The Impact of Union Budget on Indian Economy

This Union Budget 2017 has enlightened the masses. The PM has also thrown light on developmental activities for Rural India. Rural India is otherwise known as India II. The impact of the overall union budget is that it has created a federal deficit target to 3.2 % of GDP (Gross Domestic Product) in order to cover the spending promises of consumers. Taking you through some of the top highlights of budget 2017 The budget 2017-2018 is regarded as an engine of rural growth and development The Union Budget 2017 has thrown light not only on fighting poverty and eliminating the effects of demonetization but would also revamp areas of rural development which was ignored all the while. These include providing rural households with drinking water and sanitation facilities, providing homes to the poor and homeless and address infrastructure narrow-downs for India II, in other words, Rural India. Swachh Bharat schemes will be operating in full swing post-April 2017.   Taxation structure made reasonable The last budget, we saw that the tax slabs were completely removed for women who were earning annual salaries ranging from 2.5 lakh and 5 lakh. The era saw growth and employment opportunities for women in India. The move also gave rise to a better empowerment status quo among women. While this budget 2017 removes tax slabs for men and women. In other words, the tax is nil for all those whose annual income is Rupees 3 lakh or lesser. It is a great move for middle-class households who find it difficult to meet ends. The main motto of the ruling Govt. is to make the tax structure more reasonable and to make the administration super-efficient. Better lending rates available for those wanting housing or home loans Banks and Financial institutions would now be offering you with attractive interest rates, especially if you are borrowing loans towards building your homes. Housing loans or home loans will be available on an affordable note, under the Pradhan Manthri Mudra Yojna Scheme. The reserves have been doubled to 2.44 lakh crore for the Assessment Year 2017-2018. In other words, The PM has undertaken a commitment to help everyone afford their dream homes. The lending rates under various forms of housing development schemes are fabulous right now. With the launch of fabulous schemes on home-loan and housing development, it is proposed that more than 1 crore houses will be built for the poor and homeless by the end of 2019. Those of you who are living in 'kacha ' or partially compatible houses can also benefit from this move of the Govt. Railways to be revamped in a really big way New railway lines are planned to be commissioned for the AY 2017-2018. This year would see more than 3,500 km worth railway lines being laid afresh. Railways are planning to run a better fleet of trains by providing more value oriented services for the people residing in the nook and corner of the country. More than 1, 55,000 crore rupees has been allocated by the budget 2017-18 towards railway development. All the passenger coaches will be fitted with bio-toilets by the end of 2019. Agriculture and irrigation The reserves allocated to aspiring farmers and agriculture specialists stand to gain immensely with the budget 2017-18. The salient features of the same are as follows   The total allocation of reserves for the agro-development sector has been fixed at 1, 87, 223 crore rupees. This is a flat 24 % hike over the previous fiscal. Under the Fasal Bima Yojna, 40 % of the cropped area will be covered to receive maximum lucrative benefits in terms of complete support from the Govt. towards fertilization, buying of seeds, irrigation, etc. It was 30 % that was covered during the previous fiscal. Rupees 10 lakh crore has been allocated towards agricultural credit. In other words, more number of deserving farmers will have an easy access to loans and disbursements towards agriculture or farming which is the backbone of the economy. NABARD (National Bank for Agriculture and Rural Development) is planning to set up a micro-irrigation fund towards achieving the 'Per Drop, per crop ' mission of the Govt. Accordingly, the reserves of the agro-lending bank have been increased to Rupees 40, 000 crore. The amount can be utilized for achieving long-term irrigation goals. Launch of Aadhar Pay The Govt. has planned to launch Aadhar Pay. Aadhar pay is a merchant version of the Aadhar-enabled payment system. This way, those of you who do not have mobile phones or banking accounts can benefit immensely on par with Aadhar card holders.   The Government has also allocated a sizeable amount of money towards promoting global development and putting the nation on a positive pedestal on the global forum. This way, the Union budget 2017 has therefore touched upon all growing spheres of the developing economy.