2nd February 2017 Current Affairs – Union Budget 2017 Highlights

2nd February 2017 Current Affairs: We all know that the Union budget 2017-18 pdf is issued. finance Minister, Arun Jaitley has discussed the highlights of the Union Budget 2017-18. For the first time, the Railway Budget 2017 is also discussed with the Union budget for the year 2017. GK Questions on the union budget 2017 are important for the competitive Exams like Civils or any other govt jobs. Practice the 2nd Feb 2017 GK Quiz which comprises of the union Budget 2017 highlights and Railway Budget 2017 highlights.

Finance Minister Arun Jaitley has presented the 2017 Union Budget on 1st February 2017. this union budget 2017 is broadly focused on 10 themes.

• The farming sector
• Rural population
• Youth
• Poor and underprivileged health care
• Infrastructure
• Financial sector for stronger institutions
• Speedy accountability
• Public services
• Prudent fiscal management
• Tax administration for the honest.

Union Budget 2017-18 Questions and Answers 

Agriculture sector

• Farmers shall feel secure against natural calamities.
• A sum of Rs. 10 lakh crore is allocated as the credit to farmers.
• NABARD fund will be increased to Rs. 40,000 crore.
• The Government will set up mini labs in Krishi Vigyan Kendras for soil testing.
• A dedicated micro irrigation fund will be set up for NABARD with Rs 5,000 crore initial corpus.
• Irrigation corpus increased to Rs 40,000 crore.
• Dairy processing infrastructure fund will be initially created with a corpus of Rs. 2000 crore.
• A model law on contract farming for all states.

For youth

• The Focus will be on 3,479 educationally backward blocks.
• Colleges will be identified based on accreditation.
• Will introduce a system of measuring annual learning outcomes
• Courses on foreign languages will be introduced.
• Will take steps to create 5000 PG seats per annum.

Infrastructure and Railways

• A total allocation of Rs. 39,61,354 crore.
• For Railways is Rs. 1,31,000 crore.
• No service charge on tickets booked through IRCTC.
• Raksha coach with a corpus of Rs. 1 lakh crore for five years.
• Five-hundred stations will be made differently-abled friendly.
• For highways – Rs. 64,000 crore.
• Coach Mitra facility.
• New Metro rail policy
• By 2019 all trains will have bio-toilets.

Demonetisation

• Demonetisation is expected to have a transient impact on the economy.
• It will have a great impact on the economy and lives of people.
• Demonetisation is a bold and decisive measure that will lead to higher GDP growth.
•  The effects of demonetization will not spill over to the next fiscal.

Rural population

• Targets to bring 1 crore households out of poverty.
• Five lakh farm ponds will be taken up under the MGNREGA.
• Will take steps to ensure participation of women in MGNREGA up to 55%.
• Proposes to complete 1 crore houses for those without homes.
• Will allocate Rs. 19,000 crore for Pradhan Mantri Gram Sadak Yojana in 2017-18.

For the poor and health care

• Rs. 500 crore – for Mahila Shakthi Kendras.
• A sum of Rs. 1,84,632 crore for women and children.
• Two AIIMS will be set up in Jharkhand and Gujarat.
• Allocation for Scheduled Castes is Rs. 52,393 crore
• Elimination of tuberculosis by 2025 targeted.
• Aadhaar-based smart cards will be issued to senior citizens to monitor health.
• Affordable housing will be given infrastructure status.

Energy Sector

• A strategic policy for crude reserves will be set up
• Rs. 1.26,000 Crore for energy production-based investments.
• Trade infra export scheme will be launched 2017-18.

Financial Sector

•  FDI policy reforms – more than 90% of FDI inflows are now automated.
• Pradhan Mantri Mudra Yojana lending target at Rs 2.44 lakh crore for 2017-18.
• Easy online booking system for Army, the defence personnel.
• Negotiable Instruments Act might be amended.
• Shares of Railway PSE like IRCTC would be listed on stock exchanges.
• Decided to abolish FIPB in 2017-18.

Fiscal Situation

• Total expenditure – Rs. 21, 47,000 crore
• Rs. 3,000 crore for Dept of Economic Affairs.
• Defence expenditure, excluding pension, at Rs 2,74,114 crore
• Expenditure in science and technology — Rs. 37,435 crore
• Total resources transferred to States and UTs is Rs 4.11 lakh crore
• Revenue deficit – 1.9 %

On funding of political parties

• The Maximum amount of cash donation for political parties will be Rs 2,000.
• Political parties will be entitled to receive donations by cheque or digital mode from donors.

Tax proposals

• Proportion of direct tax to indirect tax is not optimal.
• 1.95 crore individuals showed income between Rs 2.5 lakh to Rs 5 lakh.
• Out of 76 lakh individual assessees declaring income more than Rs 5 lakh, 56 lakh are salaried.
• 1.95 crore individuals showed income between Rs 2.5 lakh to Rs 5 lakh.
• Propose to have carry-forward of MAT for 15 years.
• India’s tax to GDP ratio is not favorable.
• Propose to reduce basic customs duty for LNG to 2.5% from 5%.
• The Rate of growth of advance tax in Personal I-T is 34.8% in last three-quarters of this financial year.

Personal income tax

• Existing rate of tax for individuals between Rs. 2.5- Rs 5 lakh reduced to 5% from 10%
• All other categories of tax payers in subsequent brackets will get benefit of Rs 12,500.
• Simple one page return for people with annual income of Rs. 5 lakh other than business income.
• People filing I-T returns for the first time will not come under govt. scrutiny.