2017 Union budget of India

2017 (2017) Union Budget of India
Emblem of India
Submitted toParliament of India
Presented1 February 2017
Passed1 February 2017
Parliament16th (Lok Sabha)
PartyBharatiya Janata Party (BJP)
Finance ministerArun Jaitley
Total revenue₹2,146,735 crore (equivalent to ₹30 trillion or US$360 billion in 2023)[1]
Total expenditures₹2,531,762 crore (equivalent to ₹36 trillion or US$430 billion in 2023) (grand total)[2]
Program Spending₹2,146,734 crore (equivalent to ₹30 trillion or US$360 billion in 2023) (through budget)[3]
Debt payment₹523,078 crore (equivalent to ₹7.3 trillion or US$88 billion in 2023)[3]
Deficit₹546,532 crore (equivalent to ₹7.7 trillion or US$92 billion in 2023)[4] (3.2%)[4] (Fiscal deficit) ₹321,163 crore (equivalent to ₹4.5 trillion or US$54 billion in 2023)[4] (1.9%)[4] (Revenue deficit)
Websitehttp://www.indiabudget.nic.in Official Site
‹ 2016
2018›

The 2017 Union Budget of India is the[5][6][7]

  • Annual Financial Statement (AFS) mandated by Article 112 of Constitution of India
  • Demands for Grants mandated by Article113 of Constitution of India
  • Appropriation Bill mandated by Article 114(3) of Constitution of India
  • Finance Bill mandated by Article110(a) of Constitution of India
  • and other documents presented as per the provisions of the Fiscal Responsibility and Budget Management Act, 2003. for the financial year 2017 – 2018.

It was presented before the parliament on 1 February 2017 by the Finance Minister of India, Arun Jaitley with 21.47 lakh crore rupees (US$336.39 billion) budget size.[8][9][10][11][12]

The Finance Minister of India started speech by quoting "Madam Speaker, On this auspicious day of Vasant Panchami, I rise to present the Budget for 2017-18. Spring is a season of optimism. I extend my warm greetings to everyone on this occasion."[13]

In his speech the Finance Minister of India, Arun Jaitley has quoted that the Agenda for 2017-18 is "Transform, Energise and Clean India" – TEC India.[14] He further went to explain that TEC India means to[15]

  • Transform the quality of governance and quality of life of our people
  • Energise various sections of society, especially the youth and the vulnerable, and enable them to unleash their true potential
  • Clean the country from the evils of corruption, black money and non-transparent political funding.

The printing of the budget documents began with a traditional Halwa ceremony in January 2017.32

It's the first budget after major changes in the economy like Goods and Services Tax (India) and 2016 Indian banknote demonetisation.

  1. ^ "Receipts" (PDF). Ministry of Finance, Government of India. Retrieved 29 January 2018.
  2. ^ "SUMMARY OF EXPENDITURE" (PDF). Ministry of Finance, Government of India. Retrieved 29 January 2018.
  3. ^ a b "Expenditure of Government of India" (PDF). Ministry of Finance, Government of India. Retrieved 29 January 2018.
  4. ^ a b c d "Debt and Deficit Statistics" (PDF). Ministry of Finance, Government of India. Retrieved 29 January 2018.
  5. ^ "THE CONSTITUTION OF INDIA". lawmin.nic.in. Archived from the original on 2 April 2012. Retrieved 1 February 2017.
  6. ^ "BUDGET IN PARLIAMENT". www.parliamentofindia.nic.in. Retrieved 1 February 2017.
  7. ^ "KEY TO BUDGET DOCUMENTS" (PDF). Archived from the original (PDF) on 15 February 2017.
  8. ^ "Union Budget 2017: Rs 2.74 lakh crore allocated towards defence spending". Indian Express. February 2017. Retrieved 1 February 2017.
  9. ^ "Total expenditure of Rs. 21.47 lakh crore in Budget 2017-18, fiscal deficit pegged at 3.2%". NetIndian. February 2017. Retrieved 1 February 2017.
  10. ^ "Live: Budget 2017: Union Budget 2017 Updates, Analysis | Budget 2017 highlights". The Economic Times. Retrieved 1 February 2017.
  11. ^ "Highlights of Union Budget 2017-18". The Hindu. Retrieved 1 February 2017.
  12. ^ "Budget: Rs 55,000 Cr for Railways; Focus on Safety, Infrastructure". The Quint. Retrieved 1 February 2017.
  13. ^ Rajya Sabha TV (1 February 2017), FULL SPEECH: Finance Minister Arun Jaitley's Budget Speech | Union Budget 2017-18, retrieved 1 February 2017
  14. ^ "Union Budget 2017: Highlights". The Times of India. Retrieved 1 February 2017.
  15. ^ Rajya Sabha TV (1 February 2017), FULL SPEECH: Finance Minister Arun Jaitley's Budget Speech | Union Budget 2017-18, retrieved 1 February 2017