"This is a Budget for the future - for farmers, underprivileged, transparency, urban rejuvenation, rural development, enterprise," Modi said while commenting on the document presented by Finance Minister Arun Jaitley in the Lok Sabha.
Minimum Alternate Tax is at present levied as an advance tax.
Breaking from the past, Finance Minister Arun Jaitley presented a historic Budget in which the railway budget has been merged and the date advanced by a month, retaining the 15 percent surcharge on taxable income above Rs 1 crore.
"A new and restructured central scheme with a focus on export infrastructure, namely, Trade Infrastructure for Export Scheme (TIES) will be launched in 2017-18," Finance Minister Arun Jaitley said in his Budget speech.
"A controversial #Budget2017 which is clueless, useless, baseless, missionless and actionless. Heartless No roadmap for the country or the future from a government that has lost all its credibility," Banerjee said on Twitter.
To promote affordable homes, the government also proposed to amend the Section 80-IBA, relaxing the condition of period of completion of the project for claiming deduction from the current three years to 5 years.
Effectively, the capital expenditure estimated in the Budget for next fiscal is 10.7 percent higher than revised estimates of Rs 2.79 lakh crore for the current fiscal.
The Union Budget for 2017-18 focused on lifting rural incomes while simultaneously pressing ahead with reforms in several sectors of the Indian economy.
Puducherry Lt Governor Kiran Bedi today said the Union budget for the fiscal 2017-2018 "is the result of a comprehensively, proactively functioning government."
Jaideep Ghosh, Partner at KPMG in India is of the view that Union Budget aims to boost digital economy, which will have a positive impact on the telecom sector. Additional outlay of Rs 10,000 crore for BharatNet and creation of â€˜Digi- Gaon‘ a definite positive to Broadband penetration.
Nikhil Khandelwal, MD, Systematix Shares & Stocks is of the view that Budget has also put in place various blocks to improve the farm level income â€“ and hence believes that farm inputs requirement and rural incomes are both set to increase in the times to come.
In an interview to CNBC-TV18‘s Latha Venkatesh and Anuj Singhal, HP Ranina, Corporate Lawyer, Shikha Sharma, MD & CEO, Axis Bank, R Shankar Raman, Whole-Time Director & Chief Financial Officer, L&T and Sanjay Dutt, Director at Quantum Securities gave their take on Arun Jaitely‘s Union Budget and their outlook on the road ahead.
Presenting the Budget in Parliament, Finance Minister Arun Jaitley proposed that category I and II foreign portfolio investors (FPIs) should be exempted from taxation on indirect transfers.
The common man may not have got a great deal out of Arun Jaitley‘s fourth Budget but the speech showed the finance minister has perfected the art of tightrope walking.
However, gross borrowing has been pegged at Rs 5.8 lakh crore up for 2017-18, marginally higher from Budget estimate of Rs 6 lakh crore in the ongoing fiscal.
Amid government's push on digital transactions, Finance Minister Arun Jaitley today announced setting up of a Computer Emergency Response Team to strengthen security of the financial sector amid increasing incidents of cyber frauds.
Watch the accompanying video where in PM Modi reacts to Arun Jaitley's Budget 2017.
â€œThe Fasal Bima Yojana launched by our Government is a major step in this direction. The coverage of this scheme will be increased from 30 percent of cropped area in 2016-17 to 40 percent in 2017-18 and 50 percent in 2018-19,â€ said Jaitley in the Budget speech.
In an interview to CNBC-TV18‘s Rituparna Bhuyan, Nirmala Sitharaman, Commerce Minister gave her take on Arun Jaitely‘s Union Budget and outlook on the road ahead.
A dispute resolution mechanism will be put in place to address issues in the infrastructure space, Finance Minister Arun Jaitley said today.
With pressures for protectionism building up in several parts of the world, there are "signs of increasing retreat from globalisation of goods, services and people", Finance Minister Arun Jaitley said today.
Asserting that quality of education will energise the youth, Finance Minister Arun Jaitley today unleashed measures to revamp the country's education system, including setting up of a National Testing Agency to conduct all entrance examinations for higher education institutions.
Describing the Union Budget for 2017-18 as "a fairly routine Budget", former RBI Governor C Rangarajan today said changing the road map to reach the fiscal deficit target of 3 percent over the year will make a mockery of the Fiscal Responsibility and Budget Management (FRBM) Act.
Compared to guarded moves of the past, Jaitley used his fourth budget to launch policy changes including modifying India‘s political funding structure, but did not overhaul the corporate or individual income tax system as was widely expected.
Budget was as per expectations with no major changes with thrust on skill development, farmers, rural electrification and infrastructure development, says Achin Goel, Head, Wealth Management & Financial Planning at Bonanza Portfolio.