Budget 2018: Here are the live updates with latest pictures from Asianet Newsable

money | Thursday, February 1st, 2018
Team Asianet Newsable
Highlights
  • Budget 2018 live updates
  • Log on to Asianet Newsable for latest news on Budget 2018

 

  • This is the first budget in India said to be presented in Hindi
  • This is the fifth budget  presented by the NDA government
  • Finance Minister Arun Jaitley met President Ram Nath Kovind at Rashtrapati Bhavan
  • Lok Sabha mourns death of BJP MP from Palghar, Chintaman Vanga
  • Post the Cabinet meeting, the Budget session will begin, shortly

Budget 2018 live updates in Pictures: Arun Jaitley meets President Kovind

  • Lok Sabha Speaker Sumitra Mahajan addresses the Parliament
  • FM Arun Jaitley beings his address on Budget 2018
  • Arun Jaitley starts the budget speech in English and then switches to Hindi
  • Revised fiscal deficit target of 3.5% of GDP at Rs 5.95 lakh crore for the current fiscal and 3.3 percent for FY19

 

SPEECH

  • India to be the fifth largest economy soon, currently India is a $ 2.5 Trillion economy
  • India will grow from 7.2% to 7.5% soon, says the Finance Minister
  • Taxation base increased
  • Govt to substantially increase allocation under national livelihood mission to Rs 5,750 cr in next fiscal

 

COSTLY

  • Mobile phones to be costly; Custom duty on mobile phones increased to 20% from 15%
  • Price increased on TVs
  •  

CHEAPER

  • Cashew nuts; Customs duty on raw cashew cut form 5 pc to 2.5 pc
  • Footwear
  • Healthcare for poor
  • Leather products

 

AGRICULTURE

  • Focus on improving Agriculture facilities, conditions
  • Direct Benefit Transfer is the biggest in the world
  • 2000 crore infrastructure fund for farm, agriculture
  • 470 APMCs linked to ENAM
  • Rs 1,400 crore allocation for food processing 
  • Fisheries, animal husbandry sectors also to get Kisan Credit Cards
  • Rs 11,000 crore allocation for fisheries and aqua culture
  • Rs 1,290 crore allotted for bamboo sector
  • Krishi Yojana allocation doubled
  • Export of agriculture commodities will be liberalised 

 

EDUCATION

  • 18 new schools for architecture
  • Under RTE, lakhs of untrained teachers to be trained to help improve quality of education
  • 24  new medical colleges, at least 1 mediacl college for three constituencies
  • Scheme for revitalising school infrastructure, with an allocation of Rs 1 lakh crore over four years. RISE - Revitalizing Infrastructure in School Education
  • PM research fellows: Govt will identify 1000 Btech students each year and provide them means to pursue PHDs in IITs and IISc
  • Rs 1.35 crore allocation for health, education and social welfare in 2018-19
  • By 2022, every block with more than 50 per cent ST population and at least 20,000 tribal people will have 'Ekalavya' school on par with Navodaya Vidyalas
  • No more education cess on imported goods. Will be replaced by social welfare surcharge of 10%

 

HEALTHCARE

  • Rs 1,200 crore for health and wellness centres
  • Free drugs and diagnostic services for all, 10 crore families to be covered
  • Rs 5 lakh per anum healthcare for 50 crore Indians
  • 1.5 lakh new healthcare centres
  • Rs 600 crore for TB patients
  • Senior citizens allowed Rs 50,000 deduction on health insurance premium paid in a year from earlier Rs 30,000
  •  

 

INDUSTRY

  • Rs 3794 crore for Medium, Small and Micro industries
  • Rs 3 lakh crore for MUDRA Scheme for 2018-19
  • Govt to allocate Rs 7,140 crore for textiles sector
  • All enterprises will be given Aadhaar like unique ID's
  • Government assures 50% Minimum Support Price (MSP) to farmers, promises to double MSP by 2020

 

EMPLOYMENT

  • Incentives for women employees
  • Government contributing 8.33 % towards EPF 
  • Paid maternity leaves increased to 26 weeks
  • EPF women contribution reduced to 8% from 12%
  • Emoluments for President set at Rs 5 lakh, Rs 4 lakh for Vice President, Rs 3.5 lakh for governors

 

INFRASTRUCTURE-ENERGY

  • 4 crore homes to get free electricity
  • 51 lakh new houses to be built
  • 1 crore houses under PMAY  
  • 9,000 km National Highways to be completed in 2018-19
  • Rs 40,000 crore for expansion of Mumbai transport
  • Rs 17,000 crore for Bengaluru Metro in Karnataka
  • Airport capacity to be hiked to handle 1 billion trips every year
  • Regional air connectivity scheme to connect 56 unserved airports
  • Government will bring out an industry-friendly defence production policy in 2018
  • 5 lakh WiFi hotspots to provide broadband access to 5 cr rural people
  • Divestment target Rs 80,000 crore for FY 2019
  • Centre plans to construct two crore more toilets under Swachh Bharat Mission
  • Surplus power produced by solar-powered generators used by farmers will be bought by state distribution utilities
  • Rs 14.34 lakh crore to be spent for rural infrastructure
  • Housing for all by 2022, 1 crore houses to be built under Pradhan Mantri Awas Yojana in rural areas

 

DOMESTIC

  • 8 crore families to get free LPG connection

HOUSING

  • Govt to reduce hardships faced in realty deals
  • No adjustment to be made in case circle rate does not exceed 5 pc of sale consideration

 

RAILWAYS

  • 1.48 lakh crores allocated to Railways
  • 3,6000 kms under track renewal
  • Railways capex pegged at Rs 1.48 lakh crore. Last year it was Rs 1.31 lakh crores.
  • Re-development of 600 major railway stations
  • All trains will be progressively provided with Wi-Fi, CCTV and other state-of-the-art amenities
  • Over Rs 1.48 lakh crore to be allocated for railways in next fiscal
  • Suburban network of 160 km planned for Bengaluru

 

TOURISM

  • 10 prominent tourist sites to be developed as iconic tourist spots

 

GOLD/SILVER rates

  • SILVER RDY Rs 39,300.00 Per KG
  • GOLD(24-carat) RDY  Rs 30,870 PER 10 Grams
  • GOLD(22-carat) RDY  Rs 29,290 PER 10 Grams
  • Govt to formulate a comprehensive gold policy to develop gold as an asset class; gold monetisation scheme to be
    revamped

 

FINANCE/ECONOMY/MONEY

  • Government will take all measures to curb use of crypto-currencies like bitcoin
  • Govt will evolve a scheme to assign a Unique ID for companies
  • Increase in salary for parliamentarians, automatic revise of salaries for MP every 5 years 
  • Law to regulate salaries for MPs
  • Additional 90,000 crore collected by the Income Tax
  • To provide RBI an instrument to deal with excess liquidity, RBI Act and other laws being amended
  • Number of taxpayers have increase from 6.4 crore to 8.27 crore

 

TAX

  • Tax: Status quo maintained for salaried class
  • Personal income tax unchanged
  • Standard deduction increased to Rs 40,000 in medical insurance from Rs 15,000 for salaried class
  • Long term capital tax to be 10% for amount above Rs 1 lakh
  • Health and Education cess increased to 4%
  • Incentives for senior citizens: Exemption on interest income to be increased from Rs 10000 to Rs 50,000. Applies to all fixed deposit scheme
  • Sensex tanks over 300 pts after FM announces 10 pc tax on some long-term capital gains from equity market

 

WELFARE/MISCELLANEOUS

  • Centre earmarks Rs 150 cr to commemorate 150 years of birth of Mahatma Gandhi
  • Expenditure for 2017-18 pegged at Rs 21.57 lakh crore, as against Rs 21.8 lakh cr previously estimated
  • Jaitley announces allocation of Rs 56,619 crore for SC welfare and Rs. 39,135 crore for ST welfare
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