This slide deck includes the highlights of the recent Union Budget of India for the financial year 2017-18 announced by Mr Arun Jaitley (Finance Minister) on 2nd Feb 2017.
This presentation has been prepared to give a glimpse of Union Budget 2017-18. It will come handy for management students who have Finance as one of their subjects.
The Union Budget for 2018-19 was proposed by Mr. Arun Jaitley on 1st February 2018. The budget proposes significant initiatives for rural & agricultural development, generation of employment, skill development and upgrading infrastructure, but, provides little incentive to the taxpayers. Sharing with you the highlights of this year's Budget.
This slide deck includes the highlights of the recent Union Budget of India for the financial year 2017-18 announced by Mr Arun Jaitley (Finance Minister) on 2nd Feb 2017.
This presentation has been prepared to give a glimpse of Union Budget 2017-18. It will come handy for management students who have Finance as one of their subjects.
The Union Budget for 2018-19 was proposed by Mr. Arun Jaitley on 1st February 2018. The budget proposes significant initiatives for rural & agricultural development, generation of employment, skill development and upgrading infrastructure, but, provides little incentive to the taxpayers. Sharing with you the highlights of this year's Budget.
Latest Key Features of Budget 2017-2018 on each topics discussed in Union Bud...Youth Apps
Latest Key Features of Budget 2017-2018 on each topics discussed in Union Budget 2017.
INTRODUCTION
CHALLENGES IN 2017-18
DEMONITISATION
ROADMAP & PRIORITIES
FARMERS
RURAL POPULATION
YOUTH
INFRASTRUCTURE
FINANCIAL SECTOR
DIGITAL ECONOMY
PUBLIC SERVICE
PRUDENT FISCAL MANAGEMENT
PROMOTING AFFORDABLE HOUSING AND REAL ESTATE SECTOR
PROMOTING DIGITAL ECONOMY
EASE OF DOING BUSINESS
GOODS AND SERVICES TAX
RAPID (Revenue, Accountability, Probity, Information and Digitisation)
The Union Budget for 2017-18 pledged relief for rural India, middle class taxpayers and small and medium-sized companies in the Union Budget 2017-18, saying the government would spend thousands of crores to double farmers' incomes, upgrade infrastructure and provide affordable housing. While unveiling the budget the Hon’ble Finance Minister emphasised that the budget is built on three pillars “Transform, Energise and Clean India”, that is, TEC India. This agenda of TEC India seeks to transform the quality of governance and quality of life of the citizens of India, energise various sections of society, especially the youth and the vulnerable sections of the society and enable them to unleash their true potential. The emphasis of TEC India is also to clean the country from the evils of corruption, black money, and non-transparent political funding. The main focus of the Budget has been to boost government expenditure in order to increase growth, and to muster employment generation.
The Finance Minister said the Indian economy was doing well despite global trends of slowing growth in other emerging economies. He also delivered a big relief to foreign portfolio investors by exempting them from indirect transfer provisions. The centre’s budget size has been pegged at Rs. 21.47 lakh crore, with an increase of 25.47 per cent in capital expenditure. As regards fiscal consolidation, the FM has targeted fiscal deficit of 3.2 per cent for 2017-18 as against earlier target of 3 per cent. For agriculture and rural sector, Mr Jaitley has increased the allocation by 24 per cent to Rs. 1.87 lakh crore for 2017-18. In the case of infrastructure, the planned public investment stood at massive Rs. 3.96 lakh crore.
We have developed an analysis of the budget, which includes opinion pieces from eminent economists and experts.
Edelman India Analysis
Standing in for Mr Arun Jaitley, Finance Minister (FM), Piyush Goyal presented the Union Budget of India earlier today. Highlighting achievements of various Government schemes, Mr Goyal stated that the Government led by Prime Minister Modi has been the most decisive and transformational in executing structural reforms.
Focused on rural and inclusive development over the next 5-10 years, the Budget included significant announcements ahead of the General Elections while also outlining ten dimensions of the Government’s Vision for India’s development by 2030. The launch of, “Pradhan Mantri Kisan Samman Nidhi (PM-KISAN),” which aims to supplement rural income, captured the limelight of this year’s budget. The middle class has also benefited with higher gratuity, broadening of the tax-exempt bracket and waivers on income tax on notional rent. A mega pension scheme for workers in the unorganised sector was also announced along with health coverage under the ‘Ayushman Bharat’ scheme.
The Government has budgeted for overall expenditure of INR 27.8 trillion in 2019-20, an increase of 13% over the previous year’s estimates, while targeting a fiscal deficit of 3.4% in 2019-20 and 3% in 2020-21.
Edelman India Public Affairs team provides an analysis of the Union Budget 2018-19 tabled in Parliament on Feb 1 -- featuring opinions from eminent economists and industry experts.
Contributors include:
Mr. T.S. Vishwanath
Partner, APJ-SLG Law Offices and Senior Advisor, Edelman India
Mr. Nirankar Saxena
Deputy Secretary General, FICCI
Dr. Geethanjali Nataraj
Professor of Applied Economics, Indian Institute of Public Administration
Dr. Amir Ullah Khan
Development Sector Economist, Professor and Director at the Maulana Azad National Urdu University, Visiting faculty of Economic Policy at the Indian School of Business
Mr. Neeraj Bansal
Partner and Head – ASEAN Corridor and Building, Construction and Real Estate sector, KPMG in India
Mr. Ravi S. Kochak
Former Additional Member (Production Units), Indian Railways
The document gives highlights from key sectors – agriculture and rural development, banking, financial services and insurance, defence and aviation, e-commerce and retail, energy, FMCG, food & beverages, infrastructure and housing, manufacturing, railways, social welfare, steel and mining, and technology IT & telecom.
A budget is a quantitative expression of a financial plan, we all know that but, not everyone understands the whole of Budget. For this reason alone, the budget views are presented in a PPT format for your reference.
A presentation by CA Manish Hingar
A Summary of Budget 2016!
Hon. Finance Minister Mr.Arun Jaitley presented a resilient India Budget 2016 which spells the ‘Transformative Agenda’ for the India Economy identifying nine key pillars for the GDP growth. Team RAMA has presented an overall overview of the Union Budget – 2016, summarised key policies changes and Direct & Indirect taxes proposals in brief for easy understanding and quick reference. Hope you will find it useful.
Warm regards & happy reading!
- Ram Agarwal & Associates.
Finance Minister Arun Jaitley presented the Union Budget for 2016-17 and reaffirmed that the economy is on the right track. The budget is aimed at strengthening India's firewalls by ensuring macroeconomic stability and prudent fiscal management; driving growth through domestic demand; and economic reforms and policy initiatives to change lives for the better. With measured focus on social sector reforms and recapitalising India's banking system, this Budget has an overarching focus on improving agriculture, and scaling infrastructure, all of which bode well for the country. The government is now planning to rationalise and channel subsidies to the poor by increasing the burden on the rich, and by increasing spending on public welfare through its own kitty.
Mr. Jaitley said the Union Budget is aimed at improving rural infrastructure and increasing rural income, as the biggest challenge to the economy is agrarian distress. Applauding the budget presented by the Finance Minister, Prime Minister Narendra Modi said the Budget is pro-village, pro-poor and pro–farmers, and is focused on bringing about qualitative changes in the country through a slew of time-bound programmes.
The attached note captures key highlights and summarises major announcements in the Budget.
Please reach out to us should you wish to understand more about the Union Budget and its impact on your business
Missed out on the Union Budget 2017 Presentation?
Indian Finance Minister, Mr. Arun Jaitely has once again taken the nation by wave with his pro-poor, pro-growth, pro-middle class, pro-youth & paradigm shifting Budget. Read the highlights of the Budget here.
Latest Key Features of Budget 2017-2018 on each topics discussed in Union Bud...Youth Apps
Latest Key Features of Budget 2017-2018 on each topics discussed in Union Budget 2017.
INTRODUCTION
CHALLENGES IN 2017-18
DEMONITISATION
ROADMAP & PRIORITIES
FARMERS
RURAL POPULATION
YOUTH
INFRASTRUCTURE
FINANCIAL SECTOR
DIGITAL ECONOMY
PUBLIC SERVICE
PRUDENT FISCAL MANAGEMENT
PROMOTING AFFORDABLE HOUSING AND REAL ESTATE SECTOR
PROMOTING DIGITAL ECONOMY
EASE OF DOING BUSINESS
GOODS AND SERVICES TAX
RAPID (Revenue, Accountability, Probity, Information and Digitisation)
The Union Budget for 2017-18 pledged relief for rural India, middle class taxpayers and small and medium-sized companies in the Union Budget 2017-18, saying the government would spend thousands of crores to double farmers' incomes, upgrade infrastructure and provide affordable housing. While unveiling the budget the Hon’ble Finance Minister emphasised that the budget is built on three pillars “Transform, Energise and Clean India”, that is, TEC India. This agenda of TEC India seeks to transform the quality of governance and quality of life of the citizens of India, energise various sections of society, especially the youth and the vulnerable sections of the society and enable them to unleash their true potential. The emphasis of TEC India is also to clean the country from the evils of corruption, black money, and non-transparent political funding. The main focus of the Budget has been to boost government expenditure in order to increase growth, and to muster employment generation.
The Finance Minister said the Indian economy was doing well despite global trends of slowing growth in other emerging economies. He also delivered a big relief to foreign portfolio investors by exempting them from indirect transfer provisions. The centre’s budget size has been pegged at Rs. 21.47 lakh crore, with an increase of 25.47 per cent in capital expenditure. As regards fiscal consolidation, the FM has targeted fiscal deficit of 3.2 per cent for 2017-18 as against earlier target of 3 per cent. For agriculture and rural sector, Mr Jaitley has increased the allocation by 24 per cent to Rs. 1.87 lakh crore for 2017-18. In the case of infrastructure, the planned public investment stood at massive Rs. 3.96 lakh crore.
We have developed an analysis of the budget, which includes opinion pieces from eminent economists and experts.
Edelman India Analysis
Standing in for Mr Arun Jaitley, Finance Minister (FM), Piyush Goyal presented the Union Budget of India earlier today. Highlighting achievements of various Government schemes, Mr Goyal stated that the Government led by Prime Minister Modi has been the most decisive and transformational in executing structural reforms.
Focused on rural and inclusive development over the next 5-10 years, the Budget included significant announcements ahead of the General Elections while also outlining ten dimensions of the Government’s Vision for India’s development by 2030. The launch of, “Pradhan Mantri Kisan Samman Nidhi (PM-KISAN),” which aims to supplement rural income, captured the limelight of this year’s budget. The middle class has also benefited with higher gratuity, broadening of the tax-exempt bracket and waivers on income tax on notional rent. A mega pension scheme for workers in the unorganised sector was also announced along with health coverage under the ‘Ayushman Bharat’ scheme.
The Government has budgeted for overall expenditure of INR 27.8 trillion in 2019-20, an increase of 13% over the previous year’s estimates, while targeting a fiscal deficit of 3.4% in 2019-20 and 3% in 2020-21.
Edelman India Public Affairs team provides an analysis of the Union Budget 2018-19 tabled in Parliament on Feb 1 -- featuring opinions from eminent economists and industry experts.
Contributors include:
Mr. T.S. Vishwanath
Partner, APJ-SLG Law Offices and Senior Advisor, Edelman India
Mr. Nirankar Saxena
Deputy Secretary General, FICCI
Dr. Geethanjali Nataraj
Professor of Applied Economics, Indian Institute of Public Administration
Dr. Amir Ullah Khan
Development Sector Economist, Professor and Director at the Maulana Azad National Urdu University, Visiting faculty of Economic Policy at the Indian School of Business
Mr. Neeraj Bansal
Partner and Head – ASEAN Corridor and Building, Construction and Real Estate sector, KPMG in India
Mr. Ravi S. Kochak
Former Additional Member (Production Units), Indian Railways
The document gives highlights from key sectors – agriculture and rural development, banking, financial services and insurance, defence and aviation, e-commerce and retail, energy, FMCG, food & beverages, infrastructure and housing, manufacturing, railways, social welfare, steel and mining, and technology IT & telecom.
A budget is a quantitative expression of a financial plan, we all know that but, not everyone understands the whole of Budget. For this reason alone, the budget views are presented in a PPT format for your reference.
A presentation by CA Manish Hingar
A Summary of Budget 2016!
Hon. Finance Minister Mr.Arun Jaitley presented a resilient India Budget 2016 which spells the ‘Transformative Agenda’ for the India Economy identifying nine key pillars for the GDP growth. Team RAMA has presented an overall overview of the Union Budget – 2016, summarised key policies changes and Direct & Indirect taxes proposals in brief for easy understanding and quick reference. Hope you will find it useful.
Warm regards & happy reading!
- Ram Agarwal & Associates.
Finance Minister Arun Jaitley presented the Union Budget for 2016-17 and reaffirmed that the economy is on the right track. The budget is aimed at strengthening India's firewalls by ensuring macroeconomic stability and prudent fiscal management; driving growth through domestic demand; and economic reforms and policy initiatives to change lives for the better. With measured focus on social sector reforms and recapitalising India's banking system, this Budget has an overarching focus on improving agriculture, and scaling infrastructure, all of which bode well for the country. The government is now planning to rationalise and channel subsidies to the poor by increasing the burden on the rich, and by increasing spending on public welfare through its own kitty.
Mr. Jaitley said the Union Budget is aimed at improving rural infrastructure and increasing rural income, as the biggest challenge to the economy is agrarian distress. Applauding the budget presented by the Finance Minister, Prime Minister Narendra Modi said the Budget is pro-village, pro-poor and pro–farmers, and is focused on bringing about qualitative changes in the country through a slew of time-bound programmes.
The attached note captures key highlights and summarises major announcements in the Budget.
Please reach out to us should you wish to understand more about the Union Budget and its impact on your business
Missed out on the Union Budget 2017 Presentation?
Indian Finance Minister, Mr. Arun Jaitely has once again taken the nation by wave with his pro-poor, pro-growth, pro-middle class, pro-youth & paradigm shifting Budget. Read the highlights of the Budget here.
This presentation is an attempt to summarize the salient points of the Indian Budget 2016-17.It is a presentation with basic details and its target audience are students undertaking Graduate level and MBA courses.
Budget 2017-18 - analysis of direct tax proposalsoswinfo
No change in tax slabs
The rate of income tax for individuals and HUF within the slab of 2.5 lakhs to Rs. 5 lakhs reduced from 10% to 5%.
Additional surcharge of 10% on the tax payable by a person having total income exceeding Rs. 50 lakhs but not exceeding Rs. 1 crore.
Key Highlights on 10 big themes of Union Budget FY17-18emkayglobal
Key highlights on 10 themes of Union Budget FY17-18 – Farmers, rural population, youth, poor and underprivileged, infrastructure, financial sector, digital economy, public service, prudent fiscal management, tax administration.
This presentation is regarding the whole budget analysis of 2019 mentioning the important investments and expenditures of the government in coming years.
Thank You
Comprehensive analysis of indian budget 16 17Pankaj Walia
Happy to present my view and key features of the Indian Budget for 2016-2017.
Overall, a balanced budget to support the needs of the stressed sectors while simultaneously weighing the impact of additional burden on account of the recommendations of the 7th Central Pay Commission and the implementation of Defence OROP.
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how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
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how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
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how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
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2. ∆Budget Highlights In Various Sectors∆
•Divided his budget proposal into 10 distinct themes: Farmers; rural
population; energizing youth; poor and underprivileged; infrastructure;
financial sector; digital economy; public service; prudent fiscal
management; and tax administration.
OPENING REMARKS:
•Massive war against black money has been launched
•We will focus on energizing youth to reap benefits of growth
•World economy faces considerable uncertainty: FM
•Three major challenges for emerging economies: US Federal Reserve’s
stance, uncertainty over commodity prices, especially crude prices and
signs of increasing retreat from globalization as protectionist fears build
up
3. •India stands out as a bright spot
2/1/2017•Govt has continued with steady path of fiscal consolidation:
FM
•We are seen as an engine of global growth: FM
• There are two tectonic policy initiatives: GST implementation and
demonetization
•Demonetization was the continuation of series of measures taken in
last two years and was a bold and decisive measure
•Demonetization seeks to create a new normal where GDP would be
cleaner and bigger
•Drop in economic activity due to remonetization is expected to have
only a transient effect
•Demonetization has strong potential to generate long-term benefits
4. •Demonetization helps to transfer resources from tax evaders to govt
•Firmly believe demonetization and GST will have epoch-making impact
•Pace of remonetization will soon reach comfortable levels; effect of
demonetization not expected to spill over into next year
•Surplus liquidity in banking system will raise access to credit, leading
to multiplier effect on economic activity: FM
•Overall approach in budget to spend more in rural areas
•Budget 2017-18 contains 3 major reforms: advancement of date of
presentation, merger of railway budget with general budget, abolition
of Plan and non-Plan expenditure
5. FARMERS:
•Farmer credit fixed at record level of Rs10 trillion; will ensure
adequate flow to underserved areas
•Soil health cards: Govt to set up mini-labs in Krishi Vigyan Kendras
•Long-term irrigation fund in Nabard—corpus at Rs40,000 crore
•Model law on contract farming to be circulated
•Dairy processing infra fund with corpus of Rs8,000 crore
•Dedicated micro-irrigation fund with Rs5,000 crore corpus
RURAL POPULATION:
•Mission Antyodaya to bring 1 crore households of poverty
•MGNREGA: Rs48,000 crore has been allocated; participation of
6. women now at 55%; using space technology in a big way
•Prime Minister Gram Sadak Yojana: Rs19,000 crore allocated; along
with states, Rs27,000 crore will be spent in FY18
•Pradhan Mantri Awas Yojana: Rs23,000 crore allocated
•100% village electrification by May 2018
•Rural livelihood mission: Rs4,500 crore allocated
•Mason training to be provided for 5 lakh people
•Panchayat Raj: Human resource reform programme to be launched
•Rs1,87,223 crore allocated for rural programmes
YOUTH:
•Education: System of measuring annual learning outcomes, emphasis
7. on science
•Innovation fund for secondary education
•Reforms in UGC: Colleges to be identified based on ranking and given
more autonomy
•Propose to leverage information technology with launch of SWAYAM
platform for virtual learning
•National testing agency to be established for all entrance exams,
freeing up CBSE, AICTE and other bodies
•100 Indian international skill centres to be established with courses in
foreign languages
•Rs4,000 crore allocated to launch skill acquisition and knowledge
awareness
•Special scheme for creating employment in leather/footwear sector
8. •Tourism: Five special zones to be set up
Budget 2017: Jaitley reduces income tax rates for individuals,
companies
POOR AND UNPRIVILEGED:
•Women: Mahila Shakti Kendras with Rs500 crore corpus
•Stepped up allocation to Rs1.84 trillion for various schemes for
women and children
•Affordable housing to be given infrastructure status
•Action plan to eliminate leprosy by 2018, TB by 2025, reduce IMR to
29 in 2019
•To create additional PG medical seats per annum
•Two new AIIMS in Jharkhand and Gujarat
9. •New rules to be introduced for medical devices
•Labour rights: Legislative reforms to simplify and amalgamate existing
labour laws
•Allocation to SCs increased to Rs52,393 crore; STs given Rs31,920
crore, minority affairs allocated Rs4,195 crore
•Senior citizens: Aadhaar-based smart cards with health details to be
provided
INFRASTRUCTURE:
•Total capex and development expenditure of railways pegged at
Rs1.31 trillion
•Railways: Passenger safety—Safety fund corpus set up; unmanned
level crossings to be eliminated by 2020
•Railway lines of 3,500km to be commissioned
10. •To launch dedicated tourism/pilgrimage trains
•500 stations to be made differently-abled friendly
•Cleanliness in railways: To introduce Coach Mitra facility; By 2019,
biotoilets for all coaches
•Railways to offer competitive ticket-booking facility; service charge
withdrawn for tickets booked on IRCTC
•New metro rail policy to be announced
•Roads sector: Allocation for national highways at Rs64,000 crore
•Airports Authority of India Act to be amended to enable monetization
of land resources
•Total allocation to transport sector at Rs2 trillion
•Telecom sector: Allocation to Bharat Net programme at Rs10,000
crore
11. •Digi-gau initiative to be launched
•To make India global hub for electronics manufacture
•Export infra: New restructured central scheme to be launched
•Total allocation for infrastructure: Rs3.96 trillion
FINANCIAL SECTOR:
•Foreign Investment Promotion Board (FIPB) to be abolished
•Commodities market: panel to study legal framework for spot and
derivative markets
•Resolution mechanism for financial firms
•Cyber-security: Computer emergency response team to be set up
12. • Listing of PSEs will foster public accountability; revised mechanism for
time-bound listing
•To create integrated public sector oil major
•New ETF to be launched
•Pradhan Mantri Mudra Yojana: Lending target at Rs2.44 trillion
•Stand-up India scheme: over 16,000 new enterprises have been set up
DIGITAL ECONOMY:
•India at cusp of massive digital revolution
•Govt to launch two new schemes to promote BHIM app, including
cashback scheme for merchants
•Aadhaar Pay to be launched for people who don’t have mobile phones
13. •Focus on rural and semi-urban areas
•To strengthen financial inclusion fund
•Panel on digital payments has recommended structural reforms
•To create payment regulatory board at RBI
PUBLIC SERVICES:
•To use head post-office for passport services
•Defence: centralized defence travel system developed
•Defence: Centralized pension distribution system to be established
•Govt recruitment: To introduce two-tier exam system
•Govt looks to introduce laws to confiscate assets of economic
defaulters
14. •High-level panel chaired by PM to commemorate Mahatma Gandhi’s
150th birth anniversary
FISCAL MANAGEMENT:
•Total budget expenditure: Rs21 trillion
•Rs3,000 crore to implement various budget announcements
•Defence expenditure excluding pensions: Rs2.74 trillion
•Consolidated outcome budget for all ministries being created
•Fiscal deficit for FY18 pegged at 3.2% of GDP
•Revenue deficit for FY18 at 1.9%
TAX ADMINISTRATION:
15. •Direct tax collection not commensurate with income/expenditure
pattern of India
•We are largely a tax non-compliant society; predominance of cash in
society enables tax evasion
•After demonetization, data received will increase tax net
•Black money: No cash transactions above Rs3 lakh
•Transparency in political funding: Parties continue to receive
anonymous donations; propose system of cleaning up
•Political funding: Maximum amount of cash donation that can be
received is Rs2,000; political parties can receive donations by cheques
or digitally; amendment proposed to RBI Act to issue electoral bonds;
every party has to file returns within specified time
•Personal income tax: Rate reduced to 5% for income bracket of Rs2.5-
5 lakh; All other categories to get uniform benefit of Rs12,500 per
person; to levy surcharge on income bracket Rs50 lakh-Rs1 crore
16. •Personal income tax: To have simple one-page form for taxable
income up to Rs5 lakh
•GST: preparedness of IT system on schedule
•Not many changes to excise duties since GST will be implemented
soon
•FPI category 1 and 2 investors exempted from indirect transfer
provisions
•Time period of revising tax returns reduced to 12 months
•Real estate: to make changes in capital gains tax
•Concessional withholding rate will be extended to 30 June 2020,
rupee-denominated masala bonds to be included
•MAT not to be abolished at present; to allow carry-forward for 15
years
17. •Corporate tax rate: MSMEs’ rate (annual turnover less than Rs50crore)
reduced to 25%
•LNG: Reduce customs duty to 2.5%
•Limit of cash donation for charitable trusts cut to Rs2,000