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

Congress will solve farmers' loan woes, says Rahul

    Updated On : Apr 25,2019   7:02 pm
Ajmer, April 25 (IANS) Congress President Rahul Gandhi on Thursday said no farmer in the country will ever go to jail over non repayment of loan if his party is voted to power. View More..

'Tarpan': Sincere attempt mirroring society (IANS Review, Rating: **1/2)

    Updated On : Apr 25,2019   9:24 am
Film: "Tarpan"; Director: Neelam R. Singh; Cast: Nand Kishore Pant, Sanjay Kumar, Arun Shekhar, Rahul Chauhan, Poonam Alok Ingle, Nilam Kumari, Vandana Asthana, Padamja Rai, Lalit Jogi, Abhishek Madarecha; Rating: **1/2 View More..

Gulf NRIs offer funds for Jet to fly again

    Updated On : Apr 24,2019   11:10 pm
Bengaluru, April 24 (IANS) A group of Gulf-based NRIs are ready to raise emergency funding to enable debt-ridden and cash-strapped Jet Airways fly again, said a potential investor on Wednesday. View More..

GoAir to begin 28 additional flights from Friday

    Updated On : Apr 24,2019   10:58 pm
Mumbai, April 24 (IANS) Budget passenger carrier GoAir on Wednesday said it will operate 28 additional flights from Friday. View More..

Eco Survey may prescribe higher crop support prices

    Updated On : Apr 24,2019   9:12 pm
New Delhi, April 24 (IANS) The upcoming Economic Survey for 2019-20 may have some new prescriptions that can address travails of the large sections of farmers who roil under low income for their produce, big loans and lose foodgrains for lack of proper logistical facilities. View More..

Xiaomi launches 2 budget smartphones in India

    Updated On : Apr 24,2019   4:16 pm
New Delhi, April 24 (IANS) Chinese handset maker Xiaomi on Wednesday launched its Redmi Y3 and Redmi 7 smartphones in India. View More..

Indians deserve chance as national football coach: Pal

    Updated On : Apr 24,2019   3:34 pm
New Delhi, April 24 (IANS) If given an opportunity, an Indian can also do a good job as the head coach of the national football team feels Subrata Pal. One of the finest goalkeepers to have played for India, Pal believes that trusting the Indian coaches and handing them the responsibility can work wonders. View More..

SpiceJet to launch 28 new flights connecting Mumbai, Delhi

    Updated On : Apr 23,2019   8:06 pm
New Delhi, April 23 (IANS) Budget carrier SpiceJet will launch 28 new flights connecting Mumbai and Delhi with other cities on its domestic network from April 26. View More..

9th Gen Intel Core processors are coming to laptops

    Updated On : Apr 23,2019   7:20 pm
New Delhi, April 23 (IANS) Intel on Tuesday unveiled its new 9th Gen Intel Core mobile H-series processors designed for gamers and creators who want to push their experience to the next level. View More..

Rahul promises Special Kisan Budget from next year

    Updated On : Apr 23,2019   2:46 pm
Banswara (Rajasthan), April 23 (IANS) Congress President Rahul Gandhi said on Tuesday that a Special Kisan Budget will be presented in Parliament next year if the party is voted to power in the ongoing general elections. View More..

Cow body wants firms to produce bio-fertiliser (2nd Lead)

    Updated On : Apr 23,2019   1:58 pm
New Delhi, April 23 (IANS) The Rashtriya Kamdhenu Aayog or National Cow Commission will suggest the new government at the Centre to make it mandatory for companies like KRIBHCO and IFFCO to manufacture 10 per cent bio-fertilizers from cow dung and cow urine out of their total annual production. View More..

10% organic fertilizer production to be made mandatory(Lead)

    Updated On : Apr 23,2019   12:26 pm
New Delhi, April 23 (IANS) The Rashtriya Kamdhenu Aayog or National Cow Commission will suggest the new government at the Centre to make it mandatory for companies like KRIBHCO and IFFCO to manufacture 10 per cent bio-fertilizers from cow dung and cow urine out of their total annual production. View More..

10% organic fertilizer production made mandatory

    Updated On : Apr 23,2019   11:42 am
New Delhi, April 23 (IANS) The Rashtriya Kamdhenu Aayog or National Cow Commission will suggest the new government at the Centre to make it mandatory for companies like KRIBHCO and IFFCO to manufacture 10 per cent bio-fertilizers from cow dung and cow urine out of their total annual production. View More..

Aamir Khan flies economy, surprises co-passengers

    Updated On : Apr 23,2019   11:24 am
Mumbai, April 23 (IANS) Ditching the luxuries of a business class, superstar Aamir Khan took everyone by surprise as he was spotted travelling in the economy class of domestic budget airline IndiGo. View More..

Government to repay fiscal's 1st sovereign debt on June 3

    Updated On : Apr 22,2019   9:54 pm
New Delhi, April 22 (IANS) The redemption of the governments sovereign debt has started as the Finance Ministry on Monday said the outstanding balance under 7.28 per cent GS 2019 bonds will be repayable on the effective date of repayment on June 3. View More..

SpiceJet to deploy sub-leased aircraft from Jet lessors

    Updated On : Apr 22,2019   9:06 pm
Mumbai, April 22 (IANS) Airline major SpiceJet will induct around 22 aircraft from the grounded fleet of Jet Airways on a sub-lease basis and deploy the first such plane on the domestic sector within the next few days, informed sources said on Monday. View More..

Realme launches 3 Pro, C2 smartphones in India

    Updated On : Apr 22,2019   3:16 pm
New Delhi, April 22 (IANS) China-based smartphone maker Realme on Monday launched its flagship Realme 3 Pro in India at a starting price of Rs 13,999 (4GB RAM+64GB ROM variant) and the budget Realme C2 (2GB RAM+16GB ROM variant) at a starting price of Rs 5,999. View More..

OPPO unveils A5s budget smartphone in India

    Updated On : Apr 22,2019   1:30 pm
New Delhi, April 22 (IANS) Chinese handset maker OPPO on Monday launched a budget-friendly A5s smartphone in India for Rs 9,990. View More..

RBI may consider 25 bps cut again in H1: Kotak

    Updated On : Apr 22,2019   11:52 am
New Delhi, April 22 (IANS) The Reserve Bank of India could consider another 25 bps cut in 1HFY20 to address the domestic growth concerns, said a report from Kotak Economic Research. View More..

Congress releases plan on national security

    Updated On : Apr 21,2019   6:10 pm
New Delhi, April 21 (IANS) Congress on Sunday released its plan on national security which emphasises on five key issues - assuming India's rightful place in global affairs, securing the neighbourhood, internal security, protecting people and strengthening capabilities. View More..