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 has identified fiscal expenditure as one of the key drivers of the economy. Accordingly, Finance Minister Arun Jailtley announced following initiatives:
• Fiscal deficit for 2017-18 pegged at 3.2 per cent of GDP.
• The Finance Minister Arun Jaitley committed to achieve 3 per cent fiscal deficit in the fiscal year 2018-19.
• The total expenditure for 2017-18 has been placed at Rs. 21.47 lakh crore.
• The allocation for Capital expenditure has been stepped up by 25.4 per cent over the previous year with the aim of fiscal consolidation.
• The total resources being transferred to the States and the Union Territories with Legislatures is Rs. 4.11 lakh crore in 2017-18, as against Rs. 3.60 lakh crore in BE 2016-17.
• A provision of Rs. 3000 crore has been made under the Department of Economic Affairs to implement various Budget announcements and other New Schemes in 2017-18.
• A sum of Rs 274114 crores, including Rs. 86488 crores for Defence capital, has been allocated for Defence expenditure. This excludes pensions.
• The allocation for Scientific Ministries has been increased to Rs. 37435 crore in 2017-18.
• The Revenue Deficit of 2.3 per cent in BE 2016-17 stands reduced to 2.1 per cent in the Revised Estimates.
• The Revenue Deficit for 2017-18 is pegged at 1.9 per cent, against 2 per cent mandated by the FRBM Act.