After a brave step towards developing the economic state of the country taken by Narendra Modi, everything relate to finance has gained utter importance. Today, Union Finance Minister, Arun Jaitley presented the Budget Plan and it read out the following as summary.
1. Income Tax rate cut to 5% for individuals having income between Rs 2.5 lakh to Rs 5 lakh
2. 10 % surcharge on individual income above Rs 50 lakh and upto Rs 1 cr to make up for Rs 15,000 cr loss of due to cut in personal I-T rate.
3. 15% surcharge on income above Rs 1 cr to continue.
4. Of 3.7 cr individuals who filed tax returns in 2015-16, 99 lakh showed income below exemption limit.
5. Spend more in rural areas, infra, poverty alleviation, while maintaining fiscal prudence as guiding principle of Budget.
6. Revenue deficit reduced to 2.1% from 2.3% for 2016-17.
7. Govt pegs fiscal deficit target at 3.2 percent for 2017-18 and 3 percent for next year.
8. Monetary policy to be expansionary in major economies
9. Agricultural sector is expected to grow at 4.1 per cent this fiscal.
10. Target of agriculture credit fixed at Rs 10 lakh cr in 2017-18.
11. It has been proposed to provide safe drinking water to 28,000 arsenic and fluoride affected habitations
12. To construct one crore houses by 2019 for homeless. PM Awas Yojana allocation raised from Rs 15,000 cr to Rs 23,000 cr
13. 1.5 lakh health sub centres to be converted to Health Wellness Centres
14. A scheme for senior citizens to ensure 8 per cent guaranteed returns