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Feb
01

Budget 2017: Quick highlights and Analysis

Major area of focus:

1. Fiscal Discipline

  • Fiscal deficit increased to 3.2%
  • Revenue deficit reduced to 2.1%
  • Net borrowing at Rs. 4.5 lac crore

2. Infrastructure:

  • 3.96 lac crore infrastructure allocation
  • Allocation for Railways Rs. 55000 crores
  • Defense allocation increased Rs. 5.8 lac crore: an increase by 5.8%
  • Higher Allocation stepped up for Rs. 64000 crores
  • Allocation of Rs. 10000 crore
  • Affordable Housing given boost
  • 2 New AIIMS for Jharkhand and Gujrat

3. Reforms:

  • There are almost 11 reform measures
  • Abolition of FIPB
  • Model Law on Contract farming
  • Listing of PSUs like IRCON, IRCTC
  • Increase in Disinvestment targets in PSUs

4. Schemes for Rural area

  • 100% rural electrification
  • More allocation for MNREGA
  • More rural schemes

5. Direct Taxes

  • 5% tax rate for the income tax slab of Rs. 2.5-5 lacs instead of 10%
  • Short term capital Gain period decreased from 3 years to 2 years
  • MAT carry forward period increased from 10 years to 15 years
  • Tax rate decreased to 25% from 30% for Companies below Rs. 500 Million turnover
  • Net revenue loss from Direct tax changes Rs. 20000 crore

6. Indirect Taxes

  • Increase excise duty on Pan Masala to 12% from 10%
  • Increase excise duty on Cigarette (non-filter)

7. Banking Reforms

  • Capital Allocation Rs. 10000 crores
  • Increase in tax provision for NPA
  • Better Legal Ecosystem

 

Quick Analysis: Budget appears to be balanced. BSE index has increased by more than 400 points and NSE by more than 130 by 2.50PM. While there is little apprehension towards GST implementation and increase in fiscal deficit but balanced approach keeping into above highlights.

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