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Union Budget 2018 – 2019

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Union Budget 2018 – 2019

shape Introduction

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.

The Union Finance Minister Arun Jaitley presented the Union Budget 2018-19 in Parliament on February 1, 2018 . He pulled out all the stops in the Narendra Modi government’s last full Budget to promise a better deal for farmers, boost the rural economy and make the poor less vulnerable to health exigencies . Responding to the distress in the agriculture sector that has reared its head in various States over the past year, the government has decided to offer a minimum support price (MSP) of at least 1.5 times the expenses borne by farmers for all crops .

shape UB 2018

Union Budget 2018 – 2019 Highlights :

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.

shape Concept

1. Equity markets were briefly spooked following the move to reintroduce a tax on long-term capital gains on equity shares at the rate of 10% for all gains over Rs. 1 lakh. No indexation benefit will be granted and the securities transaction tax will continue.

2. Citing income tax data to show that individual businesspersons paid the less average tax than the salaried class, he reintroduced a flat Rs. 40,000 deduction from taxable income for the latter in lieu of the existing tax exemptions for transport and medical allow and extended this relief to pensioners.

3. But any gain in take-home salaries has been virtually offset by raising the 3% education cess levied on personal income tax and corporate tax. Now, a 4% education and healthcare cess will apply.

4. Hopes of a respite for consumers on the indirect tax front was also extinguished in this Budget, with the Centre hiking customs duties on a range of products, including mobile phones, wearable devices, television display panels, furniture, diamonds, footwear, cosmetics, and dental floss.

5. The idea is to push global producers to start making these goods in India, but till that happens, consumers will need to foot higher costs.

6. A much-anticipated rationalization of the high excise duties on petrol and diesel was carried out with an Rs. 8 reductions in these duties, but consumers will get no relief as a new road and infrastructure cess of Rs. 8 per liter has been levied to fund projects. Unlike excise duties, the Centre is not required to share cess with the States.

7. The government’s inability to give away too many goodies were largely due to its fiscal constraints, with this year’s fiscal deficit overshooting the 3.2% of GDP target and likely to touch 3.5% on account of the GST related issues. Instead of a 3% deficit in the coming year, the Centre settled to target the 3.3% mark, deferring the glide path to 3% to 2020-21.

8. Mr. Jaitley said the focus of the Budget – farmers, rural India, healthcare and education for the poor reflected the Modi government’s emphasis on improving the ease of living for the common man.

NHPS Proposed (National Health Protection Scheme):

  • Finance Minister Arun Jaitley unveiled an ambitious plan to launch “the world’s largest government-funded health care programme” that will benefit 10 crore households.

  • The proposed National Health Protection Scheme (NHPS) will provide coverage of up to Rs. 5 lakh per family annually to take care of secondary and tertiary care hospitalization costs. Mr. Jaitley reckoned that this will benefit around 50 crores people from poor and vulnerable families. The Budget for 2016-17 had a similar announcement offering an Rs. 1 lakh cover for 8 crore families, but that’s yet to take off.

Swasthya Bima
  • 4.6
  • 0.4
  • 0.2
    • Sarva Shiksha
      Abhiyan Integrated Child
      Development Scheme
      • 216.8

      • 158.9
    • 235

    • 199.6
    • 261.2

    • 230.8
    • Swaccha
      Bharat (Urban) Pradhan Mantri
      Gram Sadak
      • 21.3
    • 23
    • 25
    • Yojana Pradhan Mantri
      Awas Yojana (rural)
      • 179.2

      • 160.7
    • 169

    • 230
    • 190

    • 210
    • MNREGS
      • 482.1
    • 550
    • 550
    • All figures in Rs. Billion; RE : revised estimates, BE: budget estimates Source : Government of India

      • Finance Minister Arun Jaitley proposed to double the expenditure on the government’s flagship Digital India programme to Rs. 3,073 crore for the next fiscal against Rs. 1,425.63 crore in 2017-18, a move that has largely been welcomed by the industry.
      • Under Digital India, a maximum of Rs. 864.22 crore will be spent on promotion of electronics manufacturing, followed by Rs. 425 crore on delivering e-governance services, Rs. 400 crore on the government’s digital literacy programme and Rs. 300 crore on development on manpower.

      On A Digital Drive:

      • 1,700 is the number of apps developed by the government to date

      • 10 C-DAC (Centre for Development of Advanced Computing) units set up

      • 400 toll plazas now collect digital payments

      • 905 mn people use smartphones

      • 70 mn users in rural areas use smartphones

      • UMANG : Short for Unified Mobile Application for New-age Governance, it is a one-stop app for all govt services.

      • AGRIMART: This app can be used to get prices of crops in markets within a 50-km radius.

      • NATIONAL PORTAL FOR INDIA : Developed as a mission mode project (MMP) international e-Governance Plan to provide data, services.

        At Rs. 10,783 crore, the Department of Space (DoS) gets its biggest outlay to date and also the best yearly increase in five years – of 18.6%.

        It is also well above the Rs. 9,093 crore allocated last February.

        Also, for fiscal 2017-18 which end on March 31, the DoS drew about Rs. 62 crore more than the last year’s outlay, revised estimates for the year show.

        Back in 2013-14, DoS probably received its best ever annual increase of nearly 40% over the previous year.

      • In the last full Budget of its term, the NDA government charted out a plan for the Railways with a capital expenditure (Capex) target of Rs. 1.47 lakh crore and a revenue target of over Rs. 2 lakh crore—the highest ever. It also pledged to upgrade the suburban railway network of Mumbai and Bengaluru.

      • The Budget’s ambitious capital spending roadmap is backed by Rs. 53,989 crore – slightly less than the budgetary estimate figure of Rs. 55,000 crore last year.

      • The capex figure is 22 per cent higher than 2017- 18 (RE), and includes internal resources of Rs. 11,500 crore. The Indian Railway Finance Corporation will raise Rs. 28500 crore, LIC will lend Rs. 26,440 crore and Rs. 27000 crore will be other invested through Public-Private Partnerships (PPP). Railways will end the year with capital spending at Rs. 12 lakh crore, some Rs. 11,000 crore less than the original target.

        The Allocations:

        BE 2018–19 outlay in Rs. billion
        Railway safety fund
        Rashtriya Rail Sanraksha Kosh 50.0
        Capital fund 69.9
        Depreciation reserve fund 5.0
        Development fund 10.0
        Extra budgetary resources-IRFC 285.0
        EBR-fnstitutional financing 264.4
        EBR-partnership 270.0
        Total 1,565.2
        BE : Budget Estimate

      • Electrification, signalling upgrade, track renewal— 3,900 km next fiscal — and commissioning of lines (new and doubling) together will take a bulk of the spending.

      • There is a 148 per cent increase in the target of commissioning 1,000 route kilometres in new lines. Gauge conversion targets have also increased by 74 percent to achieve the required 1,000 route kilometers. As opposed to the 945 km of doubling done in FY17, the Railways has targeted 2,100 km for FY18.

      • Bengaluru will get a new suburban network of 160 km, 60 km of which will be an elevated corridor at a capital cost of Rs 17,000 crore. This will be done to reduce congestion and commuting time.

      • Mumbai’s local train network got a major fillip as the Budget announced doubling of 90 km of existing lines at Rs. 11,000 crores and another 150 km of new lines, including elevated tracks, at Rs 40,000 crore.

      From Roads To Hawai Jahaj : At a Glance:

      Scheme 2017–18 (RE) 2018–19 (BE)
      UDAN 2.0 10.14
      Bharatnet 57.1 81.75
      Digital India 14.25 30.73
      AMRUT 49.9 60.0
      Smart Cities 40.0 61.69
      Swachh Bharat 23.0 25.0
      Solar Power 11.17 20.45
      DDUGJY 69.5 65.5
      IPDS 43.72 49.35
      LPG subsidy 156.5 203.7
      NHAI 831.7 916.6
      Sagarmala 4.8 6.0
      Ganga Plan 22.5 22.5

      UDAN = Ude Desh ka Aam Nagrik/Regional air connectivity scheme.

      AMRUT = Atal Mission for Rejuvenation & Urban Transformation.

      DDUGJY = Deen Dayal Upadhayay Gram Jyoti Yojana.

      IPDS = Integrated Power Development Scheme.

      BE = Budget Estimates.

      RE = Revised Esimates.

      shape Conclusion

      1. A major policy announcement in the Budget was to ensure all trains and stations “progressively” get WiFi and CCTV coverage.

      2. Continuing with the Modi government’s focus on station development and monetization, Jaitley has earmarked money for the redevelopment of 600 more stations. The government also said all stations in India with the footfall of over 25,000 would get escalators.

      3. In what is perhaps a bigger challenge than the capex target, the set for earnings is Rs 2,01,090 crore— a seven percent increase from last year.

      4. The Railways expects to carry 1,216 million tonnes of freight — 51 million tonnes more than the last year – and has set a target to increase its passenger segment earnings to Rs. 52,000 crore from the current Rs. 50,125 crore. From non-fare earnings, it expects around Rs. 20,790 crores to take its total Gross Traffic Receipts to Rs. 2,00.840 crore. To put the figure in context, this year’s revised estimates for earnings is pegged at Rs. 1.87,425 crore.

      5. The Railways will end the fiscal with an operating ratio of 96 percent, a negligible improvement from last year’s 96.5 percent. It expects this headline number to improve to 92.8 percent by the end of this fiscal year.

      6. The ambitious rural package in this Budget brings in free gas connections to three crore new households, free electricity connections to four crore homes, two crore new toilets under the Swachh Bharat Mission, higher micro irrigation coverage, and so on. But of the massive outlay of Rs. 14.34 lakh crore required to bankroll these grandiose plans, as much as Rs. 11.98 lakh crore is expected to be met from extra-budgetary resources. A similar template has been used in social sector schemes. The National Health Protection Scheme, to provide an Rs. 5 lakh health cover to 10 crore households, is a much-needed social security intervention to benefit poor households that rely overwhelmingly on private health care. But there is little clarity on modalities. The entire dutch of proposals on improving learning outcomes, providing universal health coverage and alleviating a lot of minorities and girl children is expected to be funded through a mere Rs. 16,000-crore increase in allocations to Rs. 1.38 lakh crore. Infrastructure appears to be one of the few sectors where the funding problem has been addressed, with PSUs bankrolling a significant proportion of the Rs. 5.97-lakh crore outlay for FY19.

      7. While being liberal in its announcements for rural India, the Budget has been frugal in its giveaways to the middle class and the corporate sector. Expectations of an increase in the basic exemption limit on income tax have been belied; instead, a standard deduction of Rs. 40,000 is back for salaried taxpayers. While it is only fair that the salaried pay income tax on their net income (after expenses) as the self-employed do, this deduction (which also replaces transport and medical reimbursements) is too small to establish real parity. The clamor for an across-the-board cut in the basic corporate tax rate from 30 to 25% has also been ignored, with the cut limited to mid-size companies (up to Rs. 250-crore turnover). Though this will benefit the overwhelming majority of corporate tax filers, how this impacts the competitive edge of India’s largest companies in the global context will be debated. Especially so, since the U.S. recently slashed its corporate tax rate to 21% and European nations average 20%. For the salariat and the corporate sector, the increase in education cess will offset some of the gains from these tax cuts. Senior citizens have benefited, particularly from the tax relief on interest from bank deposits and post office schemes, which has been hiked from Rs. 10,000 to Rs. 50,000 a year. These interest payouts are also exempt from the vexatious TDS provisions. This relief renders senior citizens far less vulnerable to steadily dwindling interest rates on bank deposits and small savings schemes; it also helps them to continue relying on fixed-income instruments to cover living expenses. This relief may reverse the unhealthy trend of risk-averse savers shifting wholesale from bank deposits to market-linked options such as equity mutual funds, in search of higher returns.

      (Rs. billion) 2016-17
      Budget Estimates
      Revised Estimates
      Budget Estimates
      1. Revenue Receipts 13,742,03 15,157.71 15.054.28 17,257.38
      2. Non-Tax (net to cenre) 11,013.72 12,270.14 12,694.54 14,806.49
      3. Non-Tax Revenue 2,728.31 2,887.57 2,359.74 2,450.89
      4. Capital Receipts 6,009.91 6,309.64 7,123.22 7,164.75
      5. Recoveries of Loans 176.30 119.33 174.73 121.99
      6. Other Receipts 477.43 725.00 1,000.00 800.00
      7. Borrowing and other liabilities 5,356.18 5,465.31 5,948.49 6,242.76
      8. Total Receipts (1+4) 19,751.94 21,467.35 22.177.50 24,422.13
      9. Total Expenditure (10+13) 19,751.94 21,467.35 22,177.50 24,422.13
      10. On Revenue Account of which 16,905.84 18,369.34 19,443.05 21,417.72
      11. Interest Payments 4,807.14 5,230.78 5,308.43 5,757.95
      12. Grants in Aid for
      creation of capital assets
      1,657.33 1,953.50 1,892.45 1,953.45
      13. On Capital Account 2,846.10 3,098.01 2,734.45 3,004.41
      14. Revenue Deficit (10–1) 3,163.81
      15. Effective Revenue Deficit (14–12) 1,506.48
      16. Fiscal Deficit
      [9 – (1 + 5 + 6)]
      17. Primary Deficit (16–11) 549.04

      Borrowings & other liabilities 19 (19)
      Corporation tax 19 (19)
      Income tax 16 (16)
      Customs 4 (9)
      Union Execise duties 8 (14*)
      Goods and Services Tax & other taxes 23 (10)
      Non-Tax Revenue 8 (10)
      Non-debt Capital receipts 3 (3)
      • Total receipts are inclusive of states share of taxes and duties; *represents services tax and other taxes in BE 2017–18
      • Figures in brackets refer to the corresponding position in BE 2017–18

      Centrally Sponsored Scheme 9 (10)
      Central Sector Scheme 10 (11)
      Interest Payments 18 (18)
      Defence 9 (9)
      Subsidies 9 (10)
      Finance Commission and Other Transfers 8 (5)
      States’ share of taxes and duties 24 (24)
      Pensions 5 (5)
      Other Expenditure 8 (8)
      • Total expenditure is inclusive of states share of taxes and duties, which have been netted against receipts.
      • Figures in brackets refer to corresponding position in BE 2017–18

      • The Budget has a slew of measures for boosting income and consumption in the rural areas.

      • Aims to double farm income by 2022 and provide a house to every poor by 2022.

      • MSP for Kharif crops to be raised to 1.5 times of the cost of production this year. It is expected to put more money in the hands of farmers and, hence, boost demand and consumption.

      • National Health Protection scheme to provide Rs. 500,000 benefit per family every year to 100 million households.

      • Free cooking gas to 80 million poor households.

      • Women contribution to provident fund (PF) reduced to 8% (of basic salary), from 12% in the first three years, translating into higher disposable income.

      • Allocation to the food processing sector doubled to Rs. 4 billion-likely to benefit fruit & vegetable growers

      • An agri-market infrastructure fund with a corpus of Rs. 20 billion will be set up for developing and upgrading agricultural marketing infrastructure.

      • The launch of Operation Green on lines of Operation Flood with a total corpus of Rs. 5 billion
        Allocation to farm credit increased to Rs. 11 trillion from Rs. 10 trillion earlier.

      National E-District Service Tracker :

      • App provides state-wise, category-wise listing of services available undere-District MMP.

      Voter Information Search Using Internet:

      • To check if your name has been included in the electoral roll & to locate polling station

      MINISTRY 2016–17
      Health and
      Family Welfare
      376.7 515.5 528.00
      Ministry of
      Human Resource
      429.8 470 500
      Ministry of
      Women and Child
      168.7 212.3 247

      A summary of some of the direct tax changes is given below :

        1. Tax exemption for farmer producer companies.

        2. Corporate tax reduced to 25 percent for companies having a turn over up to Rs. 2.5 billion.

        3. No change in personal tax rates.

        4. Salaried taxpayers get a Standard Deduction of Rs. 40,000 in lieu of conveyance and medical expense.

        5. 10 percent long-term capital gains tax on the transfer of listed equity shares exceeding Rs. 1,00,000.

        6. Deduction for senior citizens increased to Rs. 50,000 for Mediclaim u/s 80D.

        7. Senior citizens fixed deposits exempt from TDS up to Rs. 20,000.

        8. Senior citizens fixed deposit interest exempt from TDS up to Rs. 50,000.

        9. Cess on income tax increased from 3 percent to 4 percent.

      • No change in personal income tax slabs and rates

      • Surcharge of 10% on income above Rs. 50 lakh but less than Rs. 1 crore 15% on income above Rs. 1 cr to continue.

      • Standard Deduction returns after a decade; Rs. 40,000 to be allowed in lieu of transport allowance and medical expenses.

      • Economic growth pegged at 7.2-7.5% for H2 FY18.

      • India’s average growth in the first 3-years of NDA government 7.5%.

      • Indian economy size $2.5 trillion; 7th largest in the world.

      • India is expected to be the 5th largest economy very soon.

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

      • Fiscal Deficit for FY’19 estimated at 3.3% of GDP.

      • Government market borrowing estimated at Rs. 4.07 lakh cr in FY’19 versus Rs. 4.79 lakh cr estimated in 2017–18.

      • MSP of all kharif crops to be hiked to at least 1.5 times of their production cost.

      • The institutional mechanism proposed to develop policies and practices for price and demand forecast.

      • Rs. 2,000 cr fund for developing and upgrading agrimarketing infra in 22,000 Grameen Agri Markets and 585 APMCs.

      • Allocation for food processing ministry doubled from Rs. 715 crore in RE FY’18 to Rs. 1,400 cr in BE FY’19.

      • Kisan Credit Cards extended to fisheries and animal husbandry farmers.

      • Agriculture credit disbursal target increased to Rs. 11 lakh crore from Rs. 10 lakh crore in 2017-18.

      • Steps announced to deal with air pollution in the Delhi-NCR region.

      • 2 crores more toilets to be built under Swachh Bharat Mission.

      • The substantial increase in allocation of National Rural Livelihood Mission to Rs. 5,750 cr in FY’19.

      • The government announced 2 major initiatives under ‘Ayushman Bharat’ programme.

      • Government to launch a flagship National Health Protection Scheme to cover over 10 crore poor families providing coverage up to Rs. 5 lakh per family every year for hospitalization.

      • Government earmarks Rs. 56,619 cr for SCs and Rs. 39,135 cr for STs in FY’19.

      • Sets target of Rs. 3 lakh crore for lending under MUDRA.

      • Government to contribute 12% of the wages of the new employees in EPF for all sectors for 3 years.

      • Facility of fixed-term employment will be extended to all sectors.

      • The outlay of Rs. 7,148 crore for textiles sector in 2018-19.

      • Fin. Min to leverage India Infrastructure Finance Corporation to help finance major infrastructure projects.

      • Redevelopment of 600 major railway stations being taken up.

      • Suburban network of 160 km in Mumbai at an estimated cost of Rs. 17,000 crore being planned.

      • Gross budgetary support for Railways hiked to over Rs. 3 lakh crore in 2018-19 from Rs. 2.73 lakh crore in 2017-18.

      • Plans to expand airport capacity more than 5 times to handle a billion trips a year.

      • Sebi to consider mandating, beginning with large firms, to meet about 1/4th of their financing needs from bond market.

      • Allocation on Digital India scheme doubled to Rs. 3,073 cr.

      • Rs. 10,000 crore for creation and augmentation of telecom infra.

      • Government to come out with policy to introduce toll system on ‘pay as you use’ basis.

      • Proposed expenditure on infra pegged at Rs. 5.97 lakh cr as against Rs. 4.94 lakh crore in FY’18.

      • Government to evolve a scheme to assign enterprise a unique ID.

      • Capital of the FCI will be restructured to enhance equity and to raise long-term debt.

      • DIPAM will come up with more ETF offers including debt ETF.

      • Divestment target for FY’19 at Rs. 80,000 crore.

      • Bank recapitalisation to pave way for PSBs to lend additional credit of Rs. 5 lakh crore.

      • Government to formulate a ‘Gold Policy’ to develop gold as an asset class.

      • Emoluments of President revised to Rs. 5 lakh/ month, Rs. 4 lakh for vice president and Rs. 3.5 lakh for Governors.

      • Govt proposes changes to refix salary, constituency allowance, office expenses and allowance payable to Members of Parliament.

      • The law will also provide for automatic revision of emoluments of MPs every five years indexed to inflation.

      • Rs. 150 cr earmarked for FY’19 for the activities leading to Commemoration of the 150th birth anniversary of Mahatma Gandhi.

      • Growth in direct taxes up to Jan 15, 2018, is 18.7%.

      • Corporate tax reduced to 25% for firms with a turnover of Rs. 250 cr in 2016-17.

      • Interest income exemption on deposits with banks and post offices for senior citizens increased from Rs. 10,000 to Rs. 50,000.

      • Senior citizens will be able to claim the benefit of the deduction up to Rs. 50,000 annually on the health insurance premium and/or general medical expenditure incurred.

      • Govt introduces long-term capital gains on equity market; long-term capital gains over Rs 100,000 to be taxed at 10%.

      • Education cess increased to 4% from 3%.

      • E-assessment of Income Tax Act to eliminate person-to-person contact.

      • Customs duty on mobile phones increased from 15% to 20%; also on certain parts of TVs to 15%.

      • Govt makes PAN mandatory for any entity entering into a financial transaction of Rs. 2.5 lakh or more.

      • Food subsidy to rise to Rs. 1.69 lakh crore in 2018-19 from Rs. 1.4 lakh crore in the current year.

      • Defence outlay raised to Rs. 2.82 lakh crore in 2018-19 from Rs. 2.67 lakh crore in current year.

      • Customs duty on crude edible vegetable oils hiked from 12.5% to 30%; on refined edible vegetable oil from 20% to 35%.

      • Customs duty on perfumes, dental hygiene, after-shave, deodorants, room deodorisers, preparations for use on hair doubled to 20%.