With elections only days away in crucial states including Punjab and Uttar Pradesh, Mr Jaitley proposed Rs 10 lakh crore in cheap loans to farmers.5 lakh and Rs 5 lakh. Mr Jaitley promised to build one crore houses by 2019 for the homeless. The minister slashed personal income tax to 5 per cent from 10 per cent on incomes between Rs 2.Mr Jaitley said that the pace of remonetisation has picked up, and will soon reach comfortable levels.77 lakh at the top end of this income range. The government will give a benefit of Rs 12,500 to subsequent categories. This should be seen positively by the global rating agencies which have till now refused to upgrade India’s rating despite improvement on macro-economic indicators. However, the minister proposed 10 per cent surcharge on individuals whose annual taxable income is between Rs 50 lakh and Rs 1 crore, which will result in additional tax liability of almost Rs 2. He allocated Rs 48,000 crore to India’s flagship rural job guarantee scheme MGNREGA.
He also gave a major boost to the infrastructure sector by allocating Rs 3. Union Finance Minister Arun Jaitley addresses a Post-Budget press conference in New Delhi.Mr Jaitley’s proposal to set up an oil major, and announced capital infusion of Rs 10,000 crore for state-owned lenders. This despite pressures to increase spending, and FRBM Review Panel headed by former revenue secretary N. “The effects of demonetisation are not expected to spill over into the next financial year,” he said.96 lakh crore. He also promised to abolish the Foreign Investment Promotion Board (FIPB) to make it easier for foreign investment to come into the country, and indicated further liberalisation in India’s FDI regime.2 per cent of the GDP in 2017-18.4 lakh crore for transport infrastructure will act as a counterforce to the slowdown triggered by cash crunch after Prime Minister Narendra Modi’s shock move late last year to demonetise old Rs 500 and Rs 1,000 notes, and will also create jobs.K. Singh providing for a ‘escape clauses’, for deviations upto 0.