Indian Express on Budget - Money Control Budget News -
Budget Speech and Appendiceshttp://pib.nic.in/eventsite/budget2017/pdf/bs.pdf
All Budget Documentshttp://indiabudget.nic.in/afs.asp
2 February 2017
Reactions and Comments in Papers
Tax bonanza for small firms may lead to big jump in job creation - Times of India
There is 5% tax decrease for small corporate tax payer. This can benefit 2.85 lakh MSMEs. Gopal Jiwarjka, president of PHDCCI wlecomed the move. Giving time of 7 seven for claiming 3 year profit is also a positive for MSMEs.
The lower tax rate of 25% will give SMEs additional liquidity for growing business.
Kumar Mangalam Birla
The budget has achieved an admirable balance of consumption boosting measures, growth oriented expenditure and also mainted fiscal prudence.
N. Chandra Sekhar - Tata Sons
Economy is put in growth path with higher public investment and fiscal responsibility. Also it aims at inclusive growth by focusing on farmers and rural households.
Funding growth without going broke.
What is missing in the Budget?
According to me, the budget information has not so far highlighted what government has planned for promoting manufacturing (as part of industrial growth) and service sectors. In general, the government support for productive or economic sphere was not highlighted sufficiently.
Even for agriculture sector, the credit is announced as Rs. 10 lakh crores. The central support to various inputs required in agriculture are not highlighted.
Discussion on Budget - Dr. Narendra Jadhav
The total expenditure in Budget for 2017-18 has been placed at Rs. 21.47 lakh crores.
The Finance Minster Shri Jaitley has pegged the fiscal deficit for 2017-18 at 3.2% of GDP and further committed to achieve 3% in the following year i.e. 2018-19.
The allocation for Capital expenditure was stepped up by 25.4% over the previous year.
Total resources being transferred to the States and the Union Territories with Legislatures is Rs. 4.11 lakh crore in 2017-18, as against Rs. 3.60 lakh crore in BE 2016-17.
For Defence expenditure excluding pensions, he provided a sum of Rs 2,74,114 crores including Rs. 86,488 crores for Defence capital.
The Finance Minister increased allocation for Scientific Ministries to Rs. 37,435 crore in 2017-18.
The net market borrowing of Government to Rs. 3.48 lakh crores after buyback, much lower than Rs. 4.25 lakh crores of the previous year.
The Revenue Deficit of 2.3% in BE 2016-17 stands reduced to 2.1% in the Revised Estimates. The Revenue Deficit for next year is pegged at 1.9% , against 2% mandated by the FRBM Act.
Union Budget 2017-18 provides renewed impetus to manufacturing and Make in India
Commerce and Industry Minister Smt. Nirmala Sitharaman has welcomed the Union Budget 2017-18 presented by Finance Minister Shri Arun Jaitley which provides renewed impetus to manufacturing and Make in India, export infrastructure and Government e-marketplace.
Some measures in the Budget 2017-18 related to commerce and industry.
1. A Special Scheme for creating employment in leather and footwear industries is proposed to be implemented, on the lines of the scheme in textile and apparel sector.
2. The long standing demand of startups has been accepted and the profit (linked deduction) exemption available to them for 3 years out of 5 years is changed to 3 years out of 7 years. For the purpose of carry forward of losses in respect of start-ups, the condition of continuous holding of 51% of voting rights has been relaxed subject to the condition that the holding of the original promoter/promoters continues.
3. Further liberalisation of FDI policy is under consideration and the Foreign Investment Promotion Board (FIPB) to be abolished in 2017-18.
4. In order to make MSME companies more viable, income tax for companies with annual turnover uptoRs. 50 crore is reduced to 25%. About 96% of companies will get this benefit of lower taxation. This will make our MSME sector more competitive as compared to large companies.
5. MAT credit is allowed to be carried forward up to a period of 15 years instead of 10 years at present.
6. For creating an eco-system to make India a global hub for electronics manufacturing a provision of Rs. 745 crores in 2017-18 in incentive schemes like M-SIPS and EDF. The incentives and allocation has been exponentially increased following the increase in number of investment proposals.
7. Inverted duty has been rectified in several products in the chemicals & petrochemicals, textiles, metals, renewable energy sectors. Duty changes to improve domestic manufacturing of medical devices, those used for digital transactions and capital goods have also been announced.
8. Infrastructure – a key pillar under the Make in India programme has been strengthened with a large budgetary allocation. The total allocation for infrastructure development in 2017-18 stands at
Rs. 3,96,135 crores. A specific programme for development of multi-modal logistics parks, together with multi modal transport facilities, to be drawn up and implemented.
9. Tourism is a big employment generator and has a multiplier impact on the economy. Incredible India 2.0 is proposed to be launched to promote tourism and employment. Five Special Tourism Zone, anchored on SPVs in partnership with the States would be set up.
10. Modernisation and upgradation of identified corridor, railway lines of 3,500 kms will be commissioned, 25 stations are expected to be awarded for station redevelopment and 500 stations will be made differently abled friendly by providing lifts and escalatorsduring 2017-18. These provide large opportunities under the Make in India initiative
11. Initiatives in Skill Development provide essential support for the Make in India sectors to thrive. Launch of SANKALP scheme to provide market relevant training to 3.5 crore youth and STRIVE scheme to improve the quality and market relevance of vocational training.
12. A new and restructured Central scheme with a focus on export infrastructure, namely, Trade Infrastructure for Export Scheme (TIES) will be launched in 2017-18.
13. The Government e-market place which is now functional for procurement of goods and services, has been selected as one of the winners of the South Asia Procurement Innovation Awards of the World Bank.
Budget proposals relating to Railways
Budget was presented on 1st February 2017
Budget will be presented on 1st February 2017. Court rejected the appeal to postpone it.
24 Jan 2017 - Questions and Answers by Dr. Narendra Jadhav on Budget Issues
2017 - 18 Budget Memorandums by Various Economic Sector Associations (Agriculture, Industry and Service Sectors)Association of Members of National Stock Exchange of India
MAIT’s pre-budget recommendations for 2017-2018
Paper Industry - IPMA
(All suggestions are with respect to taxation only. They have not suggested any investment or expenditure proposals. They have also not indicated current investment and revenue/production estimates and what will be the incremental benefits of their suggestions in terms of investment and production)
23 September 2016
The Finance Ministry has come out with comprehensive instructions for different ministries for completion of the budget exercise for the financial year 2017 - 18 .
In the 2017-18 budget, rail budget will be part of general budget. There will be no distinction between plan and non-plan expenditure.
The RE (Revised Estimate) meetings of ministries/ departments will be scheduled from October 17.
The budgeting exercise is focused on effectiveness and efficient use of public resources.
The ministries have to develop their plan with the vision document of NITI Aayog as the basis.
Updated 2 February 2017, 1 February 2017, 25 December 2016, 19 December 2016, 18 December 2016