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Union Budget 2018-19 : Complete Details Read Now

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Union Budget is a comprehensive account of the finances. It lays down consolidated report of revenue from all sources, and outlays for schemes and projects. The budget also carries Budgeted Estimates which are the estimates of the Central government’s accounts for the upcoming fiscal.

Highlights of Union Budget 2018-19

  • 1.35 lakh crore for Health, Education and Social Welfare in 2018-2019
  • Under the Mudra scheme, 70% loan accounts are of women and more than 50% of SC/STs
  • Funds for SC/ST welfare raised by 50 per cent
  • Revised fiscal deficit for FY18 stands at Rs 5.95 lakh crore which is 3.5% of the GDP. Fiscal deficit target for FY19 is 3.3%
  • Finance Minister announces Ayushman Bharat program
  • 10 crore families or 50 crore people to get 5 lakh per annum hospitalization coverage under National Health Protection Scheme
  • Emoluments for President increased to Rs 5 lakh, emoluments for Vice President increased to Rs 4 lakh, emoluments for Governors increased to Rs 3.5 lakh
  • Emoluments for Parliamentarians will be revised automatically every 5 years linked to inflation
  • Proposal for railway university in Vadodara
  • 18 new schools of planning and architecture to be launched in IITs
  • Will revitalize education with an investment of Rs 1 lakh crore
  • The government will develop 22,000 Gramin agricultural markets
  • Kisan Credit Card extended to animal husbandry and fisheries
  • Allocation of Digital India has been doubled and the government proposes to set up 5 lakh WiFi hotspots.
  • New scheme to subsidize machinery required for crop residue to tackle air pollution
  • Fixed Deposit/Post office interest to be exempt till Rs 50,000 {80D benefit enhanced to Rs 50,000 (from 30,000.
  • Government proposes to launch the Revitalising of Infrastructure and Systems of Education (RISE) by next year
  • Under the Smart City mission, 99 cities selected with the outlay of Rs. 2.04 lakh crores
  • Additional 150km suburban railway network at the cost of Rs. 40,000 cr
  • Bamboo is green gold, we have removed the classification of bamboo grown outside the forest areas as trees
  • 42 state-of-the-art mega food parks to be opened
  • Exports are expected to grow 15% in 2018.
  • Railway Capital Expenditure is set at Rs. 1.48 lakh crore
  • MSP to increase at least 1.5 times that of production cost
  • Minimum support price at least 150% of input price per farm
  • 24 Public Sector Units to be divested
  • Rs 11,000 crores will be allocated to Mumbai rail network
  • This year’s Budget will focus on strengthening agriculture and rural economy
  • We are firmly on course to achieve a high growth of 8% plus
  • Government is eyeing Rs 50 lakh crore of infrastructure investment
  • The Growth rate is expected between 7.2-7.5% in the second half of 2017-18
  • Bank recap to help banks lend additional Rs. 5 lakh crores
  • Estimates 1.38 trillion rupees expenditure on health, education and social security. Railway capital expenditure set at 1.49 trillion rupees for 2018/19
  • UDAN shall connect 56 unserved airports and 36 unserved helipads
  • Govt. announced a Rs 150 crore fund to celebrate the 150th anniversary of Mahatma Gandhi
  • Those wearing hawai chappal will now be able to take hawai jahaz ki yatra
  • The government announced AMRUT program to focus on water supply to all households in 500 cities. Water supply contracts for 494 projects worth 19,428 core will be awarded.
  • Rs 17,000 crore allocation for upgradation of Mumbai Suburban railway
  • Govt to explore use of blockchain technology for ushering in digital economy in the country
  • Govt will take all steps to eliminate use of cryptocurrencies
  • I am setting a disinvestment target of Rs 80,000 crore for FY18-19 says Finance Minister
  • Corporate Tax benefit of 25% extended to companies which have a turnover of up to Rs 250 crore
  • GST revenue for only 11 months, instead of the usual 12 months, is 21.5 lakh crore
  • Tax buoyancy for 2017-18 is at 2.11%
  • Long Term Capital Gains exceeding Rs 1 lakh to be taxed at 10%. All gains upto 31 January 2018 will be grandfathered
  • 100% tax deduction for farmer production firms with 100 cr turnover
  • Standard Deduction of Rs 40,000 in lieu of medical reimbursements. Revenue cost of this decision Rs 8000 crore
  • 100% tax deduction for the first five years to companies registered as farmer producer companies with a turnover of Rs 100 crore and above
  • 12.6% growth in direct taxes in 2017-18 & 18.7% growth in indirect taxes in 2017-18.
  • Senior citizens can claim benefit of Rs 50,000 in health insurance
  • 4% health and education cess; currently it’s 3%
  • No change in personal income tax slabs
  • Increase of custom duty from 15% to 20% on mobile phones

 

 

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