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“The people of India have voted decisively for a change,” said Arun Jaitley, Finance Minister, Government of India in his opening remarks while presenting the Union Budget 2017-18 in the Parliament on Tuesday, 1 February 2017.
Keeping in view the benefit of common man and the economy, the Budget reinforces government’s intent to bring about key reforms to boost growth, attract foreign investments, streamline tax structure, overhaul subsidies, increase the expenditure across sectors that are pivotal to the growth of economy. The provisions of the Finance Bill 2017 are likely to bring about a change in the socio-economic environment of the country, most importantly the way transactions will be done in future. The Budget has thus set in motion a transformation for a cashless economy by introducing a number of applications and digital payment windows – a measure that aims to check corruption.