Budget 2018 Highlight
With an eye on poll 2019, The budget was most likely expected to please the Agriculture of the nation. Finance Minister Arun Jaitley and focused mainly on 3 Sectors,
These 3 sectors are the Central Theme of the budget they are :
1) Agriculture and Farmer.
2) Job Sectors.
A major health insurance Scheme for the Poor is promised at a higher minimum support price is promised to support the farmers. A step is taken for institutional credit for farmers of Rs. 1Lakh Cr.
along with a spend of nearly 6Lakh Cr. Rs. On Infrastructure development.
Arun Jaitley decided to remove the exemption on LTCG = “Long Term Capital Gains” to possibly raise 36,000 Cr. Rs. By taxing 10% to the shareholder the stock market reacted sharply and there is a big fall in 250 point Decrease (NSE) and 800 point Decrease (BSE). Increasing the cess by 1% with put extra burden on individual following that Social Welfare surcharge and all customs duty replaces education cess on imported goods.
The BJP also promised that the MSP = “Minimum Support Price” for Kharip Crop Farmers will be 1.5 times for Input Cost. This has given chance to Opposition to target the Government.
In a bid to help senior Citizens the budget proposes to increase the exemption on interest income on deposits with banks and post offices for the Railways whose budget was merged with union budget Since 2016. The total capital expenditure has been fixed at 148528 Cr.Rs. with a primary focus on development on in all budget hailed with its primary focused in agriculture health and small business.
Announcing the biggest flag shipped national health protection scheme. Probably in the biggest world. The Financial Management said Government will cover over 10 Cr. Poor and Vulnerable Family approx 50 Cr. Beneficiaries providing coverage up-to 5Lakh Rs. Per family per year for hospitalization as a part of “Ujjwala Scheme” (LPG) to 8 Cr., Poor Women was promised.
1) Farmers Growth was always promised but it has not made than happy. Following are the main 5 reason are behind it. :
A) Food Inflation always High.
B) The high cost of cultivation
C) With the increase in daily wages (MNREGA) input cost had also gone high.
D) India agriculture is still overpopulated with 45% of the population is engaged in it.
E) Low Productivity remained the greatest Challenge
2) The tax saving sentiment got hurt badly. As coverage has gone up infinitely with a number of service under the tax net.
3) The unemployment rate is going higher and higher most of the people are still in the informal sector.
4) Economic growth has always remained a challenge.
5) 1Lakh Cr. Rs. will be invested in education sector this year mainly for the teachers.
6) Housing for all and double income for farmers by 2022.
7) Special Provisions to control Air Pollution across Delhi NCR region.
8) No clarity on the allocation of budget.
9) Salary heights of MPs by 200%, President by 500%, Vice President by 400% and Governors by 250 to 350%.
10) Corporate tax reduces to 25% from 30%.
11) Custom duty increase to 20% from 15%.
12) Cryptocurrency users are alerts.
(Cryptocurrency means not legal anyone is not responsible)
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