Back10 takeaways from Union Budget 2017
Rural development, infrastructure, and a push towards a digital economy featured prominently in Arun Jaitley's budget speech
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Finance minister Arun Jaitley on Wednesday presented the Union Budget 2017, with significant focus on rural development, infrastructure, and a push towards a digital economy. Several tax cuts, both on individual and company level, were also doled out.
Here are the 10 takeaways from the budget:
■ Total expenditure is Rs21.47 trillion for 2017-18 including Rs2.74 trillion for defence expenditure.
■ Fiscal deficit for 2017-18 pegged at 3.2% of gross domestic product.
■ Government to spend more in rural areas, on infrastructure and towards poverty alleviation. Budget for Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) hiked to Rs48,000 crore. A 24% increase in total allocation for rural, agriculture and allied sectors to Rs187,223 crore.
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■ Taxation rate for individual taxpayers between ₹ 2.5-5 lakh income down to 5% from the present rate of 10%.
■ No cash transactions above Rs3 lakh permitted.
■ Mission Antyodaya to bring one crore households out of poverty and to make 50,000 gram panchayats poverty free by 2019.
■ India to build one crore houses by 2019 for the homeless.
■ Integration transportation architecture to be set up with an overall infrastructure sectoral allocation of Rs396,135 crore.
■ Government considering new law to confiscate the assets of offenders, who have fled the country.
■ Rs2,000 is the maximum amount of cash donation that a political party can receive from an individual.
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