Budget 2018-19

Finance Minister Arun Jaitley presented his Budget for the year 2018-19 in Parliament. The budget is largely focused on uplift of agricultural sector, along with major push to healthcare and education sectors in the country.

Government said that a series of key reforms will surely propel India economy among the fastest growing economies of the world. Country firmly on course to achieve over 8% growth as manufacturing, services and exports back on good growth path.

Some of the key features of the Budget are :

  • No change in personal income tax slabs and rates;
  • Surcharge of 10% on income above Rs 50 lakh but less than Rs 1 cr, 15% on income above Rs 1 cr to continue;
  • Standard Deduction returns after a decade; Rs 40,000 to be allowed in lieu of transport allowance and medical expenses;
  • Economic growth pegged at 7.2-7.5% for H2 FY18;
  • India's average growth in first 3-year of NDA govt 7.5%;
  • Indian economy size $2.5 trillion; 7th largest in world;
  • India is expected to be 5th largest economy very soon;
  • Revised Fiscal Deficit estimate for 2017-18 is Rs 5.95 lakh crore at 3.5% of GDP;
  • Fiscal Deficit for FY'19 estimated at 3.3% of GDP;
  • Govt's market borrowing estimated at Rs 4.07 lakh cr in FY'19 versus Rs 4.79 lakh cr estimated in 2017-18;
  • MSP of all kharif crops to be hiked to at least 1.5 times of their production cost;
  • Institutional mechanism proposed to develop policies and practices for price and demand forecast;
  • Rs 2,000 cr fund for developing and upgrading agri marketing infra in 22,000 Grameen Agri Markets and 585 APMCs;
  • Allocation for food processing ministry doubled from Rs 715 cr in RE FY'18 to Rs 1,400 cr in BE FY'19;
  • Kisan Credit Cards extended to fisheries and animal husbandry farmers;
  • Agriculture credit disbursal target increased to Rs 11 lakh crore from Rs 10 lakh crore in 2017-18;
  • Steps announced to deal with air pollution in the Delhi-NCR region;
  • 2 crore more toilets to be built under Swachh Bharat Mission;
  • Substantial increase in allocation of National Rural Livelihood Mission to Rs 5,750 cr in FY'19;
  • Govt announced 2 major initiatives under 'Ayushman Bharat' programme;
  • Govt to launch a flagship National Health Protection Scheme to cover over 10 cr poor families providing coverage up to Rs 5 lakh per family every year for hospitalisation;
  • Govt earmarks Rs 56,619 cr for SCs and Rs 39,135 cr for STs in FY'19;
  • Sets target of Rs 3 lakh crore for lending under MUDRA;
  • Govt to contribute 12% of wages of the new employees in EPF for all sectors for 3 years;
  • Facility of fixed-term employment will be extended to all sectors;
  • Outlay of Rs 7,148 cr for textiles sector in 2018-19;
  • FinMin to leverage India Infrastructure Finance Corporation to help finance major infrastructure projects;
  • Redevelopment of 600 major railway stations being taken up;
  • Suburban network of 160 kms in Mumbai at an estimated cost of Rs 17,000 cr being planned;
  • Gross budgetary support for Railways hiked to over Rs 3 lakh crore in 2018-19 from Rs 2.73 lakh crore in 2017-18;
  • Plans to expand airport capacity more than 5 times to handle a billion trips a year;
  • Sebi to consider mandating, beginning with large firms, to meet about 1/4th of their financing needs from bond market;
  • Allocation on Digital India scheme doubled to Rs 3,073 cr;
  • Rs 10,000 cr for creation and augmentation of telecom infra;
  • Government to come out with policy to introduce toll system on 'pay as you use' basis;
  • Proposed expenditure on infra pegged at Rs 5.97 lakh cr as against Rs 4.94 lakh crore in FY'18;
  • Govt to evolve a scheme to assign enterprise a unique ID;
  • Capital of the FCI will be restructured to enhance equity and to raise long-term debt;
  • DIPAM will come up with more ETF offers including debt ETF;
  • Divestment target for FY'19 at Rs 80,000 cr;
  • Bank recapitalisation to pave way for PSBs to lend additional credit of Rs 5 lakh crore;
  • Govt to formulate a 'Gold Policy' to develop gold as an asset class;
  • Emoluments of President revised to Rs 5 lakh/month, Rs 4 lakh for vice president and Rs 3.5 lakh for Governors;
  • Govt proposes changes to refix salary, constituency allowance, office expenses and allowance payable to Members of Parliament;
  • The law will also provide for automatic revision of emoluments of MPs every five years indexed to inflation;
  • Rs 150 cr earmarked for FY'19 for the activities leading to Commemoration of 150th birth anniversary of Mahatma Gandhi;
  • Growth in direct taxes up to Jan 15, 2018 is 18.7%;
  • Corporate tax reduced to 25% for firms with turnover of Rs 250 cr in 2016-17;
  • Interest income exemption on deposits with banks and post offices for senior citizens increased from Rs 10,000 to Rs 50,000;
  • Senior citizens will be able to claim benefit of deduction up to Rs 50,000 annually on health insurance premium and/or general medical expenditure incurred;
  • Govt introduces long-term capital gains on equity market; long-term capital gains over Rs 100,000 to be taxed at 10%;
  • Education cess increased to 4% from 3%;
  • E-assessment of Income Tax Act to eliminate person-to-person contact;
  • Customs duty on mobile phones increased from 15% to 20%; also on certain parts of TVs to 15%;
  • Govt makes PAN mandatory for any entity entering into a financial transaction of Rs 2.5 lakh or more;
  • Food subsidy to rise to Rs 1.69 lakh crore in 2018-19 from Rs 1.4 lakh crore in current year;
  • Defence outlay raised to Rs 2.82 lakh crore in 2018-19 from Rs 2.67 lakh crore in current year;
  • Customs duty on crude edible vegetable oils hiked from 12.5% to 30%; on refined edible vegetable oil from 20% to 35%;
  • Customs duty on perfumes, dental hygiene, after-shave, deodorants, room deodorisers, preparations for use on hair doubled to 20%.
 

Budget News

Modi runs 90% commission government, says Siddaramaiah

    Updated On : Feb 23,2018   12:34 am
Bengaluru, Feb 23 (IANS) Karnataka Chief Minister Siddaramaiah on Thursday dubbed the NDA government a '90 per cent commission sarkar', retaliating to Prime Minister Narendra Modi's taunt that the ruling Congress government in the state was a '10 per cent commission sarkar'. View More..

Protesting Rajasthan farmers block Jaipur-Sikar highway

    Updated On : Feb 22,2018   11:32 pm
Jaipur, Feb 22 (IANS) Rajasthan farmers staged a massive protest on Jaipur-Sikar highway on Thursday to press for fulfilment of their demands, including complete loan waiver and implementation of the recommendations of Swaminathan Commission. View More..

Defence Industrial Corridor to boost UP's growth: Sitharaman

    Updated On : Feb 22,2018   10:58 pm
Lucknow, Feb 22 (IANS) Minister of Defence Nirmala Sitaraman on Thursday said low cost of land and low wage rate with adequate supply of manpower will provide an impetus to the proposed Rs 20,000-crore Defence Industrial Corridor, which Prime Minister Narendra Modi announced for Bundelkhand on Wednesday. View More..

'Ramayana' movie makers sign MoU with UP Government

    Updated On : Feb 22,2018   8:58 pm
Mumbai, Feb 22 (IANS) Filmmaker Madhu Mantena on Thursday said he has signed an MoU with the Uttar Pradesh government to make his upcoming film "Ramayana" in the state,. View More..

Frail-looking Parrikar thanks Goa for prayers, presents budget

    Updated On : Feb 22,2018   8:30 pm
Panaji, Feb 22 (IANS) In an emotional address, Chief Minister Manohar Parrikar, who made a dramatic appearance at the state assembly on Thursday to present the budget - hours after being discharged from a Mumbai hospital - thanked the people of Goa for praying for his health. View More..

Frail-looking Parrikar thanks Goa for prayers, presents budget

    Updated On : Feb 22,2018   5:58 pm
Panaji, Feb 22 (IANS) In an emotional address to the people of Goa, Chief Minister Manohar Parrikar, who hours after being discharged from a Mumbai hospital made a dramatic appearance at the state legislative assembly on Thursday to present the annual budget, thanked the people of Goa for praying for his health. View More..

CENTRiC Mobiles to invest Rs 648 cr in Uttar Pradesh

    Updated On : Feb 22,2018   5:04 pm
Lucknow, Feb 22 (IANS) Domestic smartphone brand CENTRiC Mobiles on Thursday announced to invest Rs 648 crore towards setting up a research and development and manufacturing unit for mobile phones in Uttar Pradesh. View More..

Stalin asks Palaniswami to meet Modi over Cauvery issue

    Updated On : Feb 22,2018   3:06 pm
Chennai, Feb 22 (IANS) DMK leader M.K.Stalin on Thursday said Tamil Nadu Chief Minister K. Palaniswami along with leaders of various political parties should meet Prime Minister Narendra Modi and urge him to set up a Cauvery Management Board. View More..

'Modicare' scheme similar to one in state, says Rajasthan health minister

    Updated On : Feb 22,2018   1:08 pm
Jaipur, Feb 22 (IANS) The Modi health care scheme announced in the Union budget this year is quite similar to the one introduced in Rajasthan in December 2015, says Kali Charan Saraf, Rajasthan's Minister of Health. View More..

Parrikar arrives in Goa, might table budget

    Updated On : Feb 22,2018   12:30 pm
Panaji, Feb 22 (IANS) Goa Chief Minister Manohar Parrikar arrived here on Thursday after he was discharged from Mumbai's Lilavati hospital where he was hospitalised since February 15 for a pancreas-related ailment. View More..

Where's the money for Grenfell? Stormzy asks British PM

    Updated On : Feb 22,2018   11:38 am
London, Feb 22 (IANS) Double Brit Award winner rapper Stormzy used his performance at the 2018 gala to take a swipe at British Prime Minister Theresa May over the Grenfell tragedy that left 71 dead and hundreds homeless last year. View More..

Indian smartphone vendors suffer as Chinese players gobble up share (Tech Trend)

    Updated On : Feb 22,2018   11:30 am
New Delhi, Feb 22 (IANS) Aiming to help domestic smartphone manufacturers recover lost ground, the government has taken several measures in the recent past, like easing norms for local manufacturing and hiking customs duty on mobile phones. View More..

New Goa policy may shift casinos to 'entertainment zone'

    Updated On : Feb 21,2018   10:54 pm
Panaji, Feb 21 (IANS) The Goa government is drafting a policy, which may eventually lead to relocation of Goa's casinos to an entertainment zone near an upcoming airport project, Public Works Development Sudin Dhavalikar told the Goa Legislative Assembly on Wednesday. View More..

Parrikar stable, condition improving: Goa BJP

    Updated On : Feb 21,2018   9:04 pm
Panaji, Feb 21 (IANS) Goa Chief Minister Manohar Parrikar, admitted in a Mumbai hospital since February 15 for a pancreas-related ailment, is "positively responding" to treatment and his condition is stable, South Goa BJP MP Narendra Savoikar said on Wednesday. View More..

Inflationary risks from oil, HRA, fiscal slippage: RBI

    Updated On : Feb 21,2018   8:36 pm
Mumbai, Feb 21 (IANS) In holding its repo rate unchanged for the third time in succession, the RBI's Monetary Policy Committee (MPC) was guided by concerns about upside risks to inflation posed by crude oil prices, house rent allowances (HRA) and the budgetary fiscal slippage, as per the minutes of the MPC meeting released on Wednesday. View More..

Industry lauds Yogi for UP turnaround, commit to Rs 4.35 lakh cr investments (Roundup)

    Updated On : Feb 21,2018   6:38 pm
Lucknow, Feb 21 (IANS) Industry captains heaped wholesome praise on the Uttar Pradesh Chief Minister Yogi Adityanath for bringing a turn around in the state's environment within a year as they committed to investments of over Rs 4.35 lakh crore over the next three years on the first day of the Investors Summit here on Wednesday. View More..

Goa will fight mining ban in court of law, says Minister

    Updated On : Feb 21,2018   6:08 pm
Panaji, Feb 21 (IANS) The Goa government may file a review petition against the cancellation of 88 mining leases by the Supreme Court earlier this month, Public Works Department Minister Sudin Dhavalikar hinted on Wednesday. View More..

Abbott's call to cut migration to Australia rejected

    Updated On : Feb 21,2018   4:52 pm
Sydney, Feb 21 (IANS) Two senior Cabinet ministers in Australia on Wednesday rejected former Prime Minister Tony Abbott's proposal to cut the country's migration intake, warning it could cost up to $5 billion over four years. View More..

PM announces Rs 20,000-cr defence industrial corridor in Bundelkhand

    Updated On : Feb 21,2018   3:36 pm
Lucknow, Feb 21 (IANS) Prime Minister Narendra Modi on Wednesday announced that his government will establish a Rs 20,000-crore defence industrial production corridor in Bundelkhand -- a region divided between Uttar Pradesh and Madhya Pradesh -- that will generate 250,000 jobs and bring development to one of the most impoverished regions of the country. View More..

AI can help fight spread of TB in India: Study

    Updated On : Feb 21,2018   2:30 pm
New York, Feb 21 (IANS) Researchers have found that an Artificial Intelligence (AI) system can reduce the spread of tuberculosis in India by helping public health programmes better locate, and treat, people living with infectious diseases. View More..