Union Budget Key Highlights from Budget 2018
Union Budget Key Highlights – Hello, Let’s Study Together Readers, As you all know that finally today is New Union Budget 2018 Declared by Our Finance Minister Arun Jaitley.What are the benefits and losses of this Union Budget 2018?Here we are providing a Key Highlights of Union Budget 2018.so Let’s begin.
Budget guided by mission to strengthen agriculture, rural development, health, education, employment, MSME and infrastructure sectors.Government says a series of structural reforms will propel India among the fastest growing economies of the world. Country firmly on course to achieve over 8 % growth as manufacturing, services and exports back on good growth path.
1.MSP for all unannounced kharif crops will be one and half times of their production cost like majority of rabi crops: Institutional Farm Credit raised to 11 lakh crore in 2018-19 from 8.5 lakh crore in 2014-15.
2.World’s largest Health Protection Scheme covering over 10 crore poor and vulnerable families launched with a family limit up to 5 lakh rupees for secondary and tertiary treatment.
3.Rs. 5.97 lakh crore allocation for infrastructure
4.Disinvestment crossed target of Rs 72,500 crore to reach Rs 1,00,000 crore
5.100% deduction proposed to companies registered as Farmer Producer Companies with an annual turnover upto Rs 100 crore on profit derived from such activities, for five years from 2018-19.
6.Deduction of 30% on emoluments paid to new employees Under Section 80-JJAA to be relaxed to 150 days for footwear and leather industry, to create more employment.
7.Proposal to extend reduced rate of 25% currently available for companies with turnover of less than 50 crore (in Financial Year 2015-16), to companies reporting turnover up to Rs 250 crore in Financial Year 2016-17, to benefit micro, small and medium enterprises.
8.Standard Deduction of Rs 40,000 in place of present exemption for transport allowance and reimbursement of miscellaneous medical expenses.
9.Exemption of interest income on deposits with banks and post offices to be increased from Rs 10,000 to Rs 50,000.
10.Tax on Long Term Capital Gains exceeding Rs. 1 lakh at the rate of 10 percent, without allowing any indexation benefit. However, all gains up to January 31, 2018 will be grandfathered.
11.Proposal to increase cess on personal income tax and corporation tax to 4% from present 3%.
12.Finance Minister proposes to increase the custom duty on mobiles from 15% to 20% and on some other mobile parts to 15%, and some parts of TVs to 15%.
13.Rs 50,000 additional benefit to senior citizens for investment in mediclaim.
14.No changes in the structure of income tax for individuals.
15.Rs 7000 crore will be the revenue foregone for the reduced corporate tax on MSMEs.
16.Extend the benefit of the reduced corporate rate of 25% for companies with reported turnover of up to Rs 250 crore.
17.Revised fiscal deficit estimate for 2017-18 is 3.5% of GDP, fiscal deficit of 3.3% expected for 2018-19.
18.Automatic revision of MPs’ emoluments every five years, indexed to inflation.
19.Emoluments of President, Vice President and Governor being revised: Rs 5 lakh; 4 lakh; Rs 3.5 lakh per month respectively.
20.The government will assign every enterprise in India a unique ID on the lines of Aadhaar.
21.The government has identified 372 basic business reform actions. Each state will take up these reforms.
22.Recapitalisation to enable PSU banks to lend Rs 5 lakh crore.
23. 5 lakh WiFi hotspots to be set up in rural areas to provide easy Internet access.
24.Redevelopment of 600 major railway stations has been taken up; Mumbai transport system is being expanded; suburban network of 160 km planned for Bengaluru.
25.The government proposes to revamp the system of sanctioning of loans to SMEs. The information required for sanctioning the loan will be linked with GSTN and all required information can be fetched from GSTN Portal. It will help to grant the loans quickly and will help in reducing processing time.
26.UDAN will connect 56 unserved airports in India.
27.An institute is coming up at Vadodara to train people for the bullet train programme.
28.AMRUT programme will focus on water supply to all households in 500 cities. Water supply contracts for 494 projects worth 19,428 core awarded.
29.Rs 1,48,528 crore is the capital expenditure for the Indian Railways for 2018-19. All trains to be progressively provided with WiFi, CCTV and other state-of-the-art amenities.
30.Bharatmala project approved for better road connectivity at Rs 5.35 lakh crore.
31.Proposal to develop 10 prominent tourist destinations as Iconic tourism destinations.
32.Women’s contribution reduced to 8.33% towards PF in the first 3 years for new EPF accounts… The government will contribute 12% of EPF contribution for new employees in all sectors for the next three years.
33.70 lakh farming jobs have been created this year, shows an independent study.
34.Rs 3 lakh crore allocated for PM MUDRA Yojana.
35.Announce allocation of Rs. 56,619 crore for SC welfare and Rs. 39,135 crore for ST welfare
36.Healthcare stocks trading higher after the government said it proposed to cover 100 million families via healthcare protection scheme. Apollo Hospital Ltd rose 4.1%, Thyrocare Technologies Ltd 2.6%, Healthcare Global Enterprises Ltd rose 3%.
37.Total 187 projects sanctioned under the Namami Gange programme.
38.24 new government medical colleges and hospitals to be set up by upgrading existing district hospitals.
39.Rs 600 crore for nutritional support to TB patients.
40.One medical college per every three constituency.
41.Rs 1200 crore for the flagship programme in health wellness centres.
42.Eighteen new schools of planning and architecure will be set up.I propose railway university in Vodadara.
43.Eklavya schools to be started for Scheduled Tribe population… Scheme for revitalizing school infrastructure, with an allocation of 1 lakh crore rupees over four years. Called RISE – Revitalizing Infrastructure in School Education.
44. Integrated B.Ed programme to be initiated for teachers, to improve quality of teachers.
45.Rs 14.34 lakh crore to be spent for providing livelihood to rural India through infrastructure building.
46.Loans to self help groups will increase to Rs 75,000 crore by March 2019.
47.In the next financial year, we target the construction of two crore toilets.
48.Ujwala will give 8 crore women new LPG connections.
49.Special scheme to address air pollution in Delhi-NCR region.
50.Credit for agricultural activities is up from Rs 10 lakh crore to Rs 11 lakh crore .
51.Fishery and aquaculture and animal husbandry funds with a total corpus of Rs 10,000 crore.
52.Agri-Market Development Fund with a corpus of Rs 2000 crore to be set up for developing agricultural markets.
53.Restructured National Bamboo Mission to be launched with an allocation of Rs 1290 crore to promote bamboo sector in a holistic manner.
54.Grameen Agricultural Market (GRAM) will provide farmers a means to sell directly to buyers.
55.Rs 500 crore announced for Operation Green.
56.Allocation to food processing ministry is being doubled from Rs 715 crore to Rs 1400 crore.
57. Cluster-model approach to be adopted for agricultural production.
58.470 APMCs have been connected to eNAM network, the rest to be connected by March 2018… Agri-Market Development Fund with a corpus of 2000 crore to be set up for developing agricultural markets.
59.Maximum governance, minimum government has ensured India has climbed 42 places in the ease of doing business.
60.India grew at an average of 7.5% in the first three years since 2014. It is now a 2.5 trillion dollar economy.