BUDGET 2017 - Jaitley Speaks

Budget 2017 starts with Speaker Sumitra Mahajan paying condolences to E Ahamed. 

"Spring is a season of optimism" says Jaitley in his opening words. "The government is now seen as a trusted custodian of public money, I express gratitude to people for their strong support," he added.

Highlights:

* Budget assumes a faster growing global economy, as a favourable condition for the Indian economy. Our mission is to bring transformatory shift to policy-based governance. 

* Will continue ro uplift vulnerable sections of the society.

* IMF estimates world GDP will grow by 3.4 per cent in 2017.

* Our focus will be on energising youth to reap benefits of growth and employment.

* We shall continue to undertake many measures to ensure fruits of growth reach everyone.

* Uncertainty around global commodity prices to have an impact on Indian economy.

* We have moved from a discretionary administration to a policy-based administration.

* Monetary Policy stance by US Fed, a concern for emerging economies.

* 3 big challenges: Oil prices, Fed policy, global protectionism.

* We have launched a massive war against black money.

* We are moving from informal to formal economy and the government is now seen as a trusted custodian of public money.

* Demonetisation is a bold and decisive measure, for many decades tax evasion was a way of life for many.

* Growth in a number of emerging economies is expected to recover in 2017.

* India's Current Account Deficit (CAD) decreased from about 1 per cent of GDP last year to 0.3 per cent of GDP in first half of 2016-17.

* Forex reserves comfortably cover for 12 months of imports.

* Overall approach in Budget has been to spend more in rural areas.

* Demonetisation seeks to create a GDP that is bigger, cleaner and real.

* We have moved from a discretionary administration to a policy-based administration.

* My overall approach in this Budget has been to spend more in rural and infra sector but still maintain fiscal prudence.

* Merger of railway budget with Union Budget is a historic move.

Stay tuned for more updates.