This year’s Union Budget is said to be the ‘mega-budget’ as it is unique and different in many ways. For the first time since Independence, the Union Budget and Railway Budget has been merged into one Budget.
On Wednesday Finance Minister Arun Jaitley is ready to present his fourth budget and will unveil the Budget for the year 2017-18 in Lok Sabha.
It will be interesting to watch the Budget of this year as it is been followed by the demonetization move by Prime Minister Narendra Modi on November 8, 2016.
Lok Sabha speaker Sumitra Mahajan begins the budget session announcing the passing away of MP E Ahamed. Mahajan has also highlighted the career of Ahamed as a member of Parliament.
Speaker Sumitra Mahajan has said that she would have adjourned the house for the day but today’s session has been fixed by the President Pranab Mukherjee.
As Arun Jaitley has stood to present the budget he has said Madam Speaker, on the day of Vasant Panchami I rise the Union Budget for the year 2017-18.
Arun Jaitley has said that we have launched a massive war against black money. Inflation in the double figure has been controlled. Now the government is been seen as a trusted custodian of public money, people have shown strong support to the government.
We will fight against the issues like price rise and inflation. It is expected to recover the growth in 2017 in a number of emerging economies.
Arun Jaitley has said that India has become the sixth largest manufacturing country in the world. Foreign Institutional Investors (FIIs) has been increased from Rs 1.07 lakh cr to Rs 1.45 lakh cr.
It is expected that CPI inflation will remain within RBI’s mandated range of 2 to 6 percent. World GDP will grow by 3.1 percent in 2016 and 3.4 percent in 2017.
Finance Minister Arun Jaitley has said that my aim while preparing the budget has been to spend more on infrastructure, rural areas, poverty alleviation and to maintain the fiscal prudence.
The amount deposited in the bank after demonetization will lower borrowing cost and increase access to credit.
Jaitley has said that monsoon was better and agriculture is expected to grow at 4.1 percent. 10 lakh cr is the target agriculture credit for the year 2017-18.
Allocation for Pradhan Mantri Awaaz Yojana has been increased from 15000 cr to 23000 cr.
By May 1, 2018, electrification will be achieved in 100 percent village.
Under various ministries, budget allocation for welfare of children and women has been increased to Rs 1,84,632 cr.
Arun Jaitley has announced two new AIIMS hospital are to be set in Gujarat and Jharkhand.
People will no longer have to pay the service charge for booking tickets on IRCTC.
Finance Minister has said that new metro rail policy will be announced and this will open new jobs for our youth.