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Union Budget of India 2018-19: Highlights
- The Finance Minister of India Arun Jaitley announced the Union Budget of India for financial year 2018-19
- This was the fifth and last budget of the Narendra Modi government in the budget session in the parliament
- 1.5% Minimum Support Price for farmers: The government has announced that they will increase the MSP to 1.5% of the production cost for farmers in the country
- Heavy investment will be done in the agricultural markets
- ModiCare: Worlds largest National Health Protection / Insurance Scheme to be launched which will cover every 4 out of 10 Indians
- Huge investments for road and rail project to increase the transport infrastructure across India
- Major investments to boost regional air connectivity
- 10% LTCG tax on gains above 1 lakh
- Increased customs duty on mobile phone import to promote mobile phones manufacturing in India
- Salaried class: NO CHANGE in the income tax & slabs rates
- Standard deduction of Rs. 10 thousand for medical expenses for salaried classes
- Senior citizens get Rs. 50 thousand exemption for medical insurance
- Senior citizens to get Rs. 10 thousand exemption in income from FDs
- Exemption on interest from bank and post office deposit increased to Rs. 50,000 for senior citizens, TDS will not be deducted on such income under 194A
- Medical expenses deduction (80D) raised to Rs. 50 thousand
- Food processing sector is given budget of Rs. 1400 crores
- Rs. 10,000 crores for fisheries & aquaculture and animal husbandry funds
- Rs. 500 crores from operation green to promote Farmer Producers Organizations (FPO), argi-logistics and processing
- Rs. 1 lakh crores to upgrade upgrade eduction
- Eklavya schools by 2022 for tribals
- Digital boards in the schools by 2022
- 1000 PM research fellowships every year
- Rs. 5 lakh medical insurance cover for 10 crore families
- 1 medical college for every 3 parliamentary constituencies
- Ujjawala Yojana: 8 crore poor women to get LPG connection
- Saubhagya Yojana: power to 4 crore poor households
- Swachh Bharat Abhiyan: 2 crore more toilets to be constructed
- Government to contribute 12% to the employees provident funds for next 3 years in all the sectors
- EPFO contribution is reduced to 8% for women employees for first 3 years
- 35 thousand KM of roads to be constructed under Bharat Mala Project
- 99 more cities are selected Under Smart Cities Project, budget of Rs. 2.04 lakh allocated for Smart Cities Mission
- Budget of Rs. 77,640 crores allocated for water supply in 500 cities under AMRUT yojana
- 4267 unmanned railway crossing will be eliminated in next 2 years
- All the railway stations with more than 25,000+ footfalls to get escalators
- Rs. 11,000 crore for Mumbai Rail Network
- Rs. 17,000 crore for Bangalore Metro
- Construction of tunnel under Sela Pass
- Rohtang tunnel to be completed to provide all weather connectivity to Ladhakh
FM Arun Jaitley`s Full Speach: Budget 2018-19 (Courtesy: CNBC TV18, LSTV & YouTube)
