Key highlights of Union Budget 2018

Written by
Minance Minister Arun Jaitley

* Minance Minister Arun Jaitley proposed to tax long-term capital gains exceeding Rs 1 lakh at 10 percent without indexation.

* Electronic IT assessment will be rolled out across the country, leading to greater efficiency and transparency.

* Mobile phones will get costlier as customs duty on them has been increased to 20 percent.

* Health and education cess increased to 4 percent.

* For senior citizens, dispensation of interest income on bank deposits raised to Rs 50,000

* Proposal to introduce a tax on distributed income by equity-oriented mutual funds at 10 percent.

* Standard deduction of Rs 40,000 for salaried employees in lieu of transport and medical expenses

* Now companies with turnover of up to Rs 250 crores to be taxed at 25 percent

* Arun Jaitley said that the government does not propose any changes in tax slabs for the salaried class this year.

* FM proposes fiscal deficit of 3.3% of GDP for 2018-19.

* Finance Minister Arun Jaitley proposed revising emoluments as per the following structure:

-Rs 5 lakh for the President of India
– Rs 4 lakh for the Vice President
-Rs 3.5 lakh for the Governors

* Jaitley also proposed an automatic revision of emoluments of Parliamentarians every five years, indexed to inflation.

* We have already exceeded our disinvestment target, announced Arun Jaitley.
Disinvestment target for 2017-18 has been more and will reach Rs 1 lakh crore. Target for 2018-19 is Rs 80,000 crore.

* 5 lakh WiFi hotspots to be set up in rural areas to provide easy internet access.

* Government will take all steps for removal of the use of cryptocurrencies which are funding illegitimate transactions.

* Amrut program announced to focus on the water supply to all households in 500 cities. Water supply contracts for 494 projects worth Rs 19,428 core will be awarded: FM

* NITI Aayog will be established a national programme to direct our efforts in the area of Artificial Intelligence towards national development: FM

* Airport capacity to be increased to handle 1 billion trips every year.

* Arun Jaitley says that 4,000 km of new railway track will be laid down by 2019.

* All railways stations with footfall more than 25,000 to have escalators, says the Finance Minister.

* Mumbai transport receives Rs 40,000 crore.

* The government will undertake redevelopment of 600 major railway stations in the country.

* Arun Jaitley announces capital expenditure of Rs 1,48,528 crore for Indian Railways in 2018-19.

* National Heritage City Development Augmentation Scheme has been undertaken to preserve and protect heritage cities in the country, announces the Finance Minister.

* Government to contribute 12 percent of EPF contribution for new employees in all sectors: FM

* Infrastructure is the growth driver of economy: Jaitley

* Target of 3 lakh crore for lending under PM Mudra Yojana: FM

* MSME enterprises are the main element for growth, says Jaitley. He also added that mass formalization of MSME sector is happening after demonetization and GST.

* Govt will launch health scheme to cover 10 crores, poor families, Arun Jaitley says.

* The Government is slowly but steadily progressing towards universal health coverage: FM

* Government plans to bring 60 crore bank accounts under the Jan Dhan Yojana.

* Eklavya schools to be started for Scheduled Tribe populations: Finance Minister

* Rs 600 crore allocated to Tuberculosis patients who are undergoing treatment.

* Govt will set up two new Schools of Planning and Architecture, said Finance Minister Jaitley.

* To tackle brain drain, Jaitley announces a scheme to identify bright students pursuing B Tech in premier engineering institutes, and providing them higher-education opportunities in the IITs and IISc. These students will receive good fellowships and will be expected to dedicate a few hours to teach in higher education institutions weekly.

* Specialized railway university to be set up at Vadodara.

* Jaitley proposed an integrated B.Ed programme for teachers: “training of teachers during service is essential.” Technology will be the biggest driver in improving the quality of education.

* Budget allocates money for social security and protection programme for all widows and orphans.

* We have a target to provide all Indians with their own homes by 2022, says Jaitley.

* Ujjwala scheme to increase targets will now provide 8 crores, rural women, free LPG connections.

* Air pollution in Delhi-NCR has been a cause of concern, govt has proposed subsidized machinery for in-situ management of crop residue in Punjab, Haryana, Uttar Pradesh and NCT Delhi.

* Govt. of India will take necessary measures to put in place measures for the state government to purchase surplus solar power produced by local farmers at suitable prices.

* Arun Jaitley proposes a sum of Rs 500 crore for ‘Operation Green’ on the lines of ‘Operation Flood’.

*The Food processing sector is going at an average of 8 percent per annum.

* We have been saying it for years that India is primarily an agricultural country: Jaitley

* Arun Jaitley on Minimum Support Price of agricultural products: Only increasing the MSP is not enough, the government will fix the MSP of agricultural products at 1.5 times the market rate.

* Our emphasis is on generating higher benefits and productive employment for the farmers: Jaitley while addressing the agricultural sector in his Budget speech 2018.

* Our government has worked sincerely, and without weighing the political costs, hoping that benefits are delivered to people at their doorsteps. The Direct Benefit Transfer system of India is a success story that is reiterated across the world: Jaitley.

* This year’s Budget will particularly focus on agriculture, says Jaitley.

* The finance minister also pointed out that India is one of the fastest-growing economies in the world.

* Indian economy has performed very well since our government took over in May 2014, says Arun Jaitley.

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