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It is Budget day, today

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There will not be any postponement of presentation of Budget as imagined by some news channels due to demise of E.Ahamed, M.P from Kerala...Union Budget is a Constitutional obligation that needs to be fulfilled!!
 
[h=1]3 challenges to EMs, says Jaitley[/h]

February 01, 2017 11:15
Three challenges for emerging markets, says Jaitley. One, the current monetary policy stance of US Fed may lead to higher capital outflows. Two, uncertainty over commodity prices. And three, signs of increasing retreat from globalisation of services and goods, as pressures for protectionism build up across the world.

Source:Rediff
 
[h=1]10 themes running through Budget 2017[/h]February 01, 2017 11:26

The 10 themes running through Jaitley's Budget are: Farmers, rural population, youth, poor and underprivileged, infrastructure, financial sector, digital economy, public service, prudent fiscal management and tax administration

Source:Rediff
 
This is the first time the Railway Budget is integrated with the Main Budget

A rail safety fund with corpus of Rs 100,000 crore will be created over a period of 5 years, and steps will be taken to launch dedicated trains for pilgrimage and tourism.


Four priorities for railways are: 1. Passenger safety 2. Development work 3. Cleanliness 4. Reform in Accounts.

Source:Rediff
 
No service charge on ticket booking through IRCTC website, announces Jaitley.

All coaches of railways to be fitted with bio-tyres by 2019, and at least 25 stations will be redeveloped over next year.


Railways to implement end-to-end solutions for some commodities, and propose to feed 7000 solar railway station in medium term, says Jaitley.

Source:Rediff
 
Between November 8 and Decembe 30, 2016, deposits between Rs 2 lakh and Rs 80 lakhs was made in 1.09 lakh bank accounts (Rs 5.3 lakh avg deposit), says Jaitley.

Deposits of more than Rs 80 lakh were made in 1.48 lakh bank accounts (Rs 3.31 cr average).

Source:Rediff
 
[h=4]Allocation for national highways stepped up to Rs 64,000 crore from Rs 57,676 crore[/h]
[h=4]Allocation of Rs 10,000 crore for Bharat Net project for providing high-speed broadband in FY18[/h]
[h=4]For transport sector, including railways, road and shipping, government provides Rs 2.41 lakh crore[/h]
Source:Economic Times
 
[h=4]Out of 3.7 crore who filed tax returns in 2015-16, only 24 lakh persons showed income above Rs 10 lakh[/h][h=4]Capital gains tax in real estate: Holding period reduced to 2 years[/h]
[h=4]Second phase of solar power development to be taken up with an aim of generating 20,000 MW[/h]
Source:Economic Times
 
[h=1]Capital gains tax relief for real estate deals[/h]
Unoccupied houses to be subject to tax at notional rates, says Jaitley. Number of years when capital gains can be taxed from real estate liquidation reduced to 2 years from 3 years. Basket of instruments to be increased for investment without tax.

Source:Rediff
 
Thrust of direct tax proposals is to stimulate growth, relief for middle class, affordale housing, curb black money, transparency in political funding, simplification of tax laws, says Jaitley.

Source:Rediff
 
Another good move! Welcome this!!

Cash donation limit to parties slashed to Rs 2000

February 01, 2017 12:48
Jaitley announces that maximum cash donation to political parties can be Rs 2000, down from the current Rs 20,000.

Political parties can receive donations only by cheque/digital mode.


Electoral bonds to be issued, which can be bought from banks by donors only through cheques/digital modes, and redeemable only in the account of registered political parties.


Every political party will have to file returns in accordance with the I-T Act, and exemption from income tax will be available only on compliance with these requirements.

Source:Rediff
 
On the personal tax front, this is now a welcome move!

[h=1]I-T on Rs 5 lakh income cut to 5%. 10% surcharge above Rs 50 lakh[/h]
Income tax upto Rs 5 lakh income reduced to 5 pc. Zero tax liability on those with income of upto Rs 3 lakh.

10% surcharge on those with income between Rs 50 lakh and Rs 1 crore.

Source:Rediff
 
Now the highlights of the Budget

Highlights of Union Budget 2017-18


February 01, 2017

The 2017 Union Budget, presented by Finance Minister Arun Jaitley on Wednesday, was broadly focused on 10 issues — farming sector, rural population, youth, poor and underprivileged health care, infrastructure, financial sector for stronger institutions, speedy accountability, public services, prudent fiscal management and tax administration for the honest.
Following are the highlights of his speech:
Demonetisation

  1. Demonetisation is expected to have a transient impact on the economy.
  2. It will have a great impact on the economy and lives of people .
  3. Demonetisation is a bold and decisive measure that will lead to higher GDP growth.
  4. The effects of demonetisation will not spillover to the next fiscal.
Agriculture sector

  1. Sowing farmers should feel secure against natural calamities.
  2. A sum of Rs. 10 lakh crore is allocated as credit to farmers, with 60 days interest waiver.
  3. NABARD fund will be increased to Rs. 40,000 crore.
  4. Government will set up mini labs in Krishi Vigyan Kendras for soil testing.
  5. A dedicated micro irrigation fund will be set up for NABARD with Rs 5,000 crore initial corpus.
  6. Irrigation corpus increased from Rs 20,000 crore to Rs 40,000 crore.
  7. Dairy processing infrastructure fund wlll be initially created with a corpus of Rs. 2000 crore.
  8. Issuance of soil cards has gained momentum.
  9. A model law on contract farming will be prepared and shared with the States.
Rural population


  1. The government targets to bring 1 crore households out of poverty by 2019.
  2. During 2017-18, five lakh farm ponds will be be taken up under the MGNREGA.
  3. Over Rs 3 lakh crore will be spent for rural India. MGNREGA to double farmers' income.
  4. Will take steps to ensure participation of women in MGNREGA up to 55%.
  5. Space technology will be used in a big way to ensure MGNREGA works.
  6. The government proposes to complete 1 crore houses for those without homes.
  7. Will allocate Rs. 19,000 crore for Pradhan Mantri Gram Sadak Yojana in 2017-18.
  8. The country well on way to achieve 100% rural electrification by March 2018.
  9. Swachh Bharat mission has made tremendous progress; sanitation coverage has gone up from 42% in Oct 13 to 60% now.
For youth


  1. Will introduce a system of measuring annual learning outcomes and come out with an innovation fund for secondary education.
  2. Focus will be on 3,479 educationally-backward blocks.
  3. Colleges will be identified based on accreditation.
  4. Skill India mission was launched to maximise potential. Will set up 100 India International centres across the country.
  5. Courses on foreign languages will be introduced.
  6. Will take steps to create 5000 PG seats per annum.
For the poor and underprivilege health care


  1. Rs. 500 crore allocated for Mahila Shakthi Kendras.
  2. Under a nationwide scheme for pregnant women, Rs. 6000 will be transferred to each person.
  3. A sum of Rs. 1,84,632 crore allocated for women and children.
  4. Affordable housing will be given infrastructure status.
  5. Owing to surplus liquidity, banks have started reducing lending rates for housing.
  6. Elimination of tuberculosis by 2025 targeted.
  7. Health sub centres, numbering 1.5 lakh, willl be transformed into health wellness centres.
  8. Two AIIMS will be set up in Jharkhand and Gujarat.
  9. Will undertake structural transformation of the regulator framework for medical education.
  10. Allocation for Scheduled Castes is Rs. 52,393 crore
  11. Aadhaar-based smartcards will be issued to senior citizens to monitor health.
Infrastructure and railways


  1. A total allocation of Rs. 39,61,354 crore has been made for infrastructure.
  2. Total allocation for Railways is Rs. 1,31,000 crore.
  3. No service charge on tickets booked through IRCTC.
  4. Raksha coach with a corpus of Rs. 1 lakh crore for five years (for passenger safety).
  5. Unmanned level crossings will be eliminated by 2020.
  6. 3,500 km of railway lines to be commissioned this year up from 2,800 km last year.
  7. SMS-based ''clean my coach service'' is put in place.
  8. Coach mitra facility will be introduced to register all coach related complaints.
  9. By 2019 all trains will have bio-toilets.
  10. Five-hundred stations will be made differently-abled friendly.
  11. Railways to partner with logistics players for front-end and back-end solutions for select commodities.
  12. Railways will offer competitive ticket booking facility.
  13. Rs. 64,000 crore allocated for highways.
  14. High speed Internet to be allocated to 1,50,000 gram panchayats.
  15. New Metro rail policy will be announced with new modes of financing.
Energy sector

  1. A strategic policy for crude reserves will be set up.
  2. Rs. 1.26,000 crore received as energy production-based investments.
  3. Trade infra export scheme will be launched 2017-18.
Financial sector

  1. FDI policy reforms - more than 90% of FDI inflows are now automated.
  2. Shares of Railway PSE like IRCTC will be listed on stock exchanges.
  3. Bill on resolution of financial firms will be introduced in this session of Parliament.
  4. Foreign Investment Promotion Board will be abolished.
  5. Revised mechanism to ensure time-bound listing of CPSEs.
  6. Computer emergency response team for financial sector will be formed.
  7. Pradhan Mantri Mudra Yojana lending target fixed at Rs 2.44 lakh crore for 2017-18.
  8. Digital India - BHIM app will unleash mobile phone revolution. The government will introduce two schemes to promote BHIM App - referral bonus for the users and cash back for the traders.
  9. Negotiable Instruments Act might be amended.
  10. DBT to LPG consumers , Chandigarh is kerosene-free, 84 government schemes are on the DBT platform.
  11. Head post office as the central office for rendering passport service.
  12. Easy online booking system for Army and other defence personnel.
  13. For big-time offences - including economic offenders fleeing India, the government will introduce legislative change or introduce law to confiscate the assets of these people within the country.
Fiscal situation

  1. Total expenditure is Rs. 21, 47,000 crore.
  2. Plan, non-plan expenditure to be abolished; focus will be on capital expenditure, which will be 25.4 %.
  3. Rs. 3,000 crore under the Department of Economic Affairs for implementing the Budget announcements.
  4. Expenditure for science and technology is Rs. 37,435 crore.
  5. Total resources transferred to States and Union Territories is Rs 4.11 lakh crore.
  6. Recommended 3% fiscal deficit for three years with a deviation of 0.5% of the GDP.
  7. Revenue deficit is 1.9 %
  8. Fiscal deficit of 2017-18 pegged at 3.2% of the GDP. Will remain committed to achieving 3% in the next year.



[FONT=&quot][/FONT]http://www.thehindu.com/business/budget/Highlights-of-Union-Budget-2017-18/article17127298.ece?homepage=true

 
Budget Highlights (Continued)

[FONT=&quot]Funding of political parties[/FONT]


  1. [FONT=&quot]The maximum amount of cash donation for a political party will be Rs. 2,000 from any one source.[/FONT]
  2. [FONT=&quot]Political parties will be entitled to receive donations by cheque or digital mode from donors.[/FONT]
  3. [FONT=&quot]An amendment is being proposed to the RBI Act to enable issuance of electoral bonds .A donor can purchase these bonds from banks or post offices through cheque or digital transactions. They can be redeemed only by registered political parties.[/FONT]
[FONT=&quot]Defence[/FONT]

  1. [FONT=&quot]Defence sector gets an allocation of Rs. 2.74,114 crore.[/FONT]
[FONT=&quot]Tax proposals[/FONT]

  1. [FONT=&quot]India’s tax to GDP ratio is not favourable.[/FONT]
  2. [FONT=&quot]Out of 13.14 lakh registered companies, only 5.97 lakh companies have filed returns for 2016-17.[/FONT]
  3. [FONT=&quot]Proportion of direct tax to indirect tax is not optimal.[/FONT]
  4. [FONT=&quot]1.95 crore individuals showed income between Rs 2.5 lakh to Rs 5 lakh.[/FONT]
  5. [FONT=&quot]Out of 76 lakh individual assessees declaring income more than Rs 5 lakh, 56 lakh are salaried.[/FONT]
  6. [FONT=&quot]Only 1.72 lakh people showed income of more than Rs 50 lakh a year.[/FONT]
  7. [FONT=&quot]Between Nov 8 to Dec 30: Deposits between Rs 2 lakh and Rs 80 lakh was made in 1.09 crore accounts.[/FONT]
  8. [FONT=&quot]Net tax revenue of 2013-14 was Rs 11.38 lakh crore.[/FONT]
  9. [FONT=&quot]Out of 76 lakh individual assessees declaring income more than Rs 5 lakh, 56 lakh are salaried.[/FONT]
  10. [FONT=&quot]1.95 crore individuals showed income between Rs 2.5 lakh to Rs 5 lakh.[/FONT]
  11. [FONT=&quot]Rate of growth of advance tax in Personal I-T is 34.8% in last three quarters of this financial year.[/FONT]
  12. [FONT=&quot]Holding period for long term capital gain lowered to 2 years[/FONT]
  13. [FONT=&quot]Propose to have carry-forward of MAT for 15 years.[/FONT]
  14. [FONT=&quot]Capital gains tax to be exempted for persons holding land from which land was pooled for creation of state capital of Telangana.[/FONT]
  15. [FONT=&quot]Corporate tax: In order to make MSME companies more viable, propose to reduce tax for small companies of turnover of up to Rs 50 crore to 25%. About 67 lakh companies fall in this category. 96% of companies to get this benefit.[/FONT]
  16. [FONT=&quot]Propose to reduce basic customs duty for LNG to 2.5% from 5%[/FONT]
  17. [FONT=&quot]SIT on black money suggested no cash transactions of more than Rs 3 lakh. Govt has accepted this proposal.[/FONT]
  18. [FONT=&quot]Income Tax Act to be amended. No transaction above Rs 3 lakh to be permitted in cash.[/FONT]
  19. [FONT=&quot]Limit of cash donation by charitable trust reduced to Rs 2,000 from Rs 10,000.[/FONT]
  20. [FONT=&quot]Net revenue loss in direct tax could be Rs. 20,000 crore.[/FONT]
[FONT=&quot]Personal income tax[/FONT]

  1. [FONT=&quot]Existing rate of tax for individuals between Rs. 2.5- Rs 5 lakh reduced to 5% from 10%[/FONT]
  2. [FONT=&quot]All other categories of tax payers in subsequent brackets will get benefit of Rs 12,500.[/FONT]
  3. [FONT=&quot]Simple one page return for people with annual income of Rs. 5 lakh other than business income.[/FONT]
  4. [FONT=&quot]People filing I-T returns for the first time will not come under govt. scrutiny.[/FONT]
  5. [FONT=&quot]10% surcharge on individual income above Rs. 50 lakh and up to Rs 1 crore to make up for Rs 15,000 crore loss due to cut in personal I-T rate. 15 % surcharge on individual income above Rs. 1 crore to remain.[/FONT]


[FONT=&quot][/FONT]http://www.thehindu.com/business/budget/Highlights-of-Union-Budget-2017-18/article17127298.ece?homepage=true
 
TA most lacklustre budget.

Minor takeaways

Tinkering with personal IT -max gain -12500 upto 50 lakhs. Small tax payers 5 % gain.

No service tax touched due to GST introduction later.

Corporate tax reduced to 25% for SME and MSME.

Nothing for other corporates.

Cash donation to political parties reduced to rs 2000 from 20000.

Some thrust to affordable housing.

MNREGA to be used for digging ponds in villages.-result oriented MNREGA?

Stock markets gave a thumbs up as capital gains not affected adversely and nothing negative in budget.

These days if nothing negative results from any govt action , it has to be cheered.

Sensex shot up 400 plus points.

Banking, stocks with rural bias shot up. IT,Pharma down.

Indian economy can now wait for Trump more than indian govt to reform india.lol
 
Nice to see Halwa being distributed after presentation of Union Budget ...Many points were not known to me!!

[h=1]பட்ஜெட் தயாரிக்கும் முன் அல்வா கிண்டும் விழா நடத்துவது ஏன்? சுவாரஸ்ய தகவல்கள்[/h] 31st January 2017 03:42 PM



halwa.jpg

புது தில்லி: பட்ஜெட் என்றால் ஏதோ போரடிக்கும் விஷயம் என்று மட்டும் நினைக்க வேண்டாம். இந்திய பொருளாதாரத்தின் ஆணி வேராக விளங்கும் பட்ஜெட் பற்றிய ஏராளமான சுவாரஸ்ய தகவல்களை இங்கே பார்க்கலாம்.
ஒவ்வொரு ஆண்டும் பட்ஜெட் தயாரிக்கும் முன்பு, அல்வா கிண்டும் விழா நடத்தப்படுகிறது. அதிக அளவில் அல்வா தயாரித்து, அவை நாடாளுமன்றத்தின் வடக்கு பிளாக்கில் மிகவும் பத்திரமாக எடுத்து வைக்கப்படும். பிறகு பட்ஜெட் தயாரிக்கும் பணி நடந்து, நாடாளுமன்றத்தில் பட்ஜெட் தாக்கல் செய்யப்பட்டதும், இந்த அல்வாவை, மத்திய நிதி அமைச்சர், பட்ஜெட் தயாரிக்க உதவிய அதிகாரிகள் முதல் ஊழியர்கள் வரை அனைவருக்கும் கொடுப்பார். எந்த ஒரு நல்ல காரியத்தை செய்யும் முன்பும் இனிப்பு செய்வது இந்தியர்களின் பாரம்பரியம். அதன் அடிப்படையில் தான் பட்ஜெட் தயாரிக்கும் முன்பு அல்வா கிண்டும் விழா நடத்தப்படுகிறது. ஆனால், ஏன் குறிப்பாக அல்வா கிண்டுகிறார்கள் என்று கேட்டால் அதற்கு எங்களிடம் பதில் இல்லை. மன்னிக்கவும். அடுத்து, சுதந்திர இந்தியாவில் முதல் முறையாக 2017 - 18ம் நிதியாண்டுக்கான ரயில்வே பட்ஜெட்டும், பொது பட்ஜெட்டும் இணைந்து ஒருங்கிணைந்த பட்ஜெட்டாக தாக்கல் செய்யப்பட உள்ளது. ஆனால், இதுவரை ஒவ்வொரு ஆண்டும் பிப்ரவரி 26 அல்லது 27ம் தேதியில் ரயில்வே பட்ஜெட்டும், பிப்ரவரி மாதத்தின் இறுதி நாளில் பொது பட்ஜெட்டும் தாக்கல் செய்யப்படுவது தான் வழக்கம். இந்த ஆண்டு அதிலும் மாற்றம் செய்யப்பட்டுள்ளது. பிப்ரவரி மாதத்தின் முதல் நாளிலேயே ஒருங்கிணைந்த பட்ஜெட் தாக்கல் செய்யப்பட உள்ளது. ஒரே குடும்பத்தில் மூன்று பேர்
ஒரே குடும்பத்தைச் சேர்ந்த 3 பேர் மத்திய பொது பட்ஜெட்டை தாக்கல் செய்திருக்கிறார்கள். அவர்கள் யார் என்று பலருக்கும் தெரியும்.
ஆம், 1958ம் ஆண்டு ஜவகர்லால் நேரு பட்ஜெட்டை தாக்கல் செய்தார். பிறகு அவரது மகள் இந்திரா காந்தி 1970ம் ஆண்டு பட்ஜெட்டை தாக்கல் செய்ய, பிறகு 1987ம் ஆண்டு ராஜீவ் காந்தி பட்ஜெட் தாக்கல் செய்தார். பொது பட்ஜெட்டை தாக்கல் செய்த ஒரே பெண்
இந்தியப் பிரதமராக பதவி வகித்த இந்திரா காந்தி தான், பொது பட்ஜெட்டை தாக்கல் செய்த ஒரே ஒரு பெண் என்பது குறிப்பிடத்தக்கது. கால் நூற்றாண்டு இடைவெளியில் பட்ஜெட்
சரியாக கால் நூற்றாண்டு இடைவெளியில் பட்ஜெட்டை தாக்கல் செய்தவர் என்ற பெயரை பெறுபவர் பிரணாப் முகர்ஜி. நிதியமைச்சராக இருந்த பிரணாப் 1982-83, 1983-84, 1984-85 ஆகிய 3 ஆண்டுகள் தொடர்ந்து பொது பட்ஜெட்டை தாக்கல் செய்தார். அதன் பிறகு 2009ல் காங்கிரஸ் ஆட்சி காலத்தில் மீண்டும் பொது பட்ஜெட் தாக்கல் செய்தார். பட்ஜெட் தாக்கல் செய்யும் நேரம் பிரிட்டிஷ் ஆட்சி காலத்தில் மதியத்தில் பட்ஜெட் தாக்கல் செய்யப்பட்டது. சுதந்திரம் அடைந்த பிறகு 1999ம் ஆண்டு வரை பொது பட்ஜெட் என்பது பிப்ரவரி மாதம் கடைசி நாளில் மாலை 5 மணிக்குத்தான் தாக்கல் செய்யப்பட்டு வந்தது.
அதன்பிறகு பாஜக தலைமையிலான மத்திய அரசு பதவியேற்றதும், வாஜ்பாயி பிரதமரானார். மத்திய நிதியமைச்சராக யஷ்வந்த் சின்ஹா பொறுப்பேற்றார். அப்போதுதான் பட்ஜெட்டை முற்பகல் 11 மணிக்கு தாக்கல் செய்யும் நடைமுறை மாற்றப்பட்டது.

சுதந்திர இந்தியாவில் தாக்கல் செய்யப்பட்ட முதல் பட்ஜெட்டில் மத்திய அரசின் மொத்த செலவு ரூ.164 கோடியாகும். அதுவே, 2009ம் ஆண்டின் மொத்த செலவு ரூ.ஒரு லட்சம் கோடியாக மாறியது. இவ்வளவு பாரம்பரியத்தையும், பல்வேறு மாற்றங்களையும் தாங்கி நிற்கும் பட்ஜெட் நாளை நாடாளுமன்றத்தில் தாக்கல் செய்யப்பட உள்ளது.

http://www.dinamani.com/india/2017/...ல்வா-கிண்டும்-விழா-நடத்துவது-ஏன்-2641528.html
 
This is really good...Safety was given a short shrift when Railway Budget was presented...Populism in terms of new trains was given precedence... Now the right allocation has been made

Rail users hail budget

Kozhikode: February 02, 2017

Rail users have hailed the allocation of Rs.1 lakh crore out of the Rs.1.31 lakh crore set aside exclusively for safety of passengers in the Union Budget.
A meeting of the Confederation of All India Rail User’ Association to review the budget here on Wednesday said the proposal to do away with the service charge on tickets booked through IRCTC was a relief for passengers. Besides, the budget had not hiked passenger and freight charges, C.E. Chakkunny, working chairman, association said.
Several other proposals such as elimination of unmanned level crossings by 2020, commissioning of 3,500 km railway lines this year and SMS-based clean-my-coach services were welcome.
Plans to set up bio toilets in all trains by 2018, establish 500 differently-abled friendly railway stations and lifts and escalators in all stations were other good proposals, Mr. Chakkunny said.

http://www.thehindu.com/todays-pape...la/Rail-users-hail-budget/article17131043.ece
 
The common man seems to be happy with the Union budget..Promise of doubling farmers income in 5 years, 5% lower taxes for 96% of MSME's (turnover less than Rs 50 crores) which pay taxes, Rs 12500 kitty in the pocket of honest tax payers, huge allocation for safety in Railways etc are really good aspects in the Budget!!

The world’s fastest growing major economy has unveiled a budget to make everyone happy—except politicians


To use an alliteration that his boss would approve of, the budget tabled by India’s finance minister Arun Jaitley today (Feb. 01) was largely about:
Relief: to ordinary Indians who suffered the most due to prime minister Narendra Modi’s surprise demonetisation decision last November.
Resuscitation: provided to the fastest-growing major economy in the world, without upsetting the fiscal math.
Reforms: that’ll help clean up India’s murky political funding ecosystem and push digital transactions throughout the economy.
​
All of this isn’t entirely original. Three years into its five-year term, the Modi government has typically stuck to a tested formula of spending big on the hinterland and bolstering India’s creaky infrastructure. Last year, too, the thrust of Jaitley’s budget was similar. It was much of the same the year before that.
The results have been decidedly mixed. Although India’s economy has been able to weather global uncertainties—Brexit, US elections, and the rate hike by the US Federal Reserve—better than many of its peers, problems persist. Growth hasn’t quite picked up, industry is suffering, and jobs remain elusive.
The added shock of demonetisation, where 86% of India’s currency (by value) was rendered illegal overnight, slowed down the economy considerably. With little or no cash in hand, consumers drastically cut down on spending, industry stalled, and GDP forecasts were slashed. The worst hit, though, were millions in India’s small towns and villages, cash-dependent small businesses, and the informal sector.
With massive outlays for the farm sector, a raft of measures for rural development, and a record allocation to the country’s main rural employment program, this budget is intended to soothe India’s distressed hinterland.
The politics is unmissable. The ruling Bharatiya Janata Party will face a number of key polls this year—in Uttar Pradesh and Punjab shortly, and Gujarat later this year—in the run-up to the general elections in 2019. An irate rural electorate would be a death warrant.
For similar reasons, India’s burgeoning middle-class, still reeling from the cash ban, hasn’t been forgotten either. In his budget speech, Jaitley slashed the income tax rate for the lower rung of taxpayers, those earning between Rs2.5 lakh and Rs5 lakh.
The other big tax cut was for small enterprises with turnover not exceeding Rs50 crore—a significant move considering that small and medium enterprises form 96% of India’s companies.
To further support industry, Jaitley continued with the Modi government’s plan of spending substantially on infrastructure. He has allocated Rs3.96 lakh crore towards this sector, an increase of 13% over last year’s budgetary outlay. In all, the finance minister raised capital expenditure—essentially, money spent on acquiring or maintaining fixed assets—by 25.4%.
Despite the largess, Jaitley remained confident that India’s fiscal math won’t go for a toss.
“My overall approach, while preparing this budget, has been to spend more in rural areas, infrastructure, and poverty alleviation and yet maintain the best standards of fiscal prudence,” the finance minister said. “I have also kept in mind the need to continue with economic reforms, promote higher investments and accelerate growth.”
Such fiscal prudence will do well to support India’s case for a rating upgrade, which has caused some serious friction lately between the government and rating firms such as S&P. Alongside, the move to abolish the Foreign Investment Promotion Board, which cleared foreign direct investment into the country, will help bolster the government’s claim that it is eager for more global businesses to set shop in India.
In the final third of his speech, Jaitley delivered the final R: reform.
“Even 70 years after Independence, the country has not been able to evolve a transparent method of funding political parties which is vital to the system of free and fair elections,” he said. “An effort, therefore, requires to be made to cleanse the system of political funding in India.”
His parliamentary colleagues clapped, even if a tad unenthusiastically, as the finance minister listed out a range of reforms that can potentially transform India’s electoral politics. But as with everything else in India, it all comes down to one I: implementation.

https://qz.com/900077/budget-2017-1...et-to-make-everyone-happy-except-politicians/
 
Stock markets cheered only because there was nothing negative in the budget for business class.

These days one celebrates if one is left alone by the govt after demonetisation.lol
 
krish44 said:
TA most lacklustre budget.

Minor takeaways

Tinkering with personal IT -max gain -12500 upto 50 lakhs. Small tax payers 5 % gain.

No service tax touched due to GST introduction later.

Corporate tax reduced to 25% for SME and MSME.

Nothing for other corporates.

Cash donation to political parties reduced to rs 2000 from 20000.

Some thrust to affordable housing.

MNREGA to be used for digging ponds in villages.-result oriented MNREGA?

Stock markets gave a thumbs up as capital gains not affected adversely and nothing negative in budget.

These days if nothing negative results from any govt action , it has to be cheered.

Sensex shot up 400 plus points.

Banking, stocks with rural bias shot up. IT,Pharma down.

Indian economy can now wait for Trump more than indian govt to reform india.lol
Click to expand...

I agree with the above reaction on this year's Budget. Except for the marginal reduction in Income tax, there is nothing for the honest wage earner. This will also be set off by increase in the all pervading service tax ! This year after large amount of fund flow to the exchequer due to demonitisation, I expected a lot of benefits to the honest wage earners.
But after going through the details in the Finance Bill this morning I am rater disappointed, that this Government has wasted a golden opportunity. The whole Budget speech of our Finance Minister seems to me just a statistical verbose without accounting details.
adding Railway budget with the general budget this year, has camouflaged the details on the working of Railways completely.
Brahmanyan
Bangalore.
 
Sri Vgane and all,

Thanks for sharing a serious of posts on this topic area.

I am trying to understand what major areas are neglected in this budget.

What opportunities are missed?

What priorities do people think should not have been emphasized?

Budgeting is a zero sum game. Recognizing this I will appreciate learning from anyone with in depth knowledge of the budget proposed

Thanks
 
hi

as ususal....cigarates/bidis/liquor costlier....nothing more....in general....money generates through banking/any financial thriugh

loans....loans must be cheaper/without much paper work....as quick as possible for lending money to customers.....

so that interest of loan....bank can survive.....car loan/housing loan/consumer loan /educational loan should be cheaper

and easier...
 
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