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Focus of the Union Budget was to fight corruption and black money, says Arun Jaitley

Finance Minister Arun Jaitley on Wednesday presented the Union Budget 2017-18 in Lok Sabha announcing several benefits for the salaried class and the farmers.

By: Express Web Desk | New Delhi |
Updated: February 1, 2017 7:41:48 pm
New Delhi: Finance Minister Arun Jaitley stands outside the North Block with the briefcase containing Union Budget for 2017 to be announced on Wednesday. PTI Photo Vijay Verma(PTI2_1_2017_000004B) Finance Minister Arun Jaitley outside Parliament.

Finance Minister Arun Jaitley on Wednesday presented the Union Budget 2017-18 in Lok Sabha announcing several benefits for the salaried class and the farmers. Softening the demonetisation blow, Jaitley halved the tax to 5 per cent on incomes upto Rs 5 lakh but proposed a new surcharge of 10 per cent on incomes between Rs 50 lakh and Rs 1 crore while stepping up allocations for infrastructure, rural, agriculture and social sectors. The budget was a historic one as for the first time railway budget was merged with the finance bill and the date to present it was advanced by a month.

After the budget Jaitley addressed a press conference. Also present at the conference was Chief Economic Advisor Arvind Subramanian.

WATCH VIDEO | Budget 2017: 5 Things You Need To Understand

Here are the highlights

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Today the budget for financial year 2017-18 was presented. The objective behind the budget was specific: Jaitley

Our aim was to stick to the direction where we are moving: Jaitley

Intention was not to increase schemes, but to proper implementation of the existing schemes: Jaitley

Major allocation in the budget mostly aimed to check poverty and infrastructure development: Jaitley

Spend more on the successful sectors is another objective of the govt: Jaitley

Govt committed to flush out black money and end corruption. Hence we are taking steps to make people tax compliant: Jaitley

Honest tax payers suffered the most because of tax evasion by corrupt.Through the budget we wanted honest tax payers to benefit: Jaitley

WATCH VIDEO | Budget 2017: Changes in Personal Tax Rates

The scheme to cleanse political funding was announced to make the economy cleaner and transparent at large. If tax returns are filed both the donor and the donee will get exemption on tax in political donations: Jaitley

Developed countries have digital payment structure for donation to political parties. Electoral bonds to be redeemable only in notified accounts of political parties: Jaitley

Many steps in the budget are towards boosting employment, it is not a separate chapter: Jaitley

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