In the year 2016, there was Demo, introduced by Mr. NaMo, the Maverick Prime minister of India. People were shell shocked by the sudden turn of events on November 8. We gave the farewell party to INR 500 and INR 1000 notes and got ourselves introduced to the INR 2000 notes. There was lot of turmoil and cash crunch in India. To be honest, people thought that it would lead to nationwide riots.
Come 2017, we welcome the New Year with great enthusiasm and expectations. On February 1, 2017, the energetic finance minister Mr. Arun Jaitley is going to introduce the Union Budget. People, are in the confused state of mind, after Demo and awaiting the much hyped financial budget of the year 2017. Mr. NaMo, the Maverick Prime minister of India stressed on the fact that digital transactions take over the normal means of trading. Furthermore, also indicated that budget will be different in many ways.
2017 Maverick Union Budget Features
«Up-till now the budget was getting passed on last working day of February, following the British Model.
«Breaking from century old tradition, NaMo announced that hence forth budget would be launched on February 1.
«Merger of Railway Budget with the Union Budget, breaking from the long tradition of introducing union and railway budget separately.
«The above feature helps in saving lot of time and money.
«Tax Exemption Bar to be raised from the existing INR 2.5 lakhs to INR 3 lakhs.
«You witness a reduction in the tax rates, hanging currently at 10 percent for income above INR 2.5 lakhs, 20 percent for income class people above INR 5 lakhs and 30 percent for people earning above INR 10 lakhs.
«Giving extra importance to the Pradhana Mantri Garib Kalyan Yojana, (PMGKY) launched by Mr. NaMo, on November 29. Salient features of Pradhana Mantri Garib Kalyan Yojana like people with unaccounted wealth can deposit with 50% on wealth.
«One can see an increased investment taking place in Railways, because of merger of union and railway budget.
«Colourful Plans like Make- In-India, Skill India and Start-Up-India find more importance, as it will boost start ups and existing businesses.
«Will be introducing affordable housing/cheap home loans to people from financially poor backgrounds.
«Agriculture to get boost as farmers could get waiver of loans, concession in electric bills, seeds, and other agricultural components.
«Pro-poor budget, where lot of welfare measures/schemes getting launched on February 1.
«Aimed at converting India towards electronic payments, digitalization.
«Modified version of the Goods and Services Tax Bill, making easier to file taxes.
«Huge taxed to be levied on Alcohol, Tobacco, Antique, Gold, Automobiles, Electronic Goods, Luxury Goods.
Budget of 2017-2018 is truly offering olive branch to the common man bitten terribly by the Demo drive. Government will definitely create a positive environment to protect investor interest, both national and international.
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