Finance Minister Arun Jaitley presented 2018-19 union budget today in Parliament.
This is the last budget of the Modi government before the elections goes in 2019 and the government focused on agriculture and health sector more than others, while there is no change in personal income tax slabs.
Key Highlights of Budget
Rs. 3 lakh crore has been allocated for the PM MUDRA Yojana.
100% tax rebate has been announced for the companies produce agricultural products and earn a turnover of Rs. 100 crore.
The Corporate tax has been trimmed to 25% from 30% for the companies whose annual turnover goes up to 250 crore.
Women contribution to EPF has been reduced to 8% from 12%.
Rs. 56,619 crore and Rs. 39,135 crore has been announced for SC & ST welfare respectively.
Jaitley announced to launch a flagship healthcare scheme to cover 10 crore poor families.
Rs. 5 lakh will be provided to each family as a reimbursement under the National health Protection Scheme.
24 new medical colleges will set up across the country in the new budget for the benefit of the people towards the health and education.
Rs. 16,000 crore has been allotted for PM Saubhagya Yojana which would cover around 4 crore households with free electricity.
Around 8 crore women will get the free gas connections.
Two New schools of planning & Infrastructure will be introduced soon.
Allocation of Rs. 1 Lakh crore to upgrade the education sector.
Rs. 7,148 has been allotted for the textile sector from the budget to give a boost to the textile industry.
Customs duty on digital wearable devices such as smartwatches has been increased to 20%.
Custom duty on luxury cars has been increased from 10% to 15%.
Custom duty on Mobile phones has been increased to 20%. Earlier it was 15%.
A big support to the farmers that Minimum Support Price (MSP) will be 1.5 times to the cost of production for all upcoming Kharif crops.
Rs 11 crore has been allotted to the Farm sector to boost the agriculture sector.
Rs. 14.34 lakh crore has been allotted to improve the infrastructure in rural areas.
According to Arun Jaitley, the main focus of this union budget is to strengthen the agriculture, health and education sector. Also, to focus on improving the infrastructure.