Union Budget 2017-18 Highlights for Competitive Exams

Finance Minister Arun Jaitley presented the Union Budget 2017-18 in the Lok Sabha on 1 February, 2017 . The budget this year focuses on poverty eradication, farmers issues and rural development.. Here are the highlights of the Union Budget–




1. IMF estimates world GDP will grow by 3.4 per cent in 2017 .
2. Aadhaar Pay- an app for merchants- to be launched' 20 lakh aadhaar-based POS by September 2017 .
3. Allocation under MNREGA increased to 48,000 crore from Rs 38,500 crore. This is highest ever allocation
4. Oil prices, rising dollar and volatile commodity prices seen as risks to Indian economy.
5. Jaitley reduces income tax rate from 10% to 5% for tax slab of Rs 250,000 to Rs 500,000 .
6. India is seen as engine of global growth, have witnessed historic reform in last one year.
7. Demonetisation is a bold and decisive measure, for many decades tax evasion was a way of life for many.

Read in Hindi : आम बजट 2017-18 की प्रमुख घोषणाएं और मुख्य बिंदु

8. Note ban is expected to have only a transient impact on economy .
9. I am reminded of what our father of the nation Mahatma Gandhi said: "A right cause never fails".
10. Effects of demonetisation not expected to spill over to next year.
11. Fiscal deficit for 2017-18 pegged at 3.2 percent of GDP .
12. 1.25 crore people have already adopted Bhim App for digital payments .
13. Our Budget agenda is - transform, energise and clean India - TEC India.
14. Surcharge of 10% for those whose annual income is Rs 50 lakh to 1 crore .
15. Agriculture sector is expected to grow at 4.6%, agriculture expenditure targeted at Rs 10 lakh crore.
16. 36% increase in FDI flow; forex reserves at $361 billion in January, which is enough to cover 12 months needs.
17. Total allocation for rural, agricultural and allied sectors for 2017-18 is Rs 187223 crore, which is 24% higher than last year .
18. One crore houses for poor by 2019.
19. Safe drinking water to cover 28,000 arsenic and Fluoride-affected habitations in the next four years.
20. 133-km road per day constructed under Pradhan Mantri Gram Sadak Yojana as against 73-km in 2011-14 .
21. For senior citizens, Aadhar cards giving their health condition will be introduced .
22. Two new All India Institute of Medical Sciences(AIIMS) to be set up in Jharkhand and Gujarat .
23. 3500km railway lines to be put up.
24. Service charge on rail tickets booked through IRCTC to be withdrawn.
25. Rail safety fund with corpus of Rs 100,000 crore will be created over a period of five years.
26. 500 rail stations to be made differently abled-friendly by providing lifts and escalators .
27. A new metro rail policy will be announced, this will open up new jobs for our youth.
28. Foreign investment promotion board (FIPB) to be abolished .
29. Allocation for infrastructure stands at a record Rs 3,96,135 crore .
30. Government to set up strategic crude oil reserves in Odisha and Rajasthan.
31. Government is considering introduction of new law to confiscate assets of offenders who escape the country.
32. Defence expenditure excluding pension at Rs 2.74 lakh crore .
33. Fiscal deficit target for next three years pegged at 3 percent.
34. Out of 3.7 crore who filed tax returns in 2015-16, only 24 lakh persons showed income above Rs 10 lakh.
35. Of 76 lakh individuals who reported income of over Rs 5 lakh, 56 lakh are salaried.
36. Small firms with turnover up to Rs 50 crore to pay 25% tax now, instead of 30%.
37. Black money SIT has suggested no cash transaction above Rs 3 lakh. The government has accepted this recommendation .
38. Maximum cash donation any party can receive will be Rs 2000 from one source.
39. Political parties will be entitled to receive donations by cheques or digital modes .
40. An amendment being proposed to RBI Act to enable the issuance of electoral bonds for political funding.


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