Today Finance Minister Arun Jaitley present his Budget Speech for Financial year 2018-19. His Speech was highlighting with government’s economic reforms undertaken in the last 4 year’s. As Arun Jaitley said this budget was focus on farmer’s and he said that Goverment want to double the farmer’s income by 2022.
Finance Minister said that country grown has increased on an average of 7.5 percent in last 3 years and now it has become 2.5 trillion economy or we can say world seventh largest economy country after US & China and soon we will be 5th largest economy in the world.
“We hope to grow at 7.2 to 7.5 per cent in the second half of the current fiscal,”
– He said.
New Delhi: Union Budget 2018-19.
Taking FMs Budget announcement forward NITI will run pilots on Electronic health records,land records & digital certification. Wherever people need to establish a trusted, shared, unique record blockchain technology can help by simplifying processes and removing intermediaries.
— Amitabh Kant (@amitabhk87) 1 February 2018
Here is what Shashi Tharoor has to say.
One good thing in #Budget2018 is the health insurance scheme to cover 500 million Indians. But the budget figures show no serious allocation for it, &the Fasal Bima Yojana has already proved a boon for insurance companies more than the insured. Will it prove another #jumla?
— Shashi Tharoor (@ShashiTharoor) 1 February 2018
The Budget proposals are a big let down, said Congress leader and former Finance Minister P Chidambaram.
— P. Chidambaram (@PChidambaram_IN) 1 February 2018
UNION BUDGET 2018-19: Key TakeAways
1. Personal income tax rates no any changes.
2. For senior citizens exemption of interest income on bank deposits raised to Rs 50,000.
3. Customs duty on jewellery hiked from 15 pc to 20 pc; doubled on all watches to 20 pc.
4. Rs 40,000 allowed for transport, medical reimbursement for salaried tax payers.
5. Rs 7.5 lakh per senior citizen limit for investment in interest-bearing LIC schemes doubled to Rs 15 lakh
6. Cash exceed to Rs 10,000 by trusts and institutions will be disallowed in a bid to curb cash economy.
7. Strong case for long term capital gains from equities; 10 pc tax on long term capital gains in excess of Rs 1 lakh.
8. Education cess increased to 4 pc from 3 pc to collect additional Rs 11,000 cr.
9. Customs duty on perfumes, dental hygiene, after-shave, deodorants, room deodorizers, preparations for use on hair doubled to 20 pc.
10. Import duty on fruit juice raised from 30 pc to 50 pc.