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The Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley presented the General Budget 2017-18 in Parliament today

Budget - Dated:- 1-2-2017 - Total expenditure in Budget for 2017-18 has been placed at ₹ 21.47 lakh crores and this is expected to have multiplier effects and lead to higher growth. The total resources being transferred to the States and the Union Territories with Legislatures is ₹ 4.11 lakh crores in 2017-18, as against ₹ 3.60 lakh crores in BE 2016-17. Defence expenditure excluding pensions stands at ₹ 2,74,114 crore For the first time, a consolidated Outcome Budget, co .....

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ty and to clean the country from evils of corruption, black money and non-transparent political funding. FM:Approach is to spend more in rural areas, on infrastructure and poverty alleviation while maintaining fiscal prudence. The Government will undertake a Mission Antyodaya to bring one crore households out of poverty and to make 50,000 gram panchayats poverty free by 2019, the year marking the 150th birth anniversary of Gandhiji. Mahila Shakti Kendras to be set up at village level Budget for .....

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ion Board FIPB in 2017-18. An integrated Public Sector Oil Major , to match the performance of huge international and domestic private sector oil and gas companies, is proposed. The shares of Railway PSEs like IRCTC, IRFC and IRCON will be listed in stock exchanges. The Finance Minister announced that a new ETF with diversified CPSE stocks and other Government holdings will be launched in 2017-18. ₹ 10,000 crores is provided for recapitalization of Banks in 2017-18. The Finance Minister sa .....

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dget. This year s Union Budget also does not have Plan and Non-plan classifications and has been advanced by a month to the beginning of February. The Finance Minister Shri Jaitley in his Budget speech said that the agenda is Transform, Energise and Clean India (TEC)- to transform the quality of governance for better quality of life. The aim is to energise various sections of society, especially the youth and the vulnerable and to clean the country from the evils of corruption, black money and n .....

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sources being transferred to the States and the Union Territories with Legislatures is ₹ 4.11 lakh crores, against ₹ 3.60 lakh crores in BE 2016-17. Defence expenditure excluding pensions, is to be ₹ 2,74,114 crores. The Finance Minister said that he has taken into consideration the need for higher public expenditure in the context of sluggish private sector investment and slow global growth. He however said that he had kept in mind the recommendation of the FRBM Committee that .....

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being laid along with the Union Budget Shri Arun Jaitley announced that the target for agricultural credit in 2017-18 has been fixed at a record level of ₹ 10 lakh crores. A dedicated Micro Irrigation Fund with an initial corpus of ₹ 5,000 crores with an objective to achieve the goal, per drop more crop besides the Long Term Irrigation Fund with total corpus of this Fund to ₹ 40,000 crores will be set he added. The Finance Minister said that a model law on contract farming wou .....

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th anniversary of Gandhiji. He says the strategy is to utilise the existing resources more effectively along with annual increases and a focused micro plan for sustainable livelihood for every deprived household. Under the reoriented MGNREGA to support our resolve to double farmers income, about 10 lakh farm ponds are expected to be completed by March 2017 against the targeted 5 lakh farm ponds. This will contribute greatly to drought proofing of gram panchayats. The budgetary provision of ͅ .....

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017-18 for this scheme and together with the contribution of States, an amount of ₹ 27,000 crores is to be spent on PMGSY in 2017-18. An allocation of ₹ 23,000 crores for Pradhan Mantri Awaas Yojana - Gramin from crores is made in 2017-18 against ₹ 15,000 in BE 2016-17. Finance Minister said the government proposes to complete 1 crore houses by 2019 for the houseless and those living in kutcha houses. He said the allocation for Prime Minister's Employment Generation Program .....

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tended to more than 600 districts across the country. A programme called SANKALP - Skill Acquisition and Knowledge Awareness for Livelihood Promotion programme to provide market relevant training to 3.5 crore youth with a budget of ₹ 4,000 crores has been announced . The next phase of Skill Strengthening for Industrial Value Enhancement (STRIVE) is also be launched in 2017-18 at a cost of ₹ 2,200 crores to focus on improving the quality and market relevance of vocational training pro .....

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urses taught, access high quality reading resources; participate in discussion forums; take tests and earn academic grades. For higher education reforms in UGC and for secondary education an Innovation Fund to encourage local innovation for ensuring universal access, gender parity and quality improvement with initial focus on 3479 educationally backward blocks are proposed. For schools flexibility in curriculum to promote creativity through local innovative content with emphasis on science educa .....

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a part of the nationwide scheme ₹ 6,000 each will be transferred directly to the bank accounts of pregnant women who undergo institutional delivery and to vaccinate their children. Budget for the welfare of Women and Children stepped up from ₹ 1,56,528 crores in BE 2016-17 to ₹ 1,84,632 crores in 2017-18. As a part of strengthening overall health infrastructure in the country the Finance Minister announced setting up of two new All India Institutes of Medical Sciences in the St .....

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reased to ₹ 31,920 crores and for Minority Affairs to ₹ 4,195 crores. The Government will introduce outcome based monitoring of expenditure in these sectors by the NITI Aayog ,Shri Arun Jaitley. The Finance Minister asserted that investments in infrastructure sector are in line with the agenda set for this year budget that is to transform the quality of governance for better quality of life to people, to energise various sections of society to enable them to unleash their true potent .....

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f 3,500 kms will be commissioned in 2017-18, as against 2,800 kms in 2016-17. A Rashtriya Rail Sanraksha Kosh will be created with a corpus of ₹ 1 lakh crores over a period of 5 years, for passenger safety. Government will lay down clear cut guidelines and timeline for implementing various safety works to be funded from this Kosh. The Finance Minister said that a new Metro Rail Policy will be announced with focus on innovative models of implementation and financing, as well as standardisat .....

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onnectivity with ports and remote villages. Shri Arun Jaitley said that the Airport Authority of India Act will be amended to enable effective monetisation of land assets. The resources, so raised, will be utilised for airport upgradation. The Minister said that select airports in Tier 2 cities will be taken up for operation and maintenance in the PPP mode. The Finance Minister said by the end of 2017-18, high speed broadband connectivity on optical fibre will be available in more than 1,50,000 .....

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ernment has now decided to take up the second phase of Solar Park development for additional 20,000 MW capacities. Similarly in the second phase the government has decided to set up two more Strategic Crude Oil Reserves one Chandikhole in Odisha and other in Bikaner in Rajasthan besides the three set up earlier. Shri Arun Jaitley announced that a new and restructured Central scheme, namely, Trade Infrastructure for Export Scheme (TIES) will be launched in 2017-18. The Finance Minister has announ .....

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onsideration and necessary announcements will be made in due course, the minister added. Shri Arun Jaitley asserted that a bill will be introduced in the Parliament to curtail the menace of illicit deposit schemes, after the draft bill, placed in the public domain, has been finalized. He said this is part of this budget s and the Government s Clean India agenda. The Minister said that an amendment Bill to change the Arbitration and Conciliation Act 1996 will be introduced to streamline instituti .....

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work in close coordination with all financial sector regulators and other stakeholders. Other proposals announced by the Minister are: 1. The commodities and securities derivative markets will be further integrated by integrating the participants, brokers, and operational frameworks. 2. The process of registration of financial market intermediaries like mutual funds, brokers, portfolio managers, etc. will be made fully online by SEBI to improve ease of doing business. 3. A common application for .....

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s (QIBs) by SEBI. They are eligible for participation in IPOs with specifically earmarked allocations. It is now proposed to allow systemically important NBFCs regulated by RBI and above a certain net worth, to be categorised as QIBs. This will strengthen the IPO market and channelize more investments. 6. Listing and trading of Security Receipts issued by a securitisation company or a reconstruction company under the SARFAESI Act will be permitted in SEBI registered stock exchanges. This will en .....

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l be able to match the performance of international and domestic private sector oiland gas companies. He said the Government sees possibilities of strengthening our CPSEs throughconsolidation, mergers and acquisitions. ₹ 10,000 crores for recapitalization of Banks in 2017-18 has been allocated. Additional allocation will be provided, as may be required. The Minister said that Listing and trading of Security Receipts issued by a securitization company or a reconstruction company under the S .....

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d other Government holdings will be launched in 2017-18. Shri Arun Jaitley said that India is now on the cusp of a massive digital revolution. He said that earlier initiative of our Government to promote financial inclusion and the JAM trinity were important precursors to our current push for digital transactions. He hoped the BHIM app has launched would unleash the power of mobile phones. The Minister said that Aadhar Pay, a merchant version of Aadhar Enabled Payment System, will be launched sh .....

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