BUDGET 2017-2018Highlights

Agriculture

Youth

Agriculture expenditure for 2017-18 is targeted at INR 10 lakh crores and plans of inclusion of underserved areas such as States and Jammu and Kashmir.

Farmers to get better income security with government efforts to double their in-comes in 5 years.

60-day interest waiver on agriculture loans.

Fasal Bima Yojna coverage extended to 40% from 30%.

Setting up mini soil testing labs, ‘Krishi Vigyan Kendra’ to support soil health maintenance for farmers.

Setting up a INR 5000 crore micro irrigation fund under NABARD to achieve the goal of “per drop more crop.

Increase in coverage of Electronic National Agriculture Market (eNAM) from 250 to 585 markets, and each eNAM to get assistance of up to INR 7 lakhs from the government.

Fund of INR 8000 crores to be allocated to the milk processing units for better milk processing facilities.

Finance Minister Mr. Arun Jaitley presented the Union Budget, 2017 a little while ago. Here are a few takeaways from his speech in the parliament today, which was probably the most awaited budget speech in the recent years!

Increase in allocation under MNREGA to INR 48,000 crores from INR 38,500 crores.

Participation of women in MNREGA increased to 55% from 45%.

Space technology will be used to monitor MNREGA implementation.

National testing agency will be conducting all examinations in higher education. This will free CBSE and other agencies.

In higher education, reforms in UGC will be undertaken, and autonomy to colleges and institutions will be given.

A system to measure annual learning outcome in schools will be introduced.

Innovation fund to be set up for secondary education.

Pradhan Mantri Kaushal Kendras will be extended to 600 districts and 100 interna-tional skill centres will be opened to help people in getting jobs abroad.

Digitalisation Aadhaar Pay app to be launched for merchants.

20 lakh aadhaar-based POS to be setup by September 2017.

BHIM app – already launched and being used by 1.25 crore people already for digital payments.

Introduction of two new schemes for promoting BHIM App - cash back for trad-ers and referral bonus for users.

To encourage digital payment, duty to be exempted on various POS machines and IRIS readers.

Income Tax For Income Tax slab 2.5 lakh to 5 lakhs per annum, income tax rate reduced from 10% to 5%.

Surcharge of 10% for people having annual income of INR 50 lakh to 1 crore.

For those whose annual income is above INR 1 crore, 15% surcharge to continue.

Tax rate for small firms having turnover of up to INR 50 crore to be reduced to 25% from 30%.`

Others 1 crore houses will be constructed by 2019 for homeless and for those who are living in kaccha houses. PM Awas Yojana allocation has been raised from INR 15,000 crore to INR 23,000 crore for the same.

100% electrification of villages to be achieved by May 2018.

1.5 lakh health sub centres will be converted to Health Wellness Centres.

INR 500 crore to be allocated to set up Mahila Shakti Kendras.

Allocation for women and child welfare to be raised from INR 1.56 lakh crore to INR 1.84 lakh crore.

National Housing Bank (NHB) will refinance individual loans of INR 20,000 crore in 2017-18.

Aadhaar based health cards will be issued to senior citizens.

Service charge on e-tickets booked via IRCTC to be withdrawn.

A scheme to be launched for senior citizens to ensure 8% guaranteed returns.

Launch of Trade Infrastructure Export Scheme in 2017-18 with a total allocation of INR 3.96 lakh crore for infra.

Distribution target under Mudra Yojana to be doubled to INR 2.44 lakh crore for 2017-18.

Recommendation made by Black money SIT has been accepted by the government for no cash transaction of value more than INR 3 lakh.

Maximum cash donation that can be received by any party will be capped at INR 2000 from one source.

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