The Union Finance Minister Arun Jaitley on 1 February 2017 presented the Union Budget 2017 in the Lok Sabha. In the independent India, this will be the 87th budget and the third of the Modi Sarkar.
The Budget 2017 is also unique in the sense that it is the first budget after introduction of three key changes to the budget process viz., merging of the Railway Budget with the General Budget, Doing away with the classification of plan and non plan expenditure and most importantly advancing the budget presentation date by one month.
Highlights of Arun Jaitley speech are –
• Focus will be energesing the youth for the overall development of the economy.
• Inflation will be expected to be in the RBI’s projected safe limit.
• The FDI 1.45 lakh crore in the first half of financial year.
• Economy successfully aborbed the shocks from the external sector.
• As per IMF, the economy will be one of the emerging in the world. It was also ascertained by the WEF, World Bank.
• Sixth largest industrial sector in the world.
• GST Bill and demonetisation initiatives are the game changers.
The Union Budget identified following 10 areas to transform the economy
1. Rural Infrastructure
2. Education, skill and Employment
4. Financial sector growh of insti
5. Digital Economy
6. Public service delivery
7. Prudence fiscal management
8. Tax administration – Honouring the Honest
9. Indina farming sector
10. Growth and stability