FOX PETROLEUM : EK
BHARAT SHRESHTH BHARATH BUDGET : BUDGET
WILL TAKE US TO THE DEVELOPMENT OF NEW INDIA; GREAT INDIA; POWERFUL INDIA;
COUNTRYMEN SHOULD ACCEPT REFORMS FOR FUTURE: MARKS : 8.5/10 TO THIS BUDGET;
WITH PREVIOUS BUDGETS OF 60 YEARS IT IS FAR BETTER;
Union
Budget 2017 : India : an estimate of income and expenditure for a set period of
time I mean for a year; It is good to see that the last two and half years
administration has moved from discretionary, favouritism based to system and
transparency based; Can see several measures of transparency has been
announced; War against Black money has been launched but more will come up
after five state polls or we can say as per result; Budget promised inflation
brought under control. CPI-based inflation declined from 6% in July 2016 to
3.4% in December, 2016;
One
thing Finance Minister of India forgets that 100% of the Indian pays Tax; May
be in Government records it is 3% of the total Population, But Mr Finance
Minister has to acknowledge that even a beggar in India pays – INDIRECT TAX to
GOVERNMENT OF INDIA.
WHEREAS
the economy has moved on a high growth path. India’s Current Account Deficit declined
from about 1% of GDP last year to 0.3% of GDP in the first half of 2016-17. FDI
grew 36% in H1 2016-17 over H1 2015-16, despite 5% reduction in global FDI
inflows. Foreign exchange reserves have reached 361 billion US Dollars as on
20th January, 2017; Which will sum up to 500 Billion USD till next one year; IF
YOU COMPARE TO THE LAST GOVERNMENT IT WAS ONLY USD $ 78 BILLION APROX IN 2014;
YES ! INDIAN GETTING AHEAD UNDER PRIME MINISTER SHRI NAREANDRA MODI. YOU LIKE
HIM OR NOT BUT INDIAN ECONOMY IS GROWING UNDER HIM; Government continued on
path of fiscal consolidation, without compromising on public investment. The
Indian economy has been strong to mild shocks and IMF forecasts, India to be
one of the fastest growing major economies in 2017. It will attract US
President Trum, Japan Prime Minister, UAE Government, Australia and France and
Germany; Do not forget Chinese investment in India thru BRICS Money and etc;
They
will achieve by major transforming reforms as suggested by the Finance Minister
Shri Arun Jetly, and I personally agree to him up to 90%; Like they have gone
for GST -One India One Tax to clear Prime Minister’s demand to make - One
India, Great India; SECOND step of transformation was - Demonetisation of high
denomination bank notes; It has clearly eroded hoardings of currency in the
form of kind of BLACK MONEY, thou I am not agree to it fully – my perception is
– the money which is in rotation is not BLACK MONEY; The money or bills which
has not seen the banks again once out from the bank is hoarding of bills or
currency and that is – BLACK MONEY;
BUDGET
ROADMAP & PRIORITIES shown by the Government in the Budget - : “Transform,
Energise and Clean India” – TEC India - TEC India seeks to transform the
quality of governance and quality of life of our people; Energise various
sections of society, especially the youth and the vulnerable, and enable them
to unleash their true potential; and clean the country from the evils of
corruption, black money and
non-transparent
political funding and en distinct themes to foster this broad agenda: -Farmers
: committed to double the income in 5 years; Rural Population : providing
employment & basic infrastructure; Youth : energising them through education,
skills and jobs; The Poor and the Underprivileged : strengthening the systems
of social security, health care and affordable housing; Infrastructure: for
efficiency, productivity and quality of life; Financial Sector : growth &
stability by stronger institutions; Digital Economy : for speed, accountability
and transparency; Public Service :
effective governance and efficient service delivery through people’s participation;
Prudent Fiscal Management: to ensure optimal deployment of resources and
preserve fiscal stability; TAX
ADMINISTRATION: HONORING THE HONEST.
To
the above statement support – Government has given - Target for agricultural
credit in 2017-18 has been fixed at a record level of ` 10 lakh crores Dolllar
Equivalent to USD $ 180 Billion Dollars; It is the biggest kitty ever given to
farmers across the globe; No dought, farmers will become rich if concluded with
sincerity;
The
military budget of the India is the portion of the overall budget of Union
budget of India that is allocated for the funding of the Indian Armed Forces.
... Union Minister for Finance, Arun Jaitley allocated Rs.2,74,114 Approx USD $
75 Billion in a year for Armaments crores including 86,488 crores for Defence
capital in the 2017 Union budget of India. IT WILL MAKE MANY COUNTRIES OUR
FRIEND NO COUNTRIES OUR ENEMY;
The
Oil Industry is in dark doesn’t know what has been announced for them;
Something I gather was LNG Import got cheaper only in transportation by 2.5%;
Finance Minister has also plan to
combine all PSU’s in Oil into one entity; Combined market cap of India's key
oil and gas companies -- Oil and Natural Gas Corp, Oil India Ltd, IOC, HPCL,
and Bharat Petroleum Corporation Ltd -- is around $106 billion.
Besides
that for Rural development - Over ` 3 lakh crores Dollar equivalent to USD $ 50
Billion spent in rural areas every year, for rural poor from Central Budget,
State Budgets, Bank linkage for self-help groups, etc.
BUT
RORAL DEVELOPMENT AT THE COST OF URBAN EX-CHEQUERS, IT IS NOT HEALTHY BUT WILL
ACCEPT AS ALL OF US HAVE COME FROM RURAL TO URBAN; NO ONE HAS THE URBAN ROOT
WITHOUT A RURAL BACK GROUND;
For
the YOUTH the Union Budget has some big announcements – like wise - introducing
a system of measuring annual learning outcomes in our schools and Innovation
Fund for Secondary Education proposed to encourage local innovation for
ensuring universal access, gender parity and quality improvement to be
introduced in 3479 educationally backward districts. SWAYAM platform,
leveraging IT, to be launched with at least 350 online courses. Pradhan Mantri
(PRIME MINITER) Kaushal Kendras (SKILL
DEVELOPMENT) to be extended to more than 600 districts across the country. 100
India International Skills Centres will be established across the country
amount of Investment` 4000 crores. Industrial Value Enhancement (STRIVE) will
also be launched in 2017-18 at a cost of ` 2,200 crores and also a scheme for creating employment in the leather
and footwear industries along the lines in Textiles Sector to be launched along
with that Incredible India 2.0 Campaign will be launched across the world to promote
tourism and employment.
THE
POOR AND THE UNDERPRIVILEGED has got attention in the budget - Mahila Shakti
Kendra (Woman Empowerment) will be set up with an allocation of ` 500 crores, Under Maternity Benefit Scheme ` 6,000 each
will be transferred directly to the bank accounts of pregnant women who undergo
institutional delivery and vaccinate their children; Affordable housing to be given infrastructure
status where as Government promised to build 10000000 Houses for poor in one
year; and also, National Housing Bank will refinance
individual housing loans of about ` 20,000 crore in 2017-18; And many more
promises by class and category;
The
biggest take out from URBAN PEOPLE IS INFRASTRUCTURE BUDGET - For
transportation sector as a whole, including rail, roads, shipping, provision of
` 2,41,387 crores Dollar Equivalent to 50 Billion USD has been made in 2017-18. It is a good sum if
Government can use the entire SUM in a year;
In
FINANCIAL SECTOR Foreign Investment Promotion Board to be abolished in 2017-18
and further liberalisation of FDI policy is under consideration, I appreciate
that; An expert committee will be
constituted to study and promote creation of an operational and legal framework
to integrate spot market and derivatives market in the agricultural sector, for
commodities trading. e- NAM to be an integral part of the framework.
Bill
relating to curtail the menace of illicit deposit schemes will be introduced. A
bill relating to resolution of financial firms will be introduced in the
current Budget Session of Parliament. This will contribute to stability and
resilience of our financial system. A
mechanism to streamline institutional arrangements for resolution of disputes
in infrastructure related construction contracts, PPP and public utility
contracts will be introduced as an amendment to the Arbitration and Conciliation
Act 1996. A Computer Emergency Response
Team for our Financial Sector (CERT-Fin) will be established; In line with the ‘Indradhanush’ roadmap, `
10,000 crores for recapitalisation of Banks provided in 2017-18; Lending target
under Pradhan Mantri Mudra Yojana to be set at ` 2.44 lakh crores. Priority
will be given to Dalits, Tribals, Backward Classes and Women.
INDIA
GOES ON DIGITAL ECONOMY means CASHLESS by the GOVERNMENT DEFINITION & PLAN,
LESS CASH in my understanding; As per Finance Minister 125 lakh people have
adopted the BHIM app so far out of 125, 0000000 of population whereas s 26
0000000 account has been opened by Government itself on ZERO Balance Account.
The Government will launch two new schemes to promote the usage of BHIM; these
are, Referral Bonus Scheme for individuals and a Cashback Scheme for
Merchants;
Aadhar (UID) Pay, a merchant version of
Aadhar Enabled Payment System, will be launched shortly; A Mission will be set
up with a target of 2,500 crore digital transactions for 2017-18 through UPI,
USSD, Aadhar Pay, IMPS and debit cards. A proposal to mandate all Government
receipts through digital means, beyond a prescribed limit, is under
consideration and BLAH BLAH BLAH;
PUBLIC
SERVICE - The Government e-market place which is now functional for procurement
of
goods and services; The Biggest Human resource Channel The Postal service - To be
utilised the Head Post Offices as front offices for rendering passport services;
A Centralised Defence Travel System has
been developed through which travel tickets can be booked online by our
soldiers and officers; Web based
interactive Pension Disbursement System for Defence Pensioners will be
established; To rationalise the number of tribunals and merge tribunals
wherever appropriate;
TRANSPARENCY
IN ELECTORAL FUNDING -Need to cleanse the system of political funding in India;
Maximum amount of cash donation, a political party can receive, will be `
2000/- from one person. Political parties will be entitled to receive donations
by cheque or digital mode from their donors. Amendment to the Reserve Bank of India Act to
enable the issuance of electoral bonds in accordance with a scheme that the
Government of India would frame in this regard.
EASE
OF DOING BUSINESS - Scope of domestic transfer pricing restricted to only if
one of the entities
involved
in related party transaction enjoys specified profit-linked deduction; Threshold
limit for audit of business entities who opt for presumptive income scheme
increased from ` 1 crore to ` 2 crores. Similarly, the threshold for
maintenance of books for individuals and HUF increased from turnover of 10
lakhs to 25 lakhs or income from 1.2 lakhs to 2.5 lakhs; Foreign Portfolio Investor (FPI) Category I
& II exempted from indirect transfer provision. Indirect transfer provision
shall not apply in case of redemption of shares or interests outside India as a
result of or arising out of redemption or sale of investment in India which is
chargeable to tax in India. Commission payable to individual insurance agents
exempt from the requirement of TDS subject to their filing a self-declaration
that their income is below taxable limit. Under scheme for presumptive taxation for
professionals with receipt upto ` 50 lakhs p.a. advance tax can be paid in one
instalment instead of four.Time period for revising a tax return is being
reduced to 12 months from completion of financial year, at par with the time
period for filing of return. Also the time for completion of scrutiny
assessments is being compressed further from 21 months to 18 months for
Assessment Year 2018-19 andfurther to 12 months for Assessment Year 2019-20 and
thereafter.
PERSONAL
INCOME-TAX - Existing rate of taxation for individual assesses between income
of `2.5 lakhs to 5 lakhs reduced to 5% from the present rate of 10% ; Surcharge
of 10% of tax payable on categories of individuals whose annual taxable income
is between `50 lakhs and ` 1 crore; Simple one-page form to be filed as Income
Tax Return for the category of individuals having taxable income upto ` 5 lakhs
other than business income; Appeal to
all citizens of India to contribute to Nation Building by making a small
payment of 5% tax if their income is falling in the lowest slab of 2.5 lakhs to
5 lakhs
I
GIVE 8.5 OUT OF 10 TO THIS BUDGET; HOPE GOVERNMENT WILL DO AS SATTED IN THE
BUDGET TO MAKE – EK BHARAT SHRESHTH BHARATH
