India Government has targeted a divestment of Rs 80,000 cr for FY 19 while bank recapitalisation will allow banks to give additional lending of Rs 5 lakh crore and massive outlay has been provided for railways and roadways in the India Budget 2018-19 being presented in Parliament by Finance Minister Arun Jaitley.
-5 lakh WiFi hotspots to provide broadband access to 5 crore rural people
-Revised fiscal deficit target of 3.5% of GDP at Rs 5.95 lakh crore for the current fiscal and 3.3% for FY19
-MSP for kharif crops to be 1.5 times input cost
-Exports to grow at 15% in 2017-18
-Government to allocate Rs 7140 cr for textiles sector in 2018-19
-Govt doesn’t consider crypto-currencies legitimate
-Exemptions in income of Rs 10,000 from bank FD and post offices for senior citizens
-No changes in personal income tax structure
-Loans to women SHGs will rise to Rs 75 k crore
– National Insurance, Oriental Insurance Co, United Assurance Co to be merged into one entity and subsequently listed.
-Gold monetisation scheme to be revamped
-Rs 17,000 Cr for Mumbai’s suburban rail network
Rs 4.6 lakh cr sanctioned under Mudra Scheme. The target for loan disbursement under this scheme has been set at Rs 3 lakh crore.
-Rs 16,000 cr to be spent on providing electricity connection to 4 core poor households
-1 core houses to be built under Pradhan Mantri Awas Yojana in rural areas
-Jaitley grants Rs 5 lakh hospitalisation a year, benefits 10 cr families.
-Rs 1 cr houses to be built under Pradhan Mantri Awas Yojana in rural areas.
-Government to launch Prime Minister’s Research Fellow Scheme this year which will identify 1000 BTech students to do PhD at IITs etc
-Allocation for food processing sector to be doubled from Rs 715 cr to Rs 1400 cr.
-Rs 2000 cr has also been allotted for building infra at agricultural mandis and farmer markets.
-Long Term Capital Gains Tax above Rs 1 lakh to be taxed at 10%- Long term capital gains exceeding Rs 1 lakh from sale of equities to be taxed at 10% without allowing benefit of indexation if the share is sold after January 2018.
-Customs duty on raw cashew cut from 5 pc to 2.5 pc
-The Central Board of Excise and Customs renamed as Central Board of Indirect Taxes and Customs
-Corporate Tax reduced by 25 pc extended to companies with turnover of Rs 250 cr to benefit small, micro and medium enterprises
-Govt’s 372-point action plan for states for easing business
-Cess on income tax raised to 4% from 3%.
-To set up 5 lakh hotspots, allocates Rs 10,000 cr.
-Food subsidy to rise to Rs 1.69 lakh crore in 2018-19 from Rs 1.4 lakh crore in current year
-Section 80D limit proposed to be hiked to Rs 50,000 for senior citizens
-MSMe’s get Rs 3794 cr allocation for credit support
-Corporate tax rate of 25% extended to companies which have reported turnover of upto Rs 250 cr in FY 17.