Union Budget 2017 Live: Markets cheer Arun Jaitley’s budget speech, Rahul slams it11 min read 01 Feb 2017, 10:26 AM IST
Finance minister Arun Jaitley has presented the Union Budget 2017 in Parliament. Here are the live updates following his budget speech
Union finance minister Arun Jaitley on Wednesday presented the Union Budget 2017, proposing revised income tax limits for individual assesses, higher spending in the infrastructure sector, and measures to push India towards a digital economy. Here are the live updates following his budget speech:
12.32pm: Due to demonetisation, advance tax on personal Income tax increased by 34.8%
12.28pm: We are committed to make taxation rates reasonable. This approach will change the colour of money.
12.27pm: From 8 November to 30 December ((demonetisation period), deposits between Rs2 lakh and Rs80 lakh were made in 1.09 crore bank accounts.
12.25pm: Arun Jaitley says India largely a tax non-compliant country.
12.24pm: Trade Infrastructure Export Scheme to be launched in 2017-18; total allocation for infrastructure at record ₹ 3.96 lakh crore ( ₹ .96 trillion).
12.22pm: Digi Gaon will be launched to promote tele-medicine and education. Dedicated micro-irrigation fund to be set up by Nabard to achieve mission of Per Drop, More Crop. (PTI)
Second phase of solar power development to be taken up with an aim of generating 20,000 MW. Trade Infrastructure Export Scheme to be launched in 2017-18. The total allocation for infrastructure at record Rs3.96 trillion. (PTI)
12.20pm: Budget allocation for highways stepped up to ₹ 4,000 crore in FY18 from ₹ 7,676 crore. For transport sector, including railways, road and shipping, government provides ₹ 2.41 lakh crore. (PTI)
Allocation of Rs10,000 crore for Bharat Net project for providing high-speed broadband in FY18. (PTI)
12.12pm: Service charge on e-tickets booked through IRCTC will be withdrawn; railway tariffs to be fixed on the basis of cost, social obligation and competition; new metro rail policy to be unveiled. (PTI)
Delhi and Jaipur to have solid waste management plants and five more to be set up later. (PTI)
12.11pm: Government proposes Coach Mitra facility to redress grievances related to rail coaches. (PTI)
12.08pm: Capital and development expenditure pegged at ₹ 1.31 lakh cr for railways in 2017-18 from the budget. ₹ lakh crore ( ₹ trillion) corpus for railway safety fund over five years. Five hundred stations will be differently abled by providing lifts and escalators. (PTI)
12.04pm: FIPB (Foreign Investment Promotion Board) to be abolished in 2017-18 to liberalize FDI policy. Over 90% of FDI proposls are now processed through automatic route. (PTI)
12.03pm: 35% increase in allocation for Scheduled Castes to Rs52,393 crore.
12.02pm: Model Shops and Establishment Bill to open up additional opportunities for employment of women. For senior citizens, Aadhaar-based health cards will be issued.
12.00pm: The government to set up dairy processing fund of Rs8,000 crore over three years with initial corpus of Rs2,000 crore.
11.55am: In higher education, we will undertake reforms in UGC (University Grants Commission), give autonomy to colleges and institutions. The allocation for rural agri and allied sector in 2017-18 is record Rs181,223 crore. (PTI)
Pradhan Mantri Kaushal Kendras will be extended to 600 districts; 100 international skill centres to be opened to help people get jobs abroad (PTI)
11.52am: Cabinet extends tenure of loans under Credit Linked Subsidy Scheme of Pradhan Mantri Awas Yojana from 15 to 20 years.
11.51am: A system of annual learning outcome in schools to be A system of annual learning outcome in schools to be introduced; innovation fund for secondary education to be set up
11.50am: We propose to provide safe drinking water to 28,000 arsenic and fluoride affected habitations. Sanitation coverage in villages has increased from 42% in October 2016 to 60%, a rise of 18%. (PTI)
11.48am: Rs27,000 crore on to be spend on Pradhan Mantri Gram Sadak Yojana; one crore houses to be completed by 2017-18 for the homeless. (PTI)
11.47am: The merger of the railway budget with the general budget brings focus on a multi-modal approach for development of railways, highways and inland water transport. Functional autonomy of the railways to be maintained. (PTI)
11.46am: Demonetisation was a continuation of series of measures taken by the government in two years it is bold and decisive measure. It will have only transient impact on economy and bring in long-term benefits including higher GDP growth and tax revenue. Demonetisation will help in transfer of resources from tax evaders to government. (PTI)
11.45am: The government took two tectonic policy initiatives in 2016-17: the passage of Goods and Services Tax (GST) Bill and demonetisation. Pace of remonetisation has picked up; demonetisation effects will not spill over to next year. (PTI)
11.43am: We are seen as engine of global growth. The International Monetary Fund (IMF) sees India to grow fastest in major economies. Effects of demonetisation not expected to spill over to the next year.
11.41am: Agricultural sector is expected to grow at 4.1% this fiscal. Target of agriculture credit fixed at Rs10 trillion in 2017-18. Rs9,000 crore higher allocation for payment of sugarcane arrears.
Allocation under MGNREGA increased to 48,000 crore from Rs38,500 crore in Union Budget 2017. This is highest-ever allocation. Space technology to be used for monitoring MGNREGA implementation.
11.38am: Arun Jaitley says committed to double farm income in five years.
11.35am: The government’s agenda for next year is to transform, energise and clean India. World Bank expects India GDP growth rate at 7.6% in FY18 and 7.8% in FY19.
Mini labs by qualified local entrepreneurs to be set up for soil testing in all 648 krishi vigyan kendras in the country. Plan, non-plan classification of expenditure done away with in Union Budget 2017-18 to give a holistic picture.
11.33am: The government will spend more in rural areas, infrastructure, poverty alleviation, while maintaining fiscal prudence as guiding principle of the budget. Budget presentation advanced to help begin implementation of schemes before the onset of monsoon.
11.31am: The merger of railway budget with the Union budget is a historic step, does away with a colonial practice, and will allow for an integrated plan.
11.19am: Demonetisation was a bold and decisive strike in a series of measures to arrive at a new normal of bigger, cleaner and real GDP. Double-digit inflation has been controlled, sluggish growth replaced by high growth. There are positive signs that point to a positive outlook for the next year.
11.18am: We are moving from informal to formal economy, and the government is now seen as a trusted custodian of public money.
11.16am: India stands out as a bright spot in world economic landscape. Growth in a number of emerging economies is expected to recover in 2017.
11.15am: Arun Jaitley says have moved from a discretionary-based administration to a policy and system-based administration, A massive war on black money has been launched.
11.10am: Finance minister Arun Jaitley starts presenting the Union Budget in the parliament amid ruckus from the opposition benches.
11.05am: Mahajan says it is an exceptional situation as the budget session has been called by President Pranab Mukherjee. The House will not sit on Thursday as a mark of respect for the dead parliamentarian. Congress’s Mallikarjun Kharge demands the adjournment of House today, he says the Union budget can be presented tomorrow.
11.00am: Lok Sabha speaker Sumitra Mahajan reads out an obituary reference to late MP E. Ahamed.
11.00am: Opposition opposes budget presentation, calling for the parliament to be adjourned following the death of MP E. Ahamed.
10.46am: PM Narendra Modi arriving in Parliament House for the cabinet meeting.
10.44am: Lok Sabha speaker Sumitra Mahajan says “budget will be there as it is a constitutional obligation".
10.22am: The finance minister is expected to present the annual federal budget on schedule later on Wednesday despite the death of a sitting member of parliament, a spokesman for the prime minister’s office said.
Parliament typically adjourns for a day after the death of a member, although Indian TV channels cited a precedent where the budget presentation had still gone ahead in a previous year.