Union Budget 2018: Key Takeaways From Arun Jaitley’s Fifth Budget

New Delhi, February 1: Finance Minister Arun Jaitley on Thursday delivered the current government's fifth and last full financial budget (Budget 2018 for the fiscal year 2018-19) amid subdued economic

New Delhi, February 1: Finance Minister Arun Jaitley on Thursday delivered the current government’s fifth and last full financial budget (Budget 2018 for the fiscal year 2018-19) amid subdued economic growth, challenging fiscal situation and farm distress.

Budget 2018: Full Coverage

Here are some key takeaways from the Union Budget 2018-19:

• FM Jaitley said that in every budget he has been making efforts to put surplus money in the hands of the middle-class taxpayer.
• Confident of limiting the fiscal deficit target for 2018-19 within 3.3%, the finance minister said.
• Focused to develop the rural and agricultural sector, says Arun Jaitley after presenting Budget 2018.
• FM Jaitley told media that Budget 2018 lends fiscal prudence to the requirements and needs of the economy today.
• From April 1, PAN to be used as Unique Entity Number for non-individuals.
• Government makes PAN number mandatory for any entity entering into a financial transaction of Rs 2.5 lakh or more.
• The Budget 2018, will accelerate economic growth, it is focused on all sectors, said PM Modi.
• FM Jaitley said economy firmly on course to achieve high growth of 8%.
• Manufacturing, services, and exports are back on good growth path.
• GDP growth at 6.3 per cent in the second quarter of 2017-18 signals turnaround of the economy.
• Growth in the second half likely to remain between 7.2 per cent to 7.5 per cent.
• The government approved MSP for all unannounced Kharif crops increased to 150 per cent.
• For agri-sector institutional credit increased to Rs 10 lakh crore in 2017-18.
• Aquaculture, fisheries and animal husbandry corpus at Rs 10,000 crore.
• New scheme Operation Greens with an outlay of Rs 500 Crore
• In next few years, government to develop and upgrade existing 22,000 rural haats.
• Allocation for Ministry of Food Processing doubled to Rs.1400 crore
• Agri-Market Infrastructure Fund with a corpus of Rs 2000 crore.
• For Self Help Groups (SHG) loans to increase to Rs 75,000 crore by March 2019.
• For National Rural Livelihood Mission increased allocation to Rs 5750 crore.
• Under Ujjwala Scheme distribution of free LPG connections will be given to 8 crore poor women
• In rural areas, one crore houses to be built by 2019 for poors.
• Clean Ganga: Of 187 projects have been sanctioned, 47 complete.
• Banks of Ganga declared open defecation free.
• Rs 1200 crore for the National Health Policy, 2017, an additional Rs 600 crore for TB patients.
• 24 new Government Medical Colleges and Hospitals.
• Ekalavya Model Residential School to be set up for tribal children.
• FM Jaitley also announced world’s largest government-funded health care programme titled National Health Protection Scheme.
• Allocation of Rs 3794 crore for Medium, Small and Micro Enterprises (MSMEs).
• Target of Rs 3 lakh crore for lending under MUDRA Yojana.
• This year 70 lakh formal jobs to be created.
• For new employees, government to make 12 per cent contribution in the EPF for all the sectors for 3 years.
• Railways Capital Expenditure pegged at Rs.1,48,528 crore.
• Mumbai’s local train to have 90 kilometres of double line tracks at Rs.11,000 crore cost.
• For creation and augmentation of telecom infrastructure Rs. 10000 crore allotted.
• To revise emoluments to Rs 5 lakh for the President of India.
• Rs 4 lakhs for the Vice President of India.
• Rs 3.5 lakh per month to state Governor.
• Pay for MPs – law for automatic revision of emoluments every 5 years.