The budget fever finally ends today when the finance minister of India Mr. Arun Jaitley started to read his budget documents in the parliament earlier today. Though, the parliament faced some chaos and drama because of the death of the farmer union minister Mr. E. Ahamed due to heart attack in the parliament building, the FM clears the chaos by saying the budget session will follows right after the condolence statement for the former minister death at the house.
Here are the few major of schemes and Initiatives announced in the union budget of India 2017-2018.
- In order to boost the employment rate among the potential youths of the nation, the FM announced special schemes which will leads towards the job creation in shoe and leather Industries.
- For people who prefer digital transaction, they will get significant amount of cash back features and also for merchants too. In addition to that referral bonus scheme was introduced in order to boost the digital transaction among the citizens of India.
- Central government of India is about to implement the fixed interest for the senior citizens for the deposits which are made with the time frame of 10 years by joining hands with the LIC. Experts suggested that this announcement came because of the uncertainty of market prevails after the impact of the demonetization in the country.
- For those who are booking rail tickets via IRCTC will get the super offer as the central government is about to lift the service charges for the rail tickets booking through IRCTC portal. In addition to that, in order redress the complaint arising among the passengers about the rail coaches, Coach Mitra facility is going to be implemented soon.
- Thought, several states already started to implement the procedure of providing e-health cards according to the bio-metric verification process carried with the help of Aadhaar card to its citizens, the budget section includes the announcement of E-health card which relates the Aadhaar card to all the senior citizens across the nation.
- To drive people towards the digital payment system, Aadhaar based payment system will be implemented soon, the platform will be highly beneficial for those who do not own net or mobile banking facilities with the bank accounts.
- The central government will soon announced two new schemes, including the insurance guidelines for mobile wallet transactions with the motive of boosting the usage of BHIM app among the people.
- In order to boost the welfare facilities provided by the government for women and children across the villages of India, the central government will allocate Rs. 500 crore for the setting Mahila Shakti Kendras.
- For boost the micro unit developments across the nation, the budget included the information of increasing the lending target to the micro units to around Rs. 2.5 Lakh for the upcoming financial year 2017-2018.
- In the financial year of 2017 – 2018, the high – Speed broadband will be the gateway for the future, on accounting that, the budget 2017 includes the allocation of Rs. 1 Lakh crore for Bharat Net Project. Also, in the FY18 about 1.5 Lakh villages will get High-Speed broadband connections.
- In order to promote the tele-medicine and education fields in the nation, scheme Digi Gaon will be launched soon, which will drive the market towards the digital technology.
- As per the rules quoted in the budget 2017, the banks are supposed to provide home loans for its customers for developing the infra status of the affordable houses.
- For traders and startup owners, special trade infrastructure scheme and the certain relaxation for Income Tax are about to implemented. With this IT exemption startups owners might get more advantages as they can skip IT.
- Farmers would get the credit loan with higher limits and the government is about to increase the threshold limit to 10Lakh crore for the agri-credit sector. With this announcement in the budget 2017, the cash flow in the farm sectors across the nation would be increased and farmers would get more cash for the cultivation.
- For taxation, special surcharge of 10% will be introduced for those who has annual income of over 50 Lakhs and for how earns above 1 Crore will get 15% surcharges. Also it is mandatory on submitting PAN to do cash transfers above 3 Lakh.
- Furthermore, all political parties across the nation will be forced to file the income tax returns by doing so the central government strongly believes on controlling the black money from the market.
- For boosting the confidence and to provide better security for the people who does online transaction, separate team will be formed who will guards the potential cyber thread in the online financial sectors.
- For those who falls the income tax slab for 2.5lakh to 5 lakh annual earners will be 5% slash in their income taxation. Also the budget 2017 removes the 5% TDS deduction on the insurance agent.
To provide better interactive platform for the defense pensioners for sorting their queries and doubts regarding their pensions, separate web-based portal will be introduced soon.
Apart from those major announcement and plans, there are few more announcements & schemes take part in the budget 2017 presentation done by the Finance minister Mr. Arun Jaitley in the parliament today.