Budget: Key Highlights
Here are the key highlights from the Union Budget 2018:
The Minimum Support Price of all crops shall be increased to at least 1.5 times that of the production cost.
State of art facility in 42 mega food parks
Res 1290 crore for Bamboo sector
Solar energy to get big push among farmers
Long Term irrigation fund – scope to extend fund
Micro irrigation fund – invetsment in diary farming extended
Fishery and aqua culture infrastructure/ Animal Husbandry – Rs 10000 crore
India to become fifth largest economy
India now has a 3.2 trillion economy
IMF forecasts 7.5 % growth for India next year
Our pledge was to reduce poverty
Major crackdown on corruption
On track to achieve 8% growth, hope to grow 7.5% in second quarter
Improving the ease of living our top priority.
India’s Purchasing Power Parity third highest in the world.
We want to increase the earnings of the farmer-latest technology provided- Intend to double farmer’s income by 2020.
Farmers produce all-time high in last Fiscal.
Will upgrade rural haats into gramin agricultural markets.
Kisan credit card extended to animal husbandry and fisheries.
2000 crores allotted for improving agriculture
500 crore allotted for Operation Green intended at improving agriculture.
Agriculture exports have been liberalized.
Special scheme to reduce air pollution in NCR.
Housing for all 2020
2 crore new toilets to be built by next Fiscal.
Government to issue Kisan Credit Cards
5750 crore allotted for National Livelihood Mission
321 lakh rural jobs to be created by the Rural Road Scheme
1 crore homes for poor in 2 years under PM
14 lakh to be spent on livelihood projects.
Will initiate integrated Bed Programme for teachers.
New Railway university at Vadodara.
11 lakh crores credit for agri sector.
1 lakh crores invested for education.
Ayushman Bharat Programme to improve health sector.
1.5 lakh health care centers across India.
Free drugs and diagnosis services to all.
National Health Protection Scheme for 10 crore underprivileged
50 crore people to benefit from National Health Protection Scheme
670 crore Nutritional support for tuberculosis patients.
24 medical colleges and hospitals to be upgraded.
1 Government Medical College in each state.
Sukanya Smriti Account Scheme for girl child.
187 new projects initiated to clean Ganga.
Funds for SC/ST welfare increased by 50%.
Online loan sanctioning for MSMEs.
10.38 lakh crore loans sanctioned under Mudra Scheme.
Government now contributing 8.33% into Employee Provident Fund.
Women’s EPF contribution reduced to 10%.
56919 crore for welfare of Scheduled castes.
50 lakh crore investment in infrastructure.
2.04 lakh crore for Smart and Amrut cities.
The National Highways to be lengthened to 9000 kilometers in this fiscal.
10 prominent tourist sites to be promoted to iconic status.
18000 Kilometers of double line railway tracks to be laid in 2019.
Focus on railway safety- will electrify 4000 kilometers of railway lines.
Government to spend 148000 on railways.
17000 crores allocated for Mumbai Suburban Rail Network.
Wifi and CCTV Cameras to be installed in all trains.
Redevelopment of 600 major railway stations.
56 new airports to be connected through Udaan Scheme.
Airport handling capacity to be boosted 5 times.
Airports to be equipped to handle 1 billion passengers.
Double allocation for Cyber Mission under Digital Sector.
1 lakh panchayats now have high-speed broadband connection.
5 lakh wifi hotspots for 5 crore rural Indians.
Modernising Defence Forces is NDA government’s prime focus.
Industry-friendly defense development policy in 2018-19.
Governments discourages the use of Bitcoins as it considers them illegal.
Gold monetization scheme to be revamped.
Automatic revision of salary for MPs every 5 years.
Salaries of President, Vice-president, and Governors to be hiked.
150 crore to commemorate 150th birthday of Mahatma Gandhi on October 02, 2018.
Fiscal deficit for 2017-18 estimate is 3.5% GDP.
Additional 90,000 crore collected by income tax.
Taxpayer base is now 9 crores.
Tax reduced to 25% from 30% for MSMEs.
No change in personal income tax slabs.
Corporate tax reduced to 25% for 250 turnover COs.
Tax relief for salaried taxpayers- standard deduction of 40,000 for salaried class.
Senior citizens to get medical benefits of 50,000 rupees.
40,000 standard tax deduction in medical reimbursements.
Increase in Education CESS from 3% to 4%.
No change in income tax bracket.
Custom duty on TV to be increased to 15%.
10% long term capital gain tax on income over 1 lakh.