Key Points of Union Budget 2018

  • Indian economy has performed very well since our Govt took over in may 2014, It is now the seventh largest in the world
  • The Government led by PM Narendra Modi has implemented a series of fundamental structural reforms
  • We are allocating natural resources in a more transparent manner, there is a premium on honesty now
  • We hope to grow at 7.2% – 7.5% in the second half of 2017-18.
  • We are now a $ 2.5 trillion economy, and we are firmly on path to achieve 8% plus growth soon
  • Budget2018 will focus on agriculture and rural economy, health, infra, senior citizens
  • Budget2018 will work with states to provide more resources to improve quality of education
  • From ease of doing business, our govt has moved to ease of living for the poor and middle class

Agriculture & Rural Economy

  • We consider Agriculture as an Enterprise
  • Desh mein krishi utpadan record star par hai, 2022 tak kisaano ki aay dugni karenge
  • The focus is on low-cost farming, higher MSP. The Minimum Support Price of all crops shall be increased to at least 1.5 times that of the production cost
  • 470 APMCs have been connected to #eNAM network, the rest to be connected by March 2018
  • Agri-Market Development Fund with a corpus of 2000 crore to be set up for developing agricultural markets
  • Cluster-model approach to be adopted for agricultural production
  • The focus is on low-cost farming, higher MSP. Emphasis is on generating farm & non-farm employment for farmers
  • Agri-Market Development Fund with a corpus of 2000 crore to be set up for developing agricultural markets
  • Allocation in Ministry of Food Processing is being doubled to boost FoodProcessing; specialized agro-processing and financial institutions to be promoted by Government
  • Government proposes to launch ‘Operation Greens’ on the lines of Operation Flood. 500 crore for #OperationGreen
  • Restructured #NationalBambooMission to be launched with an allocation of 1290 crore rupees to promote bamboo sector in a holistic manner
  • Fishery and Aquaculture Infrastructure Development Fund and Animal Husbandry Infrastructure Fund to be set up – total corpus 10,000 crore rupees
  • Proposed to raise institutional credit for agriculture to Rs 11 Lakh Crore for 2018-19
  • Removal of crop residue to be subsidized in order to tackle the problem of pollution due to burning of crop residue

Rural Economy

  • India’s Direct Benefit Transfer scheme is a global success story
  • Ujjwala Yojana helped millions of poor get free LPG connection
  • Govt proposes to increase the target of providing free LPG connections to 8 crore to poor women under #UJJWALA and 4 crore electricity connections to the poor under Saubhagya Yojana
  • Air Pollution in Delhi NCR is a cause for concern, special scheme will be implemented to support Govts of Haryana, Punjab,UP and Delhi NCT to address it and subsidize machinery for management of crop residue
  • We have constructed 6 crore toilets under Swachh Bharat Mission, our aim is to build 2 crore more toilets
  • 14.34 lakh crore rupees to be spent for rural infrastructure
  • Announce allocation of Rs. 56,619 crore for SC welfare and Rs. 39,135 crore for ST welfare
  • India’s sunrise food processing sector shines in #Budget2018! Allocation in @MOFPI_GOI doubled from INR 715 Cr to INR 1400 Cr in 2018-18; state-of-the art facilities proposed to be set up in 42 mega food parks

Education

  • Integrated B.Ed programme to be initiated for teachers, to improve quality of teachers
  • Technology will be the biggest driver in improving quality of education. We propose to increase the digital intensity in education and move gradually from blackboard to digital board
  • Scheme for revitalizing school infrastructure, with an allocation of 1 lakh crore rupees over four years. Called RISE – Revitalizing Infrastructure in School Education by 2022
  • By 2022, every block with more than 50% ST population and at least 20,000 tribal people will have ‘Ekalavya’ school at par with Navodaya Vidyalayas
  • Govt to set up two new full-fledged Schools of Planning and Architecture
  • 24 new govt medical colleges and hospitals to be set up by upgrading existing district hospitals

Health

  • Have decided to take healthcare protection to a new aspirational level. Launching a flagship National Health Protection Scheme to cover 10 crore poor and vulnerable families, benefiting approx. 50 crore
  • National Health Protection Protection Scheme for 10 Crore Families, world’s largest government-funded healthcare programme. National Health Protection Scheme to cover 10 crore poor families which will have approximately 50 crore beneficiaries. By providing upto Rs. 5 lakh rupees per family per year for secondary and tertiary hospitalisation.
  • We have allocated 1200 crore allocated for health wellness centres. Rs 5 lakh per family per year for 10 crore poor families. The world’s largest govt funded program
  • The Government is slowly but steadily progressing towards universal health coverage
  • One Govt. medical college to be ensured for every 3 parliamentary constituencies by upgrading 24 district-level colleges
  • 115 aspiration districts identified taking various indices of development into consideration, quality of life to be improved in these districts
  • 600 crore allocated for nutritional support to all #tuberculosis #patients & upgrading 24 new govt #medical #college & #hospitals
  • #AyushmanBharat will ensure #OneIndia, #OneTreatment, scheme to be paperless, cashless and portable countrywide

MSME, Employees

  • Mass formalization of MSME sector is happening after demonetization and GST
  • Target of 3 lakh crore for lending under PM MUDRA Yojana
  • Contribution of 8.33% to EPF for new employees by the govt for three years and 12% govt contribution to EPF in sectors employing large number of people
  • 7148 crore outlay for textile sector in 2018-19
  • 7150 cr Rupees allocated for Textlie Sector
  • Individual enterprises too to have unique ID

Railway

  • ₹1,48,528 crore – the capital expenditure for #IndianRailways for 2018-19
  • Focus will be on safety, maintenance of railway tracks, increase in use of technology and fog safety devices
  • Foundation stone of the bullet train was laid in September 2017. An institute is coming up in Vadodara to train the manpower required for the high speed railway projects
  • Redevelopment of 600 major railway stations has been taken up; Mumbai transport system is being expanded; suburban network of 160 km planned for Bengaluru
  • 12,000 wagons, 5160 coaches and 700 locomotives being procured. There is significant achievements of physical targets by Railways
  • All railways stations with more than 25,000 footfall to have escalators. All railways stations and trains to have Wi-Fi and CCTVs progressively
  • 4267 unmanned railway crossing will be eliminated in next two years.

Infrastructure

  • Total of 5.97 lakh crore rupees will be spent on Infrastructure Development for 2018-19
  • Road construction has scaled new heights, confident that 9000 km highway construction will be complete by 2017-18
  • UDAN (Ude Desh ka Aam naagrik) scheme will connect 56 unserved airports and 31 unserved helipads
  • Airports Authority of India now has 124 airports, this will be expanded by 5 times. Aim of 1 billion trips a year
  • 1 lakh Gram Panchayats connected to optic fibre completed; 5 lakh Wi-Fi spots to be created in rural areas
  • Niti Aayog to establish a national programme to direct efforts towards Artificial Intelligence, including research and development of its applications
  • Cleaning of Ganga is of national importance, have sanctioned 187 projects under NAMAMI Ganga scheme
  • Have proposed construction of tunnel under the Se-La pass in Arunachal Pradesh
  • Proposal to develop 10 prominent tourist destinations as Iconic tourism destinations
  • Govt. announced #Amrut program to focus on water supply to all households in 500 cities. Water supply contracts for 494 projects worth 19,428 core will be awarded.
  • NITIAayog will establish a National Programme to direct our efforts in the area of #ArtificialIntelligence towards national development
  • National Logistics Portal as a single online window to link all stakeholders, to be developed by Dept. of Commerce
  • 10,000 cr allocated for Telecom sector for Year 2018-19

Transaction, Finance & Business

  • Govt does not consider cryptocurrency as legal tender or coin and will take all measures to eliminate its use in financing illegitimate activities
  • Government insurance companies to be merged into a single entity, and subsequently listed in the stock exchange, as part of the disinvestment programme
  • 80,000 crore disinvestment target for 2018-19, target for 2017-18 has been exceeded and will reach 1 lakh crore rupees
  • Will take all steps to eliminate the use of Crypto-Currencies, will encourage Blockchain technology in payment systems
  • Govt has identified 372 specific business reform actions to improve ease of doing business; Evaluation of performance under this programme to be based on user feedback
  • Recapitalisation to enable PSU banks to lend ₹ 5 lakh crore more
  • National Committee chaired by PM, including CMs, Gandhians and representatives from various walks of life for year-long commemoration of 150th birth anniversary of Mahatma Gandhi
  • The Govt is proposing changes in refixing salaries of Members of Parliament. Law will provide automatic revision of emoluments of the MPs every 5 years indexed to inflation
  • Emoluments of the President to be revised to Rs 5 lakh per month & emoluments of the Vice-president to be revised to Rs 4 lakh per month
  • Revised fiscal deficit estimate for 2017-18 is 3.5% of GDP, fiscal deficit of 3.3% expected for 2018-19
  • Gold monetisation scheme being revamped so that people can open gold deposit accounts in a hassle-free manner

Taxation

  • Tax buoyancy more than expected, thanks to greater compliance
  • 100% tax deduction for the first five years to companies registered as farmer producer companies with a turnover of Rs. 100 crore and above
  • Tax payer base has risen from 6.47 crore in 2014-15 to 8.27 crore in 2016-17
  • Demonetisation was received by honest tax-payers as ‘Imaandari ka Utsav’
  • More payers joining tax net but turnover not encouraging