2017 Union budget of India

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2017 (2017) Union Budget of India
Emblem of India.svg
Submitted to Parliament of India
Presented1 February 2017
Passed1 February 2017
Parliament 16th (Lok Sabha)
Party Bharatiya Janata Party (BJP)
Finance minister Arun Jaitley
Total revenue 2,146,735 crore (equivalent to 30 trillionorUS$350 billion in 2023) [1]
Total expenditures 2,531,762 crore (equivalent to 36 trillionorUS$410 billion in 2023) (grand total) [2]
Program Spending 2,146,734 crore (equivalent to 30 trillionorUS$350 billion in 2023) (through budget) [3]
Debt payment 523,078 crore (equivalent to 7.3 trillionorUS$85 billion in 2023) [3]
Deficit 546,532 crore (equivalent to 7.7 trillionorUS$89 billion in 2023) [4] (3.2%) [4] (Fiscal deficit) 321,163 crore (equivalent to 4.5 trillionorUS$52 billion in 2023) [4] (1.9%) [4] (Revenue deficit)
Website www.indiabudget.gov.in
  2016
2018

The 2017 Union Budget of India is the [5] [6] [7]

It was presented before the parliament on 1 February 2017 by the Finance Minister of India, Arun Jaitley with 21.47 lakh crore rupees (US$336.39 billion) budget size. [8] [9] [10] [11] [12]

Contents

The Finance Minister of India started speech by quoting "Madam Speaker, On this auspicious day of Vasant Panchami, I rise to present the Budget for 2017-18. Spring is a season of optimism. I extend my warm greetings to everyone on this occasion." [13]

In his speech the Finance Minister of India, Arun Jaitley has quoted that the Agenda for 2017-18 is "Transform, Energise and Clean India" – TEC India. [14] He further went to explain that TEC India means to [15]

The printing of the budget documents began with a traditional Halwa ceremony in January 2017.32

It's the first budget after major changes in the economy like Goods and Services Tax (India) and 2016 Indian banknote demonetisation.

Railway budget

Railway budget will be merged with the Union budget and classification of plan and non-plan expenditure has been done away with starting from the year 2017 by Narendra Modi led Government of India. [16] [17]

Key points

Finance Bill

Finance Minister Arun Jaitley presented Finance Bill on 21 March 2017. He has suggested major overhaul in the bill. 40 changes have been suggested by him in the existing legislations. Some of the major changes are

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References

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  3. 1 2 "Expenditure of Government of India" (PDF). Ministry of Finance, Government of India . Retrieved 29 January 2018.
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  11. "Highlights of Union Budget 2017-18". The Hindu . Retrieved 1 February 2017.
  12. "Budget: Rs 55,000 Cr for Railways; Focus on Safety, Infrastructure". The Quint . Retrieved 1 February 2017.
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  15. Rajya Sabha TV (1 February 2017), FULL SPEECH: Finance Minister Arun Jaitley's Budget Speech | Union Budget 2017-18 , retrieved 1 February 2017
  16. "Budget challenges", Live Mint , 29 January 2017
  17. "In Budget, fencing of Delhi-Howrah, Mumbai routes to improve speed", The Indian Express , 29 January 2017
  18. "Budget: Cash Transactions Over Rs 3 Lakh to Invite 100% Penalty", The Quint, 2 February 2017
  19. "Union Budget 2017-18: Income Tax rate halved to 5 per cent for Rs 2.5-5 lakh slab", India Today , 1 February 2017
  20. Union Budget 2017 Highlights
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  22. "Budget: Cash Donations to Political Parties Capped at Rs 2,000", The Quint, 2 February 2017
  23. "Budget 2017: Government Decides To Abolish FIPB", Bloomberg Quint, 1 February 2017
  24. "Govt to abolish Foreign Investment Promotion Board: Finance Minister", Business Standard , 1 February 2017
  25. "Union Budget 2017: PMAY's allocation increases to Rs 23,000 crore", The Financial Express , 1 February 2017
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  30. "Budget 2017: Highest Ever Allocation For MGNREGA At Rs 48,000 Crore, Says Jaitley", Bloomberg Quint, 1 February 2017