SSB General Awareness: Union Budget 2017 Analysis - Part 1

Prime minister Narender Modi said 90% of the common mass will be benefitted from the union budget 2017-18. Our finance minister Arun Jaitley presented the budget on 1^st February 2017 which was second longest budget speech consisting of 190 paragraphs which is behind President Pranab Mukherjee’s 202 paragraphs. Let’s know what is Union Budget and its 2017-18 analysis

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“Union Budget is most comprehensive report of the government’s finances in which revenues from all sources and outlays for all activities are consolidated. The budget also contains estimates of the government’s accounts for the next fiscal year called budgeted estimates”

This year it broadly focused on the farming sector, the rural population, the youth, the poor and underprivileged health care, infrastructure, the financial sector for stronger institutions, speedy accountability, public services, prudent fiscal management and tax administration.

Detailed analysis of each sector:

Agriculture sector

• Sowing farmers should feel secure against natural calamities.
• A sum of Rs. 10 lakh crore is allocated as credit to farmers, with 60 days interest waiver.
• NABARD fund will be increased to Rs. 40,000 crore. 
• Government will set up mini labs in Krishi Vigyan Kendras for soil testing.
• A dedicated micro irrigation fund will be set up for NABARD with Rs 5,000 crore initial corpus.
• Irrigation corpus increased from Rs 20,000 crore to Rs 40,000 crore.
• Dairy processing infrastructure fund will be initially created with a corpus of Rs. 2000 crore.
• Issuance of soil cards has gained momentum.
• A model law on contract farming will be prepared and shared with the States.

Rural population

• The government targets to bring 1 crore households out of poverty by 2019.
• During 2017-18, five lakh farm ponds will be taken up under the MGNREGA.
• Over Rs 3 lakh crore will be spent for rural India. MGNREGA to double farmers' income.
• Will take steps to ensure participation of women in MGNREGA up to 55%.
• Space technology will be used in a big way to ensure MGNREGA works.
• The government proposes to complete 1 crore houses for those without homes.
• Will allocate Rs. 19,000 crore for Pradhan Mantri Gram Sadak Yojana in 2017-18.
• The country well on way to achieve 100% rural electrification by March 2018.
• Swachh Bharat mission has made tremendous progress; sanitation coverage has gone up from 42% in Oct 13 to 60% now.

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For youth

• Will introduce a system of measuring annual learning outcomes and come out with an innovation fund for secondary education.
• Focus will be on 3,479 educationally-backward blocks.
• Colleges will be identified based on accreditation.
• Skill India mission was launched to maximise potential. Will set up 100 India International centres across the country.
• Courses on foreign languages will be introduced.
• Will take steps to create 5000 post - graduate seats per annum.

For the poor and under privilege health care

• Rs. 500 crore allocated for Mahila Shakthi Kendras.
• Under a nationwide scheme for pregnant women, Rs. 6000 will be transferred to each person.
• A sum of Rs. 1, 84,632 crore allocated for women and children.
• Affordable housing will be given infrastructure status.
• Owing to surplus liquidity, banks have started reducing lending rates for housing.
• Elimination of tuberculosis by 2025 targeted.
• Health sub centres, numbering 1.5 lakh, will be transformed into health wellness centres.
• Two AIIMS will be set up in Jharkhand and Gujarat.
• Will undertake structural transformation of the regulatory framework for medical education.
• Allocation for Scheduled Castes  is Rs. 52,393  crore
• Aadhaar-based smartcards will be issued to senior citizens to monitor health.

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Infrastructure and railways

• A total allocation of Rs. 39, 61,354 crore has been made for infrastructure.
• Total allocation for Railways is Rs. 1, 31,000 crore.
• No service charge on tickets booked through IRCTC.
• Raksha cosh with a corpus of Rs. 1 lakh crore for five years (for passenger safety).
• Unmanned level crossings will be eliminated by 2020.
• 3,500 km of railway lines to be commissioned this year up from 2,800 km last year.
• SMS-based ''clean my coach service'' is put in place.
• Coach Mitra facility will be introduced to register all coach related complaints.
• By 2019 all trains will have bio-toilets.
• Five-hundred stations will be made differently-abled friendly.
• Railways to partner with logistics players for front-end and back-end solutions for select commodities.
• Railways will offer competitive ticket booking facility.
• Rs. 64,000 crore allocated for highways. 
• High speed Internet to be allocated to 1, 50,000 gram panchayats.
• New Metro rail policy will be announced with new modes of financing.

Energy sector

• A strategic policy for crude reserves will be set up.
• Rs. 1.26,000 crore received as energy production based investments.
• Trade infra export scheme will be launched 2017-18.

Financial sector

• 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.

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Click here for : SSB  General Awareness: Union Budget 2017 Analysis - Part 2

There is a lot more in the analysis which we will see in the next part of this series. Keep reading and updating yourself. Join our facebook group for recent updates, tips and tricks. Folow us here for email notification and do share the page with your friends.

About the Author: Tanmoy is from West Bengal currently doing private job in Manesar, Haryana. He did his Graduation in B.E. Production Engineering from PEC University of Technology, Chandigarh. His aim is to become an officer in Indian Army. His hobbies are gym and teaching and he wants to help the aspirants across the nation through this.