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Digital economy budget - New Era Budget

CSSwati Rawat
Budget Introduces Financial Reforms: Abolishes Foreign Investment Board, Boosts Digital Economy, Targets Fiscal Deficit at 3.2% GDP The budget outlines significant financial sector reforms, including the abolition of the Foreign Investment Promotion Board and the establishment of a cyber-security response team. It emphasizes digital economy growth through new schemes for the BHIM app and Aadhaar Pay, targeting rural and semi-urban areas. Public services will see improvements such as using post offices for passport services and a centralized defense travel system. Fiscal management plans include a total budget expenditure of 21 trillion, with a fiscal deficit target of 3.2% of GDP for FY18. The budget also proposes measures for financial inclusion and asset confiscation laws for economic defaulters. (AI Summary)

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%
Budget - Tax Proposals
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