“UNION BUDGET 2018-19”
The Budget is an Accounting of all the Government Finances in which it shows the aggregate revenue from all the sources and expenses of all the activities. The finance minister is responsible for presenting the union budget every year in the parliament.
On Thursday, the Finance Ministry of India Mr.Arun Jaitley has presented the Union Budget 2018-19 in parliament where he gave more importance to the farmers, Rural economy of India and healthcare programme.
Highlighting points of Union Budget 2018-19
(a) Against the expectations of peoples Arun Jaitley remains income tax unaltered, standard deduction may be allowed in Union Budget 2018-19
(b) Finance minister raised the customs duties on such imported items in Union Budget 2018-19.
(i) Cars and motorbike (including equipment of trucks)
(viii) Vegetable and juices (ix)diamonds
(xii) Video games
However, he made some items cheaper by reducing import duties in Union Budget 2018-19.
(i) Cashew Nut
(ii) Solar Glasses
(iii) Raw material (cochlear implants)
(iv) Capital goods and electronics items such as ball screw and linear motion guides.
(c) Rs.10,000 crore to be given to make a momentum of Telecom infrastructure.
(d) To provide free electricity to 4 crore house under the saubagya scheme.
(e) Granted Rs.1.48 lakh crore as Railways capital expenditure.
(f) Raised 1.5 times of production cost (as support price).
(g) Granted 8 crores free gas under the Ujjwala scheme.
(h) Agriculture based market has given Rs.2000 crore for its development under Union Budget 2018-19.
(i) Mr.jaitley announced health insurance cover of Rs.5 lakh poorest people.
(j) 6 lakh crore for the infrastructure sector.
(Government considered it as the growth driver of the economy).
(k) Subsidies on food, fertiliser and Petroleum have been made higher to 2.64 lakh crore for 2018-2019.
(l) Arun Jaitley has also announced the Special scheme to fight against Delhi air pollution in Union Budget 2018-19. ( Very important step regarding Dangerous pollution level of Delhi ).
M) Defense budget increased 7.81 percent this year , Rs 2.95 lakh crore has been allocated in Union Budget 2018-19.
PRESIDENT – 5 LAKH/MONTH
VICE-PRESIDENT – 4 LAKH/MONTH
GOVERNORS – 3.5 LAKH/MONTH
MEMBERS OF PARLIAMENT(MP) – Salary and Allowances will be raised in per 5-year term.
Prime Minister Narendra Modi marked this budget as a ” Big step” towards the business point of view and the President of BJP MR. Amit Shah marked it as ” Sab ka path sab ka Vikas” which fulfils all the promises they had made to the general citizens of India.
Report: Navneet Sinha