Miscellaneous

Budget highlights 2018-19; who gets what

The Hush Post: Following are the segment-wise highlights of the 2018-19 budget presented by Union Finance Minister Arun Jaitley in Delhi.

* Fiscal deficit is 3.5% of GDP at Rs 5.95 lakh crore in 2017-18.

Arun Jaitley presenting Union Budget 2018-19.

Projecting fiscal deficit to be 3.3% of GDP in 2018-19.

* GST revenue will be received only for 11 months.
* Rs 21.57 lakh crores transferred as net GST to states as against projection of Rs 21.47 lakh crores.

Tax

* 85 lakh new tax payers filed IT returns in 2017-18.
* No personal income tax changes have been proposed.

* 100% tax deduction is allowed to co-operative societies.

* Corporate Tax of 25% extended to companies with turnover up to Rs 250 cr in 2016-17.

Incentives for Senior citizens: Exemptions in income of Rs 10,000 from Banks FD and post offices.

* Senior citizens to get Rs 50,000 per annum exemption for medical insurance under Sec 80D.

* Rs 7.5 lakh per senior citizen limit for investment in interest-bearing LIC schemes goes up to Rs 15 lakh.
* Standard deduction of Rs 40,000 allowed for transport, medical reimbursement for salaried tax payers.
* Rs 8,000 crore revenue lost due to standard deduction allowed to salaried employees.
* Rs 7,000 cr revenue forgone on account of lower corporate tax for Rs 250 cr turnover cost
* Rs 19,000 cr revenue loss on direct tax in last fiscal
* Long term capital gains exceeding Rs 1 lakh will be taxed at 10% without indexing.

* Short term capital tax remains at 15%.

* A tax on distributed income at 10%.

Imports and Exports
* Customs Duty on products, such as mobile phones, LEDs have been increased, to give boost to Make in India.

* Social welfare surcharge of 10% on imported goods.
* Central Board of Excise and Customs renamed as Central Board of Indirect Taxes and Customs.

Agriculture

* Agricultural market and infra-fund of Rs 2,000 crore fund to be set up to enhance connectivity to the market.
* A sum of Rs 500 cr to be allocated for Operation Green which will promote agricultural products.
* Rs 10,000 crore set aside for Fisheries and Aquaculture Development Fund .

* Rs 10,000 crore to be set aside for animal husbandry infra fund.

* Agricultural credit target increased from Rs 8.5 lakh crore to Rs 11 lakh core.

Farm Economy
* 8 crore poor women to get new LPG connections.
* PM Saubhagya Yojana: 4 crore poor to get power.
* The government will spend Rs 16,000 crore on this scheme.
* Govt plans to construct 2 crore toilets in next fiscal year.
* Housing for all by 2022.
* 1 cr houses to be built under Pradhan Mantri Awas Yojana in rural areas.
* National livelihood scheme to get Rs 5,750 crore .

Railways
* Railway capex has been pegged at Rs 1.48 lakh crore up from Rs 1.31 lakh crore last year.
* End to unmanned railway crossing.
* Stations with footfall of more than 25,000 to have escalators.

* More stations and trains to have WiFi and CCTV.
* Allocates Rs 11,000 crore Mumbai rail network and Rs 17,000 crore for the Bengaluru Metro.

* 150 km of additional suburban railway networks to be set up in Bengaluru at the cost of Rs 17,000 cr.

Education:
* Rs. 1 lakh crore allocated to revitalise and upgrade of education sector. Promoting learning based outcomes and research.

* By 2022, every block with more than 50 per cent ST population will have Ekalvya schools at par with Navodaya Vidyalayas.
* Aims to move from black board to digital board schools by 2022.
* PM research fellows: Govt will identify 1000 B Tech students each years and provide them to pursue PHDs in IIT and IISc, while also teaching undergraduate students once a week.

Health

* Aayushman Bharat programme: 1.5 lakh centres will be set up to provide health facilities closer to home. Rs 1,200 crore to be allocated for this programme.

* Flagship National Healthcare protection scheme, with approximately 50 crore beneficiaries. Upto Rs 5 lakh per family per year for secondary and tertiary care hospitalisation.

* Universal health coverage to expand after seeing the performance of the scheme.
* Rs 600 crore allocated for tuberculosis patients, Rs 500 a month for treatment.

Aviation
* Airport Authority of India (AAI) has 124 airports. It will go up by five times.
* UDAN Scheme to connect 64 unconnected and unserving airports across the country.

Markets
* Govt to take measures to strengthen environment for venture capitalists and angel investors.
* SEBI to consider mandating large corporations to meet 1/4th of their debt needs.
* SEBI to ask large companies to meet 25% debt from bond market.

* RBI norms to nudge companies to access bond market for funds.

Social Security
* PM Jivan Bima Yojana has benefited 5.22 crore families.
* Govt will expand PM Jan Dhan Yojana: All 16 crore accounts will be included under micro insurance and pension schemes.
* 1.26 cr accounts opened under Sukanya Samriddhi Scheme.
* Social inclusion schemes for Scheduled Castes – Rs 52,719 crore.
* Social inclusion schemes for Scheduled Tribes Rs 39,139 crore.

MSME

* Rs 3,794 crore allocated to the MSME sector in the form of capital support and interest subsidy.
* Rs 3 lakh crore target has been set for the Mudra Yojana.
* Rs 4.6 lakh cr sanctioned under MUDRA Scheme.

Employee-centric schemes
* Govt will contribute 12% of the wages of new employees in EPF in all sectors for next 3 years.
* Women contribution to EPF reduced to 8% for 3 years.

Infrastructure

* Construction of new tunnel in Sera Pass to promote tourism.
* 99 smart cities selected, with an outlay of Rs 2.04 lakh crore.
* 10 prominent tourist sites will be made iconic tourist destinations.
* Bharatmala project: To develop 35,000 Km under phase 1 with an outlay of Rs 5.35 lakh crore
* Govt to introduce pay-as-you-use system for toll payments.

Technology
* Allocation to Digital India scheme doubled to Rs 3073 cr
* 5 lakh WiFi HotSpots to give Broadband access to 5 crore rural Indians.
* Government will take measures to stop cryptocurrency circulation, as it is not considered legal tender
* Government will explore the usage of Blockchain technology.

Companies
* AADHAAR FOR CORPORATES? Govt will evolve a scheme to assign a Unique ID for cos
* Disinvestment target of Rs 80,000 crore for 2018-19
* National Insurance Co, Oriental Insurance Co and United Assurance Co to be merged into one entity and will be ultimately listed
* Govt revises divestment target for the current fiscal to Rs 1 lakh crore.

Banking
* Recapitalisation to pave way for public banks to lend an additional Rs 5 lakh crore.

Industries
* Rs 7,148 cr allocated for textile sector

Miscellaneous
* Emoluments for President set at Rs 5 lakh, Rs 4 lakh for Vice President, Rs 3.5 lakh for Governors.
* Emoluments for MPs: Law for increase in pay based on index to inflation.
* Govt earmarks Rs 150 cr to commemorate 150 years of birth of Mahatma Gandhi.

Categories: Miscellaneous

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