Highlights of the Union Budget 2018-19


Ajit Kumar AJIT KUMARWISDOM IAS, New Delhi.

Highlights of the Union Budget 2018-19
It focuses ( ध्यान केंद्रित करना) on uplifting the rural economy and strengthening of the agriculture sector, healthcare for the economically less privileged, infrastructure creation and improvement in the quality of education of the country. Government said, a series (सिलसिला) of structural reforms would propel (धकेलना) India among the fastest growing economies of the world. Country is firmly ( दृढ़ता से) on course to achieve over 8 % growth as manufacturing, services and exports back on good growth path (प्रगति पथ).

Overview ( सिंहावलोकन) of the economy
The GDP grew at 6.3 per cent in the second quarter of 2017-18 and is expected to grow at 7.2-7.5 per cent in the second half of 2017-18.
Growth for 2018-19 is forecasted ( पूर्वानुमान) at 7.4 per cent by the International Monetary Fund (IMF).
Exports are expected to grow at 15 per cent in 2017-18.
Fiscal deficit (राजकोषीय घाटा) target for 2018-19 is set at 3.3 per cent of the GDP.
Fiscal deficit for 2017-18 is revised (संशोधित) to Rs 5.95 lakh crore at 3.5 per cent of the GDP.

Agriculture and Rural Economy
The government is committed (प्रतिबद्ध) towards doubling the farmers’ income by 2022.
A total of Rs 14.34 lakh crore will be spent for creation of livelihood ( जीविका ) and infrastructure in rural areas.
Minimum Support Price (MSP) for all announced kharif crops will be at least one and half times of their production cost, similar to the majority of rabi crops.
Institutional (संस्‍थागत) credit to the agriculture sector is targeted at Rs 11 lakh crore  for 2018-19, compared to Rs 10 lakh crore for 2017-18.
A Fisheries (मात्‍स्‍यिकी) and Aqua culture (जल-कृषि) Infrastructure Development Fund (FAIDF) and an animal Husbandry (पशुपालन) Infrastructure Development Fund (AHIDF) will be started with a total corpus (कोष) of Rs 10,000 crore .
An Agri-Market (कृषि विपणन) Infrastructure Fund will be started with a corpus of Rs 2,000 crore .
A restructured (पुनर्गठन) National Bamboo Mission will be launched with a total outlay of Rs 1,290 crore .
Allocation for the National Rural Livelihood (आजीविका) Mission is increased to Rs 5,750 crore for 2018-19.
“Operation Greens” launched to address (समाधान) price fluctuations (अस्थिरता) in potato, tomato and onion for benefit of farmers and consumers.
Health, Education and Social Protection (सुरक्षा)
Budgeted expenditure on health, education and social protection for 2018-19 is Rs 1.38 lakh crore which is expected to increase by Rs 15,000 crore after additional allocations during the year.
Role of technology in the education sector will be increased with a focus on increased digital intensity ( गहनता).
A new initiative ( पहल) named ‘Revitalising ( पुनर्जीवन ) Infrastructure and Systems in Education (RISE) by 2022’ will be launched with an investment of Rs 1 lakh crore over the next four years.
A total of Rs 1,200 crore is allocated ( आवंटित) for Health and Wellness ( तंदुरुस्ती) Centres under the National Health Policy.
National Health Protection Scheme will be launched (लोकार्पण), which will cover (समाविष्ट) over 10 million (एक करोड़) poor families with a coverage of up to Rs 5 lakh. This will be the world’s largest government funded (निधिबद्ध) health care (स्वास्थ्य देख-रेख) programme.
A total of 24 new government medical (आयुर्विज्ञान) colleges and hospitals ( अस्पताल ) will be set up.
 
Medium, Small and Micro Enterprises (MSMEs) मध्यम, लघु और सूक्ष्म उद्यम
 
A total of Rs 3,790 crore has been provided (प्रदान करना) for the MSME sector for credit support, capital and interest ( ब्याज) subsidy and innovations (नवाचार).
Formalisation (औपचारिक) in the MSME sector is happening at a fast pace after the introduction (प्रारंभ) of the Goods and Services Tax (GST) and demonetization (विमुद्रीकरण).
Online loan sanctioning (अनुमोदित) facility for MSMEs will be revamped (पुर्नोत्थान) and public sector banks and corporate ( निगम ) will be brought on-board (लेकर आएगा) the Trade Electronic Receivable Discounting System (TReDS) platform which will be linked with the GSTN (Goods and Services Tax Network).
ट्रेड रिसीवेबल डिस्काउंटिंग सिस्टम (TReDs)-  TReDs एक इलेक्ट्रॉनिक प्लेटफार्म है। यह चालान के साथ-साथ एक्सचेंज के बिल में डिस्काउंट की सुविधा भी देता है। इस सिस्टम में सीधे तौर पर तीन प्रतिभागी यानि MSMEs (विक्रेता), कॉरपोरेट संस्थाएं (खरीदार) और फाइनेंसर शामिल होते हैं
Lending under the MUDRA Yojana is targeted at Rs 3 lakh crore. At present 76 per cent of loan accounts under the scheme belong to women while more than 50 per cent belong to SCs, STs and OBCs.
Micro Units Development & Refinance Agency Ltd. (MUDRA) - इस मुद्रा लोन की योजना के तहत आपको बिज़नेस शुरू करने के लिए 10 लाख तक की लोन मिल सकती है| इस योजना के तहत हमारी गवर्नमेंट ने तीन Intervention स्थापित किये है। 1. शिशु 2. किशोर 3. तरुण
Micro Units Development & Refinance Agency Ltd. (MUDRA) is a new institution set up by Government of India to provide funding to the non-corporate, non-farm sector income generating activities of micro and small enterprises whose credit needs are below ₹10 Lakh.
Shishu: covering loans up to ₹50,000
Kishore: covering loans above ₹50,000 and up to ₹5,00,000
Tarun: covering loans above ₹5,00,000 and up to ₹10,00,000 
Additional measures will be taken by the government for growth and successful operation of alternative investment funds.

Employment Generation
As per an independent study conducted, over 7 million (70 लाख) formal jobs (औपचरिक रोजगार) will be created in the country during 2018-19. 
The Government of India will contribute 12 per cent of the wages of the new employees in the Employees’ Provident Fund (कर्मचारी भविष्य निधि) for all the sectors in the next three years. (Empolyee 12%+ Employer 12%+ Govt 12%) 
As per proposed amendments in the Employees Provident Fund and Miscellaneous Provisions Act, 1952, women employees’ contribution to the EPF will be reduced to 8 per cent (from 12%) for the first three years of their employment with no change in employers’ contribution. This is done to promote more women employment in the formal sector.
 A model aspirational skill centre (आदर्श आकांक्षा कौशल केंद्र) is being set up in every district (707 districts in 2017) of the country.

Infrastructure and Financial Sector Development
Investments in excess of Rs 50 lakh crore are required in the country’s infrastructure to increase the growth of GDP and connect and integrate country’s transport ( परिवहन) network. 
Budgetary allocation for infrastructure is set at Rs 5.97 lakh crore for 2018-19. 
All-time high allocations have been made to the rail and road sectors. 
Through the use of online monitoring system of PRAGATI, projects worth Rs 9.46 lakh crore have been facilitated and fast tracked. 
Prime Ministerlaunched an ambitious multi-purpose and multi-modal platform PRAGATI (Pro-Active (अग्रसक्रिय) Governance And Timely Implementation( कार्यान्वयन)) in March 2015. PRAGATI is a unique integrating and interactive platform. The platform is aimed at addressing common man’s grievances, and simultaneously monitoring and reviewing important programmes and projects of the Government of India as well as projects flagged by State Governments. 
Under the Smart Cities Mission, projects worth Rs 2,350 crore have been completed and projects worth 20,852 crore are under progress. A total of 99 cities have been selected under the mission with an outlay of Rs 2.04 lakh crore.
To promote tourism (पर्यटन) in the country, 10 prominent ( महत्त्वपूर्ण) tourist sites will be developed into iconic (प्रतिष्ठित) tourism destinations(गंतव्य)
Around 35,000 km of road construction has been approved under the Phase-1 of the Bharatmala Pariyojana at an estimated cost of Rs 5.35 lakh crore.
Railways
Capital expenditure(पूंजी व्यय) in the railways sector for 2018-19 is set at Rs 148,528 crore.
12000 wagons, 5160 coaches and around 700 locomotives (रेल का इंजन ) will be procured during 2018-19.
Redevelopment of 600 major railway stations will be taken up.
Electrification of around 4,000 km of railway tracks is expected to be commissioned in 2017-18.
Work on eastern and western dedicated freight corridors (पश्चमी  समर्पित  माल गलियारा) is under progress ( प्रगति ).
A dedicated (समर्पित) institute to train manpower required for work on high speed rail projects will be established in Vadodara(Gujarat). 

Digital Economy डिजिटल  (अंकीय) अर्थव्यवस्था
Budgetary allocation (बजटीय आबंटन) of Rs 3,073 crore for the Digital India programme is made for 2018-19.
A national program will be initiated by NITI Aayog to increase efforts in the area of artificial intelligence (कृत्रिम बुद्धि).
Mission on Cyber Physical Systems (साइबर भौतिक पद्धति) will be launched (शुभारंभ) by the Department of Science & Technology under which centres of excellence for research(शोध के उत्कृष्टता केंद्र), training and skilling robotics (रोबोटिक्स प्रशिक्षण एवं कौशलता ), artificial intelligence, digital manufacturing, big data analysis, quantum communication and internet of things will be established and promoted.
AI can tremendously boost digital marketing.Digital manufacturing- It is the use of an integrated, computer-based system comprised of simulation, 3D visualization, analytics and collaboration tools to create product and manufacturing process .Big data analysis- The process of examining large and varied data sets.Quantum communication: It is a field of applied quantum physics closely related to quantum information processing and quantum teleportation. Its most interesting application is protecting information channels against eavesdropping (जासूसी) by means of quantum cryptography. Internet of things:  The IoT is the network of physical devices, vehicles, home appliances and other items embedded with electronics, software, sensors, actuators, and connectivity which enables these objects to connect and exchange data.
Budgetary allocation of Rs 10,000 crore is made in 2018-19 for telecom (दूरसंचार) infrastructure.
500,000 Wi-Fi hotspots will be set up by government to provide internet connectivity to over 5 million rural citizens.
Wi-Fi हॉटस्पॉट्स वो पॉइंटस होते है जो की बिना किसी वायर कनेक्टिविटी के वायरलेस डिवाइसस को नेटवर्क या इंटरनेट से कनेक्ट करने मे हेल्प करते है| Wifi हॉटस्पॉट को वायरलेस एक्सेस पॉइंट्स भी कहा जा सकता
Every individual enterprise (उपक्रम) in India will be assigned a unique ( विशिष्ट) ID.
Disinvestment
A target of Rs 80,000 crore for disinvestment has been set for 2018-19.
Target of 2017-18 has been exceeded and receipts have crossed Rs 1 lakh crore.
National Insurance Co. Ltd., United India Assurance Co. Ltd., and Oriental India insurance Co. Ltd., will be merged into a single insurance entity (केवल एक संस्था).
A comprehensive Gold Policy will be framed in order to develop gold as an asset class (संपत्ति का वर्ग).
A system for regulated gold exchanges (विनिमय) across the country will be established.

Fiscal Management  राजकोषीय
Total budgeted expenditure (बजटीय व्यय) for 2018-19 is set at Rs 24.42 lakh crore (US$ 383.93 billion).
Central Government’s debt to GDP ratio (ऋण - जीडीपी अनुपात) will be brought down to 40 per cent, as per the recommendations of the Fiscal Reform and Budget Management Committee (राजकोषीय सुधर एवं बजट प्रबंधन कमिटी)
Growth in direct taxes for 2017-18 (up to January 15, 2018) has been 18.7 per cent while for 2016-17 it was 12.6 per cent.
Number of effective tax payers (प्रभावी करदाता) increased to 80.27 million by 2016-17 end from 60.47 million in 2015-16 end.
Companies registered as Farmer Producer Companies (कृषक उत्पादक कंपनी) with an annual turnover up to Rs 100 crore will get 100 per cent deduction ( कटौती ) for a period of five year starting 2018-19. The move (कदम) is proposed in order to promote ‘Operation Greens’ and ‘Sampada Yoajana’.
A Farmer Producer Company is a hybrid between cooperative societies and private limited companies. They are owned and governed by shareholder farmers (or artisans) and administered by professional managers.
ऑपरेशन ग्रीन - आपरेशन फ्ल्ड की तरह इस योजना से फल-सब्जी उत्पादकों ('टमाटर, आलू, प्याज) को लाभ होगा।
SAMPADA Yojana (Scheme for Agro-Marine Processing and Development of Agro-Processing Clusters)
प्रधानमंत्री किसान सम्‍पदा योजना का उद्देश्‍य कृषि न्‍यूनता पूर्ण करना, प्रसंस्‍करण का आधुनिकीकरण करना और कृषि-बर्बादी को कम करना है।योजना के अंतर्गत निम्‍नलिखित स्‍कीमों का कार्यान्‍वयन किया जाएगा : मेगा खाद्य पार्क; कोल्ड चेन; खाद्य प्रसंस्करण एवं परिरक्षण क्षमताओं का सृजन/विस्तार; कृषि प्रसंस्करण क्‍लस्‍टर अवसंरचना; बैकवर्ड और फारवर्ड लिंकेजों का सृजन; खाद्य संरक्षा एवं गुणवत्ता आश्वासन अवसंरचना; मानव संसाधन एवं संस्थान
Reduced corporate tax rate of 25 per cent will be extended to companies which have reported a turnover ( कुल बिक्री) of up to Rs 250 crore during 2016-17. This move is expected to benefit all the MSMEs operational (कार्यरत) in the country.
Revenue loss from the reduction in the tax rate during 2018-19 is estimated at Rs 7,000 crore.
A standard deduction (मानक कटौती) of Rs 40,000 (Earlier Rs 30,000) is proposed for salaried individuals which will replace the present exemption of transport allowance (परिवहन भत्ता) and reimbursement (भरपाई) of miscellaneous medical expenses ( विविध चिकित्सा व्यय). The move will help middle class employees in reducing their tax liabilities. Revenue loss (राजस्व हानि) from the move is estimated at Rs 8,000 crore.
मानक कटौती- इस कटौती में वार्षिक वेतन से हर साल एक निश्चित राशि काट ली जाती है जिससे कर योग्य आय कम हो जाती है, और इसलिए कर भुगतान की राशि भी कम हो जाएगी। Tax deductions allow individuals and companies to subtract certain expenses from their taxable income, which reduces their overall tax bill.
Exempted interest income (ब्याज आय) on deposits with banks and post offices is proposed to be increased from the present Rs 10,000 to Rs 50,000.
Deduction ( कटौती ) limit for health insurance premium ( किस्त) and/ or medical expenditure is proposed to be increased from the present Rs 30,000 to Rs 50,000 for senior citizens .
Pradhan Mantri Vaya Vandana Yojana will be extended till 2020.
प्रधान मंत्री वय वंदना योजना (PMVVY)- यह 60 वर्ष तथा उससे ऊपर के वरिष्ठ नागरिकों के लिए एक पेंशन योजना है। इस योजना के अंतर्गत वरिष्ठ नागरिकों को मासिक पेंशन विकल्प चुनने पर 10 वर्षों के लिए 8% की गारंटीशुदा रिटर्न (वापसी) मिलेगी। अगर वार्षिक पेंशन विकल्प चुने तो 10 वर्षों के लिए 8.3% की गारंटीशुदा रिटर्न (वापसी) मिलेगी।
More concessions (छूट) will be provided for the International Financial Services Centre (IFSC) अंतर्राष्ट्रीय वित्तीय सेवा केंद्र.
IFSC - Such centres deal with flows of finance, financial products and services across borders. London, New York and Singapore can be counted as global financial centres.
Payments in excess of Rs 10,000 by trusts and institutions shall be disallowed and will be taxable. In case of non-deduction of tax by such entities, 30 per cent of the amount will be disallowed and taxed.
Long Term Capital Gains (LTCG) after January 31, 2018, exceeding Rs 1 lakh will be taxed at 10 per cent without any indexation benefit. The proposed change in capital gains tax is expected to result in revenue gain of around Rs 20,000 crore.
A 10 per cent tax is proposed on distributed income by equity oriented (उन्मुख) mutual funds.
Cess on personal income tax and corporation tax is proposed to be increased from 3 per cent to 4 per cent. The new cess will be called ‘Health and Education Cess’ (स्वास्थ्य एवं शिक्षा  उपकर). The move is expected to result in additional tax revenue of Rs 11,000 crore.
Rollout (उद्घाटन) of e-assessment (ई- आकलन) across the country is proposed for greater efficiency (क्षमता ) and transparency (पारदर्शिता) in direct tax collection (संग्रह).
Customs duty ( सीमा-शुल्क) on mobile phones will be increased from 15 percent to 20 percent and 15 percent on certain parts of televisions.
Education Cess and Secondary and Higher Education Cess on imported goods will be abolished and will be replaced by a Social Welfare Surcharge (समाज कल्याण अधिभार) at the rate of 10 percent of the aggregate duties of customs.
The name of the Central Board of Excise and Customs (CBEC) changed to the Central Board of Indirect Taxes and Customs (CBIC).




Tuesday, 06th Mar 2018, 06:47:33 AM

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