Union Budget 2018 was the last opportunity for the current Government to make an impact. As expected, Government has focused the budget on the Agriculture sector and MSME sector. The Government wanted to focus on overall Healthcare and Education as well.
If you have missed the highlights, here are the key points from Union Budget 2018.
1. The MSP for the Kharif Crops has been decided at 1.5 Times of the Cost of Production.
2. Agriculture Market Fund will be set up with a corpus fund of INR 2000 Crores.
3. eNAM will be exempted from the APMC Regulation.
4. Allocation to the Food Processing Industry has been doubled at INR 1400 Crores.
5. Operation Green has been proposed for INR 500 Crores.
6. INR 10000 Crores have been allocated for the Fisheries and Animal Husbandry funds.
7. INR 1290 Crores have been allocated for the National Bamboo Mission.
8. Extension of Kisan Credit Card to the Fisheries and Animal Husbandry sector as well.
Social – Infrastructural – Education
1. 8 Crores poor families will get free Gas Connection by Ujjwala Scheme.
2. 16000 Crores have been set aside for the Pradhan Mantri Saubhagya Yojana.
3. 2 Crores of Toilets are to be built
4. Special Integrated B.Ed Programmes for the teachers
5. Railway University at Vadodara
6. INR 1 Lakh Crores have been set aside for the RISE scheme or Revitalising of Infrastructure and Systems of Education
7. Couple of New Planning and Architecture Schools in India
8. Construction of SELA pass
9. INR 1.48 Lakh Crores of Railway Capex
10. At least 9000 KM of National Highway
11. INR 17000 Crores and INR 11000 Crores for Bangaluru Metro and Mumbai Rail Network
12. At least 4267 unmanned rail crossings will be eliminated
13. Digital India allocation has been doubled at 373 Crores
14. Allocation of 60 Crores for the Airport Expansion
1. Health Wellness Centres would get 1200 Crores
2. INR 9975 Crores for the Social Security Schemes
3. National Health Protection for 10 Crores Poor Families was proposed
4. Up to INR 5 Lakhs Medical Insurance for the 50 Crores of people for 10 Crores households
5. INR 16730 Crores for the Rural Sanitation have been allocated
6. 24 New Government Medical Colleges will be set up so that each state will have at least one Government Medical College and each 3 Parliamentary Constituency will have one Government Medical Colleges.
1. Mudra Loans of 3 Lakhs Crores
2. Affordable Housing Fund under National Housing Bank
3. INR 3794 Crores in the form of Capital Support and Interest Subsidy for the MSME was announced
4. SEBI to consider 25% debt from Bond Market for the large companies
5. Block Chain Technology for Payments
6. PSU Bank recapping
7. Mahatma Gandhi Commemorative celebrations will be provided 150 Crores
8. President and Vice President’s salary hiked
9. Salary of the MPs to be fixed
10. Fiscal Deficit target of 3.3% for FY 2018-19
11. Corporate Tax for Companies with INR 250 Crores of Turnover have been brought under 25% Corporate Tax
12. No Change to the Personal Income Tax Slabs
13. Standard deduction of INR 40000 for the Salaried Tax Payers
14. No Income tax on the interests earned up to INR 50000 for Senior Citizens
15. Health Insurance premium Tax Exemption Limit to be increased to INR 50000
How do you think about the Union Budget 2018?