Finance Minister Arun Jaitley presented the Union Budget for 2017-18 in Parliament at 11 am on Wednesday, during the Budget Session.
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Agriculture :
Arun Jaitley said the highest ever amount of Rs 48,000 crore has been allocated for MNREGA scheme.
Dairy processing infrastructure fund will be set up under NABARD, with fund of 8,000 crore: FM
A model law on contract farming and a dairy processing fund will be set up in 3 years: Arun Jaitley
Dedicated micro irrigation fund to be set up. For post harvest, farmers will get better prices in market: FM
Issuance of soil health cards have gathered momentum. We will setup a mini lab in krishi vigyan kendras: Arun Jaitley
We will take special efforts to ensure adequate flow of credit to under served areas, Northeastern states and Jammu and Kashmir: FM
Government to spend more on rural areas, infrastructure and poverty alleviation with fiscal prudence.
Arun Jaitley said agricultural growth has risen to 4.1 per cent for 2016-17.
Government committed to double farmer income: Arun Jaitley
We have taken more steps to help farmers to increase production and deal with post harvest problems: FM
“We are aware that we need to do more. Our agenda for next year is to transform, energise and clean India,” Arun Jaitley said addressing the Speaker.
“Pace of remonetisation has picked up and the effects of demonetisation will not spill over next year. Drop in economic activity during remonetisation will only have a transient impact,” Arun Jaitley said.
The Finance Minister hailed both GST and demonetisation as ‘tectonic changes’ in the Indian economy. He also called merger of Railway Budget with General Budget a ‘historic step’.
Advantages in terms of GST are competitiveness, greater transparency etc have been discussed in both Houses: Arun Jaitley.
Saying that demonetisation seeks to ‘create a new normal’, the Finance Minister added that it was a follow up of the other measures taken by the govt in past two years.
India is seen as engine of global growth. We have witnessed historic reform in last one year, Arun Jaitley stated.
India has become the 6th largest manufacturing country in the world, up from the 9th position, Arun Jaitley said.
“India stands out as a bright spot in the world economy. India’s macro-economic policy continues to be source of our success,” Arun Jaitley said.
The Finance Minister said that GDP growth had recovered following demonetisation. He said India’s growth rate was much higher than the global estimate of 3.4 per cent for 2017.
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