Union Budget 2018-19 Top Developments Highlights

Click Here to Download Union Budget 2018-19 Document (Press Information Bureau) Image result for new gif icon

Experts call it a budget for the rural population of India with not much for the middle class.

Top Developments

  1. Total revenue expenditure of the government is ₹21.57 lakh crore.
  2. 100 per cent deduction to farmer-producer companies having ₹100 crore turnover.
  3. Corporate tax will be reduced to 25 per cent for companies who have a turnover up to ₹250 crore.
  4. No changes in income tax rates for salaried class
  5. Education Cess has been increased to 4 per cent.
  6. Railway capex for the year 2018-19 is ₹1.48 lakh crore.
  7. The government allocates ₹7,148 crore for the textile sector.
  8. Operation Green will be launched for agriculture and the Minister allocates ₹500 crore for this.
  9. The government will contribute 12 per cent of wages of new employees for ALL sectors.
  10. The government will explore use of blockchain technology proactively to boost digital economy.
  11. The government will NOT consider cryptocurrency as legal tender.
  12. Liberalisation of agri exports to benefit the pulses sector
  13. LPG demand growth to rise to over 10% next 2 years given 8 crore new BPL connections targeted
  14. Power, LPG via Ujala and Saubhagya remains area of concern for discoms, OMCs because of lack of recovery
  15. Dedicated fund for affordable housing to improve formal finance penetration
  16. Focus on rural housing, rural roads and rural infra spend will push up employment
  17. Rs 10,000 cr for fisheries to boost seafood exports
  18. Fiscal deficit 2013-14 was 4.4 per cent of the GDP. In 2017-18 3.5 per cent of the GDP. Projected fiscal deficit 3.3 per cent of the GDP.
  19. Rising rural income to improve demand for cement. Rural demand is 33% of total cement demand
  20. The government will recapitalise public sector banks to help them lend an additional ₹5 lakh crore.
  21. Gold monetisation scheme will be revamped to allow people to open hassle-free gold deposit accounts.
  22. Massive health insurance plan a boost for hospitals, health insurers
  23. 18 architecture schools show construction sector importance to economy
  24. Ragi, jowar, moong, maize, paddy to benefit the most. Increase in MSP by 1.5 times cost of production
  25. Micro-pension, insurance via Jan Dhan to boost Financial Inclusion
  26. 23% growth in MUDRA target will help micro-entrepreneurs
  27. Agri-commodity exports limited now. Liberalisation is a big boost to sector
  28. 1 cr houses under PMAY augurs well for lenders. Growth in affordable housing loans to remain strong
  29. Govt’s 12% contribution to EPF for new employees
  30. Fisheries fund a big boost to Rs 140,000 cr seafood industry
  31. ₹2.09 lakh crore under Smart City programme. 10 prominent tourist sites will be developed into iconic ones to boost tourism.
  32. Recapitalisation of PSU Banks will allow banks Rs 5 lakh cr of additional lending in FY19
  33. Proposes inflation-linked revision of salary of Members of Parliament every 5 years
  34. MSME corporate tax for 2018-19 has been cut to 25% up to revenue of Rs 250 cr
  35. Customs duty on mobile phones and parts of televisions will be increased to 20 per cent.
  36. Customs duty on raw cashew will be reduced from 5 per cent to 2.5 per cent.
  37. Announced Ayushman Bharat Programme for TB patients.
  38. National Bamboo Mission for bamboo farming boost, allots Rs 1200 crore.
  39.  The government will set up two industrial defence industrial development corridors in 2018-19.
  40. The FM did not give details of the Budget allocations for the armed force

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