Februrary is here, and one of the biggest events we looked forward to is the Union Budget of 2017, which has been preponed from its usual date of 28th Feb to 1st Feb, 2017. This Budget presentation is remarkably significant because of the overnight transformation of the country’s economy with the demonetisation move, taken on Nov 8th, 2016. For the first time in Independent India, the Union Budget as well as the Railway Budget was presented together by our Finance Minister, Mr. Arun Jaitley.
Here are the highlights of #UnionBudget2017.
#1 Theme of the 2017-18 budget: ‘TEC’ India, meaning Transform, Energize and Clean India.
#2 Total expenditure for 2017-18 has been placed at Rs. 21.47 lakh crore.
#3 India has become the 6th largest manufacturing hub of the world, up from the position of 9th.
#4 BHIM, the government’s UPI based payment app already has been adopted by 1.25 Lakh crore Indians, Jaitley stated, and 2 new schemes will be launched for its increased usage.
#5 A total of Rs. 10 Thousand Crore has been allocated for BharatNet with which high-speed digital connectivity will reach to 1.5 lakh villages.
#6 Two new AIIMS facilities will be developed in Gujarat and Jharkhand.
#7 Rs. 1 Lakh Crore to be allocated for Rail Safety, considering 2016 was one of the deadliest year for Railways, said Arun Jaitley.
#8 500 Railway Stations to have lifts and escalators for disabled people.
#9 Demonetisation led to 34.8% increase in personal income tax declarations.
#10 Total fund allocation for infrastructure stands at Rs. 3.96 lakh crore.
The major announcements of the #UnionBudget2017 seem to be in tune with the recent financial developments of 2016. With commodity prices taking sensational climbs after the budget session today, it remains to be seen what benefits and consequences would follow in the forthcoming months.