On Thursday, 01 February 2018, Finance minister Arun Jaitely Presented 2018 Union Budget in Parliament today. It was Jaitely’s fifth budget and last Bhartiya Janta Party’s budget before the 2019 poll will take place.
This is the first budget after major economic reforms such as goods and services tax, mega PSU bank recapitalization, dynamic fuel pricing, demonetization and many more such schemes. This year the rail budget was also included in the union budget. which was presented separately till 2017.
Here are the highlights of Union Budget 2018-19:
- From April 1 PAN will be used as Unique Entity Number for non- individuals
- Now PAN card will be mandatory for financial transaction of Rs. 2.5 lakhs or more.
- According to Prime Minister Narendra Modi this budget will increase economic growth in all sectors.
- The budget is farmer friendly, common citizen friendly, business environment-friendly and development friendly.
- For health sectors Government health scheme will cover 10 crore poor families (this is world’s largest health protection scheme).
- greater efficiency and transparency due to Electronic IT assessment will spread across the country.
- Custom duty on mobile phones increased to 20 percent.
- Health and education will be costlier as cess on it increased to 4 per cent.
- tax on distributed income by equity oriented mutual funds will be ten percent.
- For salaried employees the budget proposes Standard deduction of Rs 40,000 in lieu of transport and medical expenses.
- A 25 percent tax was fixed for the companies with turnover of up to Rs 250 crore.
- There was no change in tax slab for salaried class.
- This budget had fiscal deficit of 3.3% of Gross Domestic Product.
- Salary of following people was revised and fixed to: –Rs 5 lakh for the President of India
— Rs 4 lakh for the Vice President
— Rs 3.5 lakh for the Governor
- Salary of parliamentarians will be revised in every five year.
- A gift was given to rural area in form of 5 lakhs WiFi hot spot. This will surely help them to develop in every field.
- Measures will be taken to eliminate crypto currencies .
- Water Supply will be given to 500 households under the AMRUT program.
- Airport capacity will be increased to 1 billion trips per year.
- By 2019, 4000 new railway track will be constructed.
- 40000 crore will be given to Mumbai transportation.
- 25000 escalators will be made in all railway stations.
- 600 important railway stations will be renovated throughout the country.
- Indian Railway station will be provided capital expenditure of Rs 1,48,528 crore.
- Under Mudra Yojana government targets 3 lakh crore lending.
- Government will cover universal health coverage.
- 60 crore bank account will be bring under Jan Dhan Yojana.
- Eklavya school will be established for Scheduled Tribe populations.
- Government is granting 600 crore to tuberculosis patient.
- For planning and architecture two new school will be set up.
- A specialized railway university will be set up at vadodara.
- By 2022 every Indian will have their own home.
- Money will be allocated for social security and protection program to all widows and orphan children.
- Under Ujjwala scheme free LPG connections will be provided to 8 crore rural women.
- Due to increasing number of air pollution in Delhi and it’s NCR regions, government will be giving subsidized machinery for in- situ management of crop residue in Punjab, Haryana, Uttar Pradesh and NCT Delhi.
- A strict measures will be taken for the state government to purchase surplus solar power produced by local farmers at suitable prices.
- 500 crore will be given to ‘Operation Green’ for ‘Operation Flood’.
- Food processing sector will be given 8 per cent per annum.
- Arun Jaitely stated that now government will fix Minimum Support Price of agricultural products 1.5 times higher than the market rate.
- This union budget will particularly focus on Agriculture sector. It will focus on generating higher benefits and productive employment for the farmers.