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What is Indian Union Budget
1.
2. What is Budget?
Middle French Word “Bougettee”
Meaning “Leather Bag”
3. Indian Union Budget
Runs from 1st April to 31st March.
Defined as “Annual Financial Statement” in Article 112 of Indian Constitution.
Budget system 1st introduced in India on 7th April,1860.
1st Indian Budget was presented by James Wilson on 18th February,1869.
1st Indian Union Budget of Independent India was presented on 26th November,
1947 by Finance Minister R.K. Shanmukham Chetty.
4. Indian Union Budget 2018
Presented by Minister of Finance Hon. Arun Jaitley
Passed on 1st February, 2018.
$ 2.5 Trillion is economy of India.
5th largest economy in the world.
On 3rd place globally as per PPP strategy of India.
8% will be increase in Economy. (Estimation)
Arun Jaitley(on Right)
5. Parts of Indian Financial System
Consolidated Fund [266(1)]
Contingency Fund [267(1)]
Public Account Fund [266(2)]
6. Focus of Budget
Strengthening of Agriculture
Education
Health Care benefits (Ayushyaman Bharat)
Improving Infrastructure
7. Agriculture & Rural Economy
Minimum support price (MSP) is increased at least 1.5 Times of production cost.
470 APMC’s (Agricultural Production Marketing Committee) connected to
internet as e-nam scheme.
22,000 Rural ‘Haats’ to be upgraded as Grameen Agricultural Markets (GrAms)
---- ₹ 2,000 Crore Fund sanctioned for infrastructure.
8. Operation Green- Tomato, Onion & Potato
--- ₹ 500 Crore For increasing production
Credit card services like Kisan credit card services are now will provide to
fisheries and animal husbandry.
₹ 10,000 Crore For fisheries & Aqua cultural development fund.
9. National Health Protection Scheme
Ayushyaman Bharat- ₹1,200 Crore
Health & Wellness center:
• Under this 1.5 Lakh centers will bring Health care centers near to home.
• These centers will provide comprehensive health care, including Non-
communicable diseases and maternal and Child diseases.
• These centers will also provide free essential Drugs and diagnostic services.
10. National Health protection scheme will cover over 10 Crore poor families and
vulnerable families (Approx. 50 Crore beneficiaries ) with a coverage up to ₹ 5
lakh per Family.
Total 24 New government medical colleges and Hospitals will be set up.
This will be world’s largest government funded Health Care Programme.
Adequate funds will be provided for smooth implementation of this programme.
11. Medical insurance premium for senior citizens has been raised to ₹ 50,000.
Senior citizens with critical illness will get deduction of ₹ 1 Lakh.
₹ 600 Crore allocated to T.B. patients undergoing treatment.
12. Education sector
Launched a major Initiative named “Revitalizing Infrastructure and Systems in
Education (RISE) by 2022” with a total investment of ₹ 1,00,000 Crore in next 4
years.
Higher Education Financing Agency (HEFA) would be suitably structured for
funding this initiative.
Announcement of setting up Ekalavya Model Residential School on par with
Navodya Vidyalayas to provide best quality education to Tribe's Children's.
13. Taxation
2017-18
In a bid to boost to MSMEs, Jaitley proposed to reduce the tax rate of
MSME’s (Medium, Small and Micro Enterprises) reporting turnover of less than ₹
50 Crore to 25% from the earlier 30%. He also made an assertion that this benefit
covers 96% of the total companies in India that are filing tax returns.
2018-19
Jaitley this fiscal announced to extend the benefits of the reduced rate of 25%
also to companies who have reported turnover upto ₹ 250 Cr in the financial year
2016-17.
14. Mudra Yojana(Micro units Development & Refinance Agency Ltd.)
2017-18
Doubled the lending target to ₹ 2.44 Lakh Crore.
2018-19
Allocating ₹ 3 Lakh Crore for MUDRA. The figures stand as a 20 rise from
the last year. The budget 2017 allocated was ₹ 2.44 Lakh Crore for MUDRA Yojana.
15. Defense sector
2017-18
• Defense sector received an allocation of ₹ 2,74,114 Crore.
2018-19
• ₹ 2,95,511.11 Crore has been earmarked for Defense.
• This account for nearly 12.10 % of the total government expenditure.
Also Finance Minister hinted formulating a new industrial policy for defense
sector.
16. Textile sector
2017-18
Total Budget allocated for textile stood at ₹ 6,226.5 Crore for Technological
upgradation support and incentives to boost competitiveness.
2018-19
An outlay of ₹ 7,148 Crore has been allocated for similar goals as set in
previous year.
17. Railway
2017-18
Fund allocated for Railway was ₹ 1,31,000 Crore.
2018-19
₹ 1,48,528 Crore of Fund is allocated for this fiscal year.
12000 Wagons, 5160 Coaches and around 700 Locomotives will be procured
during the year.
Redevelopment of 600 major Railway stations will be taken up.
18. Target to double 18,000 Km of lines and Gauge conversion is underway to
eliminate capacity constraints.
4,267 unmanned railway crossing on broad gauge routes to be eliminated in next
2 yrs.
4000 Km of new Railway track will be laid down by 2019.
19. Air Transport
Budget proposes to expand the airport capacity more than 5 times to handle a
billion trips a year under a new incentives –NABH Nirman.
Under the regional connectivity scheme of UDAN (Ude Desh Ka Aam Nagrik)
initiated by the Government last year, 56 unserved airports and 31 unserved
Helipads would be connected.
20. Other Key Highlights of Budget
Finance Minister Arun Jaitley proposes revising emoluments as per the following
structure:
• ₹ 5 Lakh for The President of India.
• ₹ 4 Lakh for Vice President of India.
• ₹ 3.5 Lakh for the Governors.
21. Custom Duty increased from 15% to 20%.
Long term gains tax need to be paid on Equity or Mutual Fund holding is 10%.
10% social welfare surcharge on importing.
Increased Educational Cess from 3% to 4%.
22. No change in personal income tax slab.
99 cities are selected for smart cities project with an outlay of ₹ 2.04 Trillion.
10 prominent tourist sites to be developed as iconic tourist place.
Fiscal deficit estimate for 2017-18 was 3.5% of GDP, Fiscal deficit of 3.3%
estimated for 2018-19.
23. 8 Crore free Gas connection for poor women's through Ujjwala Yojana.
New Flagship National Health protection scheme providing Health Insurance
cover of ₹ 5 Lakh per family per year.
Disinvestment target for this year set at ₹ 80,000 Crore.
Allocation of Ministry of Food processing is being doubled from ₹ 715 Crore in
2017-18 to ₹ 1400 Crore in 2018-19 Budget.
24. Companies with turnover up to ₹ 250 crore to be taxed at 25%.
5 Lakh Wifi Hotspots to be setup in rural areas to provide easy internet access.
Proposed spending on Rural Infrastructure is ₹ 14.34 Lakh Crore.
Under Prime Minister Awas scheme, going to build 51 Lakh Houses during
2018-19.
25. ₹ 10,000 Crore is allocated to Boost Telecom infrastructure.
Government will take all steps to eliminate use of cryptocurrency which are
funding illegitimate transactions.
Increase in MSP(Minimum Support Price) by 1.5 Times cost of production.