This a breaking news. Finance Minister speaks on Budget 2018.
At the appointed time, the budget revelation has begun. Finance Minister has painted a rosy picture. Claiming that the promises have been fulfilled by the party, IMF has forecasted a 7.5% growth.
AGRICULTURE SECTOR
More focus is given to improving the agricultural sector. And by 2020, the Finance Minister hopes that the income of the farmers will increase double. Organic farming is being encouraged by both farmers and women groups.
Rs. 2000 cr is to be set aside for the agri market to buy the farmers’ produce.
OTHER DEVELOPMENTS
The poor, of 4 crores are to receive free electricity. And by the next fiscal 2 crore toilets are to be built.
The government has allocated Fisheries and Aqua development Fund and has allocated money for Rural Road Development.
A special scheme is to be implemented to reduce air pollution in NCR.
Ujjwala Yojana was a tool for woman empowerment and 8crore rural women have received free LPG gas.
Rs. 750 is asked for ‘National Livelihood Mission’.
Housing for all by 2022.
EDUCATION SECTOR
A new scheme to train untrained teachers along with B. Ed programme for teachers. And slowly move to digital boards from blackboards. The tribal students are to gain a school within their environment and will be availed to other facilities and activities as that of those in urban areas.
Education cess raised from 3% to 4%.
HEALTH SECTOR
New Ayushman Bahrat for Healthy India. To the impoverished and poor families, new schemes and coverages will reach them; National healthcare protection scheme to reach 10 crore people. Free drug and diagnostic services to all.
670 crore as nutritional support for TB patients. 1 government medical college in 3 parliamentary seats. Upgradation of 24 government medical colleges and hospitals.
Funds for SC/ST welfare raised by 50%.
1.35 lakh crore to be set aside for health, education and social welfare in 2018-2019.
Rs. 9995 crore to promote social security scheme for widows and handicaps.
Online loan sanctions for MSMEs to be fastened. More credit support for micro, small and medium enterprises.
Jobs generated at crore of government policy planning. Government contributing 8.33% to provident fund.
50 lakh crore investment in infrastructure sector
2.04 lakh crore for smart and amrut cities.
INDIA’S TOURISM
10 prominent tourist sites to be promoted to iconic sites.
RAILWAYS AND AIRPORTS
Government to focus on railway safety.
Rs, 17000 crore allocation for Mumbai Suburban rail network. Redevelopment of 600 major railways. WIFI and CCTV to all trains.
56 new airports to be connected through UDAN scheme.
Airport handling scheme of 124 airports to be boosted by 5 times; airports to handle 1 billion passengers per year.
ARMY AND DEFENCE
Modernizing defense forces is NDA government prime focus. ‘Make in India’ friendly defense production policy in 2018-2019.
All individual enterprises will be given Aadhaar like unique ID’s.
Gold monetization scheme to be revamped.
The government discourages the use of bitcoin as it sees it as illegal.
Automatic revision of salaries of MPs every 5 years. Inflation-linked salary hikes for netas.
GDP AND FISCAL DEFICIT
In the year 2017-2018 GDP fiscal deficit was 3.5%, while in the year 2018-2019 it is 3.3%.
Center’s debt to GDP ratio to be brought down by 40%.
Growth in direct taxes until January is 18.7%, 12% direct tax base.
Tax evasion has reduced significantly.
100& deduction to farmer production comp[anies for 5 years.
Firms with turnover up to Rs. 250 crores to benefit from the lower corporate tax.
Current income tax structure for individuals to stay. Tax relief for salaried taxpayers.
MEDICAL TAX
Rs. 40000 standard tax deduction for medical reimbursement services. Senior citizens can clash benefit of Rs. 50000 health insurances.
No change in income tax budget
WHATS CHEAPER AND COSTLIER
Cheap- footwares and cashews
Costly- movile and television
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