Budget 2017-2018 - TRANSFORMATIONAL REFORMS IN LAST YEAR

TRANSFORMATIONAL REFORMS IN LAST YEAR - Budget 2017 Highlights

Passage of the Constitution Amendment Bill for GST and the progress for its introduction
Demonetisation of high denomination bank notes
Enactment of the Insolvency and Bankruptcy Code; amendment to the RBI Act for inflation targeting; enactment of the Aadhar bill for disbursement of financial subsidies and benefits
Budget 2017-18 contains 3 major reforms. First, presentation of Budget advanced to 1st February to enable the Ministries to operationalise all activities from the commencement of the financial year. Second, merger of Railways Budget with General Budget to bring Railways to the centre stage of Government’s Fiscal Policy and Third, removal of plan and non- plan classification of expenditure to facilitate a holistic view of allocations for sectors and ministries