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Union General Budget(India) 2017-2018

Discussion in 'World Economy' started by Grevion, Feb 1, 2017.

  1. GSLV Mk III

    GSLV Mk III Captain FULL MEMBER

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    Budget 2017: India to merge state oil companies to create global behemoth

    New Delhi: India will merge the existing state-owned oil and gas companies to set up a global behemoth that would compete with some of the largest global petroleum companies, Finance Minister Arun Jaitley said in his Budget speech in Parliament.

    ET had recently reported the Cabinet Secretariat had referred the idea of the integrated giant company which would also absorb various institutions related to safety, development and analysis, to the oil ministry. The oil ministry had last year begun the process of evaluating the prospects of creating the conglomerate, which will have a bigger market value than Russian state oil giant Rosneft and India's Reliance Industries Ltd.

    A similar proposal was considered more than a decade ago. But the government in July 2005 said that the official committee that studied the matter felt that a merger or formation of the holding company "may not be advisable for the present".

    State-owned Oil and Natural Gas Corporation (ONGC), the top oil producer and one of the largest companies in the country, leads the pack of 13 state oil companies that are being considered for the merger. Other companies include Indian Oil Corporation, the nation's largest refiner and fuel retailer, Bharat Petroleum CorporationBSE 0.41 %, Hindustan Petroleum, GAIL, Mangalore Refinery and Petrochemicals (MRPL), Chennai Petroleum and Numaligarh Refinery and Oil India.

    The consolidated entity could rival the likes of Russia's Rosneft ($55 billion in market cap) and UK's BP Plc ($112 billion) in market value and financial power, according to sources.
     
  2. Pundrick

    Pundrick Lieutenant FULL MEMBER

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    I don't think Congress will do any protest, can't say the same about BSP and TMC goons. SP can be trusted.

    Plus Congress tried to adjourn the house today due to death of in service MP E Ahmed but Speaker denied coz it was presidents order and constitutional provision to present AFS in parliament on the date when prez orders to, you should have seen the face of Mallikarjun and Congress MPs, they were furious.

    For them one more chance for minority appeasement was gone. I know they will bring this issue today in any debate.
     
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  3. Pundrick

    Pundrick Lieutenant FULL MEMBER

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    Suggested by committee setup by PM in 2014, to curb Black Money. This was also very important step in ensuring benami transaction and will restrict people from doing cash transaction. Kudos for this reform. :cheers:

    Plus Ravish Kumar from NDTV is very happy with announcements.
     
  4. Grevion

    Grevion Think Tank TROLL ELITE MEMBER

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    Key Features of Budget 2016-2017
    INTRODUCTION
     Growth of Economy accelerated to 7.6% in 2015-16.  India hailed as a ‘bright spot’ amidst a slowing global economy by IMF.  Robust growth achieved despite very unfavourable global conditions
    and two consecutive years shortfall in monsoon by 13%
     Foreign exchange reserves touched highest ever level of about 350
    billion US dollars.  Despite increased devolution to States by 55% as a result of the 14th
    Finance Commission award, plan expenditure increased at RE stage in
    2015-16 – in contrast to earlier years.
    CHALLENGES IN 2016-17
     Risks of further global slowdown and turbulence.  Additional fiscal burden due to 7th Central Pay Commission
    recommendations and OROP.
     
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  5. GSLV Mk III

    GSLV Mk III Captain FULL MEMBER

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    • Propose to reduce existing rate of taxation of those with income between 2.5 lakh to 5 lakh from 10 per cent to 5 per cent
    • RBI to launch electronic bonds
    • An amendment being proposed to RBI Act to enable the issuance of electoral bonds for political funding
    • Political parties will be entitled to receive donations by cheque or in the digital mode from their donors
    • Maximum cash donation any party can receive will be Rs 2000 from one source
    • Tax rate on small firms cut to 25 per cent
    • Tax sops extended by three years on overseas borrowings like masala bonds
    • RBI Payments Regulatory Board for digital payments announced
    • Norms for incentives under affordable housing scheme eased
    • Political parties continue to receive most funds through anonymous donations
    • SIT has suggested no cash transaction above Rs 3 lakhs. Govt has accepted this
    • I propose to reduce basic customs duty on LNG from 5% to 2.5 per cent in 2017-18
    • Not to remove Minimum Alternative Tax in 2017-18; Propose to allow a carry forward of MAT for a period of 15 years as against 10 years now
    • Income tax for small companies with an annual turn over of 50 crore, now to pay 25 per cent , a 5 per cent reduction
    • Capital gains tax to be exempted, for persons holding land from which land was pooled for creation of state capital of APIndia largely a tax non-compliant society
    • Revenue deficit pegged at 1.9 per cent
    • The net tax revenue grew by 17 per cent in 2015-16
    • Plan to extend basket of financial instruments to which the capital gains can be invested sans payment of tax
    • There is an urgent need to protect the poor from chit fund schemes, draft bill placed in public domain
    • Due to demonitisation advance tax on personal Income Tax increased by 34.8 per cent
    • Out of 3.7 crore who filed tax returns in 2015-16, only 24 lakh persons showed income above Rs 10 lakh
    • Rs 10,000 crore for recapitalisation of banks
    • We are largely a tax non compliant society, when too many people evade taxes burden falls on those who are honest
    • FRBM review committee recommended 3% fiscal deficit for next 3 years
    • Increased allocation for scientific ministry to Rs 37,435 cr in 2017-18
    • Fiscal Deficit target for 2017-18 is 3.2 per cent
    • Total resources being transferred to the states and territories with legislature is Rs 4.11 lakh crore
    • Defence expenditure excluding pension at Rs 2.74 lakh cr
    • Total expenditure of budget 2017-18 has been placed at Rs 21.47 lakh crore
    • Two new schemes to be launched for adoption of BHIM digital payment app
    • New ETF with diverse central PSUs to be launched in 2017-18
    • LIC scheme for senior citizens with guaranteed 8 per cent return
    • Aadhar enabled payment system to be launched soon;Banks have targeted to introduce additional 10 lakh Point-of-Sale terminals by March 17
    • Government considering introduction of new law to confiscate assets of offenders who escape the country
    • By 2019 all coaches of Indian Railways will be fitted with Bio-Toilets
    • Chandigarh and eight districts of Haryana have been declared Kerosene free
    • Unmanned railway level crossings to be done away with by 2020
    • Propose to double the lending target of Pradhan Mantri Mudra Yojana and set it up at Rs 2.44 lakh crore for 2017-18
    • 3.5 Crore youth will be trained under Sankalp program launched by the government
    • Railway related state-run companies like IRCON and IRCTC to be listed on stock exchanges
    • During 2017-18, another 5 lakh ponds will be constructed, for drought-proofing
    • Foreign Investment Promotion Board to be abolished
    • Road sector allocation at Rs 64,000 crore
    • Solar plan phase 2 to add 20,000 MW capacity
    • Mission Antyodaya to bring 1 crore households out of poverty and to make 50,000 Gram Panchayats poverty-free
    • Action plan to eliminate Kala Azar & Filariasis by 2017, Leprosy by 2018, Measles by 2020 & Tuberculosis by 2025
    • Total infra outlay pegged at over Rs 390,000 crore
    • The Foreign Investment Promotion Board has been abolished
    • Transport sector allocated Rs 2.41 Lakh Crore and Bharat Net Project allocated Rs 10,000 crore
    • Unmanned level crossings to be done away with by 2020
    • Charges for e-booking of railway tickets through IRCTC withdrawn
    • Railways will integrate end to end transport solutions for selected commodities through partnership
    • By 2019, all coaches of Indian Railways will be fitted with Bio-toilets
    • Atleast 25 stations expected to be awarded during 2017-18; 500stations to be made differently abled-friendly by providing lifts and escalators
    • A new metro rail policy will be announced, this will open up new jobs for our youth
    • Drought proofing of Gram Panchayats via construction of five lakh ponds across India
    • Rail safety fund with a corpus of Rs 100,000 crore to be created over a period of 5 years
    • Steps will be taken to launch dedicated trains for pilgrimage and tourism
    • Two new All India Institute of Medical Sciences(AIIMS) to be set up in Jharkhand and Gujarat
    • Total allocation for rural, agricultural and allied sectors for 2017-18 at record Rs 1.87 crore, it is up by 24 per cent
    • For senior citizens, Aadhar cards giving their health condition will be introduced
    • Safe drinking water to cover 28,000 arsenic and Fluoride affected habitations in the next four years
    • Open defecation free villages are now being given priority for pipe to water supply
    • For youth, proposed to introduce a system of measuring annual learning; Science to be given focus
    • We have moved from a discretionary administration to a policy-based administration
    • Expectations included burning issues like inflation and price rise, issue of corruption & crony capitalism
    • Our government was elected amidst huge expectations of people, the underlying theme of expectations being good governance
    • Hope to resolve all issues regarding GST via consultations
    • We are moving from informal to formal economy & the Government is now seen as a trusted custodian of public money
    • Agricultural credit target fixed at Rs 10 lakh crore
    • Government announces 10 new schemes under Budget 2017-18
    • Agriculture expected to grow at 4.1 per cent in current year
    • Model law on contract farming to be sent to states for adoption
    • MGNREGA allocation raised to Rs 48,000 crore
    • One crore houses for poor by 2019
    http://indiatoday.intoday.in/story/...-minister-arun-jaitley-congress/1/871595.html
     
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  6. AbRaj

    AbRaj Captain FULL MEMBER

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    LOL. She Used to wear garland of notes and golden crown worth millions.(Gift by poor Dalits Netas)
    Also weighing her with gold:biggthumpup:
     
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  7. AbRaj

    AbRaj Captain FULL MEMBER

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    That's actually a bad move and will discourage significant online transactions. Like buying cars, property etc
    CORRECTION: Its actually opposite:biggthumpup:
     
    Last edited: Feb 1, 2017
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  8. Pundrick

    Pundrick Lieutenant FULL MEMBER

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    Well I thought its the opposite, they have banned 3+ lakh cash transaction, how will it discourage online transaction ? Plz explain.
     
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  9. GSLV Mk III

    GSLV Mk III Captain FULL MEMBER

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    ISRO gets Rs. 9000 crore
     
  10. AbRaj

    AbRaj Captain FULL MEMBER

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    Oh yes:biggthumpup::biggthumpup::biggthumpup:
     
  11. Pundrick

    Pundrick Lieutenant FULL MEMBER

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    Bhai I am not good with Sarcasm.

    Bazingaaa :devilwork::devilwork:
     
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  12. Tejasmk3

    Tejasmk3 2nd Lieutant FULL MEMBER

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  13. Darth Marr

    Darth Marr Captain FULL MEMBER

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    political funding kat gaya... :lol:
     
  14. lca-fan

    lca-fan Major SENIOR MEMBER

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    Mayawati looks looks Shrupanakha (Ravan's sister).
     
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  15. Grevion

    Grevion Think Tank TROLL ELITE MEMBER

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    PM address to the nation after the Union Budget was introduced in the parliament today -
     
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