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Highlights of Union Budget 2018(February 1, 2018)

9 months ago 0 comments

Highlights of Union Budget 2018

Union Finance Minister, Arun Jaitley presented the Union Budget 2018 in the Parliament. FM Arun Jaitley’s fifth and last full Budget comes amid subdued economic growth, challenging fiscal situation and farm distress.

Here are the Highlights of Union Budget 2018:

  • Over Rs. 1.48 lakh cr to be allocated for Railways in next Fiscal
  • President’s emolument raised to Rs. 5 lakh, VP’s to Rs 4 lakh
  • India is expected to become the fifth largest economy
  • Growth rate is expected between 7.2-7.5% in the second half of 2017-18
  • For senior citizens, limit for investment in LIC schemes doubled to Rs. 15 lakh
  • Customs Duty increased on mobile phones from 15% to 20%
  • 4% health and education cess; currently it’s 3%
  • For senior citizens, no TDS on FD, Post Office interest upto Rs. 50,000
  • Long term capital gains over Rs. 1 lakh to be taxed at the rate of 10%
  • No change in Personal Income Tax.

  • Senior citizens can claim 50,000 cr for general medical expenditure
  • Standard deduction to benefit 2.5 crore people
  • Standard deduction to benefit pensioners also
  • Relief for salaried taxpayers: Standard deduction of Rs. 40,000
  • Benefit of reduced corporate rate of 25% to firms with 250 cr turnover
  • Automatic revision of MPs’ emoluments every 5 years indexed to inflation
  • 100% tax deduction for farmer production firms with 100 cr turnover.
  • Fiscal deficit target for next fiscal: 3.3%.
  • Effective tax payers now 8.27 crore.
  • Excess revenue collected from personal income tax amounts to 90,000 cr.
  • Fiscal deficit target of 3.5% in 2017-18.
  • Government to take all steps to eliminate use of cryptocurrencies.
  • 24 Public Sector Units to be divested.
  • Bank recap to help banks lend additional Rs. 5 lakh crore.
  • We have exceeded our disinvestment target this year..
  • Disinvestment target of Rs. 80,000 crore for 2018-19.
  • System of toll payment by cash being replaced by electronic payments.
  • 5 lakh WiFi spots for benefit of 5 crore rural citizens.
  • National program to direct efforts in Artificial Intelligence.
  • Global economy is transforming into digital economy.
  • All trains to increasingly have WiFi & CCTVs.
  • Training for 50 lakh youth by 2020.
  • Airport capacity to be hiked to handle 1 billion trips per year.
  • Regional air connectivity scheme shall connect 56 unserved airports.
  • 150 km additional suburban railway network at the cost of Rs. 40,000 cr.
  • 600 railway stations to be redeveloped.
  • Over 3600 km railway track renovation targeted in current year.
  • 10 tourist cities to be developed into iconic tourist destinations.
  • 142 cities have got investment grade ratings.
  • Smart City mission: 99 cities selected with outlay of Rs. 2.04 lakh crore.
  • Govt will contribute 12% of wages of new employees to EPF for 3 yrs.
  • Rs. 7148 crore allocation for textile sector.
  • In last 3 years, number of steps for generation of employment.
  • For STs: 305 programs, allocation of Rs. 32,508 crore.
  • For SCs: 279 programs, allocation of Rs. 52,719 crore.
  • Govt will expand coverage under Pradhan Mantri jan dhan yojana.
  • 24 new Govt medical college & hospitals.
  • Rs. 600 crore for nutritional support to all TB patients.
  • National health protection scheme to benefit 50 crore people.
  • Health cover of up to 5 lakh per family per year for poor & vulnerable.
  • National health protection scheme to cover 10 cr poor families
  • Rs. 1200 crore for health and wellness centres
  • 2 major initiatives as part of Ayushman Bharat program.
  • APMCs will be linked with ENAM
  • United India Insurance, Oriental Insurance and National Insurance will be merged
  • Proposal for railway university in Vadodara.
  • Rs. 1 lakh crore over 4 years for initiative for infra in education.
  • Eklavya schools for tribal children.
  • Moving from blackboard to digital board.
  • Will treat education holistically without segmentation.
  • Credit for agricultural activities: From 10 lakh cr to 11 lakh cr.
  • Allocation for national livelihood mission: Rs. 5750 crore.
  • Will establish dedicated affordable housing fund.
  • 8 crore rural women to get free gas connection through Ujjwala yojana.
  • Special scheme to address air pollution in NCR region.
  • Rs. 10,000 cr for fishery development fund and animal husbandry fund.
  • Rs. 1290 crore allocation for bamboo sector.
  • Kisan credit card to be extended to fisheries,animal husbandry farmers.
  • Operation Green allocation Rs. 500 crore

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