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Union Budget 2017: Here's how political parties reacted on 'historical' budget

We were expecting fireworks, instead got a damp squib. Any step to clean political funding will be supported by us, said Rahul Gandhi

As the Finance Minister Arun Jailtley today announced the Union Budget 2017, the reactions have started coming in.

Congress Vice-President Rahul Gandhi said, Sher o shayari ka budget hai, kisaano ke liye kuch nahi kia,yuvaon ke liye kuch nahi kiya.We were expecting fireworks, instead got a damp squib. Any step to clean political funding will be supported by us.

Congress leader, Manish Tewari said, “The budget numbers do not seem to add up, as there is a huge expansion on Govt spending on schemes. The budget is rhetorical, but in reality it will little precious for creating jobs. Moreover, Railways have got a cursory mention in the budget.”

Shiv Sena Chief Uddhav Thackeray said,”What is the need to present the Budget every year? Were all announcements of last year’s budget fulfilled?

Renuka Chowdhury from Congress said ‘Nothing on defence pending; How are they fighting upcoming UP Elections ? Did they get donations in cheque or digital payment?”.

Its a historic and important budget which will have a long term impact, said Minister for Road Transport and Highways and Shipping, Nitin Gadkari.

It is a transformative one; It’s a step towards cleaning the whole political system, we welcome it: Union Minister Ananth Kumar

PM Modi said, “The commitment to eliminate corruption and black money is reflected in the Budget. It is yet again devoted to the well-being of the villages, farmers and the poor.In many ways this budget will facilitate the changes that our country is going through. This Budget will help small businesses to become competitive in the global market.”

BJP’s President Amit Shah on budget said, “This budget is women, poor-friendly budget; PM Modi has fulfilled his promise made in 2014 to bring in transpanecy in politics”.

Congress leader and former Railway Minister, Mallikarjun Kharge said, “Railway budget has lost its identity after it got clubbed with the main budget. It’s like big fish eating the small fish.

Here are the key highlights of Union Budget 2017-18

  • Overall approach while making the Budget was to spend more in rural areas, infrastructure & poverty alleviation with fiscal prudence.
  • Budget contains 3 major reforms:
    – First advancing the Budget date to February 1
    – Merger of the Rail Budget with Union Budget bringing Railways to the centrestage
    – Done away with plan and non-plan expenditure
  • Based on the objective to transform, energise and clean India
  • With better Monsoon, Agriculture is expected to grow at 4.1% in current year
  • Issuance of soil health cards have gathered momentum, will set up a mini lab in krishi vigyan kendras
  • A dairy processing infrastructure fund will be created by NABARAD
  • 1 crore households to be lifted from poverty
  • 2 new Strategic Oil Reserves to be set up in Odisha and Rajasthan
  • Additional 10 lakh new Point-of-Sale terminals to be issued
  • Payment Regulatory Board to be set up under Central Reserve Bank

For Youth

  • For youth, proposed to introduce a system of measuring annual learning; Science to be given focus
  • To complete 1,00,00,000 houses by 2019 for houseless and those living in kaccha houses
  • We propose to establish National Testing Agency for entrance exams for higher education. It’ll free CBSE, AICTE etc:
  • 3.5 crore youth to be trained under the livelihood promotion programme Sankalp
  • 5000 additional medical PG seats to be allotted in 2017
  • Two new AIIMS for Jharkhand and Gujarat

The Poor and the Privileged

  • Aim to make 50,000 Gram Panchayat poverty free
  • For benefit of women and children, allocation across all schemes stepped up from 1,56,528 cr to 1,84,632 cr
  • The government is planning to complete 1,00,00,000 houses by 2019 for houseless and those living in kaccha houses
  • For benefit of women and children, allocation across all schemes stepped up from 1,56,528 cr to 1,84,632 cr
  • Mission Antyodaya to bring 1 crore households out of poverty and to make 50,000 Gram Panchayats poverty-free
  • During 2017-18, another 5 lakh ponds will be constructed, for drought-proofing
  • Propose to double the lending target of Pradhan Mantri Mudra Yojana and set it up at Rs 2.44 lakh crore for 2017-18
  • DigiGov for education, healthcare and skills to the villages.  Smart Villages in the making

Senior Citizen

  • Aadhar based smart cards to be issued for senior citizens says FM
  • The Government will launch a new health protection scheme which will provide health cover up to Rs 1 lakh per family. For senior citizens of age 60 years and above belonging to this category, an additional top-up package up to Rs 30,000 will be provided
  • Pension schemes offer financial protection to senior citizens, he proposes to make withdrawal up to 40% of the corpus at the time of retirement tax exempt in the case of National Pension Scheme

Railways

  • Rail safety fund with corpus of Rs 100,000 crore will be created over a period of 5 years
  • 500 stations to be differently-abled friendly with lifts and escalators
  • Railways to implement end to end transport solution for selected commodities
  • Railways-modernisation of corridors.sation redeveloped- 25 stations. 500 stations- handicapped friendly. Coach mitra-complaints
  • 1,000 Mw solar capacity to be set up under mission for railways
  • Dedicated trains for tourism and pilgrimage
  • Service booking tax on online railway ticket booking through IRCTC 2 go. Online bookings up 4m 58% to 68%
  • By 2019, all coaches of Indian Railways will be fitted with Bio-toilets
  • A new metro rail policy will be announced which will open up new jobs for our youth
  • Railways will integrate end to end transport solutions for selected commodities through partnership
  • Launch of Tejas Express – New product offering for premium customers
  • Encourage employment for SC/ST through horticulture and tree plantation at side of tracks
  • Railway related state-run companies like IRCON and IRCTC to be listed on stock exchanges
  • Unmanned railway level crossings to be eliminated by 2020
  • Railway related state-run companies like Ircon, IRCTC to be listed on stock exchanges

Telecom

  • Telecom sector is an important sector for us. Allotting Rs 10,000 crore for BharatNet

Digitalisation

  • Promotion of #DigitalEconomy an integral part of strategy to clean up system and weed out corruption
  • 125 lakh people have adopted the BHIM app. Two more schemes are being brought to encourage people to use the app.
  • Aadhar enabled payment system to be launched soon; Banks have targeted to introduce additional 10 lakh Point-of-Sale terminals by March 2017
  • Relief to the middle class, promote digital economy, encouraging affordable housing planned

Tax Proposals

  • Fiscal deficit target 3.2%, committed to 3.0% following year
  • Due to demonitisation, advance tax on personal Income tax increased by 34.8%
  • There is an urgent need to protect the poor from chit fund schemes, draft bill placed in public domain
  • Plan to extend basket of financial instruments to which the capital gains can be invested sans payment of tax
  • Capital gains tax to be exempted, for persons holding land from which land was pooled for creation of state capital of Telangana
  • Income tax for small companies with an annual turn over of 50 crore, now to pay 25%, a 5% reduction
  • Not to remove Minimum Alternative Tax in 2017-18; Propose to allow a carry forward of MAT for a period of 15 yrs as against 10 yrs now
  • No cash transcations above Rs 3 lakh
  • Proposes to reduce basic customs duty on LNG from 5% to 2.5% in 2017-18

Political Parties

  • Maximum cash donation any party can receive will be Rs 2000 from one source
  • Political parties will be entitled to receive donations by cheque or in the digital mode from their donors
  • Every political party will have to file their returns

Income Tax

  • Proposes to reduce existing rate of taxation of those with income between 2.5 lakh to 5 lakh from 10% to 5%
  • Surcharge of 10% for those whose annual income is Rs 50 lakh to 1 crore
  • All other categories in subsequent brackets get Rs 12,500 benefit per person
  • No tax for people upto income of 4.5 lakh

    Others

  • Head post offices to be used as front offices of passport service
  • Chandigarh and eight districts of Haryana have been declared Kerosene-free
  • Have increased allocation for scientific ministry to Rs 37,435 cr in 2017-18
  • GST Council finalised its recommendations; implementation of GST likely to bring more taxes to Centre, States
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