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Budget 2018 Highlights: 1.5% MSP for farmers, ModiCare-worlds largest health insurance scheme & many more

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)

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