Live Budget 2018 Highlights and review

In this post, I will try to update the Live Budget 2018 Highlights as and when it will be declared by Finance Minister Shri. Arun Jaitley.

Live Budget 2018 Highlights and review

  • Achieved 7.5% average growth after 3 years of NDA Regime.
  • This year budget will concentrate on rural, improving education, rural health and agriculture sector-FM.
  • Exports to grow at 15% in FY 2018.
  • MSP for Kharif crops to be 1.5 *Cost of Procure.
  • Want farmers to earn 1.5 times of their cost of procuring cost.
  • 470 APMCs will be connected to eNAM for transparent price discovery.
  • eNAM will be free from APMC regulatory.
  • Allocation to food processing doubled from 715 Cr to 1400 cr.
  • Operation “Green” to be launched. Agri logistics, professional management, Rs. 500 cr. – make potatoes and onions everywhere.
  • Ujwala Yojana will now target 8 Cr poor families.
  • Rs.16000 Cr to Pradhan Mantri Soubhagya Yojana.
  • Plan to move from Blackboard to digital board education.
  • Ekalavya Schools on par with Navodaya schools will be launched.
  • Prime Minister Research Fellow scheme will be launched for BTech Students.
  • National Health Protection Scheme up to Rs.5 lakh coverage for each family per year covered under health care programme to 10 Cr poor families.
  • Rs.500 per month to TB patients.
  • Mudra loan targetted to Rs.3 lakh crore for next FY.
  • Women only have to contribute only 8% of their basic pay compared to 12% by the employer during first 3 years.
  • Govt will contribute 12% of the contribution to EPF for new employees.
  • SEBI will consider mandate getting 1/4th of financing from bond markets.
  • Rs 11,000 crore allocated for Mumbai suburban railways.
  • The government will not consider Crypto Currency as legal tender.
  • Tolls payment will be pay as you use format.
  • All four general insurance companies will be be merged and listed.
  • Gold Monetization Scheme will be revamped.
  • MPs salary linked to index.
  • No change in the individual personal tax bracket.
  • The standard deduction of Rs.40,000 for salaried and pensioners.
  • Senior Citizen Health Insurance deduction under Sec.80D raised to Rs.50,000.
  • No TDS for interest income for Senior Citizens.
  • Pradhan Mantri Vaya Vandana Yojana extended up to 2020.
  • LTCG tax on equity will be if the gain is more than Rs.1 lakh at 10% without indexation.
  • Health and Education cess increased to 4%.
  • Abolish education and higher education cess.
  • Customs duty on mobile phones increased from 15% to 20%.
  • Dividend Distribution tax on Equity Mutual Fund.

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