On 1st-feb-2018 The union budget of india for 2018-2019 presented by the finance minister Mr. Arun Jaitley in Parliament(Delhi).He told that this year's budget will particularly focus on strengthening agricultural and rural economy, government is committed to the welfare of farmers.
Here are some points said by him about the indian economy:-
- He said that our indian government do very well since current government took over in may 2014 as India achieved a average growth of 7.5% in last 3 years.
- Now india became a 2.5trillion dollar economy.
- Which is seventh largest in the world and expected to become 5th largest in the world very soon.
- PM Modi gave a clarion call to double farmers income by 2022.
Budget 2018-2019 mainly focusing on four aspects:-
- Strengthening of agriculture
- Education
- Healthcare benefits
- Improving infrastructure
This budget will work on the concept of "Ease of Living" for the common man.
Agricluture and Rural Economy:-
Agricluture and Rural Economy:-
- MSP(Minimum Support Price) of all crops(Rabi and Kharif both are included) shall be increased to at least 1.5 times that of the production cost.
- An agri-market and infrastructure fund with a corpus of 200crore to be setup for developing and upgrading the agricultural market infrastructure in the 22,000 rural agricultural markets and 585 APMCs
- 470 APMCs connected to e-NAM markets, rest 115 by march 2018.
- Pradhan Mantri Gramin Sadak Yojana to connect higher secondary schools, hospitals in its phase 3rd.
- To boost Krishi Sampada Yojana he announced Operation Green(Tomato, onion and potato) in which they do a funding of 500crore.
- Extension of kisan credit card to fisheries and animal husbandry.
- 10,000 crore for fisheries and aquaculture development fund animal husbandry infra fund.
- Restructured Bamboo mission with fund of Rs1290 crore.
- Special scheme to be implemented to support the govts of Haryana and Delhi NCR in dealing with the crop residue to bring down air pollution in Delhi.
Flagship programmes for the poor:-
- LPG connection-8crore
- Toilets-2crore
- Electricity connections-4crore homes
- Housing for all by 2022
- 37% increase in loans to SHG
- 2600 crore for irrigation
HealthCare:-
- The government is launching a flagship National Health Protection Scheme to cover 10crore poor and vulnerable families,approximately 50crores benificiaries.
- The government will provide upto 5lakh per family per year for secondary and tertiary care hospitalization.
- This will be the world's largest government funded healthcare programme.
- 1200crore for 1.5lakh Health and Wellness Centers as the foundation of india's health system.
- These centres will bring health care system closer to the homes of people.
- 600crore to provide nutritional support to all TB patients at the rate of 500 per month.
- 24 new medical colleges and hospitals by upgrading district hospitals.
- 180 new medical colleges, one medical college for every three parliamentary constituencies.
Railways:-
- Railway's capital expenditure for the year 2018-19 has been pegged at 1,48,528 crore.
- complete conversion to broad guage.
- 160km suburban railway network at a cost of 17000 crore in and around Bengaluru and mumbai.
- All railway stations with more than 25000 footfalls will have escalators.
- All trains and railway stations will be progressively provided WiFi and CCTVs to enhance the security.
Education:-
- By 2022, every block with more than 50% ST population and at least 20,000 tribal people will have 'Ekalavya' school at per with Navodaya Vidyalas.
- Focus on Learning Outcome and Quality Education.
- Improvement in Quality of Teachers- integrated B.Ed. Programme
- More than 13lakh Teachers to be trained as per RTE Act requirements.
- Shift to Digital Board from Black Board-Digital portal"DIKSHA".
- Revitalising infrastructure and systems in education(RISE) by 2022
- Total investment of 1,00,000 crore in next four years by Higher Education Financing Agency(HEFA).
- Railway University at Vadodara.
- 2 new schools of Planning and Architecture.
- "Prime Minister's Research Fellows(PMRF)" -Govt will identify 1000B.Tech students each year and provide them to do PHDs in IIT and IISc,while also teaching undergraduate students once a week at that time.
SC/ST:-
- Government propose to earmark allocation of 56,619 crore for SC welfare.
- And 39,135 crore for ST welfare in 2018-19.
Employee Provident Fund(EPF):-
- Reduction in women employees contribution to 8% for first 3years of their employment against existing rate of 12% or 10% with no change in employer's contribution.
- Contribution of 8.33% for new employees by the government for 3 years.
- Contribution of 12% to EPF for new employees for 3years by the government in sectors employing large number of people like textile, leather and footwear.
Infrastructure:-
- Rs. 50lakh crore in infrastructure is required.
- Smart cities, HRUDAY, AMRUT- Flagship schemes.
- BHARATMALA- To develop 35,000KM under phase 1 with an outlay of 5.35lakh crore.
- Rohtang tunnel,Zozila tunnel,Now sela Pass
AIR:-
- UDAN-56 unserved air airport to be connected, operations has started in 16 unserved airport.
- 900 new aircrafts.
- 18% annual growth in traffic.
- 124 airports make capicity 5 times.
- Disaster Resilient Infrastructure-60crore.
Financial and Digital Sector:-
- Doubled the allocation on Digital india programme to 3073crore in 2018-19.
- Bharatnet- connected one lakh gram panchayat through high speed optical fiber network.
- setup five lakh Wi-Fi hotsposts which will provide broadband access to five crore rural cities.
- The government will explore use of block chain technology proactively for ushering in digital economy.
- The government does not consider crypto currencies as legal tender or coin and take all measures to eliminate the use of crypto assets.
Public Sector Undertakings(PSUs):-
- 1,00,000 crore in 2017-18 from disinvestment of PSUs.
- Target for 80,000 crore in 2018-19.
- Process of acquisition of Hindustan Petroleum Corporation by the ONGC has been successfully completed.
- Three Public sector general insurance company (National Insurance Company ltd.,United India Assurance Company ltd.,Oriental India Insurance Company ltd.) will be merge into a single insurance entity and will be subsequently listed.
Increased Salary:-
- President- 1.5 to 5lakh
- Vice President-1.25 to 4lakh
- Governor- 1.10 to3.5lakh
- salary revisions for members of parliament every 5year.
Fiscal Management:-
- Fiscal deficit for
- FY18(2017-18)- 3.5% of GDP(5.95lakh crore)
- FY19(2018-19)-3.3% of GDP(Predition)
- GST revenue will be received only for 11months, that will have an effect on balance sheets.
- GST collections projection pegged at 7.43 lakh crore in full year 2018-19 as against 4.44 lakh crore in 9 months of current fiscal.
- Reducing the cash economy and for increasing the tax net.
- No change in tax slabs for income tax on salaried class.
- A standard deduction of Rs. 40,000 under transport and medical reimbursement has been allowed to them, keeping in mind that they have been paying more tax than individual buisness owners.
- Education cess increased to 4% from 3% to collect additonal 11,000 crore for Health and Education.
For senior citizens:-
- The exemption of interest income on bank and post office deposits has been raised to 50,000.
- Raised the deduction under health insurance premiums to rs 50,000.
- In case of critical illness, the deduction will be Rs 1 lakh.
ConversionConversion EmoticonEmoticon