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

Farmers' income increasing, says Modi

    Updated On : Jun 20,2018   3:28 pm
New Delhi, June 20 (IANS) Prime Minister Narendra Modi on Wednesday said the income of farmers in the country increased, and also doubled in many cases, due to various initiatives taken by the Central government. View More..

Will present full budget in July: Kumaraswamy (Lead, Correcting Intro)

    Updated On : Jun 20,2018   1:52 pm
Bengaluru, June 20 (IANS) Settling speculation over the nature of the state budget for fiscal 2018-19, Karnataka Chief Minister H.D. Kumaraswamy has said that he will present a full budget in July. View More..

Farmers' income increasing, says Modi

    Updated On : Jun 20,2018   12:24 pm
New Delhi, June 20 (IANS) Prime Minister Narendra Modi on Wednesday said the income of farmers in the country increased, and also doubled in many cases, due to various initiatives taken by the central government. View More..

Tips to keep in mind while renting house or flat

    Updated On : Jun 20,2018   3:16 am
New Delhi, June 20 (IANS) Prioritise your list of features and amenities, avoid fly-by night brokers and checkout the condition of the apartment and who will pay for the major repairs and maintenance before you rent a house or a flat, suggest experts. View More..

Will present full budget in July: Kumaraswamy

    Updated On : Jun 20,2018   12:18 am
Bengaluru, June 20 (IANS) Settling speculation over the nature of the state budget for fiscal 2018-19, Karnataka Chief Minister Siddaramaiah on Tuesday said he would present a full budget in July. View More..

Presented deficit free budget to make Tripura self-reliant: CM

    Updated On : Jun 19,2018   11:24 pm
Agartala, June 19 (IANS) Tripura Chief Minister Biplab Kumar Deb said that the "deficit free budget" presented on Tuesday, his government's first, was intended to make the state "self-reliant". View More..

UP to set up special development council for Kashi Vishwanath temple

    Updated On : Jun 19,2018   10:18 pm
Lucknow, June 19 (IANS) In a bid to boost religious tourism in the state, the Uttar Pradesh cabinet on Tuesday approved a proposal of setting up a Special Council for beautification and expansion of the Kashi Vishwanath temple in Varanasi, officials said. View More..

Digital services' failures widespread in India: Report

    Updated On : Jun 19,2018   9:14 pm
New Delhi, June 19 (IANS) While almost all business decision makers in India agree that optimising digital performance is essential for the growth of their businesses, about two-thirds of them face critical digital services and applications failures at least a few times a month, a new global report revealed on Tuesday. View More..

AirAsia India denies wrongdoing; will continue to cooperate with regulatory agencies

    Updated On : Jun 19,2018   8:40 pm
Mumbai, June 19 (IANS) Budget passenger carrier AirAsia India (AAIL) on Tuesday refuted allegations against it in connection with an alleged bribery case to get FDI rules tweaked. View More..

Tax free, deficit less Rs 16,387 cr budget presented in Tripura

    Updated On : Jun 19,2018   7:14 pm
Agartala, June 19 (IANS) Tripura Deputy Chief Minister Jishnu Dev Varma on Tuesday presented a Rs 16,387.21 crore tax-free budget for financial year 2018-19. View More..

Turkey slams US Senate bill to block F-35 delivery

    Updated On : Jun 19,2018   6:22 pm
Ankara, June 19 (IANS) Turkish Prime Minister Binali Yildirim on Tuesday criticised the US Senate's decision to block delivery of F-35 jets to Turkey, describing it "unfortunate" and "regrettable". View More..

Odisha CM urges Modi to frame national policy on loan waiver for farmers

    Updated On : Jun 19,2018   12:04 am
Bhubaneswar, June 18 (IANS) Odisha Chief Minister Naveen Patnaik has proposed to Prime Minister Narendra Modi that a national policy on loan waivers be formulated in order to relieve the farmers from the agrarian distress. View More..

SpiceJet announces 14 new flights starting July 1

    Updated On : Jun 18,2018   5:36 pm
New Delhi, June 18 (IANS) Budget passenger carrier SpiceJet on Monday announced 14 new domestic flights and enhanced frequency on some routes effective from July 1. View More..

National Education Policy by end of 2018: Javadekar

    Updated On : Jun 18,2018   3:50 pm
New Delhi, June 18 (IANS) Union Human Resource Development Minister Prakash Javadekar said on Monday that the much awaited National Education Policy's "zero draft" is ready and will be implemented by the end of 2018. View More..

New consumer bill covering E-commerce to be taken up in monsoon session: Minister

    Updated On : Jun 18,2018   3:24 pm
New Delhi, June 18 (IANS) The Consumer Protection Bill 2018 is likely to be taken up in the upcoming monsoon session of parliament, Minister of State for Consumer Affairs, Food and Public Distribution, C.R. Chaudhary said here on Monday. View More..

India has overcome Congress legacy, can no more use it as excuse: NITI Aayog Vice Chairman (IANS Interview)

    Updated On : Jun 18,2018   1:54 pm
New Delhi, June 18 (IANS) Even as the ruling BJP and its senior leaders have repeatedly attacked the Congress for leaving behind a legacy of "governance failure", "policy paralysis" and "economy in shambles", the Central government can no more use this as an excuse and will have to take ownership of not only its accomplishments but also its failures from now on, NITI Aayog Vice Chairman Rajiv Kumar said. View More..

Tripura Assembly to begin budget session on Tuesday

    Updated On : Jun 18,2018   12:02 pm
Agartala, June 18 (IANS) The Tripura Assembly will begin its 11-day budget session from Tuesday, Speaker Rebati Mohan Das said here on Monday. View More..

Raje seeks national status for Rajasthan canal project

    Updated On : Jun 17,2018   11:12 pm
Jaipur/New Delhi, June 17 (IANS) Rajasthan Chief Minister Vasundhara Raje on Sunday asked the Central government to consider special additional budgetary support challenge to the state to meet the challenge of safe drinking water availability, while seeking national project status for the Eastern Rajasthan Canal Project (ERCP). View More..

Andhra, Bihar seek special status, Modi assures on provisions at bifurcation time

    Updated On : Jun 17,2018   8:48 pm
New Delhi, June 17 (IANS) Prime Minister Narendra Modi on Sunday assured states like Andhra Pradesh and Bihar, which have been demanding special status category, that the Centre is committed in "letter and spirit" to adhere to statutory provisions in place at the time of the bifurcation of states. View More..

Committed to statutory provisions on special status: Centre

    Updated On : Jun 17,2018   7:34 pm
New Delhi, June 17 (IANS) In view of the demand of some states for special status category on economic grounds, the Centre said on Sunday that it is committed in "letter and spirit" to adhere to the statutory provisions in place at the time of the bifurcation of states. View More..