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Finance Minister says:

  • IMF estimates world GDP will grow by 3.4 percent in 2017
  • India has become the 6th largest manufacturing country, up from ninth previously
  • Budget contains three major reforms: Budget advanced for early start of fiscal expending; merging of Rail Budget to main Budget; Done away with plan and non-plan expenditure
  • Merger of the Railway Budget with the Union Budget is a historic approach
  • Agriculture expected to grow at 4.1% in the current year
  • Law on Contract Farming to be introduced
  • Govt plans legislative reforms to simplify existing labour laws - wages, industrial relations, social security and safety
  • LIC to come up with 8% guaranteed scheme for senior citizen
  • New rules regarding medical devices will be devised to reduce their cost
  • Aadhar enabled merchant payment will be launched soon, especially for those without net banking, e-wallets, and debit cards
  • Centralised defence travel system, where travel ticket can be booked by soldiers online
  • Model Shops and Establishment Bill to open up additional opportunities for employment of women
  • Head post offices to issue passports
  • Govt considering option to amend Negotiable Instruments Act to ensure that holders of dishonoured cheques get payment


  • National Testing Agency to conduct all examinations in higher education, freeing CBSE and other agencies from this and facilitate them to focus on academics
  • Govt plans to increase additional 5,000 post graduate seats per annum
  • Innovation fund to be created for secondary education
  • Swayam platform for students - more than 350 courses online
  • Two new All India Institute of Medical Sciences(AIIMS) to be set up in Jharkhand and Gujarat


  • Housing to get 'Infrastructure' status
  • Allocation for infrastructure stands at a record Rs 3,96,135 crore
  • 3 year period for long-term capital gains tax on immovable property reduced to 2 years; base year indexation shifted from 1.4.1981 to 1.4.2001


  • No change in Passenger Fares
  • Service charges for e-ticket booking through IRCTC website to be withdrawn
  • IRCTC & IRCON as a company to be listed on stock exchange


Tax Slabs changed at:

Income up to Rs 2.5 lakh: NIL tax
Income between Rs 2.5 - 5 lakh: Tax at 5%

Income between 5 - 10 lakh: Tax at 20%
Income above Rs 10 lakh: Tax at 30%

  • Surcharge of 10% in those with income above Rs. 50 lakhs per annum and below Rs. 1 crore
  • 15% surcharge on incomes above Rs 1 crore to continue
  • No cash transaction above Rs 3 lakh without PAN
  • 5% TDS on insurance agents removed
  • A single one-page form for filing IT returns for taxable income up to Rs 5 lakh


  • Corporate tax to be at 25% for small & medium companies whose annual turnover is less than Rs. 50 crores
  • MAT can be carried forward for 15 years by companies as against 10 years allowed earlier

No change in excise and service tax rates due to upcoming GST


Published by

Dr. Anand Wadadekar
(Educationist | Economist | Author)
Category Others   Report

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