The Union Budget 2017-18 has a number of key features that are important to the development of India in the coming year. The Houses of Parliament were addressed before hand and were especially appreciative of the work to move the date of the budget forward. The decision to merge the Railway Budget and Union Budget together was especially approved of for how well it was prepared.
The Union Budget will cover many points relating to the economy and how it is evolving. This comes amid many changes in the national economy that has prompted many developments to occur in terms of different rules for making it work.
Is Remonetisation Possible?
There has been discussion about the reintroduction of some monetary notes in the Indian economy in the near future. The Economic Survey saw that the effects of demonetisation have been rather varied. This includes problems in some areas with regards to getting money. There is a hope that some money may be reintroduced into the public but it is unclear if this will take place at all.
Much of the remonetisation may be used to help people in some of the rural areas around India. These include areas where money is not flowing as well as usual. Support for digital payments may also be provided in the future. This comes as more people are aiming to get their funds out to more people and to make it easier for the flow of money to stay normal.
Cash Supply To Be Restored
The cash supply around India is expected to be restored very soon. The Economic Survey states that cash will be restored by the end of March. This would help to get the economy to return to normal.
It would especially help with getting the economy to grow at a more normal rate again. The GDP is expected to grow by about 6.75 to 7.5 per cent according to the suggestion of the Economic Survey.
Even so, the currency limitations were not as grand as what many had expected to see at the start. The process of getting money out to the public is still expected to be rather strong and vast in terms of trying to improve upon the national economy.
UBI To Help
Another highlight entails the production of Universal Basic Income as a means of reducing poverty around India. This would be used in lieu of some of the more welfare-oriented schemes that are being posed around the country. There are many important aspects to take a look at with regards to UBI:
- This would be a more universal approach to handling poverty. It involves working to get more money to a larger number of people without any state-based restrictions.
- The income support would entail help from the government through various public works. These include projects that many around India may be eligible to participate in as a means of getting more money.
- The money being given in the process would be available unconditionally in most cases. A set value will still be given to individuals with the potential to earn added funds if more work is done.
The goal is to get the money out to more people as soon as possible and to make it more functional. Even so, it is a necessity for the government to watch for how well the economy is engineered and how people respond to the UBI plan.
Growth In Agriculture
The agriculture sector has seen some substantial gains in recent time. The Economic Survey states that the sector grew by a little more than 4 percent in the past year. This is more than twice the growth from the prior year. Much of this is thanks to the monsoon rains in the country and how they were better this year than they have been in the past.
The budget is looking to offer subsidies and tax breaks to farmers in the rural areas. This is to help them benefit from the gains they are getting from the added rainfall and the ability to sell more crops. Additional funds may be provided to help with maintaining these farms and to keep them operational for as long as possible. Information on what could be added is unclear at this point but it is expected to be significant based on demand.
Could a Delay Occur?
One surprising statement with regards to the budget came upon the death of a sitting member of Parliament. E Ahamed died from cardiac arrest during the President’s address earlier this week. Information on his passing was delayed until after his family was notified.
Normally, announcements from the government are delayed after a sitting member of Parliament dies. However, with the significance of the Union Budget being so grand, there is a potential that there will not be any delays.
A five-minute period of silent reflection has been encouraged. This is to provide people with an opportunity to reflect upon Ahamed’s life and his contributions to the country. This especially comes as there has been more of a celebration of the announcement of the budget rather than anything sad occurring among the crowds.
Further information on the Union Budget 2017-18 will be coming soon. This is a highly anticipated moment in India so it will be exciting to see precisely what will come about as the rest of the budget is revealed.