Budget 2017 latest news

Here are the latest news and updates on the 2017 Budget:

Key Highlights:

  1. Income Tax Slabs: The government has proposed to reduce the income tax slab from 10% to 5% for individuals with income between Rs. 2.5 lakh to Rs. 5 lakh.
  2. Corporate Tax: The corporate tax rate has been reduced from 30% to 25% for companies with turnover up to Rs. 50 crore.
  3. Surcharge: The surcharge on income tax has been reduced from 12% to 10% for individuals with income between Rs. 50 lakh to Rs. 1 crore.
  4. Health Insurance: The government has proposed to increase the limit for health insurance premium from Rs. 20,000 to Rs. 30,000 for individuals with income up to Rs. 5 lakh.
  5. Education Cess: The education cess has been reduced from 2% to 1% on income tax.
  6. Infrastructure Development: The government has allocated Rs. 3.96 lakh crore for infrastructure development, including Rs. 1.31 lakh crore for roads and highways.
  7. Defence Budget: The defence budget has been increased by 10% to Rs. 2.74 lakh crore.
  8. Agriculture: The government has allocated Rs. 5.72 lakh crore for agriculture and allied activities, including Rs. 1.87 lakh crore for crop insurance.

Latest News:

  1. Budget 2017: A Mixed Bag for India's Economy: The budget has been hailed as a mixed bag, with some experts calling it a "status quo" budget, while others have praised the government's efforts to boost infrastructure and agriculture.
  2. Industry Reaction: The industry has welcomed the budget, with the Confederation of Indian Industry (CII) calling it a "growth-oriented" budget.
  3. Opposition Reaction: The opposition parties have criticized the budget, with the Congress calling it a "non-event" and the Left parties calling it a "pro-rich" budget.
  4. Economic Growth: The budget has been seen as a step towards boosting economic growth, with the government aiming to achieve a GDP growth rate of 7.3% in the current fiscal year.
  5. Fiscal Deficit: The government has set a fiscal deficit target of 3.2% of GDP for the current fiscal year, which is slightly higher than the previous year's target.

Timeline:

  1. Budget Presentation: The budget was presented by Finance Minister Arun Jaitley on February 1, 2017.
  2. Parliament Approval: The budget is expected to be approved by Parliament in the next few weeks.
  3. Implementation: The budget will be implemented from April 1, 2017.

Sources:

  1. The Hindu: Budget 2017: A mixed bag for India's economy
  2. Business Standard: Budget 2017: A growth-oriented budget, says CII
  3. The Indian Express: Budget 2017: Opposition parties criticise government's budget
  4. Livemint: Budget 2017: Fiscal deficit target set at 3.2% of GDP
  5. Economic Times: Budget 2017: Industry welcomes government's budget