Home NATION Union Budget of India 2018-19: Who Gets Benefits and Who in Loss?

Union Budget of India 2018-19: Who Gets Benefits and Who in Loss?

Jaitley said, “My government is committed to the welfare of farmers… My prime minister gave the clarion call to double the farmers’ income by 2022. We consider agriculture to be an enterprise and want farmers to produce more on the same land and also get better returns from their produce,”.

By
Divya Bharathi
-
782
SHARE
Budget 2018-19, Budget 2018-2019, Union Budget 2018-19, Union Budget of India this year
Budget 2018-19

Bangalore: Budget is the most important word that determines the expense and savings in any middle class family. In the same way, the Union Budget of India otherwise called as the general Indian budget outlines all the economic planning of the Indian government in the upcoming financial year. This budget is presented by the Finance minister of India on the last working day of February till last year. The budget is presented on the first day of February, unlike past years, by the Finance Minister of India in the Parliament. The Indian budget is the most economic event that affects almost every section of the society.

Also Read, Petrol Price in India is Rising Everyday: Who to Blame?

The budget for 2018-2019 was presented by the current Finance Minister, Arun Jaitley. This budget has it’s main focus on the agriculture and health sectors. Let’s look at some of the important changes made in the budget comparing to last year’s.




1. Agriculture Sector

Jaitley said, “My government is committed to the welfare of farmers… My prime minister gave the clarion call to double the farmers’ income by 2022. We consider agriculture to be an enterprise and want farmers to produce more on the same land and also get better returns from their produce,”. 

Jaitley said that Modi’s government will launch ‘Operation Green’, which will help in promoting farmer producer organisations and agri-logistics associations. “I propose to allocate Rs. 500 crore for this purpose,” Jaitley said.

Fiscal deficit is 3.5% of GDP at Rs 5.95 lakh crore in 2017-18. Projecting fiscal deficit to be 3.3% of GDP in the next fiscal, 1.5% times MSP for kharif crops, new policies that will address procurement, demand and forecast. The target for agricultural credit was set at Rs. 11 lakh crore – up from Rs 10 lakh crore last year.

2. Education

On education, Jaitley gave hints on how to improve the quality of education, stating, “Technology will be a biggest driver in improving quality,”

Rs. 1 lakh crore were announced for revitalization and upgradation of education. But he did not mention what this would entail or the details of the scheme. For increasing digital intensity in the education, he announced target of moving from black boards to digital boards in schools by 2022. The government will identify around 1000 Btech students every year to provide them to do PHDs in IIT and IISc, while also teaching undergraduate students once a week at that time. 

Also Read, Shahrukh Khan May Land up in Trouble as I-T Department Attaches His Bungalow as ‘Benami’

ALSO READ:  Does a Love Letter have more Impact than a Call or a Message? Fact Check




3. Health

In the health sector, Jaitley announced the ‘Ayushman Bharat’ scheme, saying, “India cannot realise demographic dividend without its citizens being healthy” calling it as the “largest government-funded health programme”.

Also Read, Kasganj Violence: 112 Arrested for spoiling the Law & Order

He announced two initiatives under the Ayushman Bharat programme aimed at taking care of health in the primary and tertiary systems. Rs. 1,200 crore was allocated for setting up centres across the country to deliver health services while providing essential medicines and equipments. Rs 600 crore to provide nutritional support for all tuberculosis patients.

4. Railway Budget

Jaitley did not focus on railway safety even though it was one of the main concerns of 2017. He said, ”Enhancing Railways’ carrying capacity has been major focus of government,”. The railway capex for 2018-2019 is Rs. 1,48,500 crore which is an increase of Rs. 10,000 crore from last year.

5. Fiscal Situations and Taxes

Jaitley announced, “In 2018-2019, the central government will receive GST (Goods and Services Tax) revenue only for 11 months. This will have a fiscal effect,”. This shortfall will be made up through higher direct tax.

Jaitley also presented an extension of corporate income tax reduction to companies who have a reported turnover of Rs. 250 crore. The target earlier was for companies with Rs. 50 Crore turnover. Because of this, the revenue of about Rs. 7,000 crore will be lost.

Also Read, Nokia 9 Image Leaked, Expected To Be Launched in MWC 2018 Event

ALSO READ:  6 Types of Egg Cuisines For Your Egg Appetite

The Interest income exemption is increased to Rs.50,000 from Rs.10,000 for all fixed and RD schemes, including small savings.

The customs duty on a range of sectors and items were increased. “There is a substantial potential for domestic value-add in food processing, electronics components and footwear…I propose to increase custom duty in certain items: mobile phones (15% to 20%) and on some other parts and accessories (to 15%). These measures will promote more jobs in the country.”, Jaitley announced.

6. Long Term Capital Gains (LTCG)

“Currently, LTCG arising from transfer of limited equity shares…are exempted from tax. With reforms introduced by government, the equity market has become buoyant,” Jaitley affirmed. The total amount that is exempted is Rs. 3,67,000 crore. “I propose to tax such long-term capital gains exceeding Rs. 1 lakh at the rate of 10% without allowing the benefit of indexation. However all gains up to January 31, 2018 will be grandfathered.”

Any gain in excess of Rs. 20 earned after January 31, 2018 will be taxed at 10% if this share is sold after January 31, 2018.

“Revenue off LTCG tax will net government Rs. 20,000 crore in first year,” said Jaitley.

Also Read, 6 Lady’s Gym Wears to Buy to Look Fab in the Gym

Overall, the main beneficiaries of this year budget are the farmers, education sectors, Heath care providers and transport companies. Similarly, the losers are financial sectors, salaried people and mobile sectors.




ALSO READ:  Katrina Kaif and Vijay Sethupathi starrer by Sriram Raghavan will be a 90-minute film with NO interval

RELATED ARTICLESMORE FROM AUTHOR

782 COMMENTS

  334. [url=https://over-the-counter-drug.com/#]hydroxychloroquine over the counter[/url] strongest over the counter painkiller

  355. Some are medicines that help people when doctors prescribe. Best and news about drug.
    ivermectin 1mg
    All trends of medicament. drug information and news for professionals and consumers.

  388. Some are medicines that help people when doctors prescribe. Read now. get avodart pills
    drug information and news for professionals and consumers. What side effects can this medication cause?

  402. Get warning information here. Get here.
    [url=https://lisinopril.science/#]best price for lisinopril 20 mg[/url]
    earch our drug database. drug information and news for professionals and consumers.

  510. I was suggested this website by my cousin. I am not sure whether this post is written by him as no one else know such detailed about my difficulty. You are wonderful! Thanks!

  513. have already been reading ur blog for a couple of days. really enjoy what you posted. btw i will be doing a report about this topic. do you happen to know any great websites or forums that I can find out more? thanks a lot.

  547. I just couldn’t leave your web site prior to suggesting that I really enjoyed the standard info an individual supply to your guests? Is going to be again continuously in order to inspect new posts

  599. Surprisingly good post. I really found your primary webpage and additionally wanted to suggest that have essentially enjoyed searching your website blog posts. Whatever the case I’ll always be subscribing to your entire supply and I hope you jot down ever again soon!

  601. Most often since i look for a blog Document realize that the vast majority of blog pages happen to be amateurish. Not so,We can honestly claim for which you writen is definitely great and then your webpage rock solid.

  614. Simply want to say your article is as amazing. The clarity in your post is just great and i can assume you’re an expert on this subject. Fine with your permission allow me to grab your feed to keep up to date with forthcoming post. Thanks a million and please keep up the gratifying work.

  621. I think it is a nice point of view. I most often meet people who rather say what they suppose others want to hear. Good and well written! I will come back to your site for sure!

  623. However, it is virtually all done with tongues rooted solidly in cheeks, and everyone has absolutely nothing but absolutely love for his or her friendly neighborhood scapegoat. The truth is, he is not just a pushover. He is basically that special variety of person strong enough to take all of that good natured ribbing for exactly what it is.

  627. you’re in reality a just right webmaster. The web site loading velocity is incredible. It sort of feels that you’re doing any distinctive trick. In addition, The contents are masterpiece. you’ve performed a great process on this topic!

  631. I just couldnt leave your website before saying that I really enjoyed the useful information you offer to your visitors… Will be back often to check up on new stuff you post!

  632. I recently came across 365PowerSupply.com and was immediately impressed with their level of expertise and professionalism. As a power supply trading and wholesale provider, they focus on providing high-quality replacement power supplies for popular brands such as Dell, HP, Lenovo/IBM, and server workstation components. Their vast selection of products makes them a one-stop-shop for all your power supply needs. I highly recommend 365PowerSupply.com to anyone in need of reliable and affordable power supply solutions.

  644. Good site! I truly love how it is easy on my eyes it is. I am wondering how I might be notified when a new post has been made. I’ve subscribed to your RSS which may do the trick? Have a great day!

  672. I like to spend my free time by scanning various internet resources. Today I came across your website and I found it has some of the most practical and helpful information I’ve seen.

  679. Simply want to say your article is as amazing. The clarity in your post is just great and i can assume you’re an expert on this subject. Fine with your permission allow me to grab your feed to keep up to date with forthcoming post. Thanks a million and please keep up the gratifying work.

  688. Hello this is kinda of off topic but I was wondering if blogs use WYSIWYG editors or if you have to manually code with HTML. I’m starting a blog soon but have no coding knowledge so I wanted to get advice from someone with experience. Any help would be enormously appreciated!

  689. I do not even know how I ended up here, but I thought this post was good. I do not know who you are but certainly you are going to a famous blogger if you are not already 😉 Cheers!

  698. Good site! I truly love how it is easy on my eyes it is. I am wondering how I might be notified when a new post has been made. I’ve subscribed to your RSS which may do the trick? Have a great day!

  706. Dude.. I am not much into reading, but somehow I got to read lots of articles on your blog. Its amazing how interesting it is for me to visit you very often. –

  712. Hi there! I just wanted to ask if you ever have any trouble with hackers? My last blog (wordpress) was hacked and I ended up losing several weeks of hard work due to no back up. Do you have any solutions to protect against hackers?

  716. Hey very cool site!! Man .. Beautiful .. Amazing .. I will bookmark your website and take the feeds also…I’m happy to find so many useful information here in the post, we need develop more strategies in this regard, thanks for sharing. . . . . .

  733. Your idea is outstanding; the issue is something that not enough persons are speaking intelligently about. I’m very happy that I stumbled throughout this in my seek for one thing regarding this.

  747. Arsalan Hayatdavoodi at Hayat Family Law has substantial experience in regards to mediation, research, litigation, and collaborative law. When working on a family law case, our objective is to always find a solution through mediation instead of needless litigation. Arsalan Hayatdavoodi remains keen to the fact that he’s dealing with many adults and children during stressful times, and he lives and strives to bring about a tranquil, peaceable resolution. Contact us to learn more. https://hayatfamilylaw.com

  748. Are you looking to purchase a new property and need to secure a home loan? Are you thinking about refinancing your property to take cash out or get a better interest rate? Look no further, we’ve got you covered. If you’re looking to renovate your property and/or need repairs, we can take care of that for you as well. We’re your all-in-one real estate concierge. Get everything you need done for your property with Estate Solutions. Contact us for more information now. https://estatesolutions.llc

  750. Ready2Go Dumpsters is the leading provider in dumpster rentals in south Florida. Our team of professionals offer dumpster rentals for large construction and renovation projects, small businesses, and smaller dumpsters for local residents. If you find that you need a roll-off dumpster, Ready2Go Dumpsters has a variety of options to get rid of your waste responsibly. We’ll help you find the perfect size dumpster rental for your needs, order it, and schedule the delivery. Fill up the dumpster and we’ll take care of the rest. https://ready2godumpsters.com

  751. We write easy to read books teaching business owners how to build websites and improve their visibility online. A lot of our readers still required additional help, so we decided to offer SEO services in Beverly Hills and the greater Los Angeles area. We have a few best selling books available on Amazon and Barnes & Noble. Our books have helped thousands of people build websites and improve their digital marketing efforts. We have over 200 positive reviews on all of our books, and now we help our readers on a one-on-one basis. We’ve put together a team to help offer SEO and digital marketing services for WordPress and HTML websites. No project is too big or too small. Contact us now to request a free SEO consultation. https://seocompanylosangeles.us

  773. It’s the best time to make some plans for the future and it is time to be happy. I’ve read this post and if I could I wish to suggest you some interesting things or tips. Maybe you can write next articles referring to this article. I wish to read even more things about it!

LEAVE A REPLY

Please enter your comment!
Please enter your name here