Finance Minister announces annual Budget Photograph: (AFP)
Jaitley has presented the budget in India's lower house of Parliament
The Speaker of Lok Sabha, Sumitra Mahajan started the proceedings with an obituary reference to former union minister and MP E. Ahamed who passed away today.
Finance minister Arun Jaitley has begun his budget speech:
Inflation in double-digit has been controlled
We have started a war on black money
According to the IMF, India will be one of the fastest growing economies in 2017-18
Pressure on protectionism is going up: Impact on exports
We have moved from a discretionary administration to a policy-based administration
Fiscal deficit has declined
Demonetisation has been a bold move, it will have long-term benefits. The pace of remonetisation has picked up
Growth will pick up in 2017.
There is early evidence of bank loans at lower rates
Current account deficit has declined, the govt will spend more on poor
Transform, energise and clean India
Will double farmers' income in 5 years
Focus will be on more jobs for the youth
Target for agriculture credit set for 2017-18 set at 10 lakh crore
Government has done away with planned and non-planned expenditure for states
Demonetisation will not spill over to next year
Government promises to bring 1 crore households out of poverty
Dairy processing infrastructure fund to be created.
Rural road targets to be increased, 138 km roads to be built per day
48,000 crore allocated to MNREGA, "this is the biggest ever allocation for MNREGA"
Emphasis on science and local innovation
Reform of UGC
Leverage IT technology to help students
350 online courses with top faculty
Quality education will energise the youth
Single authority for exam entrance
100 skill centres across India
Women & Children
Mahila shakti Kendra to be set up
Higher investment in affordable housing
National Housing Bank will refinance loans
Reform of Labour laws
Will reduce cost of life-saving drugs
5 special tourism zones to be set-up
1 lakh thirty-one thousand crore expenditure in 2017-18
Passenger safety, cleanliness, finance and accounting to be the key
Rail Sanraksha fund to be set up
Redevelopment of stations
Shares of IRCTC to be listed
Service charge on e-tickets withdrawn
7,000 stations to get solar power
New Metro rail policy to be announced which will open up job opportunity.
Airports in tier-2 cities to be revamped
Bio-toilets to be set up.
Abolition of FIPB (Foreign Investment Promotion Board)
New FDI policy under consideration
Disinvestment policy to continue
Promotion of Digital Economy
'India at the cusp of digital economy'
Bheem app launched will help in transforming the digital economy
Cash back scheme and referral scheme to be launched to push digital economy
Aadhar to push digital transformation. Aadhar enabled payment scheme to be launched.
"Govt considering new law to confiscate assets of economic offenders"
Increase in capital expenditure by 25.4 per cent
Fiscal Deficit pegged at 3.2 per cent of GDP
India tax to GDP ratio is very low
Only 24 lakh showed income over 10 lakhs
'Burden of taxes falls on just a few'
Committed to making tax rates reasonable.
Only 1.74 crore people filing taxes in India
Bring transparency in poll funding.
34.8 per cent increase in income tax declaration
"We are a non-tax compliant society"
Changes in capital gains on sale of property
Relaxation of tax norms on unoccupied property
Income tax exception to startups increased
Tax exception for land pooling
Income tax for small companies reduced, MSME sector to get a boost
Holding period for realty sales now to be 2 years
No cash transaction over 3 lakhs
Tax on income upto 5 lakhs cut by 5 per cent
Surcharge on those earning more than 1 crore to continue
No tax upto 3 lakh rupees
10% surcharge on income between 50 lakhs to 1 crore.
Political funding reduced to Rs 2,000 per head
Political parties can get payment through cheques or digital payments
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