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Published : February 07, 2017 | Author : Umang Thakar
Category : Miscellaneous | Total Views : 1259 | Rating :

  
Umang Thakar
Umang Thakar pursuing BA.LLB from School of Law, KIIT University, Odisha
 

Union Budget 2017-18

The word 'budget is derived from the Middle English word 'bowgette', which came from 'bougette' which means a lether bag in French. Earlier it was considered that a briefcase was sufficient enough to hold one's wealth. So, now you get the etymological reference of the word budget. It's a colonial ritual to carry a briefcase on the budget day. This is probably the most notable throwback of the entire practice of budget. That's the reason why you see a leather briefcase in every budget photo of the Finance Minister.

The dictionary meaning of budget is a systematic plan for the expenditure of a usually fixed resource during a given period. Thus, Union Budget, which is a yearly affair, is a comprehensive display of the Government’s finances. It is the most significant economic and financial event in India. Constitutional provisions of Budget are mentioned Article 112. It should be noted that word Budget is not mentioned in Constitution rather it is referred as ‘Annual Financial Statement’..  The Finance Minister puts down a report that contains Government of India’s revenue and expenditure for one fiscal year. The fiscal year runs from April 01 to March 31.  The Union budget is preceded by an Economic Survey which outlines the broad direction of the budget and the economic performance of the country. Barring a few exceptions -- like elections – Finance Minister presents the annual Union Budget in the Parliament on the last working day of February  but From this year, the Union Budget will be presented by the Finance Minister of Inida in the Parliament on the first working day of February unlike how it was presented on the last working day of February. This move it to facilitate the materialisation of the reforms by the commencement of the new financial year in April. The President of India fixes the date of the Budget presentation by the finance minister. The Union Budget presented by the finance minister has a Finance Bill and an Appropriation Bill, both of which have to be passed by the Lok Sabha and the Rajya Sabha before it can be implemented from April 1.Thus, The budget has to be passed by the Lok Sabha before it can come into effect on April 01.

Five Key insights of the Union Budget 2017-18

1.   Opposition opposes budget presentation, calling for the parliament to be adjourned following the death of MP E. Ahmed. Lok Sabha speaker Sumitra Mahajan says “budget will be there as it is a constitutional obligation”. She reads out an obituary reference to late MP E. Ahamed. She also calls it an exceptional situation  and announces that the House will not sit on Thursday as a mark of respect for the dead parliamentarian.
 
2.    Arun Jaitley present the first combined budget of Independent India that also includes railway's budget . The merger of railway budget with the Union budget is a historic step, does away with a colonial practice, and will allow for an integrated plan.
 
3.   Arun Jaitley says India largely a tax non-compliant country. The government took two tectonic policy initiatives in 2016-17: the passage of Goods and Services Tax (GST) Bill and demonetization. Pace of remonetisation has picked up; demonetization effects will not spill over to next year. (PTI) Demonetization was a continuation of series of measures taken by the government in two years it is bold and decisive measure. It will have only transient impact on economy and bring in long-term benefits including higher GDP growth and tax revenue. Demonetization will help in transfer of resources from tax evaders to government.
 
4.   MGNREGA (Mahatma Gandhi National Rural Employment Act):  Rs48,000 crore has been allocated. PM stressed on the fact that this budget has allocated the most for MNREGA than ever before .  Participation of women now at 55% .
 
5.   Relevant Revived  Investments

 

 

1 Farmers · Dedicated micro-irrigation fund with Rs5,000 crores corpus.
· Government to set up dairy processing fund of Rs 8000 crores over three years with initial corpus of Rs 2000 crores.
· Long-term irrigation fund in Nabard—orpus at Rs40,000 crore.
· Farmer credit fixed at record level of Rs10 trillion; will ensure adequate flow to underserved areas.
2 Infrastructure · Service charge on rail tickets booked through IRCTC to be withdrawn.
· Rail safety fund with corpus of Rs 100,000 crores will be created over a period of five years.
· 500 rail stations to be made differently abled-friendly by providing lifts and escalators.
· Allocation for National Highways stepped up to Rs 64000 crore from 57,676 crores.
3 Financial Sector · FIPB ( Foreign Investment promotion Board will be abolished.
· Government doubles distribution target under Pradhan Mantri Mudra Yojna for Rs 2.44 lakh crores.
4 Fiscal Management · Total Expenditure in FY18( Financial year 18) at Rs 21.47 lakh crores.
· Defence expenditure excluding pensions: Rs2.74 trillion.
5 Tax Administration · No transaction above Rs 3 lakhs in cash.
· Political funding: Maximum amount of cash donation that can be received is Rs2,000.
· Personal income tax: Rate reduced to 5% for income bracket of Rs2.5-5 lakh; All other categories to get uniform benefit of Rs12,500 per person; to levy surcharge on income bracket Rs50 lakh-Rs1 crores

 




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