The Union Budget 2017-18 was presented by Union Finance Minister, Arun Jaitley on 1 February 2017
The Union Budget 2017-18 was presented by Union Finance Minister
The Union Budget 2017-18 (Union Budget) was quite different from the previous ones in more than one way. It not only put an end to various age-old conventions, including a sweeping retreat from the date on which it was presented earlier. Further, merging of the Railway Budget with the Union Budget, and dropping the distinction between plan and non-plan expenditure for the first time, makes this year’s Budget truly different.
This year, with a continued emphasis on inclusive growth and employment generation, the Union Budget provided greater prominence to India’s domestic economy to sustain and drive Gross Domestic Product (GDP) growth. Other key reforms such as revised income tax slabs to ‘honour the honest’ tax payers, measures to enable smooth transition to a ‘digital or cashless economy’, increased focus on railways to make it sustainable with measures such as building solar enabled railway stations, additional tax breaks to promote start-ups, construction activities and affordable housing, etc. added to the ‘feel good’ quotient of the Union Budget. Demonetisation and Goods and Services Tax (GST) Constitutional Amendment Act hailed as tectonic policy initiative by the Finance Minister.
With the proposals laid out in the Union Budget, the government is all geared up to play a crucial role with clear action plans to further economic growth and boost investor confidence.
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