Finance Minister Arun Jaitley on Wednesday presented the Union Budget for 2017-18 in Parliament. In his fourth annual budget, Jaitley tried to make the annual financial exercise of the government more broad based.
Here are 15 highlights of the Budget.
1. Fiscal deficit target fixed at 3.2% for FY18
2. Farm sector to grow at 4.1%
3. Income Tax rate cut to 5% for individuals with income between Rs 2.5 lakh to Rs 5 lakh.
4. 10% surcharge on individual income above Rs 50 lakh.
5. Cigarettes, bidis, cheroots, pan masalas, LED lamp, and silver to be costlier.
6. Footwear, booking railway tickets online, LNG and solar panels to be cheaper.
7. Farm credit target fixed at Rs 10 lakh crore in FY18.
8. A cap on cash donation from a single source to a political party at Rs.2000. The earlier cap was at Rs 20,000.
9. A total of 1,50,000 gram panchayats to be allocated with high-speed Internet.
10. Farm insurance scheme coverage increased from 30% to 40% of coverage area.
11. 100% electrification of villages to be completed by May 2018.
12. Crude oil strategic reserves to be set up in Odisha and Rajasthan.
13. Head post offices to issue passports.
14. Import duty on aluminum ores and concentrates raised to 30% from nil presently.
15. New metro rail policy to be unveiled.