Union Budget 2018 of India By Arun Jaitley Key Highlights

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Union Budget 2018 of India By Arun Jaitley Key Highlights:

The Union Budget of India is the Annual financial statement presented every year by the Finance Minister of India in Parliament on the 1st day of February.

For the financial year 2018-19 the Finance Minister of India Arun Jaitley had presented the Union Budget of India in Parliament on 1st February 2018, Thursday from 11 AM.

Union Budget of India 2018-19 Highlights:

  • No change in personal income tax structure
  • Standard deduction of Rs 40,000 for salaried taxpayers
  • 100% tax deduction to companies registered as farmer-producer companies with a turnover of Rs 100 crore
  • 115 “aspirational districts” to make model districts of development
  • 2 new planning & architecture schools to be set up in IITs
  • 24 new govt medical colleges and hospitals to be set up by upgrading existing district hospitals
  • 25% Corp tax rate extended to companies with turnover up to Rs 250 cr
  • 500 mn beneficiaries of govt health care scheme
  • 6 crore toilets have been built so far under the Swachh Bharat campaign
  • Blackboard to digital board technology for education improvement
  • Customs duties hiked on mobiles to 20 prevent from 15 per cent; on TVs to 15 prevent to boost domestic manufacturing
  • Eklavya schools to be started for Scheduled Tribe population
  • Farmers to get MSP if prices fall
  • Flagship National Health Protection Scheme for 50 crore beneficiaries
  • free gas connection under Ujjwala scheme for 80 million poor families
  • Give 50% more than cost of crop production to farmers
  • Health insurance scheme to cover 500 million beneficiaries of 100 million families
  • health, education and social security budget increased to Rs 1.38 lakh crore for 2018-19
  • investment of Rs 1 lakh cr for ‘RISE’.
  • PM Jeevn Jyoti Bima Yojana to reach all poor households
  • PM Research Fellow Scheme to select 1000 B-Tech students
  • Rs 11 lakh cr for instant farm credit mooted next FY
  • Rs 14 lakh cr for enhancing rural livelihood
  • Rs 16,000 cr allocation for electricity connection to poor families
  • Rs 2,000 crore fund to be set up for upgrading rural agri markets
  • Rs 2,600 underground water irrigation plan in 96 districts
  • Rs 4.6 lakh cr sanctioned under MUDRA Scheme
  • scheme to address the issue of Non-Performing Assets
  • Set MSP at one-and-half times the cost of production for Kharif crops
  • Target for loan disbursement under Mudra scheme set at Rs 3 lakh crore for next fiscal
  • treat education holistically without segmentation.
  • Up to Rs 5 lakh per family per year including secondary and tertiary healthcare