Today finance minister Arun Jaitley presented the Union Budget for 2018-19 in Parliament. Here is the synopsis of budget:
- Service Sector expected growth 8%
- Free Gas connection to people below poverty line.(8 Cr. Female will get benefit)
- Free Dialysis facility to people below poverty line
- No interview for class C & D posts.
- Expected GDP more than 8%
- More than 800 medicines will be sold at the cheap rate.
- All government certificates will be provided online.
- Income of Farmers will be doubled in next 5 years
- Rs.1400 Cr allotted to food processing center
- Rs.2200 Cr allotted to Agri-Infra marketing.
- Rs.500 Cr allotted for operation Green (Operation Green will be launched for Potato & Onion)
- The government will purchase excess solar power.
- Rs.11 Lakh Cr allotted for agriculture credit
- Agriculture export will be hassle-free.
- Rs.10000 Cr allotted for Fishery & other farming.
- Solar pump will be provided at subsidized rate.
- More than 6 Cr new toilet will prepare.
- Rs.75, 000 Cr allotted to Self-help group of female. Rs. 12,000 Cr allotted to health sector.
- 42 Mega food park will be developed.
- Railway University will established in Vadodara.
- Rs. 5 lakh insurance for 10 Cr families.
- 24 new Govt. medical colleges will be established.
- Free electricity connection to 4 Cr BPL Families.
- Rs 1 lakh Cr will be spent on education in next 4 years.
- MSP for all agriculture products will be 1.5 times of cost of production.(Kharif)
- Rs.600 Cr allotted for TB patients.
- For every 3 constituencies, there will be 1 medical college.
- PF deduction for female reduced to 8% for 1 to 3 yrs.
- Target mudra loans Rs 3 Lak Cr in next FY.
- Rs.7148 Cr allotted to the textile sector.
- 35 Lakh Km road will be completed under Bharatmala project.
- Highway construction exceed to 9000 Km in next FY.
- Railway CapEx budget for next FY Rs.1.48 Lakh Cr.
- Rs, 11,000 Cr allotted for Mumbai rail network.
- Rs, 17,000 Cr allotted for Bengaluru rail network
- Need investment of Rs 50 Lakh Cr for Infrastructure.
- Allocation to Digital India Rs.373 Cr.
- Proposed Rs.5.97 Lakh Cr extra-budgetary expenditure of infrastructure.
- Govt. Planning disinvestment of Rs. 80,000 Cr by FY 2019.
- Salary of president raised Rs.5 Lakh, VP 4 Lakh & Governor Rs.3 Lakh.
- 5.95 lakh Cr. Fiscal deficit for FY 17-18.
- Estimated expenditure 21.57 Lakh Cr for FY 18-19
- Growth in Direct Tax collection 18.7%.
- Targeted debt to GDP ratio 40 %.
- Corporate tax rate proposed @25 % for companies having the turnover of Rs.250 Cr.
- Rs. 40,000 transport & Medical reimbursement standard deduction for salaried employee.
- TDS to be deducted on Interest more than 50,000 U/S 194 A.
- Medical insurance for Senior citizen increased to Rs.50,000
- Deduction for Sr. Citizen with critical illness raised to RS.1 Lakh.
- LTCG @ 10% without indexation for capital gain on equity shares more than the investment of Rs.1 Lakh.
- Proposed Health Education Cess @ 4%
- Proposed to amend Income Tax act for electronic assessment.
- Customs duty on mobile increased to 20 % from 15%.
- No change in Tax Slab.
