Honorable minister of Finance, Shri Arun Jaitley released the annual budget for the year 2018- 2019 and like every other year, this year’s budget is being called as an All Friendly Budget. Considering demonetization and the GST tax reform implementation the annual budget is prepared keeping in mind Farmers and rural areas, Health Care Providers, Transport Companies, Consumer Companies, Jewelers, Airports infrastructure companies, etc..
Honorable Prime Minister has called it (budget) as “a ‘Farmer Friendly’, ‘Common Citizen Friendly’, ‘Business Friendly’, ‘Development Friendly’” while addressing the nation.
1. Agriculture and rural economy:
- MSP (Minimum support price) for all the upcoming Kharif crops has been raised to 1.5 times the cost of production.
- Cluster development model of agricultural commodities.
- Emphasis to encourage organic farming.
- Allocation for Food process Ministry has been doubled.
- Export of Agri commodity has been liberalized.
- Jaitley proposed 11 lakh crore for credit to the farm sector.
2. Health care & Social Protection:
- National Health Protection Scheme which aims at insuring around 500 million people for up to 5,00,000 rupees a year per family.
- Companies like Apollo, Fortis, etc. are likely to be benefited.
- A social security program for national social assistance over 9000 crore rupees.
- Push for Digital boards instead of black board enabling E- technology.
- Every block with 20,000 tribes and over 50% ST’s will have a special Eklavya School.
- 1200 crore for the flagship program in health wellness centers.
3. Transport Companies:
- Expenditure to be spent on improving the Roads & Railways, Construction and Engineering firms.
- Train wagon manufacturers, material suppliers, etc. industries get benefited.
- 1, 48,528 crore is the capital expenditure for the Indian Railways for 2018-19. All trains to be progressively provided with Wi-Fi, CCTV and other state-of-the-art amenities.
Other Major Notable Things:
- Personal Income tax slabs witnessed no change,
- A mission to construct at least 2 crore toilets under Swachh Bharat Mission
- 51 lakh affordable housing units for rural areas and 50 lakh in urban areas
- 75,000 crore allocation for self-helping women
- Allocation to national livelihood mission set at 5,750 crore
- Two new schools for planning and Infrastructure,
- 7000 crore rupees will be the revenue foregone for the reduced corporate tax on MSMEs,
- 100% tax deduction for the first five years to companies registered as farmer producer companies with a turnover of 100 crore and above,
- Revised fiscal deficit estimate for 2017-18 is 3.5% of GDP, fiscal deficit of 3.3% expected for 2018-19,
- Emoluments of President, Vice President and Governor being revised: 5 lakh; 4 lakh; 3.5 lakh per month respectively
- The government will assign every enterprise in India a unique ID on the lines of Aadhaar
- 5.97 lakh crore allocated for infrastructure spending in India,
- 5 lakh Wi-Fi hotspots to be set up in rural areas to provide easy Internet access
- UDAN will connect 56 unserved airports in India,
- Bharatmala project approved for better road connectivity at Rs 5.35 lakh crore
- Proposal to develop 10 prominent tourist destinations as Iconic tourism Destinations,
- 70 lakh farming jobs have been created this year, shows an independent study
- 3 lakh crore allocated for PM MUDRA Yojana,
- Allocation of 56,619 crore for SC welfare and 39,135 crore for ST welfare
- Total 187 projects sanctioned under the Namami Gange program
- 600 crore for nutritional support to TB patients
- Ujwala will give 8 crore women new LPG connections
- Fishery and aquaculture and animal husbandry funds with a total corpus of 10,000 crore,
- Restructured National Bamboo Mission to be launched with an allocation of 1290 crore to promote bamboo sector in a holistic manner
- 500 crore announced for Operation Green.