Union Budget 2018: Key and Major Highlights of Aun Jaitely’s Budget 2018
Yesterday (1/2/2018) Finance Minister Arun Jaitley's delivered NDA government's 5th and full-fledged last Budget by considering all the aspects like economic growth, fiscal situations, farming situations and mainly upcoming elections in 8 states this year (there is a chance for parliament elections also). There is a huge demand for economic growth and development. Prime Minister Narendra Modi praises his finance minister Arun Jaitley for delivering a budget that is "farmer friendly, common citizen friendly, business environment-friendly and development friendly". Let’s see how Jaitely managed all these aspects.
By observing the Budget 2018, we can state that Farmers, Health care Providers, Transport Companies, Airports are the winners & financial sector, Mobile phones, and salaried class are the Losers. Here we are listing the major and key highlights of Central Budget 2018.
* Fiscal deficit is 3.5% of GDP at Rs 5.95 lakh crore in 2017-18. Targeting fiscal deficit to be 3.3% of GDP in the next fiscal
* Rs 21.57 lakh crores transferred as net GST to states against a projection of Rs 21.47 lakh crores
* Corporate Tax of 25% extended to companies with turnover up to Rs 250 cr in financial year 2016-17
* PAN to be used as Unique Entity Number for organisations (non-individuals) from coming financial year (April 1).
* Government makes PAN mandatory for any individual entering into a financial transaction of Rs 2.5 lakh or more.
* Government's health scheme to cover 10cr poor families which is the world's largest government-funded health protection scheme.
* Arun Jaitely proposed tax to long-term capital gains beyond Rs 1 lakh at 10% without indexation.
* Smart phones will be costlier as custom duty on them has been increased to 20%.
* Health and education cess has been increased to 4%.
* For senior citizens, exception of interest on bank deposits raised to Rs. 50,000/-
* Jaitley proposed to introduce tax on distributed income by equity oriented mutual funds at 10%.
* Arun Jaitley said that the government does not proposing any changes in tax slabs for the salaried class this year.
* Finance Minister proposed that the revising payments as per the following structure:
Rs 5 lakh for the President of India
Rs 4 lakh for the Vice President
Rs 3.5 lakh for the Governors
* Jaitley also proposed automatic revision of payments of Parliamentarians for every five years, indexed to inflation.
* 5 lakh WiFi hotspots will be set up in rural areas to provide easy internet access in the concept of Digital India
* Finance Minister Jaitely announced that Amrut program to focus on water supply to all families in 500 cities. Water supply agreements for 494 projects worth Rs 19,428 core will be given.
* Arun Jaitely stated that NITI Aayog will found a national plan to direct our efforts in the area of Artificial Intelligence for national development.
* Airport capacity will be hiked to handle at least 1 billion trips every year.
* Arun Jaitley announced capital expenditure of Rs 1,48,528 crore for Indian Railways in 2018-19.
* Arun Jaitley announced that 4,000 km of new railway track will be placed by 2019.
* The government will undertake redevelopment of 600 major railway stations across the country.
* Mumbai transport will receive Rs 40,000 crore.
* Government to contribute 12 per cent of EPF contribution for new employees in all sectors.
* Targeting of 3 lakh crore for lending under PM Mudra Yojana.
* Arun Jaitely said that MSME enterprises are a major element for growth, and he also added that mass solemnization of MSME sector is happening after demonetisation and GST.
* Finance Minister Arun Jaitely stated that Government aims to bring 60 crore bank accounts under the Jan Dhan Yojana.
* Finance Minister announced Eklavya schools to be started for Scheduled Tribe populations.
* Rs 600 crore allocated to Tuberculosis patients undergoing treatment.
* Govt will set up two new Schools of Planning and Architecture.
* Jaitely announced a specialised railway university to be set up at Vadodara.
* Jaitley proposed integrated B.Ed. programme for teachers: "training of teachers during service is essential." Technology will be the main factor in improving the quality of education.
* NDA government’s Budget allocated money for social security and protection programme for all widows and orphaned children.
* Jaitely stated that they are having a target to provide all Indians with their own homes by 2022.
* Ujjwala scheme to intensify targets, will now provide 8 crore rural women free LPG connections.
* Government of India will take required measures to put in place measures for the state government to purchase surplus solar power produced by local farmers at suitable prices.
* Arun Jaitley proposed a sum of Rs 500 crore for 'Operation Green' on the lines of 'Operation Flood'.
* Finance Minister Arun Jaitely stated that this year's Budget will particularly focus on agriculture.
* Arun Jaitley on Minimum Support Price (MSP) of agricultural products: Only increasing the MSP is not enough, the government will fix the MSP of agricultural products at 1.5 times the market rate.
* Arun Jaitey recalls the measures -- like GST, FDI, demonetisation, etc. -- taken by the NDA government in the past four years that have impacted the economy of the country.
* The finance minister also pointed out that India is one of the fastest-growing economies in the world.
