Budget 2017 for Millennials: Explained in Videos and GIFs
From lowered interest rates for education loans to cheaper railway tickets, the millennials have a wish list ready
Confusion prevailed ahead of the Budget session, with the news of the sudden demise of former Union minister and MP E Ahamed sparking reports that the Budget may be postponed by a day. However, the proceedings eventually went ahead as planned.
Expectations from the Rail Budget
The Rail Budget has been merged with the General Budget for the first time in Indian history.
Other than cheaper rail tickets, a safety tax is also expected to be introduced to fund the Rashtriya Rail Sanraksha Kosh. The move comes in the wake of a recent spike in rail accidents, including the Kanpur derailment, which claimed the lives of 150 people.
The first Budget since demonetisation was announced on 1 February.
The country’s millennials watched this Budget very closely, with many looking forward to announcements ranging from lowered interest rates for housing and education loans to cheaper railway tickets and petroleum prices.
The Ministry of Finance announced that Finance Minister Arun Jaitley would be answering questions related to the Budget on Twitter.
Watch the Complete Presentation Here
Scheme for Employment in Leather Industry
The next phase of Skill Strengthening for Industrial Value Enhancement (STRIVE) will also be launched in 2017-18 at a cost of Rs 2,200 crores
A scheme for creating employment in the leather and footwear industries along the lines in Textiles Sector to be launched
Incredible India 2.0 Campaign will be launched across the world to promote tourism and employment.
(With inputs from India Budget)
Relax and ‘Startup’ a Company
Since its the generation which wants to work for itself and not for other bosses, the government has come up with benefits for entrepreneurs with Startups.
The profit-linked deductions will happen after seven years, instead of the earlier cap of five years.
If your company has an annual turnover till Rs 50 crore, the Income Tax has been reduced to 25 per cent from 30 per cent.
Key Announcements for Education Sector
The SWAYAM platform was announced – leveraging IT – to be launched with at least 350 online courses. Students can attend over 350 online courses, taught by the best faculty.
A National Testing Agency will be set-up to be autonomous and self-sustained and make it a premier testing organisation for conducting all entrance exams for higher eudcation institutes.
100 India International Skills Centres will be established across the country. Good quality higher education institutions to have greater administrative and academic autonomy.
National Testing Agency to be set-up as an autonomous and self-sustained premier testing organisation to conduct all entrance examinations for higher education institutions.
Taxes: Good News For Young Professionals
First time tax payers? There’s a reason to rejoice because the government halved the initial tax rate.
Now, you’ll pay 5 per cent of tax on your income and you’ll get to save Rs 12,500 a year!
- This was the first Budget to be announced after demonetisation
- Income tax rate halved from 10% to 5% for those earning between Rs 2.5 Lakh to Rs 5 Lakh
- Launch of SWAYAM platform with 350 online courses for youth.
- 100 India International Skills Centres will be established across India
- Benefits for entrepreneurs with startups
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