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February 01, 2018

Key Highlights of Union Budget 2018-19

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Finance Minister Arun Jaitley today presented the Union Budget 2018-19 in Parliament. This budget, Jaitley’s fifth,  is the last full budget of this NDA government before India goes to polls for the General Elections in 2019. This is the first budget after big-ticket economic reforms like the Goods and Services Tax, dynamic fuel pricing, mega PSU bank recapitalisation and more. Here are some important highlights of Union Budget 2018.

Download PDF file of Union Budget 2018 from HERE

Major Highlights of Union Budget 2018-19

  • 10 tourist cities to be developed into iconic tourist destinations.
  • 10% tax on distributed income of equity oriented mutual funds.
  • 100% tax deduction for farmer production firms with 100 cr turnover..
  • 142 cities have got investment grade ratings.
  • 150 km additional suburban railway network at the cost of Rs. 40,000 cr.
  • 2 major initiatives as part of Ayushman Bharat program.
  • 24 new govt medical college & hospitals.
  • 24 Public Sector Units to be divested.
  • 4% health and education cess; currently it's 3%.
  • 5 lakh WiFi spots for benefit of 5 crore rural citizens.
  • 600 railway stations to be redeveloped.
  • 8 crore rural women to get free gas connection through Ujjwala yojana.
  • Airport capacity to be hiked to handle 1 billion trips per year.
  • All trains to increasingly have WiFi & CCTVs.
  • Allocation for national livelihood mission: Rs. 5750 crore.
  • Automatic revision of MPs' emoluments every 5 yrs indexed to inflation.
  • Bank recap to help banks lend additional Rs. 5 lakh crore.
  • Benefit of reduced corporate rate of 25% to firms with 250 cr turnover.
  • Cash payments of over Rs. 10,000 by trusts, institutions to be disallowed.
  • Contribution from women to EPF to be brought down from 12% to 8%
  • Credit for agricultural activities: From 10 lakh cr to 11 lakh cr.
  • Customs duty increased on mobile phones from 15% to 20%.
  • Customs duty on raw cashew cut form 5% to 2.5%.
  • Disinvestment target of Rs. 80,000 crore for 2018-19.
  • Effective tax payers now 8.27 crore.
  • Eklavya schools for tribal children.
  • Excess revenue collected from personal income tax amounts to 90,000 cr.
  • Fiscal deficit target for next fiscal: 3.3%.
  • Fiscal deficit target of 3.5% in 2017-18.
  • For SCs: 279 programs, allocation of Rs. 52,719 crore.
  • For senior citizens, no TDS on FD, Post Office interest upto Rs. 50,000.
  • For sr citizen,limit for investment in LIC schemes doubled to Rs. 15 lakh.
  • For STs: 305 programs, allocation of Rs. 32,508 crore.
  • Global economy is transforming into digital economy.
  • Government to take all steps to eliminate use of cryptocurrencies.
  • Govt will contribute 12% of wages of new employees to EPF for 3 yrs.
  • Govt will expand coverage under Pradhan Mantri jan dhan yojana.
  • Health cover of up to 5 lakh per family per year for poor & vulnerable.
  • In last 3 years, number of steps for generation of employment.
  • Kisan credit card to be extended to fisheries,animal husbandry farmers.
  • Long term capital gains over Rs. 1 lakh to be taxed at the rate of 10%.
  • Moving from blackboard to digital board.
  • National health protection scheme to benefit 50 crore people.
  • National health protection scheme to cover 10 cr poor families
  • National program to direct efforts in Artificial Intelligence.
  • New electronic assessment scheme to eliminate person-to-person contact.
  • No change in personal income tax..
  • Operation Green allocation Rs. 500 crore.
  • Over 3600 km railway track renovation targeted in current year.
  • Over Rs. 1.48 lakh cr to be allocated for railways in next fiscal.
  • President's emolument raised to Rs. 5 lakh, VP's to Rs 4 lakh.
  • Proposal for railway university in Vadodara.
  • Regional air connectivity scheme shall connect 56 unserved airports.
  • Relief for salaried taxpayers: Standard deduction of Rs. 40,000.
  • Rs. 1 lakh crore over 4 years for initiative for infra in education.
  • Rs. 10,000 cr for fishery development fund and animal husbandry fund.
  • Rs. 1200 crore for health and wellness centres
  • Rs. 1290 crore allocation for bamboo sector.
  • Rs. 600 crore for nutritional support to all TB patients.
  • Rs. 7148 crore allocation for textile sector.
  • Senior citizens can claim 50,000 cr for general medical expenditure.
  • Smart City mission: 99 cities selected with outlay of Rs. 2.04 lakh crore.
  • Special scheme to address air pollution in NCR region.
  • Standard deduction for transport, medical reimbursement
  • Standard deduction to benefit 2.5 crore people.
  • Standard deduction to benefit pensioners also.
  • System of toll payment by cash being replaced by electronic payments.
  • Target of Rs. 3 lakh crore for lending under PM MUDRA Yojana.
  • Training for 50 lakh youth by 2020.
  • We have exceeded our disinvestment target this year..
  • Will establish dedicated affordable housing fund.
  • Will treat education holistically without segmentation.

Major Promises of Union Budget 2018-19 


Swachh Bharat Mission


Self Help Groups

Provident Fund

LPG Subsidy

Digital India




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