Union Finance Minister Arun Jaitley present Budget for the fourth time in Lok Sabha. During This Session, Arun Jaitley said this time to focus on Agriculture and Healthcare.
According to FM in the Union Budget, India is expected to become the fifth largest economy very soon.
FM Arun Jaitley said that the Growth rate is expected between 7.2-7.5% in the second half of 2017-18.
Highlights of Budget 2018-2019 and easy tip to remember for all Banking and other Govt Exam:
- There is No change in personal income tax slab.
- Transport allowance and other medical expenses get the deduction of Rs. 40,000 for the salaried taxpayer.
- Rs 2000 crore FM announced the fund for agriculture market.
- As per FM, in this budget, all senior citizen will now be able to claim the benefit of deduction of Rs50,000 for any medical insurance.
- For critical and major illnesses, the deduction has been increased to Rs.1,00,000.
- Government Implements minimum support price for all crops and it is increased to 1.5 times of production costs.
- Under Ujjwala Yojana, Government provides Eight crore free gas connections for poor women.
- Under Saubhagya Yojana government provides free power connections to four crore homes.
- For all New employees of all sectors, the government would contribute 12% of wages.
- The government will be providing a health insurance cover of Rs.5 lakh per family per year under New flagship National Health Protection Scheme.
- Disinvestment target for this year set at Rs.80,000 crores.
- As per FM, Railway budget 2018-2019 target set at Rs 1.48 lakh crore.
- Eklavya schools for tribal children.
- Government proposes to launch the Revitalising of Infrastructure and Systems of Education (RISE) by next year.
- A reserve for the fishery, aquaculture improvement, and creature farming will be set up with an aggregate corpus to be Rs 10,000 crore. We will likewise distribute Rs 1290 crore for a bamboo mission, as it is green gold.
- Govt. is launching a new national health protection scheme – Rashtriya Samaj Beema Yojana. This will have 50 crore beneficiaries and 10 crore families will get 5 lakh per year for their families to cover secondary and tertiary hospital expenses. This is the world’s largest government-funded healthcare program.
- Rs. 3 lakh crore for lending under is being allocated in FY 19 for PM’s MUDRA Yojana.
- The government allows Rs. 7148 crore for the textile sector.
- Govt. will launch a scheme for Galvanising Organic Bio-Agro Resources Dhan (GOBARDHAN).
- Under the Smart City mission, 99 cities selected with the outlay of Rs. 2.04 lakh crores.