Highlights of Arun Jaitley’s Union budget 2017 for development sector

BUDGET 2017

Highlights of Arun Jaitley’s Union budget 2017 for development sector:

Finance Minister Arun Jaitley presented the Union budget 2017 this morning. There were many claims made by Jaitley suggesting the controlled inflation rates and that the inert growth has been replaced by rapid growth. Jaitley called Demonetisation a bold and decisive measure and the entire budget was based on the backdrop of the same subject of Demonetisation. The budget mainly focuses on poverty eradication, farmers and rural development. Here are the main highlights from the budget:

The major benefits promised for Rural Development:

• Allocation for rural sector for Fiscal Year 2018 is Rs 1, 87,200 cr, which is a record, and represents an increase of 24%.
• Allocation under MNREGA increased by almost 10 crore from previous year.
• Mahila Shakti Kendran at village level for rural women empowerment to be initiated this year.
• 100% electrification will be achieved by May 1st 2018.
• Open defecation free villages are now given priority for pipe to water supply.
• Safe drinking water to 28,000 arsenic and fluoride affected habitations. Sanitation coverage in villages has increased from 42% in October 2016 to 60%, a rise of 18%. (PTI)

The major benefits under Agriculture sector:

• Agricultural sector is expected to grow at 4.1% this fiscal.
•  Target of agriculture credit fixed at Rs 10 lakh crore in 2017-18
• Rs 9,000 cr higher allocation for payment of sugarcane arrears
• Dedicated micro-irrigation fund to be created with a corpus of Rs 5000 crore.
• Mini labs by qualified local entrepreneurs to be set up for soil testing in all 648 krishi vigyan kendras in the country
• Total allocation for rural, agri and allied sectors for 2017-18 is a record Rs 1,87,223 crore, up 24 per cent from last year
•  Crop Insurance to spread over 40% area cropped
•  Dairy processing infrastructure fund to be set up under Nabard, with fund of 8,000 crore
• Nabard to be supported to create 63,000 functional primary agricultural credit societies at an estimated cost of Rs 1,900 crore
• Computerisation of Nabard to help small, marginal farmers to ensure seamless flow of credit

The take away from Healthcare budget:

• Two new AIIMS to be set up Jharkhand and Gujarat
• 1.5 lakh health sub centres to be converted to Health Wellness Centres
• New rules regarding medical devices will be devised to reduce their cost
• For senior citizens, Aadhaar based health cards will be issued.
• Digi Gaon will be launched to promote tele-medicine and education. Dedicated micro-irrigation fund to be set up by Nabard to achieve mission of Per Drop, More Crop. (PTI)

The major points from the Education budget:

• An Innovation Fund for Secondary Education will be created to encourage local innovation for ensuring universal access, gender parity and quality improvement. This will include ICT-enabled learning transformation. The focus will be on 3,479 educationally backward blocks. 
• By leveraging information technology, the government will launch SWAYAM platform with at least 350 online courses. This would enable students to virtually attend the courses taught by the best faculty; access high-quality reading resources; participate in discussion forums; take tests and earn academic grades. 
• Pradhan Mantri Kaushal Kendras have already been promoted in more than 60 districts. Now the government proposes to extend these Kendras to more than 600 districts across the country 
• The government will launch the Skill Acquisition and Knowledge Awareness for Livelihood Promotion programme (SANKALP) at a cost of Rs. 4,000 crore. SANKALP will provide market relevant training to 3.5 crore youth. 
• The next phase of Skill Strengthening for Industrial Value Enhancement (STRIVE) will be initiated.
• Additional 5,000 post graduate medical seats to be launched per annum.

• Jaitley also said that the government would continue to remain committed toward Skill India Mission, one of flagship programs of the Modi government. The minister announced the setting up of Pradhan Mantri Kaushal Kendra (PMKK) in 600 districts to train youth for job

The major points from Housing budget:

• 1 crore houses to be completed by 2019 for houseless and those living in 'kacha' houses
• Mission Antyodaya will bring 1 crore households out of poverty and will make 50,000 Gram Panchayats poverty-free
• The PM Awas Yojana allocation has been raised to Rs 23,000 crore, from Rs 15,000 crore.
• The National Housing Bank will refinance individual housing loans of about Rs 20,000 crore in 2017-18.
• To promote affordable homes, the government also proposed to amend the Section 80-IBA, relaxing the condition of period of completion of the project for claiming deduction from the current three years to 5 years.