Finance Minister Arun Jaitley presented the budget for the financial year 2018-19, detailed information on the announcements made for different sectors. His budget speech began with many big announcements made for farmer farmers.
Agriculture and Rural Economy Central Finance Minister Arun Jaitley presented the Union Budget for the year 2018-19 on 01 February 2018. Modi government is committed to double the income of farmers by 2022.
Finance Minister inaugurated his speech with farmers. Focusing on higher crop yields, the Finance Minister also focused on giving farmers a higher price for their produce. Finance Minister Arun Jaitley has announced big gifts for the farmers of the country.
The main facts related to agriculture sector include the list of the prospects and achievements of farming. Decided to give minimum support price (MSP) of 150% to farmers. Industrial cluster-like system will be created at the district level for agricultural produce. Target to double the income of farmers by 2022. 22 thousand haats will be converted into agricultural market. 200 crore subsidy will be given to small, cottage industries. Special arrangements will be made to prevent loss of fluctuations in prices of potato and tomato in the style of Operation Flood. Farmers will also get Kisan Credit Card. Special fund to promote pisciculture. 42 mega food parks will be built.
Center will launch Operation Green. 1,400 crore for the agricultural processing sector. Organic farming will be promoted. A provision of 5,750 crore for national rural livelihoods in 2018-19. Agriculture loan increased by Rs 1 lakh crore to 11 lakh crore. Rs 2,000 crore will be given for the development of agricultural market.
The goal of giving gas connections in Ujjwala project increased from 5 crore to 8 crore. Emphasis will be on increasing medical related agricultural production. Low cost emphasis on growing more crops. Focus on giving farmers a higher price for their produce. Rural agricultural markets will be developed for small and marginal farmers. Minimum support price has been 1.5 times for Kharif crops. Fishermen and cattle farmers will also be given credit cards like farmers. Organic farming will be promoted further. Female groups will be encouraged to make organic farming. An effort to increase the income of the people in rural areas by giving 10,000 crore in the fisheries and animal husbandry business.
Under the good luck scheme, 4 crore poor houses will be given free electricity. Every poor person will have his own house by 2022. 14.34 lakh crores will be given to strengthen the infrastructure in the villages.
Education and Employment Budget
In this budget, Rs 85,010 crore has been allocated in education sector, which is more than 3,141 crores from the revised budget of last year. In this way, the education budget of the country has increased only 3.69 percent this year. The Government is insisting on giving good education to the children of every committed tribal people. Eklavya School will be opened for tribals. Digital board plans in place of blackboard in school. Integrated B.Ed course for teachers will be started. Provide scholarships to 5 million youth by the year 2020. More than 13 lakh teachers are expected to be trained.
For improvement in education, one lakh crore rupees will be spent in the next four years. A total of 3,000 students of IIT, NIT, IISc and IIIT will be given fellowship in three years under the Prime Minister's Research Fellowship. For this, 1,000 students will be selected on merit basis every year. The convocation portal will be started for teachers.
New medical colleges will be opened. A medical college will open on three parliamentary areas. Central Government to provide 70 lakh jobs in 2018. Proposal for establishment of Railway University in Vadodara.
Health and Family Welfare
Announcement of National Health Protection Scheme for 10 million poor families. 24 new government medical colleges will be set up. The government will provide healthcare coverage.
Every family will get 5 lakh medical expenses in a year. 40 percent of the country's population will get government health insurance. 5.22 crore people benefitted from the Prime Minister Jyoti Yojana. 600 crore rupees will be allocated for TB treatment.
The loan amount of self-help groups will be increased to Rs. 75 thousand crore. Rs 56,619 crores for SC-ST Welfare. 115 districts have been identified to fulfill the dream of inclusive society.
Government medical colleges will be made in every state. Free dialysis facility to the poor. After the opening of the new medical college, there will be a government medical college in every three parliamentary areas. A fund of Rs 1,200 crore will be spent on setting up a Health Wellness Center
MSMEs provided Rs. 3794 Crore for Credit Support & Innovation. Target for disinvestment of Rs 80 thousand crore for 2018-19.
In 2018, the Finance Minister said that in the next 3 years the government will create 70 lakh new jobs in all sectors. 99 cities have been chosen for Smart City. Announcement for making new rural market e-nams. 100 monuments will be prepared for the purpose. Heritage plans will be set up for religious tourism cities. The government will give 12 percent of the new EPF employees.
Railway University will be built in Vadodara. In schools, digital boards will be replaced in place of black board. Under the Nabha-Purana Yojana, the capacity of airports will be increased upto 5 times
Senior citizens have been given relief in the deposit. The deposit of Senior Citizens has increased from 10 thousand to 50 thousand (without tax).
The facts related to the tax declared by the Finance Minister are as follows. There is no change in the personal income tax structure. Senior Citizens will get a discount of 50 thousand in interest income on deposited amount. The company affiliated to the farming company is exempted from 100% tax under the Greens mission 99% of MSME companies have been brought under 25% tax credit to the regional rural banks with strong credentials to raise market capitalization.
Companies with turnover up to Rs 250 crore have been placed in 30% tax slab. The International Financial Service Center will be started.
85.51 lakh new taxpayers involved in 2016-17. Direct tax growth rate recorded 18.7% till 15 January 2018.
Currency like bitcoin will not work. Crypto currency is illegal.
Standard deduction up to 40 thousand rupees will be available. The discount on the deposit increased from 10 thousand to 50 thousand rupees. The salary of the President will be 5 lakh rupees. The salary of the Governor will be 3.5 lakh and the Vice President's salary will be 4 lakh rupees. The allowances of MPs will be reviewed every five years. There is no exemption in the job profession. No tax on interest of senior citizens up to 50 thousand rupees
14 government companies, including two insurance companies, will join the stock market.
Indian Railway Budget
Finance Minister Arun Jaitley has presented the final full budget. Arun Jaitley said that keeping in view the security, a large part of the rail budget will be used in the work of changing tracks and gauges.
All the railway networks will be replaced in broad gauge. Automatic stairs will take place at 25 thousand stations. Now the train will run on the big lines in the country
Wi-fi will be available at all stations. The Mumbai Local area will be expanded. 90 kms of railway will expand in Mumbai.
Will make 600 stations modern. Will set up a network of helipads and airports in the country.
5 times the number of airport in the country will be increased.
3600 new lines will be laid.
In the next two years, 4,267 unmanned railway crossings will be completely eliminated. Proposed the goal of doubling of 18,000 km of railway lines in the railway and also said that the work of gauze conversion is being done to overcome obstacles in exploitation of railway capabilities.
Railway will soon be fully dependent on Electricity. Diesel engines will be completely excluded from the railway. Rs 17,000 crore allocation for sub-urban railway infrastructure in Bangalore.
12,000 wagons, 5160 coaches and 700 locomotives were prepared. The unused land of the railway will now be used in the business.
In the budget of fiscal year 2018-19, the cost of setting up of CCTV camera in all 11,000 trains is estimated to be Rs. 3,000 crores.
For the safety of the passengers, a National Rail Safety Fund will be created in the next 5 years for a sum of Rs. 1 lakh crore. 12 wagons will also be made for freight traffic. New technology will be used for safety in fog.