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Arun Jaitley all set to exhibit the Union Budget 2018-19 in Lok Sabha today , all areas are quick to discover what’s in store for them. A lot is on the line as this one is the last entire year spending plan before the 2019 elections .
Union Finance Minister has officially influenced it to clear that the Agriculture segment will be the govt’s best need in the current year’s financial plan since the govt. Aspires to address farmers issues remembering the elections that are expected in 8 states this year and the Lok Sabha elections in mid 2019 .
The govt. is relied upon to concentrate on private ventures too. The Budget will be tabled in Lok Sabha at 11 AM today. Remain stuck for our live updates:
Union Finance Minister is now presenting the budget in parliament……..
By the time we formed the government, in 2014, India was considered one of the fragile five economies, but we have successfully made our country one of the fastest-growing economies in the world.
This year’s Budget will focus on agriculture, infrastructure and healthcare.
Our govt. has taken the resolution to double farmers income by 2022, the 75th year of India’s independence. All the necessary schemes will be implemented and steps will be taken in order to achieve our PM’s dream.
Gas connections will be given to 8 Cr poor women under Ujwala Yojana
Rs 200 Cr has been allotted for organic farming sector. Subsidies will be provided for farm machinery to manage crop residue.
The Minimum Support Price (MSP) of all crops will be increased to at least 1.5 times that of the production cost
Allocation in food processing ministry will be doubled to Rs 1,400 crore from the existing Rs 715 crore. Govt. proposes to set up state-of-the art facilities in 42 mega food parks.
Allocation of Rs 500 crore for Operation Green.
Fishery and Aquaculture Infrastructure Development Fund and Animal Husbandry Infrastructure Fund will be set up with a total corpus of Rs 10,000 Cr.
Govt will allocate Rs 16,000 Cr to provide electricity to rural areas under Pradhan Mantri Saubhagya Yojna. 4 Cr electricity connections will be provided to the poor under this programme.
Rs 14.34 lakh Cr to be spent for the development of rural infrastructure.
Education Sector:
Govt. aims to use technology to upgrade teaching methods. Digital Boards will replace Blackboards
Lakhs of teachers will be trained under RTE to help improve quality of education.
Eklavya schools will be started specifically for ST (Scheduled Tribe) population.
A schemed called RISE – Revitalizing Infrastructure in School Education is being instituted with an allocation of Rs 1 lakh Crore over four years with the aim of revitalizing school infrastructure.
Health Sector:
Govt. set to launch a flagship healthcare scheme to cover 10 crore poor families. Under this scheme, Rs 5 lakh cover will be provided per family, per year.
One government medical college will be set up for every 3 parliamentary constituencies.
187 projects sanctioned under Ganga Rejuvenation Programme
Rs 3 lakh Cr loans will be provided under PM MUDRA Yojana
Allocation of Rs 56,619 crore for SC welfare and Rs. 39,135 crore for ST welfare.
Allocation of Rs 2.04 lakh Cr for the development of infrastructure in 99 Smart Cities that have been identified already.
Govt. aims to complete National Highways exceeding 9,000 km under Bharatmala project.
Over Rs 1.48 lakh Cr to be allocated for Railways sector in next fiscal
Railway Projects- Redevelopment of 600 major railway stations, expansion of Mumbai transport system, Suburban network of 160 km for Bengaluru
Trains will be progressively provided with Wi-Fi, CCTV and other state-of-the-art amenities.
Airport capacity will be hiked to handle 1 billion trips per year.
Regional air connectivity scheme to connect 56 unserved airports
Govt plans to take all measures to curb use of crypto-currencies like Bitcoin
Digital mode to replace Cash in system of toll payments.
An industry-friendly Defence production policy to be rolled out in 2018
Govt plans to monetize select central public sector enterprises using Infrastructure Investment Trusts
Monthly emoluments of President, Vice-President and Governors will be revised to Rs 5 lakh, Rs 4 lakh and Rs 3.5 lakh respectively.
MPs’ emoluments will be automatically revised every five years, in coherence with inflation.
Govt proposes to contribute 12% of wages of new employees in EPF for all sectors for the next 3 years.
Projection of fiscal deficit – 3.3% of GDP
Personal Income Tax unchanged. Standard deduction of Rs. 40,000 for salaried employees in lieu of transport and medical expenses. Number of taxpayers has increased from 6.4 crore to 8.27 crore.
Corporate Tax reduced from 30% to 25% for companies having turnover up to 250 Cr.
100% tax rebate for farmer producer companies having a turnover of up to Rs 100 crore.
Health and Education cess increased from 3% to 4%.
Long-term capital gains exceeding Rs 1 lakh will be taxed at 10%. Introduction of 10% tax on distributed income by equity oriented mutual funds.
Custom duty on mobile phones increased from 15% to 20%