Finance Minister Arun Jaitley announced Union Budget 2018-19 on 1st February, 2018, in Parliament. In this budget finance minister focusing on four aspects to the strengthening of agriculture, education, healthcare benefits and improving infrastructure.This is the fifth Union Budget of the Modi government as well as last full budget of the BJP-led NDA government before the 2019 Lok Sabha elections.
Here are some major highlights of Budget 2018-19.
- New India Budget has in store for agriculture and rural economy.
- Setting up an agricultural market fund with corpus of Rs 2,200 cr.
- Allocation to food processing doubled to Rs 1,400 cr from Rs 715 cr.
- State of the art facility to be set up in 42 food parks for agri exports.
- Mechanism to sell surplus solar power to DISCOMS at reasonable prices.
- From 10 lakh crore to 11 lakh crore – credit for agricultural activities.
- Target is constructing 2 cr toilets in FY19.
- 8 crore free gas connections to women under UJJWALA and 4 crore electricity connections to the poor under SaubhagyaYojana.
- Allocate Rs 2,600 underground water irrigation plan in 96 districts.
- Education: Total investment of Rs 1 lakh cr for RISE.
- Allocate Rs 1,200 cr for specialised health, wellness centres.
- Rs 5 lakh/year per family for 10 cr families will be allocated.
- Allocation of Rs 600 Cr for nutritional support to all tuberculosis patients.
- 47 projects under the ‘NamamiGange’ programme have been completed.
- MSMEs sector gets Rs 3,794 crore in the form of capital support and interest subsidy.
- Will soon be announcing measures to help deal with NPAs of SMEs, reiterating that MSMEs are extremely important for economy.
- Women contribution to EPF to be reduced to 8% for 1st 3 years.
- FM says allocate Rs 7,148 cr to textile sector.
- The government will contribute 12% of the EPF of new employees for all sectors in next three years.
- Out of 100 smart cities 99 cities have been selected with an outlay Rs 2.04 lakh crore.
- Tourist facilities to be upgraded at 210 important monuments.
- Allocate Rs 7,148 cr to textile sector; need investment of Rs 50 lakh cr for infra sector.
- Allocate Rs 11,000 cr for Mumbai rail network and All stations with more than 25,000 footfall will have elevators.
- Airport capacity to be raised 5x to handle 1 bn trips.
- Allocate Rs 9,000 cr for 90 km of double-line tracks for Mumbai and to allocate Rs 17,000 cr for Bengaluru Metro Network.
Recommended Reading: Surajkund Mela 2018