Union Budget 2018-19

By | February 6, 2018

watch Economic Health

  • Economy firmly on course to achieve high growth of 8%
  • Manufacturing, services, and exports are back on good growth path
  • GDP growth at 6.3% in the second quarter of 2017-18 signals turnaround of the economy
  • Growth in the second half likely to remain between 7.2% to 7.5%  see  

go site Agriculture and Rural Economy

  • MSP for all unannounced Kharif crops increased to 150%
  • Institutional credit for agri-sector increased to Rs.10 lakh crore in 2017-18
  • Fisheries, aquaculture and animal husbandry corpus at Rs.10,000 crore
  • New scheme Operation Greens with an outlay of Rs 500 Crore
  • Govt to develop and upgrade existing 22,000 rural haats
  • Agri-Market Infrastructure Fund with a corpus of Rs.2000 crore
  • Allocation for Ministry of Food Processing doubled to Rs.1400 crore
  • Loans to Self Help Groups (SHG) of women to increase to Rs.75,000 crore by March 2019.
  • Increased allocation of National Rural Livelihood Mission to Rs 5750 crore
  • Under Ujjwala Scheme distribution of free LPG connections will be given to 8 crore poor women
  • Housing for All by 2022 – more than one crore houses to be built by 2019 in rural areas
  • Plan for employment of 321 crore person days, 3.17 lakh kilometers of rural roads, 51 lakh new rural houses, 1.88 crore toilets, and 1.75 crore new household electric connections

http://fhlchristianministries.org/?encycloped=How-to-earn-part-time-money-through-internet&21e=52 Education, Health, and Social Protection

  • Estimated budgetary expenditure on health, education and social protection at Rs.1.38 lakh crore
  • Ekalavya Model Residential School to be set up for tribal children
  • Investments for research & infra in premier educational institutions at Rs.1 lakh crore in next 4 years
  • Allocation on National Social Assistance Programme at Rs. 9975 crore
  • World’s largest government-funded health care programme titled National Health Protection Scheme announced
  • NHPS to cover over 10 crore poor and vulnerable families (approximately 50 crore beneficiaries)
  • NHPS to provide coverage up to 5 lakh rupees per family per year for hospitalisation
  • Rs 1200 crore for the National Health Policy, 2017 – additional Rs.600 crore for TB patients
  • 24 new Government Medical Colleges and Hospitals
  • Clean Ganga: Of 187 projects have been sanctioned, 47 complete
  • Banks of Ganga declared open defecation free

follow site Medium, Small and Micro Enterprises (MSMEs) and Employment

  • Major thrust for Medium, Small and Micro Enterprises (MSMEs) – allocation at Rs. 3794 crore
  • Target of Rs.3 lakh crore for lending under MUDRA Yojana
  • 70 lakh formal jobs to be created this year
  • Govt to make 12% contribution of new employees in the EPF for all the sectors for 3 years
  • Outlay of Rs.7148 crore for the textile sector
  • Increase budgetary allocation on infrastructure for at Rs.5.97 lakh crore
  • To develop 10 prominent tourist sites into Iconic Tourism destinations
  • 35000 kms road construction in Phase-I at an estimated cost of Rs.5,35,000 crore   

follow site Railways

  • Railways Capital Expenditure pegged at Rs.1,48,528 crore
  • 4000 kilometers of electrified railway network slated for commissioning
  • Work on Eastern and Western, dedicated freight corridors
  • Over 3600 km of track renewal targeted in current fiscal
  • Redevelopment of 600 major railway stations
  • Mumbai’s local train network to have 90 kilometers of double line tracks at Rs.11,000 crore cost
  • 150 km of additional suburban network planned for Mumbai
  • Suburban network of 160 km at for Bengaluru metropolis

http://freejobseeker.com/zilla-parishad-jalandhar-recruitment-2017-for-gram-rozgar-sewak/ Air Transport

  • To expand airport capacity more than five times to handle a billion trips a year
  • Regional connectivity – 56 unserved airports and 31 unserved helipads to be connected
  • To establish unified authority for regulating all financial services

follow site Digital Economy

  • NITI Aayog to initiate a national program to direct efforts in artificial intelligence
  • Department of Science & Technology to launch Mission on Cyber-Physical Systems
  • Allocation doubled on Digital India programme to Rs 3073 crore
  • To set up 5 lakh wifi hotspots to provide net-connectivity to five crore rural citizens
  • Rs. 10000 crore for creation and augmentation of telecom infrastructure

go Defence

  • Development of two defence industrial production corridors.

follow Disinvestment & Gold

  • Disinvestment target of Rs.72,500 crore exceeded; expected receipts of Rs.1,00,000 crore
  • New disinvestment target of Rs.80,000 crore for 2018-19
  • National Insurance Co. Ltd., United India Assurance Co. Ltd. & Oriental India Insurance Co. Ltd. to be merged into a single entity
  • Comprehensive Gold Policy to be formulated to develop gold as an asset class
  • To establish a system of consumer-friendly and trade efficient system of regulated gold exchanges in the country
  • Gold Monetization Scheme to be revamped to enable people to open a hassle-free Gold Deposit Account

follow Emoluments

  • To revise emoluments to Rs.5 lakh for the President
  • Rs 4 lakhs for the Vice President
  • Rs.3.5 lakh per month to Governor
  • Pay for Members of Parliament – law for automatic revision of emoluments every 5 years
  • 150th Birth Anniversary of Mahatma Gandhi- Rs.150 crore for commemoration programme

Fiscal Management

  • Budget Revised Estimates for Expenditure at Rs.21.57 lakh crore
  • Revised Fiscal Deficit estimates at 3.5% of GDP
  • To bring down Central Government’s Debt to GDP ratio to 40%

Taxation – Corporate / Personal / Customs Duty 

  • Growth of direct taxes in 2016-17 at 12.6 percent & for the financial year 2017-18 (up to 15th January 2018) at 18.7 percent
  • Additional revenue collected from personal income tax totals Rs. 90,000 crore
  • No. of Effective Tax Payers increased to 8.27 crore
  • 100% deduction to companies registered as Farmer Producer Companies with an annual turnover up to Rs. 100 crore
  • Real estate sector – no adjustment to be made for transactions in immovable property where Circle Rate value does not exceed 5% of the consideration
  • Reduced Corporate Tax of 25 % extended to companies with turnover up to Rs. 250 crore
  • No change in personal Income-Tax slabs
  • Standard Deduction of Rs. 40,000 in place of the present exemption allowed for transport allowance and reimbursement of miscellaneous medical expenses
  • Transport allowance at enhanced rate is proposed to be continued for differently abled persons
  • Increase in education and health cess on personal income tax and corporation tax to 4 %
  • More concessions for International Financial Services Centre (IFSC) to promote trade
  • IFSC concessions propose transfer of derivatives and certain securities by non- residents from capital gains tax, and non-corporate taxpayers operating in IFSC to be charged Alternate Minimum Tax (AMT) at concessional rate of 9 percent at par with Minimum Alternate Tax (MAT) applicable for corporates
  • Payments exceeding Rs. 10,000 in cash made by trusts and institutions to be disallowed
  • Long-Term Capital Gains (LTCG) to be rationalised
  • Proposal to tax Long-Term Capital Gains exceeding Rs. 1 lakh at the rate of 10 percent, without allowing any indexation benefit – however, all gains up to 31st January 2018 to be grandfathered
  • To introduce a tax on distributed income by equity-oriented mutual funds at the rate of 10%
  • Customs Duty on mobile phones increased to 20%
  • Customs Duty on certain parts of televisions increased to 15 %

 Relief to Senior Citizens

  • Exemption of interest income on deposits with banks and post offices are proposed to be increased from Rs. 10,000 to Rs. 50,000
  • TDS shall not be required to be deducted under section 194A
  • Benefit will also be available for interest from all fixed deposit schemes and recurring deposit schemes
  • Hike in deduction limit for health insurance premium and/ or medical expenditure from Rs. 30,000 to Rs. 50,000 under section 80D.
  • Increase in deduction limit for medical expenditure increased to Rs. 1 lakh under section 80DDB

 

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