Budget 2018 India
Budget 2018 India :- New Delhi(India) -Arun Jaitely Finance Minister of India delivered this BJP(Bhartiya Janta Party) Government’s 5th and Last full budget amid subdued Economic growth, challenging fiscal situation and farm distress. It’s important for India and BJP because upcoming elections in 8 states this year and the LOK SABHA election in 2019 (Next Year), all of which put tough demands on him.
How has Finance Minister Arun Jaitely managed to balance populist demands, the need to support Indian Economic growth and Prime Minister Narendra Modi’s focus on Fiscal discipline and reforms ? Read the Highlight of Budget 2018 India
Winning Point of Budget 2018 India
- Farmers : MSP Raised, heavy investment in Agricultural Markets
- Health Care Providers : National Health Protection Scheme
- Transport Companies : Record Infrastructures spending on roads and railways
- Airports : Regional airport construction
Loosing Point of Budget 2018 India
- Financial Sector : 10% LTCG Tax on gains above 1 Lakh
- Mobile Phones : Customs duty hike
- Salaried Class : No change in income tax rates
- No change in Personal Income tax slabs rates in Budget 2018 India
- Standard Deduction of Rs 40,000 for medical expenses for salaried class
- Senior citizens get Rs 50,000 exemption for medical insurance
- Senior citizens get Rs 10,000 exemption in income from FDs
- 85.51 lakh new tax payers filed income tax returns in FY17
- NO PERSONAL INCOME TAX CHANGES PROPOSED IN BUDGET
- Growth in direct taxes (till Jan 15) is 18.7 %
- Surcharge of 10 pc on income above Rs 50 lakh but less than Rs 1 cr to be continued next year; 15 pc on income above Rs 1 cr to also continue.
- 100% tax deduction is allowed to co-operative societies
- Corporate Tax of 25% extended to companies with turnover up to Rs 250 cr in financial year 2016-17
- Incentives for Senior citizens: Exemptions in income of Rs 10,000 from Banks FD and post offices
- Senior citizens to get Rs 50,000 per annum exemption for medical insurance under Sec 80D
- Rs 7.5 lakh per senior citizen limit for investment in interest-bearing LIC schemes doubled to Rs 15 lakh
- Standard deduction of Rs 40,000 allowed for transport, medical reimbursement for salaried tax payers
- Govt to reduce hardships faced in realty deals; no adjustment to be made in case circle rate does not exceed 5 pc of sale consideration
- Rs 8,000 crore revenue lost due to standard deduction allowed to salaried employees
- Rs 7,000 cr revenue forgone on account of lower corporate tax for Rs 250 cr turnover cos
- Rs 19,000 cr revenue loss on direct tax in last fiscal
- Agricultural Market Fund of 2000 crore
- Kharif MSP at 1.5 times produce price
- Food Processing sector allocation almost doubled to Rs 1400 Cr
- Rs 10000 cr for fisheries and aquaculture, animal husbandry funds
- Rs 500 Cr for Operation Green
- The government’s emphasis will be on generating higher incomes for farmers, by helping them produce more with lesser cost, and in turn, earn higher income for their produce.
- Jaitley stressed on the fact that India’s agricultural production is at a record high level today. 275 million tonne foodgrains and 300 million tonne fruits and vegetable have been produced in the country.
- The FM said the government wants farmers to earn 1.5 times the production cost, and the Minimum Selling Price (MSP) for the Kharif Crops has been set at 1.5 times the produce price
- Indian Agricultural market & infra fund of Two Thousand Crore Rupees 2000 Crore Rupees fund will be set up to support the Indian market connectivity.
- A sum of Rs 500 cr will be allocated for Operation Green to be launched. It will promote agricultural products.
- Extend the facility of Kisan credit card to fisheries and for animal husbandry
- Rs 10,000 crore ( Ten Thousand Crore Rupees) set sidewise for Aquaculture and Fisheries Development Stock(Fund)
- Rs 10,000 crore ( Ten Thousand Crore Rupees) set sidewise for animal husbandry infra stock(Fund)
- Propose to launch a restructured bamboo mission with a fund of Rs 1200 crore . “Bamboo is green gold,” Jaitley said.
- Agricultural credit target increased from Rs 8.5 lakh crore to Rs 11 lakh core
- Special scheme to manage crop reduce in Haryana, Punjab and Delhi to reduce pollution
- Rs 1 Lakh Crore to Revitalise and upgrade education sector.
- Eklavya school by 2022 for blocks with above 50% ST population
- Black board to digital board schools by 2022
- 1000 PM research Fellows every Year.
- Govt to increase digital intensity in education. Technology to be the biggest driver in improving quality of education: FM Jaitley
- Rs. 1 lakh crore allocated to revitalisation and upgradation of education sector. Promoting learning based outcomes and research.
- By 2022, every block with more than 50 per cent ST population will have Ekalvya schools at par with Navodaya Vidyalayas
- Aims to move from black board to digital board schools by 2022.
- PM reasearch fellows: Govt will identify 1000 Btech students each years and provide them to do PHDs in IIT and IISc, while also teaching undergraduate students once a week at that time.
- Rs 5 Lakh Medical insurance cover per year for 10 Crore families
- Pledges 1 Medical college for every 3 parliamentary constituencies
- Aayushman Bharat programme: 1.5 lakh centres will be set up to provide health facilities closer to home. Rs 1,200 crore to be allocated for this programme
- Flagship National Healthcare protection scheme, with approximately 50 crore beneficiaries. Up to Rs 5 lakh per family per year for secondary and tertiary care hospitalisation. World’s largest government-funded healthcare programme.
- Universal health coverage will be expanded after seeing the performance of the scheme
- Rs 600 crore allocated for tuberculosis patients, at the rate Rs 500 per month during the course of their treatment.
- Jaitley announces setting up of one medical college for every three parliamentary constituencies, with 24 New government medical colleges also being envisioned. Government also will work on upgrading hospitals to medical colleges
- Ujjawala Yojana – 8 Cr poor women instead of 5 Cr to get free LPG
- Saubhagya Yojana – Power to 4 Cr poor households at Rs 16,000 cr
- Swachh Bharat Abhiyan – To construct 2 Cr more toilets
- PM Jivan Bhma Yojana has benefited 5.22 crore families
- Govt will expand PM Jan Dhan Yojana: Al 16 crore accounts will be included under micro insurance and pension schemes (Budget 2018 India)
- 1.26 cr accounts opened under Sukanya Samriddhi Scheme
- Social inclusion schemes for Scheduled Castes – Rs 52,719 crore
- Social inclusion schemes for Scheduled Tribes Rs 39,139 crore
- Government to Contribute 12% of wages of new employees for next 3 years in all sectors
- Women Employees’ contribution for first 3 years reduced to 8% Employers’ share unchanged
- Govt will contribute 12% of the wages of new employees in EPF in all sectors for next 3 years
- Women contribution to EPF reduced to 8% for first 3 years
- Develop 35,000 Km under phase 1 as part of bharatamala project
- India needs investment of Rs 50 lakh crore in the infrastructure sector
- Construction of new tunnel in Sera Pass to promote tourism
- Out of 100 smart cities 99 cities have been selected, with an outlay of Rs 2.04 lakh crore
- 99 Cities selected with outlay of Rs 2.04 Lakh
- Approved state plans of Rs 77,640 Cr for supplying water to all households in 500 cities
- Railways capex pegged at Rs 1.48 cr
- Government to eliminate 4267 unmanned rail crossings in 2 years
- All stations with 25,000+ footfalls to have escalators
- 11,000 Cr for Mumbai rail network, Rs 17,000 Cr for Bengaluru metro
- Railway capex has been pegged at Rs 1.48 lakh crore , up from Rs 1.31 lakh crore last year
- Eliminate unmanned railway crossing
- All stations with footfall of greater than 25,000 will have escalators.
- More stations and trains will progressively be built with WiFi and CCTV camera
- Govt to eliminate 4267 unmanned rail crossing in broad gauge in 2 years
- Allocates Rs 11,000 crore Mumbai rail network and Rs 17,000 crore for the Bengaluru metro
- 150 km of additional suburban railway networks to be set up in Bengaluru at the cost of Rs 17,000 cr.
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