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Union Budget 2018 Highlights

CSSwati Rawat
2018 Union Budget: Major Investments in Agriculture, Health, Infrastructure, and Tax Reforms; Key Initiatives and Allocations Detailed The 2018 Union Budget includes significant allocations and initiatives across various sectors. Key highlights include 1290 crore for the National Bamboo Mission, 2000 crore for an Agriculture Market Fund, and 10000 crore for Fisheries, Aquaculture, and Animal Husbandry. The Ujwala scheme aims to provide free gas connections to 8 crore families. The budget targets constructing 2 crore toilets and improving rural livelihoods with 14.30 lakh crore. It introduces the RISE program for infrastructure and education with 1 lakh crore investment and a National Health Protection Programme for 10 crore families. Tax reforms include a 25% corporate tax rate for companies with turnover under 250 crore and a 10% tax on long-term capital gains over 1 lakh. (AI Summary)
1.Allocate 1290 Cr. for National Bamboo Mission
2.Setting up an Agriculture Market Fund for ₹ 2000 Cr.
3.Allocate 10000 Cr. For Fisheries and Aquaculture and Animal Husbandry fund.
4.8 Cr Families will be given Gas Connection for free under Ujwala scheme.
5.16000 Cr for PM Sabhagya yojana
6.Target constructing 2Cr Toilets in FY19
7.Total Amt to be spent to improve Rural Livelihood to be 14.30 Lakh Cr.
8.Propose to allocate 11 Lakh Crore for Instl Credit for farm sector next FY
9.Launching Programe RISE for revitalisation of Infra, Edu System with an investment of 1 lakh Cr.
10.National health Protection Programme for 10 Cr Poor Families.
11.₹ 5 Lakh per family per year for 10 crore families will be allocated.
12.Allocate 1200 crore for specialised health wellness centres.
13. Pojects under the “Namami Gange” Programme have been completed.
14.Allocate ₹ 1.38 Lk Crore in FY 19 For Govt health & Educational Programmes.
15.Target Mudra Loans for ₹ 3 lakh Cr Next FY
16.Propose review of refinancing criteria under mudra scheme.
17.Allocate 7148 Cr for Textile sector
18.Women Contribution to EPF to be reduced to 8% for first 3 years.
19.Highway construction will exceed 9000 km by end of FY18
20.35000 KM to be completed under Bharat mala with outlay of 5.35 Lakh cr.
21.Railway Capex for FY19 at 1.48 Lakh Cr.
22.Allocate 17000 Cr for Bengaluru Metro Network.
23.Allocate 11000 Cr for Mumbai Rail Network
24.SEBI to Mull asking large Cos to meet 25% debt from Market.
25.RBI Norms to nudge Cos to access bond market for fundraising.
26.All means to be curb illegitimate transactions funds by Cryptocurriencies in India.
27.FY 19 Disinvestment target at 80000 Cr.
28.National Insurance, United India Ins & Oriental Ins to Be merge,Listed.
29.Gold monetisation policy to be revamped to make it investment friendly.
30.To Set up comprehensive gold policy: To revamp Gold monetisation scheme.
31.Law to be introduced to fix MPs salary every 5 years indexed to Infin.
32.Total fiscal deficit 3.3% estimated this year.
33.Committed to 3% fiscal deficit FY 19 onwards.
34.Total Revised expenditure of 21.57 Lk Cr. This FY.
35.Growth in Direct Taxes @ 18.57%
36.100 % deduction of Farmer producer companies
37.Footwear & Leather industry to get benefit under direct tax.
38.Reduced corporate rates i.e  25% has been extended to all companies having turnover less than 250 Cr.
39.No Changes in Personal slab rates.
40.Standard Deduction of 40000 Salaried taxpayers in lieu of Transport and Medical Exp.
41.Deduction for Senior citizen increased to 50000 for Medical Exp., 1L for Critical illness.
42.Tax on Long Term Capital Gain above ₹ 1L @ 10% with no indexation.
43.Shares Purchased before 31 Jan shall be exempted however.
44.Proposed to Amend Income Tax act for electronic assessment.
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