The Finance Minister presented the budget for the fiscal year 2017-18 on the 1st February 2017. This is the first time in Indian history in the last 100 years that the budget for the fiscal year has been presented on 1st of February 2017 ahead by one month.
Common man had a lot of expectations from this budget. It was expected that after the pains of demonetisation as well as assembly election in mind the finance minister would give some handsome sops to the public. But the Finance Minister had his own thoughts. Though some relief was given for taxable income upto 5 lakhs, still the common man expectations remained unfulfilled. There was no change in the limit of 80C which is expected every year by the Insurance Industry. Overall this budget was pragmatic and progressive in many respects so far job and infrastructure development is concerned. Agriculture insurance was the theme of the budget whereby crop insurance associated with other related insurance was given thrust.
Budget has proposed to pay 8% pension at the minimum to the senior citizens by Life Insurance Corporation of India.
Govt. has given thrust in infrastructure improvement in rail, road, port, power supply etc wherein safety of human life, business promotion and labour orientation will be taken care of on a long-term basis.
Health Insurance and health sector improvement including that of producing more and more doctors as well as improving health care centers all over the country was given importance in the budget.
The Cabinet approved the listing of public sector general insurance companies through a combination of fresh issuance of shares or Offer for Sale. The government holding in PSU companies will gradually come down to 75 percent from 100 percent.
