ON 1 FEBRUARY 2017 THE HISTORIC AND MEMORABLE UNION BUDGET HAS PRESENTED BY OUR FINANCE MINISTER ARUN JAITLEY.
This was the first time it was announced 1 month before schedule rail budget was merged in union budget after 92 years and fm announced the abolishment of planned and non planned expenditures. The major announcement which will affect our economy and life style was up to Rs 2,50,000 No tax Rs 2,50,001 to Rs 5,00,000 5% Rs 5,00,001 – 10,00,000 20% More than Rs 10,00,000 30% Senior citizens who are 60 years old and above but less than 80 years Up to Rs 3,00,000 No tax Rs 3,00,001 to Rs 5,00,000 10% Rs 5,00,001 to Rs 10,00,000 20% More than Rs 10,00,000 30% Senior Citizens who are 80 years old and above Up to Rs 5,00,000 No tax Rs 5,00,001 to Rs 10,00,000 20% More than Rs 10,00,000 30%
The Union Budget, was broadly focused on these issues
3.youth, poor and health care for the underprivileged,
5. financial sector for stronger institutions,
6. speedy accountability
7. public services,
8.prudent fiscal management
9.tax administration for the honest.
FINANCE MINISTER ARUN JAITLEY HAS ANNOUNCED
1. Construction of one crore houses by 2019 for homeless
2. Awas Yojana amount increased from Rs 15,000 cr to Rs 23,000 cr
3. 27,000 cr on to be spend on PMGSY; 1 cr houses to be completed by 2017-18 for houseless
4. 100 pc electrification of villages to be completed by May 2018
5. 133-km road per day constructed under Pradhan Mantri Gram Sadak Yojana as against 73-km in 2011-14
6. A new metro rail policy will be announced, this will open up new jobs for our youth, says FM Jaitley
7. Two new All India Institute of Medical Sciences(AIIMS) to be set up in Jharkhand and Gujarat
8. Select airports in tier-II cities to be taken up for operations, development on PPP mode
9. 500 railway stations will be differently abled by providing lifts and escalators
10. Railway line of 3,500 km will be commissioned in 2017-18 as against 2,800 km in 2016-17
However budget was good but these are some areas where government should focus more for making it a dream budget.
- However FM gave relief to middle class and enterprises by decreasing income tax rates but it will increase more burden on Indian economy.
- FM’s announcement of 40000 crore for NABARD is not sufficient to meet demands of farmers unless otherwise reach to the right hands.
- FM should allocate more funds for education.
- There was nothing more for job seekers for increasing job vacancy estate in government services.
- However FM made some announcements for skill development but only funds are not sufficient enough for whole development of skilled India unless officials take responsibilities to encourage these plans
Overall finance minister Arun Jaitley tried to give previlidges to all the castes and categories of the society moreover this budget will be also remembered for implementing cashless economy. Let’s hope our this very union Budget 2017 make the history and enable India as an emerging economy of the world and make India “the golden bird” again.