Union Budget 2018 Highlights
Finance Minister Arun Jaitley presents his Budget for the year 2018-19 in Parliament. He mentioned that this year's Budget will focus on strengthening agriculture and rural economy and the expecting to achieve a high growth of 8% plus. Following are highlights of Union Budget 2018:
- Increase of custom duty from 15% to 20% on mobile phones
- Long Term Capital Gains exceeding Rs 1 lakh to be taxed at 10%. All gains upto 31 January 2018 will be grandfathered
- Standard Deduction of Rs 40,000 in lieu of medical reimbursements. Revenue cost of this decision is Rs 8000 crore
- Senior citizens can claim benefit of Rs 50,000 in health insurance
- No change in personal income tax slabs
- Corporate Tax benefit of 25% extended to companies which have a turnover of up to Rs 250 crore
- Revised fiscal deficit for FY18 stands at Rs 5.95 lakh crore which is 3.5% of the GDP. Fiscal deficit target for FY19 is 3.3%
- Benefits for Parliamentarians will be revised automatically every 5 years linked to inflation
- Benefits for President increased to Rs 5 lakh, emoluments for Vice President increased to Rs 4 lakh, emoluments for Governors increased to Rs 3.5 lakh
- Setup of disinvestment target of Rs 80,000 crore for FY18-19
- Govt initiated to eliminate use of cryptocurrencies
- Adopting blockchain technology to promote digital economy in the country
- Rs 17,000 crore allocation for upgradation of Mumbai Suburban railway
- UDAN shall connect 56 unserved airports and 36 unserved helipads
- Focus on Rs 50 lakh crore of infrastructure investment
- Part of Mudra scheme, 70% loan accounts are of women and more than 50% of SC/STs
- 1.35 lakh crore for Health, Education and Social Welfare in 2018-2019
- Funds for SC/ST welfare increased up to 50 per cent
- Finance Minister initiated Ayushman Bharat program
- 10 crore families or 50 crore people to get 5 lakh per annum hospitalization coverage under National Health Protection Scheme
- Initiated 18 new schools of planning and architecture to be launched in IITs
- Education revitalization scheme with an investment of Rs 1 lakh crore
- Kisan Credit Card extended to animal husbandry and fisheries
- Initiated a new scheme to subsidize machinery required for crop residue to tackle air pollution
- Initiated to open 42 state-of-the-art mega food parks
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