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The Highlights of Union Budget 2017-18

Union Budget(2017-18) For Healthcare and Financial Sector

The Union Budget of India, also referred to as the Annual financial statement in the Article 112 of the Constitution of India, is the annual budget of the Republic of India. The Government presents it on the first day of February so that it could be materialized before the commencement of new financial year in April. Till 2016 it was presented on the last working day of February by the Finance Minister of India in Parliament. The budget, which is presented by means of the Finance bill and the Appropriation bill has to be passed by both the Houses before it can come into effect from April 1, the start of India’s financial year.

 

The 2017-18 Union Budget, presented by Finance Minister Arun Jaitley on Wednesday, was broadly focused on following themes—

  • The Farming sector 
  • The Rural Population
  • The  Youth and Education
  • The Poor and Underprivileged healthcare
  • Infrastructure and Railway
  • Financial Sector for Stronger Institutional
  • Funding for Political Parties
  • Tax Administration

 

Financial Sector for Stronger Institutional

  • FDI policy reforms – more than 90% of FDI inflows are now automated.
  • Shares of Railway PSE like IRCTC will be listed on stock exchanges.
  • Bill on resolution of financial firms will be introduced in this session of Parliament.
  • Foreign Investment Promotion Board will be abolished.
  • Revised mechanism to ensure time-bound listing of CPSEs.
  • Computer emergency response team for financial sector will be formed.
  • Pradhan Mantri Mudra Yojana lending target fixed at Rs 2.44 lakh crore for 2017-18.
  • Digital India – BHIM app will unleash mobile phone revolution. The government will introduce two schemes to promote BHIM App – referral bonus for the users and cash back for the traders.
  • Negotiable Instruments Act might be amended.
  • DBT to LPG consumers , Chandigarh is kerosene-free, 84 government schemes are on the DBT platform.
  • Head post office as the central office for rendering passport service.
  • Easy online booking system for Army and other defence personnel.
  • For big-time offences – including economic offenders fleeing India, the government will introduce legislative change or introduce law to confiscate the assets of these people within the country.

 

Focus of government continues to be on skill training which should help overall employment and employability of youths. Positive for the overall economy. Infrastructure status to housing finance companies would help reduce interest rates. This coupled with interest subvention scheme can go a long way in pushing low cost housing demand

       

The Poor and Underprivileged Healthcare

  • FDI policy reforms – more than 90% of FDI inflows are now automated.
  • Shares of Railway PSE like IRCTC will be listed on stock exchanges.
  • Bill on resolution of financial firms will be introduced in this session of Parliament.
  • Foreign Investment Promotion Board will be abolished.
  • Revised mechanism to ensure time-bound listing of CPSEs.
  • Computer emergency response team for financial sector will be formed.
  • Pradhan Mantri Mudra Yojana lending target fixed at Rs 2.44 lakh crore for 2017-18.
  • Digital India – BHIM app will unleash mobile phone revolution. The government will introduce two schemes to promote BHIM App – referral bonus for the users and cash back for the traders.
  • Negotiable Instruments Act might be amended.
  • DBT to LPG consumers , Chandigarh is kerosene-free, 84 government schemes are on the DBT platform.
  • Head post office as the central office for rendering passport service.
  • Easy online booking system for Army and other defence personnel.
  • For big-time offences – including economic offenders fleeing India, the government will introduce legislative change or introduce law to confiscate the assets of these people within the country.