Digital economy budget - New Era Budget

FINANCIAL SECTOR:

• Foreign Investment Promotion Board (FIPB) to be abolished
• Commodities market: Panel to study legal framework for spot and derivative markets
• Resolution mechanism for financial firms
• Cyber-security: Computer emergency response team to be set up
• Listing of PSEs will foster public accountability; revised mechanism for time-bound listing
• To create integrated public sector oil major
• New ETF to be launched
• Pradhan Mantri Mudra Yojana: Lending target at ₹ 2.44 trillion
• Stand-up India scheme: over 16,000 new enterprises have been set up

DIGITAL ECONOMY:

• Govt to launch two new schemes to promote BHIM app, including cashback scheme for merchants
• Aadhaar Pay to be launched for people who don’t have mobile phones
• Focus on rural and semi-urban areas
• To strengthen financial inclusion fund
• Panel on digital payments has recommended structural reforms
• To create payment regulatory board at RBI

PUBLIC SERVICES:

• To use head post-office for passport services
• Defence: centralized defence travel system developed
• Defence: Centralized pension distribution system to be established
• Govt recruitment: To introduce two-tier exam system
• Govt looks to introduce laws to confiscate assets of economic defaulters
• High-level panel chaired by PM to commemorate Mahatma Gandhi’s 150th birth anniversary

FISCAL MANAGEMENT:

• Total budget expenditure: ₹ 21 trillion
• ₹ 3,000 crore to implement various budget announcements
• Defence expenditure excluding pensions: ₹ 2.74 trillion
• Consolidated outcome budget for all ministries being created
• Fiscal deficit for FY18 pegged at 3.2% of GDP
• Revenue deficit for FY18 at 1.9%