Welcome to Mentor for Bank
Exams. 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.
Key Highlights of Union Budget 2017:
- Total
expenditure in Budget for 2017-18 has been placed at`21.47 lakh crores and
this is expected to have multiplier effects and lead to higher growth.
- The
total resources being transferred to the States and the Union Territories
with Legislatures is Rs. 4.11 lakh crores in 2017-18, as against Rs.3.60
lakh crores in BE 2016-17.
- Defence
expenditure excluding pensions stands at Rs. 2,74,114 crore
- For
the first time, a consolidated Outcome Budget, covering all Ministries and
Departments, is being laid along with the General Budget
- FM:
Revenue Deficit for next year is pegged at 1.9% as against 2%
mandated by the FRBM Act.
- FM:
India seen as an engine of global growth and is expected to be one of the
fastest growing major economies in 2017.
- Terming
demonization a right cause, Finance Minister recalled Mahatma’s quote that “A
right cause never fails”.
- FM:
Agenda is (TEC)- to transform the quality of governance, energise various
sections of society and to clean the country from evils of corruption,
black money and non-transparent political funding.
- FM:
Approach is to spend more in rural areas, on infrastructure and poverty
alleviation while maintaining fiscal prudence.
- The
Government will undertake a Mission Antyodaya to bring one crore
households out of poverty and to make 50,000 gram panchayats poverty free
by 2019, the year marking the 150th birth anniversary of Gandhiji.
- Mahila
Shakti Kendras to be set up at village level
- Budget
for the welfare of Women and Children stepped up from Rs. 1,56,528 crores
to Rs 1,84,632 crores in 2017-18.
- Allocation
for infrastructure development in 2017-18 is Rs.3,96,135 crores.
- Railways
expenditure will be Rs. 1,31,000 crores, Rs.55,000 crores to be provided
by the Government .
- Trade
Infrastructure for Export Scheme (TIES) will be launched in 2017-18.
- Further
liberalisation of FDI policy is under consideration.
- Government
decided to abolish the Foreign Investment Promotion Board FIPB in 2017-18.
- An
integrated Public Sector ‘Oil Major’, to match the performance of huge
international and domestic private sector oil and gas companies, is
proposed.
- The
shares of Railway PSEs like IRCTC, IRFC and IRCON will be listed in stock
exchanges.
- The
Finance Minister announced that a new ETF with diversified CPSE stocks and
other Government holdings will be launched in 2017-18.
- Rs.
10,000 crores is provided for recapitalization of Banks in 2017-18. The
Finance Minister says that an additional allocation will be provided, as
may be required.
- For the
The Pradhan Mantri Mudra Yojana the lending target has been set
at Rs. 2.44 lakh crores in 2017-18, doubling it from the ones in 2015-16
with priority to be given to Dalits, Tribals, Backward Classes, Minorities
and Women.
