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CHEAPER PHONES AND ENTREPRENEURIAL OPPORTUNITIES: THIS IS HOW THE BUDGET AFFECTS MILLENNIALS

The main theme of the budget 2017 was to ‘Transform, Energize and clean India’ thereby enabling the younger generation with opportunities and tools to build a better future for themselves. Here, we take a look at some of the big ticket announcements made by Arun Jaitly in his speech which affect us millennials.



The Union budget 2017 was a big event for the Narendra Modi government because it was the first time that the Railway and Finance budgets were clubbed together. 


It was also a platform for the government’s first batch of big policy announcements since demonetization, which seemed to have a negative effect on economic growth. 

And therefore, in that sense, it was a big test for Arun Jaitly’s finance ministry and many would say that he scraped through without much criticism because of a well balanced budget. 


The main theme of the budget was to ‘Transform, Energize and clean India’ thereby enabling the younger generation with opportunities and tools to build a better future for themselves.

(This Post Was Originally Published at MensXP)

 Here, we take a look at some of the big ticket announcements made by Arun Jaitly in his speech which affect us millennials.

B – Banking





1. National Housing Bank will refinance individual loans worth Rs. 20,000 crores in 2017-18

2. Along with better financing opportunities, startups will only have to pay taxes for just 3 of the first seven years.

3. Entrepreneurs will be financed by banks to establish mini labs for soil testing in Krishi Vigyan Kendras

U - You 





1. Prices of drugs and cosmetics will go down as per provisions made in the union budget

2. Cigarettes and tobacco products are bound to get expensive as the government has increased the excise duty on such products from 6% to 9%

3. The Textile sector is set to produce scores of jobs in India. An investment of Rs. 6,000 crores allocated for the sector will produce 250 jobs per crore spent.


D - Driving 





1. 500 railway stations to be made differently-abled friendly

2. Service charge on e-tickets booked through IRCTC to be withdrawn which will make railway tickets cheaper

3. Excise duty structure for the automobile industry has remained unchanged and all eyes will now turn to the implementation of the GST which might bring in cheers for first time commercial buyers.


G - Gadgets





1. Mobiles and tablets are set to become cheaper since the printed circuit board duty has been significantly cut.

2. Other electronic items in line with PM Modi’s digital India push are set to become cheaper like POS card readers, micro ATM’s, finger print machines and iris scanners.

3. Hot rod coils, solar panels, led bulbs and lamps are also set to become cheaper.


E - Entertainment 





1. Service tax for restaurants and nightclubs might be hiked 2-3% as a precursor to the GST being rolled out. The current service tax is around 15%.

2. A uniform GST is set to reduce overall costs of a movie ticket as dual charges of service tax and VAT will be abolished.


T- Taxes




1. Lowest tax rate reduced from 10% to 5%

2. No tax on income up to 3 lacs.

3. Tax from income 2.5 to 5 lacs lowered to 5% from 10%

4. Surcharge on income between Rs. 50 lakh and Rs. 1 Cr. set at 10%

Now that the Budget 2017 is done, sectors including entertainment, automobile and healthcare will now be looking forward to the implementation of GST because tax changes within the provision made in GST will affect the cost of products and services related to these sectors.

Source:MenXp

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B3infoarena: CHEAPER PHONES AND ENTREPRENEURIAL OPPORTUNITIES: THIS IS HOW THE BUDGET AFFECTS MILLENNIALS
CHEAPER PHONES AND ENTREPRENEURIAL OPPORTUNITIES: THIS IS HOW THE BUDGET AFFECTS MILLENNIALS
The main theme of the budget 2017 was to ‘Transform, Energize and clean India’ thereby enabling the younger generation with opportunities and tools to build a better future for themselves. Here, we take a look at some of the big ticket announcements made by Arun Jaitly in his speech which affect us millennials.
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