It has been two long years for the Prime Minister Narendra Modi to be in power. Considerable progress is observed throughout the country, various welfare schemes for the people Below Poverty Line (BPL) were incepted, environmental welfare programmes, foreign investments were brought to our country.

Whereas, when it comes to the actual results, not as much as it is expected is noticed. Despite the rapid growth in the Information Technology sector, no glad results were recognised in other areas.

Among all the other takes, demonetization was a gigantic move made by the Prime Minister to curb the black money from the grassroots level, contrary to the primary objective behind the idea, no great results were observed till this moment.

Political discrepancies, window exchange and illegal conversions took place everywhere, but experts still believe that amusing results can be expected in long run, well! that sounds hopeful.

Putting aside all the other factors, Union Budget Plan 2017 is built, and presented by the Finance Minister Arun Jaitley in the Parliament. As the new budget plan looks quite promising, favourable results were expected this time, notably, this budget plan is the major keynote as it is planned right next to demonetization in order to uplift the Common man’s life, says, economists.

Quoting this upcoming budget plan, experts applauded it as ‘Game Changer‘.

Impact Of Demonetization On Budget Plan:

1. As the possible closure is adapted to roll out all the black money, every transaction is now transparent and crystal clear which depicts that every coin now spent will be listed, which means the increase in GDP.
2. No exploitation of money from the middle-class people, which results in loyal governance.
3. A fair hike is expected in Income Tax if every big shot is perfectly checked.
4. Good results are expected in long run, it might be in the following fiscal year, but for sure.

For People Who Come Under Agriculture Sector:

1. The government reportedly included new insurance schemes for farmers, now they can feel secured against natural calamities.
2. Instant loans will be allotted to the farmers with no interest for 60 days, an amount of Rs. 10 lakh crore is allocated under this scheme.
3. National Bank For Agriculture & Rural Development (NABARD) fund is now increased from Rs 20,000 crore to Rs. 40,000 crore.
4. Minilabs will be set up in Krishi Vigyan Kendras for soil testing.
5. A dedicated micro irrigation fund will be set up for NABARD with Rs 5,000 crore corpus initially.
6. Dairy processing infrastructure fund will be initially created with a corpus of Rs. 2000 crore.
7. A model law on contract farming will be prepared and shared with the States.

For All The Rural People:

1. New targets were set, the government targets to bring at least 1 crore households out of poverty by 2019, that includes 1 crore houses for those without homes.
2. A number of farm ponds will be built, during 2017-18, estimated five lakh ponds will be taken up under the MGNREGA.
3. In order to double the farmer’s income more than Rs 3 lakh crore will be allocated to MGNREGA.
4. Will allocate Rs. 19,000 crore for Pradhan Mantri Gram Sadak Yojana in 2017-18.
5. Though electricity is now accessible at every possible village, 100% electrification by 2018 is targetted.
6. Swachh Bharat mission has made tremendous progress; sanitation coverage has gone up from 42 percent in Oct 13 to 60% now.

For The Aspiring Youth:

Sources from the United Nations claim that around 36 crore Indians are 10-24 years old and the country has the largest youth population in the world which means the government needs to invest heavily in young people’s education, skills, health and their future.

1. Certain Educationally-backward blocks are identified, that counted around 3,479, special focus will be on them in this Fiscal year.
2. Precise accreditation will be given to the colleges now on.
3. International centres will be installed throughout the country as a part of Skill India mission. 100 stations are confirmed till now.
4. In an attempt to teach foreign languages, certain courses will be introduced and they will be included in the updated syllabus patterns.
5. Possible steps will be taken to create 5000 Post Graduate seats per annum.
6. National testing agency to be established for all entrance exams, freeing up CBSE, AICTE and other bodies
7. Rs4,000 crore allocated to launch skill acquisition and knowledge awareness

For The Women Welfare:

1. Rural women’s active participation will be aimed, currently, the plan mentioned the target reading 55%.
2. A lump sum of Rs. 500 crore is allocated for Mahila Shakthi Kendras.
3. Rs. 6000 will be given to every pregnant woman under a nationwide scheme.
4. A sum of Rs. 1,84,632 crore is allocated for women and children for the general welfare respectively.

For The Health Care Sectors:

1. In addition to the aimed medical progress, elimination of tuberculosis by 2025 is targeted.
2. The total health sub-centres that counted around 1.5 lakh will be transformed into health wellness centres.
3. In order to accomplish more number of doctor aspirants in future, two AIIMS will be set up in Jharkhand and Gujarat.
4. Wide changes will be taken in the medical colleges’ fee structure, a structural transformation of the framework is expected.
5. A lump sum of Rs. 52,393 crore is allocated for Scheduled Castes.
6. Aadhaar-based smart cards will be issued to senior citizens to monitor health.

Personal Income Tax Modifications:

Income tax is something that is quite similar subject to both the rich and poor folks! Now, any major changes in Income tax statistics will show rational effects on both the categories,

Here Are The Changes:

Meanwhile, Further Changes That Directly Affects Include:

DIGITAL PAYMENTS: Presently, no service tax will be charged on transactions below Rs 2000. Also, 0.75 percent on digital payments in petrol stations has already been announced. In addition to this, railway bookings will not include service charges.

It is believed that the government may announce further incentives in order to push the country towards becoming a cash-free economy.

PRICE HIKE WILL BE OBSERVED IN:

• Mobile Phones (tax is imposed, earlier it was zero).
• Alcohol & Cigarettes (excise duty on cigarettes less than 65mm is now Rs 311/1000, earlier it is Rs 215).
• Tobacco (excise duty on un-manufactured tobacco raised to 8.3% from 4.2% and 6 to 9% for Pan Masala).
• Precious metals (excise duty is raised to 30% from nil).
• Junk Foods
• Soft drinks

PRICE DROP WILL BE OBSERVED IN:

• Railway tickets, when they’re booked online (no service charge).
• In a bid to switch towards the renewable resources consumption, Solar tempered glass used for manufacturing of solar cells/panels exempted from Customs Duty.
• Customs duty on Liquefied Natural Gas (LNG) to be reduced from 5 per cent to 2.5 per cent.
• Duty exempted on various Point-of-sale (POS) machines and iris readers to encourage digital payments.

Few Other points To Be Noted:

• Startup enthusiasts-you won’t have to pay tax for 3 of first 7 years.
• No more cash payments for anything above 3 lakh.
• in order to digitalize the whole economy, high-speed Internet to be allocated to 1,50,000 gram panchayats by 2018.
• Allowability of Cash expenditure per day is reduced to 10K from 20K
• Rs 2,000 is the maximum cash one can donate to the political party, every single rupee more than that will be denoted as the illegal transaction.
• Companies whose annual turnover is below 50 crores, the Income tax will be 25%.
• Now you can avail your passport from any passport services in any of the Head Post offices.

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