Budget 2018: Finance Minister Arun Jaitley tabled the budget 2018 in Parliament on Thursday. The budget is the last one ahead of general election in 2019. The budget mostly focussed on agriculture and rural infrastructure. It also proposed to provide housing to all poor in the country by 2022. The budget 2022 also focused on healthcare and education in a big way. However, against all the expectations of the common man, budget 2018 didn’t make any changes to the personal income tax structure. Finance Minister Arun Jaitley also announced that the salaries of Members of Parliament would get automatically revised every five years indexed to inflation. Arun Jaitley told Parliament that . law will automatically revise the emoluments of the Members of Parliament every 5 years indexed to inflation.
Here are the announcements and key features of Budget 2018:
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1)India is $2.5 trillion economy at present and become the fifth largest in the world from the seventh largest currently.
2)The exemption of interest income on bank deposits hiked to Rs 50,000 for senior citizens.
3) The government has announced Rs 40,000 deduction for transport, medical reimbursement for salaried class.
4)Arun Jaitley brings in tax on LTCG; 10% tax on equity investments of over Rs 1 lakh
5)Government increased excise duty on mobile phones to 20% from 15%.
6) Do not consider Cryptocurrencies as legal tender and will take measures, will explore blockchain.
7)’Operation Greens’ launched on the lines of ‘Operation Flood,’ the budget 2018 said.
8)Cooking gas to be given free to poor under PMUY, 4 crore unconnected being provided electricity connection
9) Farmers produce to get 1.5 times cost of produce as per Budget 2018.
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10) To develop agricultural markets, agri-market development fund with a corpus of 2000 crore to be established for developing agricultural markets.
Budget 2018-19 estimates assume real GDP growth of 7.2 percent. Prime Minister Narendra Modi also addressed the nation and spoke about its benefits for 125 crore Indians.