Budget 2018-19 was announced few days back on 1st of February 2018. Let us have a detailed overview of the last budget of NDA government.
Finance Minister Arun Jaitley in the budget 2018 outlined various schemes and programs to promote agriculture industry, organic farming, animal husbandry and fisheries. The 2018-19 Budget has a major concern for the upliftment of the agriculture sector and claims to double the farmer’s income by 2022. Health care scheme has also been announced to cover 10 crore poor families which is quite appreciable.
Budget 2018-19 – Agriculture Sector
- The government’s priority will be on increasing the income for farmers. Hence government will be helping them to produce crops more with lesser cost. This in turn will generate higher income for their products.
- In the Union Budget 18 it was announced that the government has decided to increase the minimum support price for crops this to 1.5 times of the total production costs.
- The Kisan credit card facility will be extended to the fisheries and for animal husbandry.
- INR 2,000 crore will be given for the development of the agri-market.
- Operation Green will be started for the development of agriculture market and INR 500 crore has been allocated for this project.
- INR 10,000 crore is announced to be set aside for the development of fishery industry.
- INR 10,000 crore is announced to be set aside for the development of animal husbandry.
Budget 2018-19 – Health Care Sector
- Health Insurance covering up to 5 lakh in case of hospitalization has been announced for the poor families.
- 1.5 lakh centers will be opened under Aayushman Bharat programme to provide health care facilities to the people.
- INR 1,200 crore for Aayushman Bharat programme.
- Government also promises to work on the development and upgradation of medical hospitals and collages.
- National Healthcare protection scheme was announced with approximate 50 crore beneficiaries.
- 24 new medical colleges will be opened as Finance Minister Arun Jaitley announced to open medical colleges for every three medical constituencies.
Budget 2018-19 – Tax Sector
- For co-operative sector 100% tax deduction is now allowed.
- 18.7% growth is the direct sector till January 2018.
- For senior citizens the investment in LIC is doubled to 15 lakhs which was 7 lakh earlier.
- Now INR 50,000 tax exemption for the senior citizens for health insurances.
- PAN is now mandatory for any financial transaction more than 2.5 lakhs.
- Tax for short term capital remains same as 15%.
- A deduction of INR 40,000 on transport and medical allowances for the salaried individuals.
- Education cess now increased to 4% from 3 %.
Budget 2018-19 – Rural Sector
- Prime Minister Saubhagya Yojana: 4 crore poor people will get power connection under this scheme.
- INR 16,000 money to be spent on this scheme.
- 8 crore poor women to get new LPG connections in rural areas.
- 2 crore toilets to be constructed under Swacch Bharat Abhayan.
- Houses for all by 2022.
Budget 2018-19 – Education Sector
- Government to increase digital intensity in education system. Technology to be the biggest driver in improving quality of education throughout the country.
- Government to allot INR 1,00,000 crore for the revitalization and up-gradation of education sector.
- Government aims to move from blackboard to digital board schools by 2022.
- Government to identify 1000 B.tech students every year and will provide them offer to do PHDs in IIT and IISc. They will be also teaching undergraduate students once a week at that time.