Take it from the rich and distribute it among the poor--The Union Budget 2017-18 presented by Finance Minister Arun Jaitley in the Parliament on Wednesday is more or less on these lines

Expectations are very high from the Finance Minister Arun Jaitley's Union Budget  2017-18 which he is currently presenting in the parliament.

Jaitley had presented a budget of Rs 19.8 lakh crore for the year 2016-17, an increase of 11 per cent over the 2015-16 budget estimate of Rs 17.8 lakh crore -- equivalent to the cash in circulation before the demonetisation of Rs 500 and Rs 1,000 notes in November.

 

On Tuesday, the latest edition of Economic Survey has called for lowering tax rates and stamp duties, quick adoption of goods and services tax and a check on over-zealous tax administration to restore higher growth.

Moreover, taking into account the possible fallout of the recent demonetisation of high value currency, the Survey has sharply cut the GDP growth for 2016-17 to 6.5 per cent, from 7.6 per cent last financial year.

The survey also called for societal shifts in narratives to overcome three long-standing meta-challenges: Inefficient redistribution, ambivalence about the private sector and property rights, and improving but still-challenged state capacity.