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Union Budget 2018 – 2019

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Union Budget 2018 – 2019

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Static GK is one of the important section in Government Sector and Bank related Exams. The article Union Budget 2018 – 2019 presents the key points and Highlights of Union Budget 2018 – 2019. Union Budget is an important topic in every competitive exam. The article Union Budget 2018 – 2019 can help the students and aspirants to perform well in the exams like IBPS PO, SO, Clerk, SBI, RRB, etc.

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Union Budget 2018 – 2019 – Union Budget :

The Union Budget is an annual report of India. It contains the Government’s revenue and expenditure for a particular fiscal year(financial year), which runs from April 1 to March 31.

Union Budget 2018 – 2019 – Union Budget – Highlights :

The Union Budget for 2018-19 has been announced by Mr Arun Jaitley, Union Minister for Finance, Government of India, in Parliament on February 1, 2018.

Union Budget 2018 – 2019 – Union Budget – Highlights – Rural Economy :

  • Second quarter of 2017-18 – The GDP(Gross Domestic product) is 6.3% .

  • Rural Develpment BudgetRs. 109042.45 crores in 2017-18.

  • weather road connectivity By March 2019.

  • Exports Growing Level – 15% in 2017-18.

  • 10 lakh farm ponds and 6.7 lakh compost pits.

  • 1.6 lakh Liquid Resource Management soak pits and Solid Resource Management.

  • 8000 Mission Antyodaya Gram Panchayats fall 115 aspirational districts.

  • 300 urban clusters and 1200 Saansad Adarsh Gram Panchayats.
  • In 2018-19, livelihood and infrastructure in rural areas – total amount Rs.14.34 lakh crore, including extra-budgetary and non-budgetary resources of Rs.11.98 lakh crore.

  • National Rural Livelihood Mission – Rs. 5750 crores in 2018-19.

  • Ground water irrigation schemeRs 2600 crore for this purpose.
Union Budget 2018 – 2019 – Union Budget – Highlights – Agriculture :

  • Doubling Farmers Income: Government keeps MSP(Minimum Support Price) – to unannounced Kharif Crops.

  • Raising Institutional Credit for Agriculture SectorRs.11 Lakh Crore for 2018-19 from Rs.10 Lakh Crore.

  • Operation Greens – Rs.500 Crore – to address price volatility of Perishable Commodities like Potato, Tomato and Onion and Benefit Both Producers and Consumers.

  • Rs. 200 Croresorganized Cultivation Of Highly Specialized Medicinal And Aromatic Plants And Associated Industry.

  • 22,000 Rural Haats to be developed and upgraded into Gramin Agricultural Markets (Grams) for farmers to directly sell to consumers and bulk purchasers.

  • Rs.2000 Crore fund – for the improvement of Agriculture Marketing Infrastructure.

  • Doubling allocation – food processing sector to Rs.1400 Crore.

  • Establishment of specialized Agro-Processing Financial Institutions.

  • Kisan Credit Cards – extended to fisheries and animal husbandry farmers to help them meet their working capital needs.

  • Rs.10,000 crore – for infrastructure development in the two Sectors.

  • Rs.1290 Crore – Re-Structured National Bamboo Mission announced to promote bamboo sector in a holistic manner.

  • Special Scheme – to support Haryana, Punjab, Uttar Pradesh and the Delhi to address air pollution and to subsidize machinery required for in-ditu management of crop residue.

  • A clarion call – to double farmers income by 2022 at 75th year of Independence – by Prime Minister, Shri Narendra Modi gave.

  • Raising institutional credit for agriculture sector – Rs.11 lakh crore for the year 2018-19 from Rs.10 lakh crore in 2017-18.

  • Ministry of Food Processing increased from Rs.715 crore .

  • An Agri-Market Infrastructure Fund – With a corpus of Rs.2000 crore – for developing and upgrading agricultural marketing infrastructure in the 22000 Grameen Agricultural Markets (GrAMs) and 585 APMCs.

  • Free LPG connections – to the poor through UjjwalaYojana.

  • Saubhagya Yojna 4 crore – households are being provided with electricity connections.

  • More than 800 medicines are being sold at lower price, through more than 3 thousand Jan Aushadhi Centers.

  • India is expected to become the fifth largest economy very soon.

Union Budget 2018 – 2019 – Union Budget – Highlights – Health, Education and Social Protection :

  • Budgeted expenditure – on health, education and social protection for 2018-19 is Rs 1.38 lakh crore – expected to increase by Rs 15,000 crore .

  • Role of technology – in the education sector – will be increased with a focus on increased digital intensity.

  • Revitalising Infrastructure and Systems in Education (RISE) – by 2022 – with an investment of Rs 1 lakh crore over the next four years.

  • Rs 1,200 crore – for Health and Wellness Centres under the National Health Policy .

  • National Health Protection Scheme – to cover over 10 million poor families with a coverage of up to Rs 5 lakh (US$ 7,860) . This will be the world’s largest government-funded health care programme.

  • 24 new government medical colleges and hospitals will be set up.

Union Budget 2018 – 2019 – Union Budget – Highlights – Medium, Small and Micro Enterprises (MSMEs) :

  • Rs 3,790 crore – for the MSME sector for credit support, capital and interest subsidy and innovations.

  • Formalization in the MSME sector – after the introduction of the Goods and Services Tax (GST) and demonetization .

  • Online loan sanctioning facility for MSMEs – will be revamped

  • Public sector banks and corporates – be brought on-board the Trade Electronic Receivable Discounting System (TReDS) platform.

  • MUDRA Yojana – has targeted at Rs 3 lakh crore.

  • 76 percent of loan accounts under the scheme belong to women while more than 50 percent belong to SCs, STs, and OBCs.

  • Additional measures – will be taken by the government for growth and successful operation of alternative investment funds.

Union Budget 2018 – 2019 – Union Budget – Highlights – Employment Generation :

  • 7 million formal jobs – will be created in the country during 2018-19.

  • The Government of India will contribute 12 percent of the wages – of the new employees in the Employees Provident Fund.

  • Employees Provident Fund and Miscellaneous Provisions Act, 1952 – women employees contribution to the EPF will be reduced to 8 percent for the first three years of their employment with no change in employers’ contribution.

  • This is done to promote more women employed in the formal sector.

  • A model aspirational skill centre is being set up in every district of the country.

Union Budget 2018 – 2019 – Union Budget – Highlights – Infrastructure and Financial Sector Development :

  • Rs 50 lakh crore – required in the country’s infrastructure to increase the growth of GDP and connect and integrate country’s transport network.

  • Budgetary allocation – for infrastructure is set at Rs 5.97 lakh crore for 2018-19.

  • High allocations for Rail and Road sectors.

  • Online monitoring system of PRAGATI, – Rs 9.46 lakh crore have been facilitated and fast-tracked.

  • Under the Smart Cities Mission, projects worth Rs 2,350 crore have been completed and projects worth 20,852 crores are under progress.

  • 99 cities – selected under the mission with an outlay of Rs 2.04 lakh crore .

  • To promote tourism in the country, 10 prominent tourist sites will be developed into iconic tourism destinations.

  • Around 35,000 km of road construction has been approved under the Phase-1 of the Bharatmala Pariyojana at an estimated cost of Rs 5.35 lakh crore (US$ 84.10 billion).

Union Budget 2018 – 2019 – Union Budget – Highlights – Railways :

  • Capital expenditure in the railways sector for 2018-19 is set at Rs 148,528 crore (US$ 23.35 billion).

  • 12000 wagons, 5160 coaches and around 700 loco motives will be procured during 2018-19.

  • Redevelopment of 600 major railway stations .

  • Electrification of around 4,000 km of railway tracks .

  • Work on eastern and western dedicated freight corridors is under progress.

  • A dedicated institute to train manpower required for work on high-speed rail projects will be established in Vadodara.

Union Budget 2018 – 2019 – Union Budget – Highlights – Digital Economy :

  • Budgetary allocationRs 3,073 crore for the Digital India programme is made for 2018-19.

  • A national program will be initiated by NITI Aayog to increase efforts in the area of artificial intelligence.

  • Mission on Cyber-Physical Systems – will be launched by the Department of Science & Technology u

  • Budgetary allocation – of Rs 10,000 crore is made in 2018-19 for telecom infrastructure.

  • 500,000 Wi-Fi hotspots will be set up by the government to provide internet connectivity to over 5 million rural citizens.

  • Every individual enterprise – in India will be assigned a unique ID.
Union Budget 2018 – 2019 – Union Budget – Highlights – Disinvestment :

  • Rs 80,000 crore – for disinvestment has been set for 2018-19.

  • The target of 2017-18 has been exceeded and receipts have crossed Rs 1 lakh crore (US$ 15.72 billion).

  • National Insurance Co. Ltd., United India Assurance Co. Ltd., and Oriental India Insurance Co. Ltd. will be merged into a single insurance entity.

  • A comprehensive Gold Policy – to develop gold as an asset class.

  • A system for regulated gold exchanges across the country will be established.

Union Budget 2018 – 2019 – Union Budget – Highlights – Financial Management :

  • Total budgeted expenditure – for 2018-19 is set at Rs 2,442,213 crore .

  • Revised Fiscal Deficit – for 2017-18 are Rs. 5.95 lakh crore at 3.5% of GDP.

  • A 10% tax is proposed on distributed income by equity oriented mutual funds.