Highlights of Budget 2017
The much expected Financial Budget for the year was presented by Finance Minister Mr Arun Jaitley at the parliament on February 1st. It must be noted that this was his fourth budget presentation. A lot was expected out of this budget and we must admit that most of them were fulfilled. Here is a brief look at how the stock markets reacted to Mr Jaitley’s budget.
It was interesting to note that as Mr Jaitley started off with his budget presentation, there was a steady growth in both Nifty as well as the Sensex. The Sensex which had lost 226 points in the first 2 days of the week had gained close to 300 points after Jaitley’s speech yesterday. Such a positive impact in the initial phase of this year’s budget does promise a good year for the stock market. The latest union budget will indeed generate greater financial savings for individuals.
Let’s take a look at the key highlights of the budget presented by Mr Arun Jaitley.
- Your annual earning fall in the Rs 2.5 Lakh – Rs 5 Lakh slab? It’s your turn to be happy now. Income tax rate for individuals in this slab has been halved to 5%.
- Your annual earnings are above Rs 1 Crore? We are sorry, the 15% surcharge still exists for you.
- For individuals falling under the Rs 50 Lakh – Rs 1 Crore slab, there will be a surcharge of 10%.
- Remonetisation is quickly happening and there will no more be any hassles.
- Growth in GDP is expected as a result of demonetisation.
- Agriculture is expected to grow at a rate of 4.1% and farm income will be doubled in 5 years.
- Jharkand and Gujarat gets healthier with Two new AIIMS being proposed to set up in the states.
- Aadhar based health cards will be issued to senior citizens.
- If you are a frequent train commuter, you can now save more in each ticket booking. Service charges has been dropped on tickets booked through IRCTC.
- Delhi and Jaipur will become more clean with the installation of solid waste management plans
- Coach mitra facility will be launched to address customer grievances regarding rail coaches.
- There will no more unmanned railway crossings after 2020.
- A dedicated micro-irrigation fund is to be set up by NABARD.
- Digi Gaon – A digital village will be set up to promote tele-medicine.
- Rs 10,000 Crore has been allocated for the ambitious Bharat Net Project that promises high speed internet.
- The shares of IRCTC will be listed on various stock exchanges.
- Solar tempered glasses have been exempted from customs duty.
- Excise duty on cigarettes less than 65 mm has been raised to Rs 311 per thousand.
- Excise duty on Pan Masala has been increased to 12%.
- A phenomenal 17% growth in direct tax revenue was witnessed for the second consecutive year.
- A new metro rail policy will be unveiled.
With so many impressive points being made, this budget will definitely prove to be a great one provided the mentioned things are fulfilled.