Important Highlights of Union–Railway Budget
Finance Minister Arun Jaitley has recently unveils most awaited Important Highlights of Union–Railway Budget for the financial year of 2017 – 2018. This budget has been presented for recovery after cash crunch caused by demonetization move taken by Prime Minister Narendra Modi on November 8, 2016.
Finance Minister Arun Jaitley highlights joint budget including the Railway Budget, focused on passenger safety, capital works and cleanliness, among other issues. The Union Railway Budget 2017-18 includes the initiative on increasing quota of lower berths for senior citizens and women. Budget includes many other initiatives of the government for making travelling in trains more comfortable.
Presenting the Union–Railway Budget 2017 – 2018, Jaitley said the planned budget outlay for the world’s fourth-largest network would be resulted for welfare of women and children under various ministries, that will be increased to Rs 1,84,632 cr. People who have missed presentation can check the main highlights from this page.
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Important Highlights of Union–Railway Budget
Union Budget 2017 LIVE Updates:
12:23 pm: Total resources being transferred to the states & union territories with legislature is Rs 4.11 lakh crore. Budget allocation for highways stepped up to Rs 64,000 crore in FY18 from Rs 57,676 crore. Allocation for national highways stepped up to Rs 64,000 cr from Rs 57,676 cr. Fiscal Deficit target for 2017-18 is 3.2%.
12:22 pm: Defence expenditure excluding pension at Rs 2.74 lakh crore,
12:21 pm: The total expenditure of budget 2017-18 has been placed at Rs 21.47 lakh crore,
12:20 pm: Announcement that Head Post Offices will now be used as the front office for passport services will be beneficial for those who have to travel long distances for obtaining a passport.
12:19 pm: Forex reserves to offer a cover for 12 months of imports
12:18 pm: New law to confiscate properties/assets of economic offenders fleeing country
12:18 pm: Selected airports in tier-II cities to be taken up for operations, development on PPP mode.
12:17 pm: Chandigarh and eight districts of Haryana have been declared Kerosene free
12:15 pm: Railway tariffs to be fixed on the basis of cost, social obligation and competition; Railway related state-run companies like Ircon, IRCTC to be listed on stock exchanges,
12:13 pm: 125 lakh people adopted the BHIM app so far; merchant version of Aadhaar-enabled payment will be launched shortly for those without debit cards, mobile phones. Govt will launch two new schemes to promote the use of BHIM app.
12:12 pm: Priority will be given to tribal, Dalit, women to setup greenfield enterprises,
12:11 pm: Action plan to eliminate Kala Azar and Filariasis by 2017, Leprosy by 2018, Measles by 2020 and Tuberculosis by 2025
12:10 pm: Allocation for SCs increased from Rs 38,833 cr to Rs 52,393 cr, a rise of 35 per cent,
12:09 pm: Transport sector allocated Rs 2.41 lakh crore and Bharat Net Project allocated Rs 10,000 crore
12:06 pm: The Foreign Investment Promotion Board has been abolished; adding that further liberalisation in the FDI policy would be taken in the next few days.
12:00 pm: Total investment for infrastructure in budget 2017 stands at a record Rs 3,96,135 cr,
11:59 am: 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.
11:57 am: At least 25 stations expected to be awarded during 2017-18; 500 stations will be made differently abled-friendly by providing lifts and escalators
11:56 am: A new metro rail policy will be announced, this will open up new jobs for our youth
11:55 am: Good news for all those who book tickets on IRCTC. You will no longer have to pay service charge,
11:54 am: Rs 1.3 lakh crore has been allotted for solar power, disabled friendly stations. Rail safety fund with a corpus of Rs 1,00,000 crore to be created over a period of 5 years, announcement of Rs 55000 crore for Railways in Budget 2017. Capital and development expenditure pegged at Rs 1.31 lakh cr for railways in 2017-18 from Budget.
11:53 am: Focus is on swachch railways. Steps will be taken to launch dedicated trains for pilgrimage and tourism, he says.
11:52 am: Restructuring of University Grants Commission.
11:49 am: On health, the government proposes to eliminate tuberculosis by 2025. Two new AIIMS Hospitals to be set up in Jharkhand and Gujarat
11:49 am: Budget allocation for welfare of women and children under various ministries increased to Rs 1,84,632 cr.
11:48 am: Completing 1,00,00,000 houses by 2019 for houseless and those living in kaccha houses. Open defecation free villages are now being given priority for piped water supply.
11:47 am: SANKALP – 4000 crores allotted to train for market oriented training. At least 3.5 crore youth will be provided market-relevant training under Sankalp programme
11:46 am: Introducing a system of measuring annual learning; focusing science; Quality education for youth. Setting up skill centre’s across the country to help youth seeking opportunities outside the country.
11:45 am: 100% village electrification will be achieved by 1st May 2018.
11:43 am: Minilabs by qualified local entrepreneurs to be set up for soil testing in all 648 krishivigyan kendras in the country
11:42 am: Allocation for Pradhan Mantri Awaaz Yojana up from 15,000 crore to 23,000 crore
11:40 am: Sanitation in rural areas has gone up from 42% in October 2014 (launch of Swachh Bharat) to 60% now.
11:37 am: PMGSY roads work accelerated to 133 km roads/day in 2016-17 as against 73km/day during 2011-14,
11:35 am: MGNREGA should create productive assets to improve farm productivity, incomes. MNREGA allocation increased. Highest ever allocation for MNREGA at Rs 48,000 crore, Participation of women in MGNREGA up to 55%
11:30 am: Supporting NABARD for 63,000 functional PACs, 3 years at an estimated cost of Rs 1,900 crore. Issurance of soil health cards have gathered momentum. Fasal Bima Yojana – 40% cropped area to be covered in 2017-18, 50% in 2018-19. A dedicated fund worth Rs 5,000 crore to be set up for micro-irrigation under Nabard
11:26 am: With better monsoon, agriculture is expected to grow at 4.1%. Target for agricultural credit for 2017-18 is set at ten lakh crore,
11:24 am: “We are aware we need to do more for our people, our agenda is transform, energise and clean India, that is ‘tech India’”
11:25 am: Surplus liquidity in banking system created by demonetization will lower borrowing cost and increase access to credit.
11:23 am: spending more in rural areas, infrastructure and poverty alleviation and maintaining fiscal prudence.
11:22 am: Demonetization to create a new normal for a bigger, cleaner GDP; slowdown, if any, will be only transient. Effects of demonetization will not spill over to the next year.
11:21 am: India’s Current Account Deficit decreased from about 1% of GDP last yr to 0.3% of GDP in 1st half of 2016-17. Growth in a number of emerging economies is expected to recover in 2017. India remains a bright spot in global economy, we are seen as an engine of global growth.
11:18 am: CPI inflation is expected to remain within RBI’s mandated range of 2 to 6 percent. International Monetary Fund estimates that the world GDP will grow by 3.1% in 2016 and 3.4% in 2017.”
11:15 am: FII has increased from Rs 1.07 lakh crore to Rs 1.45 lakh crore. India has become the sixth largest manufacturing country in the world. Government has ensured fiscal consolidation without cutting back on public investments.”
11:14 am: Expectations included burning issues like inflation and price rise, issue of corruption and crony capitalism. Our focus will be on energizing youth to reap benefits of growth and employment. Growth in a number of emerging economies is expected to recover in 2017.”
11:12 am: Launched a massive war against black money… The government is now seen as a trusted custodian of public money,
11:10 am: on this auspicious day of vasant panchami, present the union budget 2017-18
11:00 am: Lok Sabha has convened and Arun Jaitley is set to present the Union Budget 2017-18.
10:57 am: More budget expectations here – We expect reduction in corporate tax and simplifying the tax system, says Dr. Naushad Dirbes; Expect benefits for exports to boost Make In India from Budget 2017, says Piruz Khambatta.
10:55 am: Union Minister Venkaiah Naidu has also expressed his views on whether the budget should be presented today. “Budget has a sanctity, we are already in the 11th hour. There should be no controversy over it. It’s a constitutional obligation, Naidu said.
10:50 am: Chandrajit Banerjee of CII is of the opinion that taxes – both direct & indirect and asset restructuring are some of the important expectations from Arun Jaitley’s budget.
10:40 am: Lok Sabha Speaker Sumitra Mahajan has confirmed that the Union budget will be presented today. News agency ANI quotes her as saying that a formal announcement will be made shorty.
10:38 am: Former Prime Minister HD Deve Gowda has also expressed that the budget should be postponed. “Postponement of budget will be no big deal, it’s not as if secrecy will break,” he said.
10:35 am: The budget docket contains sixteen documents including the speech by the Union Finance Minister.
10:32 am: A quick meeting of the Union Cabinet has begun in Parliament House. Finance Minister Arun Jaitley will share details of the budget with his cabinet colleagues before heading to Lok Sabha where he will present the budget.
10:28 am: Constitutional experts have shared their view on whether the Budget should be postponed. Subhash Kashyap tells news agency ANI that it is neither possible nor correct to postpone the budget once the documents have arrived in Parliament House.
10:25 am: President Pranab Mukherjee’s office, The Finance Minister briefs the President on the government’s initiatives in the budget before he presents it in Parliament.
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Key Highlights of Union–Railway Budget 2017 – 2018
As Finance Minister Arun Jaitley presents his fourth budget by the Narendra Modi government in Lok Sabha today, expectations for the announcement of new trains and enhancement in passenger amenities are running high.
- Foreign Investment Promotion Board (FIPB) will be abolished
- 2,000 coastal roads identified for development
- Highway allocation up to Rs 64,000 crore
- All coaches of Indian Railways will be fitted with Bio-toilets by 2019
- A new metro rail policy to be announced, This will open up new jobs for the youth
- Rail safety fund with a corpus of Rs 100,000 crore to be created over 5 years
- Unmanned railway crossings will be eliminated by 2020
- Capital, development expenditure on railways to be Rs 1,31,000 crore
- Will reduce cost of life-saving drugs
- Two new AIIMS to be set up in Jharkhand and Gujarat
- Open defecation free villages to be given priority for pipe to water supply
- Schemes for employment in textile, leather and footwear sectors
- Five special tourism zones will be set up
- Emphasis on science education, will also encourage local education
- 100% village electrification by May 1,2018
- Total allocation for rural, agricultural and allied sectors is Rs 187223 cr:Jaitley
- Budget allocation to MNREGA increased to Rs 48,000 cr
- Women participation in MNREGA has increased to 55%
- Rs 10 lakh crore fixed for agricultaral credit
- Agriculture sector will grow at 4.1% in current year
- Dairy processing infrastructure fund will be set up under NABARD
- Will boost social and housing security for poor
- We will double farmer income in 5 years
- Our agenda is to transform, energise and clean India
- GST Bill will spur economic growth
- Demonetisation seeks to eliminate corruption
- India has become the 6th largest manufacturing country: Arun Jaitley
- India a bright spot in global economic landscape, says Jaitley
- World economy facing uncertainty, focus is on creating Jobs
- FM Arun Jaitley expresses gratitude to people for their strong support
- Finance Minister Arun Jaitley Presents Budget
- Parliament pays respect to E Ahamed
- The Union Cabinet approves Budget 2017
- We are already in the 11th hour. There should be no controversy over Budget: Naidu
- “It’s a constitutional obligation. The Budget will be presented,”: LS Speaker
- Finance Minister Arun Jaitley tweets he will present the Union Budget at 11am.
- Prime Minister Narendra Modi has left E Ahamed’s residence after paying tribute.
- Congress leader Mallikarjun Kharge says the Union Budget should be postponed by a day.
- Government sources tell CNN-News18’s Marya Shakil that Union Budget 2017 will go ahead as scheduled.
- Government sources however, say a postponement of Budget is unlikely.
- As per convention, the House adjourns for a day whenever a sitting MP passes away.
- Former Union Minister and MP E Ahamed’s death has raised doubts about presentation of the Budget today.
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Union budget 2017 – 2018 updates are still in process and Finance Minister Arun Jaitley is an hour away from presenting his complete this year Budget. FM Jaitley’s fourth budget will have a fresh feel, introducing many changes to an annual exercise that has changed very little over more than 150 years.
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