, 47,000 crore
Abolition on plan, non-plan expenditure, focus on capital expenditure ( Capital expenditure will be 25.4 per cent)
Defence expenditure, excluding pension, at Rs 2,74,114  crore
Expenditure in science and technology —  Rs. 37,435 crore
Fiscal deficit for FY18 pegged at 3.2% of GDP
Revenue deficit for FY18 at 1.9%

Personal Income Tax
Existing rate of tax for individuals between Rs.  2.5- Rs 5 lakh reduced to 5% from 10%
All other categories of tax payers in subsequent brackets will get benefit of Rs 12,500.
Simple one page return for people with annual income of Rs. 5 lakh other than business income.
People filing I-T returns for the first time will not come under govt. scrutiny.

10% surcharge on individual income above Rs. 50 lakh and up to Rs 1 crore to make up for Rs 15,000 crore loss due to cut in personal I-T rate. 15 surcharge on individual income above Rs. 1 crore to remain.