India Union Budget 2018-19

BJP Economy India Narendra Modi

New Delhi-Today, Finance Minister Shri Arun Jaitley, presented Union Budget of year 2018-19. In Lokshabha.

Although, opposition members criticized it by terming it as anti people and anti salaried class.

BJP is terming it as progressive and welfare oriented.PM Shri Narendra Modi termed it as people friendly budget.

HIGHLIGHTS

1. MSP for Kharif crops to be 1.5x cost of produce.
2. Allocate 1290 Crores to National Bamboo Mission
3. Allocate 10,000 Crores to fisheries & aquaculture, animal husbandry funds.
4. Allocate Rs.11.00 Lakh crore for institutional credit for farm sector in next year
5. Allocate Rs.16,000 Crore to Pradhan Mantri Saubhagya Yojna
6. Allocate Rs.9,975 Crore to the National Social Mission
7. Setting up PM Research Fellow scheme for 1000 B-tech students
8. Allocate Rs.1,200.00 Crore for specialized health wellness centres.
9. National health protection scheme for 10 lakh poor families. Rs.5.00 Lacs/year per family for will be allocated
10. Allocation of Rs.600.00 Crore for nutritional support to all tuberculosis patients.
11. Setting up 24 New Govt. Medical College under ayushman Bharat Program.
12. Propose to earmark Rs.56000 Crore for SCs and Rs.39,000 Crore for STs
13. Allocate Rs.1.38 Lakh crore in FY 19 for Govt. Health and education programmes
14. Will soon announce measures for SME NPAs
15. Target Mudra Loan for Rs.3.00 Lakh Crore in next Financial year
16. Women contribution to EPF to be reduced from 105 to 8% for 1st three years
17. Allocate Rs.7,148 Crore to textile sector.
18. Govt to contribute 12% under EPF for all employees for next 3 years.
19. 99 cities selected under smart city mission.
20. Outlay of Rs.2.04 Lakh Crore for smart city mission.
21. To eliminate 4267 unmanned rail crossings at broad gauge network.
22. All stations with more than 25000 footfalls will have elevators.
23. Allocate Rs.11,000 Crore for Mumbai rail network.
24. Allocate Rs.17,000 Crore for Bengaluru Metro network.
25. Allocate Rs.9,000 Crore for 90 km of double line track for Mumbai
26. Centre will consult with States to make amendments to Indian Stamps Act.
27. RBI Norms to nudge companies to access bond markets for fund raising.
28. Allocation to “Digital India” doubled to Rs.373 Crore
29. Do not consider cypto currencies as legal tender and take step to curb illegitimate transactions funded by crypto currency.
30. Allocate extra budgetary expenditure of Rs.5.97 Lakh crore on infrastructure.
31. Mulling scheme for providing unique identity for every business.
32. National Insurance, United India Insurance and Oriental Insurance to be merged.
33. FY 19 divestment target of Rs.80,000 Crore
34. Govt. To setup an e-office to disclose financial info.
35. Salary to President raised to Rs.5.00 Lacs, Vice President to Rs.4.00 Lacs and Governor to Rs.3.50 Lacs
36. Law to be introduced to fix MP’s salary every 5 years indexed to inflation.
37. Target of 3% fiscal deficit for FY 19 onwards and revised the target of FY 18 to 3.50% and FY 19 to 3.30%
38. Aim to lower Central Govt Debt to GDP ratio to 40%.
39. 100% tax deduction to companies with revenue of Rs.100 Crores regard as farmer producers
40. Footwear & leather industry to get benefits extended to apparel industry
41. Corporate tax for companies up to Rs 250 cr revenue cut to 25%
42. No change in personal income tax structure
43. Standard deduction of Rs 40,000 for salaried taxpayers in lieu of transport, medical expenses
44. Deduction for senior citizens with critical illness raised to Rs 1 lakh
45. Deduction for senior citizens increased to Rs 50,000 for medical insurance
46. Long-term capital gains for over Rs 1 lakh will be taxed @10% without indexation
47. Short-term capital gains tax continues to be 15%
48. Capital gains made on shares until Jan 31, 2018 grandfathered
49. Propose next FY health, education cess at 4%
50. Propose to amend income tax act for electronic assessments
51. Increase in customs duty on mobile phones to 20% from 15%
52. Propose to cut import duty on raw cashews to 2.5% from 5%
53. Deduction upto Rs.10,000/- for interest on FD from bank and post office to senior citizen
54. no adjustment to be made in case circle rate does not exceed 5 pc of sale consideration