Union Budget 2018 Highlights | Healthcare / Agriculture & Defence Analysis- No to Income Tax Slab @FMArun Jaitley:
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India Union Budget 2018: Finance Minister Arun Jaitley’s briefcase pulled out the 5th Annual budget of NDA Government on Thursday highlighting India’s Economic Growth, Government’s achievements & steps taken to move India a corruption free country. FM Arun Jailtley in Annual Budget 2018 stressed that this budget is in favor of all country people. Arun Jaitley in his Union Budget speech also made some historical steps to be brought during this fiscal Year. World’s largest Health Care plan/ No Change in Income Tax slab/ Defense Budget / Railway Budget/ Increase in Taxpayers’ numbers & revenue/ Fiscal deficit- GDP growth etc points highlighted by Finance Minister in Budget 2018.
Union Budget 2018 Highlights | FM Arun Jaitley Speech
Introducing NDA Govt’s last Union Budget (UB) 2018 before 2019 Lok Sabha elections FM Arun Jaitley depicting the Union Budget on “Sabka Sath Sabka Vikaas” moto termed the budget as per expectations of the people of all Classes. Focusing on Farmers, Health Care, Defence, Education, Railway, Employment, Salaried Class –Income Tax, Smart Cities, Transportation, Women & other Other Security issues also included the Aadhar Cards, Cryptocurrencies in his Annual Union Budget speech.
Budget Session in Two Parts: The Union Budget 2018 Parliament session began on 29th January 2018, and this time will held in two parts this year. The Budget first part of the session is from January 29 to February 9. After nearly a month-long recess, Parliament will resume the session from March 5. The session will be concluded on 6th April, 2018.
Union Budget 2018 Highlights
Highlights of Speech: This NDA Government Union Budget is for all Classes from Lower, Lower-Middle Class to the Upper Middle Class, Upper Class (Taxpayers). Special focus has been putted on Agricultural class, in Job sector and big reforms and their criteria has been opted to boost the country’s growth focusing on reducing fiscal deficit & growing GDP of country.
Government to provide 100% tax free for those who establish farming related industries.
For Middle Class percpective the Government hinted out that they are focusing on Digital India program to make the country digital. To fascinate the next generation’s future
- Union Budget began with a brief on what the government has achieved over the years leading even upto Thursday.
- Government is moving the country towards a corruption-free system
- The Finance Minister of India- Arun Jailtely quoted Demonetization as “Imandari ka utsav”
- FM Arun Jaitley gave well wishes to tax payers of country and said there is a huge increase in the number of taxpayers in recent years.
- Aadhaar is essential, every individual enterprise will get unique ID. It has given every citizen a unique ID. Soon, individual enterprises to have Unique ID too.
- India is now a 2.5 Trillion dollar economy, the seventh largest in the world
Some relief for Salaried Class but no Change in Income Tax slab
In brief details no Change in Income Tax Slab but standard deduction of Rs 40,000 for transport and healthcare expenses. In view point of the Salaried class personnel, some relief has been provided to the salaried class. The standard deduction of Rs 40,000 has been increased in respect of transport allowance and reimbursement of miscellaneous medical expenses & this is somehow fruitful step.
Union Budget 2018 Highlights | Healthcare / Agriculture & Defence
- Excess revenue collected from personal income tax at Rs 90,000 crore, says Finance Minister
- 100% deduction to companies registered as farmer producer companies
- Effective tax payers are increased to 8.27 crore in country.
- A comprehensive gold policy, gold monetisation scheme will be revamped
Union Budget 2018 Defence:
To secure India’s Defence, Government is stern on developing connectivity infrastructure in border areas. Rohtang tunnel has been completed to provide all-weather connectivity to Ladakh & same kind of work is being done at several border locations. Defence Industry with-friendly defence production facility &
New Initiatives/Announcements in Annual Budget First Half–
- Department of Telecom will support indigenous 5G Programme of IIT Chennai, said Finance Minister.
- Regional air connectivity scheme to connect 56 unserved airports across the country.
- We will have Eklavya schools, at par with Navodaya Vidyalayas. Digital intensity in education to be increased. Technology will be used more to provide best quality education.
- By 2022, every poor should have their own home. We have started Pradhan Mantri Awas Yojana. Over 1 crore houses are being built in rural areas and 37 lakh in urban areas.
- MSME, Universal Health Program and jobs sector remained the government’s priority to make reforms at large scale said FM Jaitley.
- Govt will contribute 12% of wages of new employees in EPF for all sectors for the next 3 years
Budget for FEMALE, Senior Citizens, Employees, Farmers, Students
Union Budget for RAILWAY 2018:
Indian Railways, the government allocates capital expenditure of Rs 1,48,528 crore for 2018-19, announces Jaitley. All trains will soon have state-of-the-art facilities such as WiFi and CCTVs.
- No increment in rail fare.
- For Bullet train project, Institute for training is coming up in.
- Re-development of 600 major stations has been taken up. All major stations to have escalators, CCTVs and wifi facilities. Safety first policy to be implemented in Railway.
Union Budget 2018- World’s Largest Healthcare
For the healthcare sector, the government launches National Health Protection Scheme to cover 10 crore poor and vulnerable families, says Jaitley & this would be the World’s largest Healthcare Plan. The Healthcare plan translates to 50 crore beneficiaries. The govt will provide upto Rs 5 lakh per family per year for secondary and tertiary care hospital. “Govt is progressing towards goal of universal health coverage.
Moving towards the Universal Health Coverage Arun Jaitley announced a health scheme for 10 crore families – 50 crore people with eligibility decided by the socio economic caste census.
NAMO CARE comparison with TRUMP CARE
- Healthcare Programme to the 40% of Country’s population
- 5 Lacs Health & wellnss Centers to be opened across nation
- 5 Lac Arogaya Centers to be opened & 500 RS daily to be provided to the TB patients.
- 1200 Crore Rupees allotted for Health Care programme.
- 76% Mudra yojana loan accounts are of women, SCs, STs and OBCs. Allocating 3 lakh crore for the purpose
Union Budget 2018 Highlights – Jobs/ Employment
Govt to contribute 12% of EPF contribution for new employees in all sectors for three years, says Jaitley. He adds that contributions from women employees will be brought down from 12% to 8%
- Rs 7148 crore outlay for textile sector in 2018-19,
Proposes revitalising infrastructure, opening schools for the ST populations as well as promoting programmes for teachers, in order to improve quality education for students,
The govt allocates Rs 3 lakh crore for lending under Mudra loans in the 2018-19. He says there were 10.38 crore Mudra loans given out in this fiscal, 70% of which went to women. Meanwhile, the government announces a programme to focus on water supply to all households in 500 cities. Contracts for 494 projects worth Rs 19,428 core will be awarded.
- Govt allocates Rs 500 crore for ‘Operation green,’ which will promote processing facilities, professional management
- Micro, Small and Medium Enterprises (MSMEs) are an engine of growth and employment.
- Rs 3794 crore to MSMEs for credit support, innovation, and capital interest subsidy
- Further, the amount is also expected to ease cash flow challenges.
- “There has been mass formalization among MSMEs post demonetisation and the introduction of the Goods and Services Tax (GST), which is generating a large financial information database.
Stressing the need to provide UB Budget 2018 facilities to every housewives, household of old, widows, orphaned children, divyaang and deprived as defined by the Socio-Economic Caste Census, the FM enumerated the implementation of a comprehensive social security and protection programme.
For women/ housewives Union Budget 2018:
FM proposed to increase the target of providing free LPG connections to 8 crore women living below the poverty line.
The government substantially increased the allocation of National Rural Livelihood Mission to Rs. 5750 crore in 2018-19.
Jaitley said that loans to Self Help Groups of women increased to about RS 42,500 crore in 2016-17, growing 37 percent over previous year. The government is confident that loans to SHGs will increase to Rs.75,000 crore by March, 2019.
“Facility of fixed term employment to be extended. 12 percent government contribution to EPF for new employees. Women’s contribution to EPF to be reduced to eight percent for first three years,” Jaitley said.
Union Budget Discussion in Economic Growth Perspective
Fiscal deficit: Govt revised fiscal deficit for 2017-18 was Rs 5.95 lakh crore or 3.5% of GDP. Jaitley projects deficit of 3.3% of GDP next fiscal. Jaitley says the government has identified 372 specific business reform.
FM Arun Jaitley On Cryptocurrency:
There is bad news for Cryptocurrency users across the country. Based on Finance Minister speech the Government will take all steps to eliminate use of cryptocurrencies.
Website of the Department: www.finmin.nic.in/