Key Highlights of 2018 budget

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Key Highlights of 2018 budget

budget 2018 highlights

budget 2018 highlights

Arun Jaitley emphasized on agriculture sector and social security

Following are the key highlights of 2018 budget:

  • Financial shortfall for 2017-18 reduced to 3.5% of GDP from 3.2% targeted last year.
  • Financial shortfall target for 2018-19 at 3.3% of GDP.
  • Sets disinvestment target of Rs 80,000 crore for 2018-19, Financial Year 2017-18 goal of Rs 72,500 crore exceeded.
  • More steps in offering to strengthen Alternative Investment Fund industry such as Venture capital funds and angel investors.
  • There is No change in personal income tax slabs. Standard deduction of Rs 40,000 for transport allowance and medical allowance for Salaried taxpayers and there will be loss of Rs. 8000 crores due to standard deduction.
  • Long-term capital gains tax on equities at 10% on over Rs 1 lakh. Government expecting Rs 20,000 crores as revenue from Long-term capital gains tax.
  • Short-term capital gains to be taxed at 15%.
  • Corporate tax for companies with turnover of up to Rs 250 crore for 2016-17 cut to 25% which is MSME tax benefit and there will be loss of Rs. 7000 crores.
  • Deduction under health insurance premium increased to Rs 50,000 for all and Rs 1 lakh for those with critical illnesses. Interest income exemption increased to Rs 50,000 from Rs 10,000 for Senior Citizens as well as Exemptions in income of Rs 10,000 from Banks FD and post offices for senior citizens.
  • Launching flagship health protection scheme—Ayushman Bharat—for 10 crore families (50 crore beneficiaries). This will provide Rs 5 lakh per family per year for secondary and tertiary care hospitalization.
  • Benefits for farmers: Minimum support price for all rabi crops which are based on the monsoon to be 150% of production cost. Institutional credit to farm sector raised to Rs 11 lakh crore.
  • Proposal to set up an agricultural market fund of Rs 2,000 crore.
  • Proposes to invest Rs 1 trillion to develop premium education infrastructure over next four years.
  • Government to establish a dedicated affordable housing fund
    under National Housing Bank for priority sector lending. Rs 27,500 cr to PM Affordable Housing Plan FY19
  • Rs 19,000 crore to PM Rural Road Plan FY19
  • Rs 32,600 crore to National Education Mission FY19
  • Rs 17,800 crore to Swachh Bharat Mission in FY19
  • Rs 600 crore for nutritional  support to all tuberculosis patients
  • Rs 5,750 crore to national livelihood mission
  • Rs 10,000 crore for fisheries & aquaculture, animal husbandry funds
  • Rs 1,290 crore to national bamboo mission
  • Allocates Rs 9,975 crore for social security schemes.
  • Allocates Rs 2.04 lakh crore for 99 Smart Cities.
  • Budget sets capex for railways at Rs 1.48 lakh crore.
  • Budget sets Rs 5.97 trillion on infrastructure and extra budgetary allocation.
  • Increases custom duty on mobile phones from 15% to 20%.
  • Government to take action to eliminate use of cryptocurrencies for illegal activities.
  • Government to explore blockchain technology for escorting in a digital economy.
  • NITI Aayog to establish a national programme for artificial intelligence.
  • The price of petrol and diesel has effectively come down by Rs 2 per litre due to the cut in excise duty.

 

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