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UNION BUDGET 2018-19 HIGHLIGHTS
HIGHLIGHTS OF BUDGET:2018-19
Budget 2018 Takeaways-
*As per the FM in the Union Budget, India is expected to become the fifth largest economy very soon.
*The Growth rate is expected between 7.2-7.5% in the second half of 2017-18.
*Exports are expected to grow 15% in 2018.
*As per the FM, India is a Rs2.5 trillion economy.
*MSP to increase at least 1.5 times that of production cost.
*Minimum Support Price (MSP) of all crops shall increase to at least 1.5 times that of the production cost.
*The government will set up a fund of Rs 2,000 crore for developing agricultural markets.
*Our focus is on productive and gainful on-farm and non-farm employment for farmers and landless families, says Jaitley.
*MSP for Kharif cost will be 1.5 times the cost of production.
*As per the FM, APMCs will be linked with ENAM.
*The government will develop 22,000 Gramin agricultural markets.
*The cluster-model approach will be adopted for agricultural production.
*Allocation in food production sector doubled to Rs 1400 crore.
*Minimum Support Price shall be increased by 1.5 times. Operation Green will be launched for agriculture and the Minister allocates Rs500 crore for this.
*Agricultural corpus worth Rs 2000 crore will be set up. 470 APMCs have been connected to eNAM network, the rest to be connected by March 2018.
*A fund for the fishery, aquaculture development and animal husbandry will be set up with a total corpus to be Rs 10,000 crore. *We will also allocate Rs 1290 crore for a bamboo mission, as it is green gold.
*In all, we are providing Rs 10 lakh crore to Rs 11 lakh crore as credit for agricultural activities.
*Jaitley proposes to increase the target of providing free LPG connections to 8 crore to poor women.
*Ujjwala Yojana, the free LPG connection scheme expanded to eight crore households.
*Six crore toilets have been built already, and in the next year, two crore additional toilets will be constructed.
*The government will provide 4 crore electricity connections to the poor under Saubhagya Yojana.
*Kisan credit card to be extended to fisheries,animal husbandry farmers.
*The government will establish a dedicated affordable housing fund.
*Loans to self-help groups will increase to Rs75,000 crore.
*Govt. allocated Rs5,750 crore to National Livelihood Mission and Rs2,600 crore to the groundwater irrigation scheme.
*Ayushman Bharat program discussed.
*Eklavya schools for tribal children.
*Government is implementing a comprehensive social security scheme.
*Govt. will initiate an integrated B-Ed programme for teachers.
*Government proposes to launch the Revitalising of Infrastructure and Systems of Education (RISE) by next year.
*Govt. proposed to set up two new full-fledged schools of planning and architecture.
*18 new schools of planning and architecture will be set up in the IITs and NITs.
*Rs. 1 lakh crore over 4 years for initiative for Infrastructure Devt. in education.
*2 major initiatives as part of Ayushman Bharat program.
*Eklavya schools to be open for tribal children.
*National health protection scheme to cover 10 cr poor families. *Health cover of up to 5 lakh per family per year for poor & vulnerable. National health protection scheme to benefit 50 crore people.
*24 new govt medical college & hospitals.
*Rs. 600 crore for nutritional support to all TB patients.
*Rs. 1200 crore for health and wellness centres.
*Loans to women self-help groups of women to be increased to 75,000 cr by March 19.
*Govt. is launching a new national health protection scheme – *Rashtriya Samaj Beema Yojana. This will have 50 crore beneficiaries and 10 crore families will get 5 lakh per year for their families to cover secondary and tertiary hospital expenses. This is the world's largest government-funded healthcare program.
*A Rs 600 crore corpus is being set up to help Tuberculosis patients. *This will build a new India in 2022 and enhance productivity and will also generate lakhs of jobs for women.
*PM Jeevan Beema Yojana benefitted more than 2 crore families.
*Jan Dhan Yojana will be extended to all 60 crore bank accounts.
*The government
*Exports are expected to grow 15% in 2018.
*As per the FM, India is a Rs2.5 trillion economy.
*MSP to increase at least 1.5 times that of production cost.
*Minimum Support Price (MSP) of all crops shall increase to at least 1.5 times that of the production cost.
*The government will set up a fund of Rs 2,000 crore for developing agricultural markets.
*Our focus is on productive and gainful on-farm and non-farm employment for farmers and landless families, says Jaitley.
*MSP for Kharif cost will be 1.5 times the cost of production.
*As per the FM, APMCs will be linked with ENAM.
*The government will develop 22,000 Gramin agricultural markets.
*The cluster-model approach will be adopted for agricultural production.
*Allocation in food production sector doubled to Rs 1400 crore.
*Minimum Support Price shall be increased by 1.5 times. Operation Green will be launched for agriculture and the Minister allocates Rs500 crore for this.
*Agricultural corpus worth Rs 2000 crore will be set up. 470 APMCs have been connected to eNAM network, the rest to be connected by March 2018.
*A fund for the fishery, aquaculture development and animal husbandry will be set up with a total corpus to be Rs 10,000 crore. *We will also allocate Rs 1290 crore for a bamboo mission, as it is green gold.
*In all, we are providing Rs 10 lakh crore to Rs 11 lakh crore as credit for agricultural activities.
*Jaitley proposes to increase the target of providing free LPG connections to 8 crore to poor women.
*Ujjwala Yojana, the free LPG connection scheme expanded to eight crore households.
*Six crore toilets have been built already, and in the next year, two crore additional toilets will be constructed.
*The government will provide 4 crore electricity connections to the poor under Saubhagya Yojana.
*Kisan credit card to be extended to fisheries,animal husbandry farmers.
*The government will establish a dedicated affordable housing fund.
*Loans to self-help groups will increase to Rs75,000 crore.
*Govt. allocated Rs5,750 crore to National Livelihood Mission and Rs2,600 crore to the groundwater irrigation scheme.
*Ayushman Bharat program discussed.
*Eklavya schools for tribal children.
*Government is implementing a comprehensive social security scheme.
*Govt. will initiate an integrated B-Ed programme for teachers.
*Government proposes to launch the Revitalising of Infrastructure and Systems of Education (RISE) by next year.
*Govt. proposed to set up two new full-fledged schools of planning and architecture.
*18 new schools of planning and architecture will be set up in the IITs and NITs.
*Rs. 1 lakh crore over 4 years for initiative for Infrastructure Devt. in education.
*2 major initiatives as part of Ayushman Bharat program.
*Eklavya schools to be open for tribal children.
*National health protection scheme to cover 10 cr poor families. *Health cover of up to 5 lakh per family per year for poor & vulnerable. National health protection scheme to benefit 50 crore people.
*24 new govt medical college & hospitals.
*Rs. 600 crore for nutritional support to all TB patients.
*Rs. 1200 crore for health and wellness centres.
*Loans to women self-help groups of women to be increased to 75,000 cr by March 19.
*Govt. is launching a new national health protection scheme – *Rashtriya Samaj Beema Yojana. This will have 50 crore beneficiaries and 10 crore families will get 5 lakh per year for their families to cover secondary and tertiary hospital expenses. This is the world's largest government-funded healthcare program.
*A Rs 600 crore corpus is being set up to help Tuberculosis patients. *This will build a new India in 2022 and enhance productivity and will also generate lakhs of jobs for women.
*PM Jeevan Beema Yojana benefitted more than 2 crore families.
*Jan Dhan Yojana will be extended to all 60 crore bank accounts.
*The government
increased allocation for SC-ST earmarked programmes: Rs 56,000 crore for SCs and Rs 39,000 crore for STs.
*By 2022, every block with more than 50% ST population and at least 20,000 tribal people will have 'Ekalavya' school at par with Navodaya Vidyalas.
*The government will announce measures to address non-performing assets of MSMEs.
*As per the FM, Rs. 3 lakh crore for lending under is being allocated in FY 19 for PM's MUDRA Yojana.
*Smart city Mission and AMRUT discussed.
*Smart city command control centre discussed.
*Govt to contribute 12% of wages of new employees to EPF for 3 yrs.
*Rs. 7148 crore allocation for the textile sector.
*Govt. will launch a scheme for Galvanising Organic Bio-Agro Resources Dhan (GOBARDHAN).
*Under the Smart City mission, 99 cities selected with the outlay of Rs. 2.04 lakh crores.
*EPF contribution has been reduced to 8% for the first 3 years of employment and 12% government contribution to EPF in sectors employing a large number of people, however, there will be no changes in employer contribution.
*10 tourist cities to be developed into iconic tourist destinations.
*600 railway stations to be redeveloped.
*Over 3600 km railway track renovation targeted in the current year.
*Scheme for revitalizing school infrastructure, with an allocation of 1 lakh crore rupees over four years. Called RISE - Revitalizing Infrastructure in School Education.
*The Bharatmala project has been approved and we are confident of completing 9000 km of highway construction.
*In Railways, 18,000 kms of doubling of tracks would eliminate capacity constraints.
*We are moving towards optimum electrification of the railway. Over 3,600 km of track renewal is being targeted in 2018-19.
*150 km additional suburban railway network at the cost of Rs. 40,000 cr.
*Regional air connectivity scheme shall connect 56 unserved airports.
*Airport capacity to be hiked to handle 1 billion trips per year.
*Training for 50 lakh youth by 2020.
*Govt. to eliminate over 4,267 unmanned level crossings in the next two years.
*All railway stations and trains will have WiFi and 150 kilometres of additional suburban corridors in being planned.
*Rs. 17,000 crore is being set aside for Bengaluru Metro.
*UDAN will connect 56 unserved airports and 36 unserved heliports.
*Rs 11,000 crore is being allocated for Mumbai Suburban Railways.
*5 lakh WiFi spots to be installed for benefit of 5 crore rural citizens.
*As per the FM, The Airport Authority of India has 124 airports.
*The government announced AMRUT program to focus on water supply to all households in 500 cities. Water supply contracts for 494 projects worth 19,428 core will be awarded.
*Proposal for railway university in Vadodara.
*Niti Aayog to establish a national program to direct efforts in artificial intelligence.
*Department of Science will launch a national program for cyberspace.
*Allocation of Digital India has been doubled and the government proposes to set up 5 lakh WiFi hotspots.
*Government does not consider cryptocurrency as legal tender and will work towards eliminating illicit transactions going on through crypto assets.
*Disinvestment target of Rs. 80,000 crore for 2018-19.
*Bank recap to help banks lend additional Rs. 5 lakh crores.
*24 Public Sector Units to be divested.
*The government will involve a scheme to assign every enterprise a unique ID just like Aadhaar.
*The Department of Investment and Public Asset Management will come up with debt Exchange Traded Fund.
*Gold monetisation scheme to be revamped.
*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.
*National Logistics Portal as a single online window will link all stakeholders, to be developed by Department of Commerce.
*Government insurance companies to be merged into a single entity, and subsequently listed in the stock exchange, as part of the disinvestment programme.
*Target for 2017-18 has been exceeded and will reach Rs 1 lakh crores.
*Salaries of President, VP and Governors will be increased. Rs. 5 lakh for Presid
*By 2022, every block with more than 50% ST population and at least 20,000 tribal people will have 'Ekalavya' school at par with Navodaya Vidyalas.
*The government will announce measures to address non-performing assets of MSMEs.
*As per the FM, Rs. 3 lakh crore for lending under is being allocated in FY 19 for PM's MUDRA Yojana.
*Smart city Mission and AMRUT discussed.
*Smart city command control centre discussed.
*Govt to contribute 12% of wages of new employees to EPF for 3 yrs.
*Rs. 7148 crore allocation for the textile sector.
*Govt. will launch a scheme for Galvanising Organic Bio-Agro Resources Dhan (GOBARDHAN).
*Under the Smart City mission, 99 cities selected with the outlay of Rs. 2.04 lakh crores.
*EPF contribution has been reduced to 8% for the first 3 years of employment and 12% government contribution to EPF in sectors employing a large number of people, however, there will be no changes in employer contribution.
*10 tourist cities to be developed into iconic tourist destinations.
*600 railway stations to be redeveloped.
*Over 3600 km railway track renovation targeted in the current year.
*Scheme for revitalizing school infrastructure, with an allocation of 1 lakh crore rupees over four years. Called RISE - Revitalizing Infrastructure in School Education.
*The Bharatmala project has been approved and we are confident of completing 9000 km of highway construction.
*In Railways, 18,000 kms of doubling of tracks would eliminate capacity constraints.
*We are moving towards optimum electrification of the railway. Over 3,600 km of track renewal is being targeted in 2018-19.
*150 km additional suburban railway network at the cost of Rs. 40,000 cr.
*Regional air connectivity scheme shall connect 56 unserved airports.
*Airport capacity to be hiked to handle 1 billion trips per year.
*Training for 50 lakh youth by 2020.
*Govt. to eliminate over 4,267 unmanned level crossings in the next two years.
*All railway stations and trains will have WiFi and 150 kilometres of additional suburban corridors in being planned.
*Rs. 17,000 crore is being set aside for Bengaluru Metro.
*UDAN will connect 56 unserved airports and 36 unserved heliports.
*Rs 11,000 crore is being allocated for Mumbai Suburban Railways.
*5 lakh WiFi spots to be installed for benefit of 5 crore rural citizens.
*As per the FM, The Airport Authority of India has 124 airports.
*The government announced AMRUT program to focus on water supply to all households in 500 cities. Water supply contracts for 494 projects worth 19,428 core will be awarded.
*Proposal for railway university in Vadodara.
*Niti Aayog to establish a national program to direct efforts in artificial intelligence.
*Department of Science will launch a national program for cyberspace.
*Allocation of Digital India has been doubled and the government proposes to set up 5 lakh WiFi hotspots.
*Government does not consider cryptocurrency as legal tender and will work towards eliminating illicit transactions going on through crypto assets.
*Disinvestment target of Rs. 80,000 crore for 2018-19.
*Bank recap to help banks lend additional Rs. 5 lakh crores.
*24 Public Sector Units to be divested.
*The government will involve a scheme to assign every enterprise a unique ID just like Aadhaar.
*The Department of Investment and Public Asset Management will come up with debt Exchange Traded Fund.
*Gold monetisation scheme to be revamped.
*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.
*National Logistics Portal as a single online window will link all stakeholders, to be developed by Department of Commerce.
*Government insurance companies to be merged into a single entity, and subsequently listed in the stock exchange, as part of the disinvestment programme.
*Target for 2017-18 has been exceeded and will reach Rs 1 lakh crores.
*Salaries of President, VP and Governors will be increased. Rs. 5 lakh for Presid
ent, Rs 4.0 lakh for VP and Rs 3.5 lakh for governors. *Salaries of Members of Parliament will also be raised.
*A new law will be introduced that will automatically revise MPs' emoluments every five years, indexed to inflation.
*Govt. announced a Rs 150 crore fund to celebrate the 150th anniversary of Mahatma Gandhi.
*Rs 11,000 crores will be allocated to Mumbai rail network.
*GST revenue for only 11 months, instead of the usual 12 months, is 21.5 lakh crore.
*Tax buoyancy for 2017-18 is at 2.11%.
*Number of tax payers has increased from 6.47 lakh crores to 8.27 lakh crores.
*Government to set up two industrial defence industrial development corridors in 2018-19.
*100% tax deduction for farmer production firms with 100 cr turnover.
*100% tax deduction for the first five years to companies registered as farmer producer companies with a turnover of Rs 100 crore and above.
*12.6% growth in direct taxes in 2017-18.
*18.7% growth in indirect taxes in 2017-18.
*Employment-based tax incentives will be extended to footwear and leather industry.
*The benefits of corporate tax by bringing down the tax rate to 25% for firms that reported turnover up to Rs 250 crores.
*No change in income tax slabs, but assesses can avail of a standard deduction of Rs40,000.
*Long term capital gains over Rs. 1 lakh to be taxed at the rate of 10%.
*Railway Capital Expenditure is set at Rs. 1.48 lakh crore.
*All stations and trains to have WiFi.
*Relief on tax for senior citizens from income coming from bank interest increased from 10,000 to 30,000.
*Fixed Deposit/Post office interest to be exempt till Rs 50,000 {80D benefit enhanced to Rs 50,000 (from 30,000)}.
*Short-term capital gains taxed at 15% to continue for a one-year hold period.
*Standard deduction of Rs 40,000 with respect to transport reimbursements.
*Standard deduction is in lieu of travel and medical expense reimbursement, which amounts to Rs 30,000. So the actual tax benefit would Rs 10,000 for each taxpayer.
*Customs duty increased on mobile phones from 15% to 20%.
4% health and education cess; currently it's 3%.
*Estimates 1.38 trillion rupees expenditure on health, education and social security. Railway capital expenditure set at 1.49 trillion rupees for 2018/19.
best of luck for upcoming bank exam
most probability minimum 2 questions and maximum 5 question are expected.
*A new law will be introduced that will automatically revise MPs' emoluments every five years, indexed to inflation.
*Govt. announced a Rs 150 crore fund to celebrate the 150th anniversary of Mahatma Gandhi.
*Rs 11,000 crores will be allocated to Mumbai rail network.
*GST revenue for only 11 months, instead of the usual 12 months, is 21.5 lakh crore.
*Tax buoyancy for 2017-18 is at 2.11%.
*Number of tax payers has increased from 6.47 lakh crores to 8.27 lakh crores.
*Government to set up two industrial defence industrial development corridors in 2018-19.
*100% tax deduction for farmer production firms with 100 cr turnover.
*100% tax deduction for the first five years to companies registered as farmer producer companies with a turnover of Rs 100 crore and above.
*12.6% growth in direct taxes in 2017-18.
*18.7% growth in indirect taxes in 2017-18.
*Employment-based tax incentives will be extended to footwear and leather industry.
*The benefits of corporate tax by bringing down the tax rate to 25% for firms that reported turnover up to Rs 250 crores.
*No change in income tax slabs, but assesses can avail of a standard deduction of Rs40,000.
*Long term capital gains over Rs. 1 lakh to be taxed at the rate of 10%.
*Railway Capital Expenditure is set at Rs. 1.48 lakh crore.
*All stations and trains to have WiFi.
*Relief on tax for senior citizens from income coming from bank interest increased from 10,000 to 30,000.
*Fixed Deposit/Post office interest to be exempt till Rs 50,000 {80D benefit enhanced to Rs 50,000 (from 30,000)}.
*Short-term capital gains taxed at 15% to continue for a one-year hold period.
*Standard deduction of Rs 40,000 with respect to transport reimbursements.
*Standard deduction is in lieu of travel and medical expense reimbursement, which amounts to Rs 30,000. So the actual tax benefit would Rs 10,000 for each taxpayer.
*Customs duty increased on mobile phones from 15% to 20%.
4% health and education cess; currently it's 3%.
*Estimates 1.38 trillion rupees expenditure on health, education and social security. Railway capital expenditure set at 1.49 trillion rupees for 2018/19.
best of luck for upcoming bank exam
most probability minimum 2 questions and maximum 5 question are expected.
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