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  • Budget: FM claims its govt ‘reversed’ the trend of India

    MN

    The Finance Minister Arun Jaitley taday, while announcing the budget said, my government has ‘reversed’ the trend of Inida which was considered to be one of the fragile five economies of the world.


    The following are budgets, discussed by the FM:


    Post introduction of GST has made indirect tax system simpler and demonetisation has reduced cash in economy, promoted digital transactions.

     

    India is currently a USD 2.5 trillion economy and will soon jump to 5th largest economy in the world then 7th.

    Talking about exports, he mentioned its hike by 17 percent in 2017-18.

    The government in 2018 budget is focused on strengthening agricultural and rural economy.

    Cooking gas being given free to poor and 4 crore unconnected being provided electricity connection, stent prices slashed.

    Economy will grow by 7.2-7.5 percent in second half of current fiscal.

    Budget will emphasis on generating higher income for the farmers and want to help farmers produce more and realise higher prices.

    Crop production at record high; government is committed to provide 50% more than cost of crop production to farmers in the current budget.

    Government to set MSP at one-and-half times the cost of production for Kharif crops.

    Government will ensure farmers get MSP if prices fall. Niti Aayog will discuss with state governments for mechanism to ensure farmers get better prices in 2018 budget.

    Rs 2k crore fund will be set up for upgrading rural agricultural markets.

    Government has promoted organic farmers in a big way. Women self-help groups to be encouraged to take up organic farming.

    Agriculture ministry will reorient ongoing programmes to promote cluster-based horticulture production.

    In Budget 2018, Food processing sector growing at 8%; allocation for food processing ministry being doubled to Rs 1400 crore.

    India's agriculture export potential is $100 bn as against current $ 30 bn exports.

    Government will allocate Rs500 crore for 'operation green' to promote FPOs, agricultural logistics and processing in Budget 2018.

    Kisan credit card facility extended to fisheries and animal husbandry sectors.

    We will restructure national bamboo mission with an outlay of Rs 1,290 crore.

    Surplus power produced by solar-powered generators used by farmers will be bought by state distribution utilities under Budget 2018.

    Institutional credit to agriculture will be raised to Rs 11 lakh crore in 2018-19.
    We will set up fisheries and aqua culture infra fund and animal husbandry infra fund with an outlay of Rs 10,000 crore.

    Special scheme to support efforts of Haryana, Punjab, UP and Delhi to tackle air pollution through use of in-situ machinery for disposing crop residue.
    Rs 16,000 crore will be spent on providing electricity connection to 4 crore poor households.

    We will also provide free LPG connection to 8 crore women under Ujjwala scheme, up from earlier target of 5 crore.

    Over six crore toilets built under Swachh Bharat Mission; government will build another two crore toilets.

    1 crore houses will be built under Pradhan Mantri Awas Yojana in rural areas.

  • ‘Not possible to double farmers’ income by 2022’

    Manmohan Singh Pti L 1

    Photo Courtesy: Internet

    As Finance Minister Arun Jitley, during his budget speech promised to double the farmers’ salary by ’22, our Former Prime Minister Manmohan Singh calls it ‘not impossible’ until the agricultural growth is 12 per cent.

    "It's not possible to double the farmers’ income by 2022, until the agricultural growth is 12 per cent. It is just a hollow assurance," Congress leader Ghulam Nabi Azad quoted Singh as saying after a meeting of opposition parties.

    "It seems that the fiscal deficit has increased," the Ex-Prime Minister said.

    Earlier in the day, Singh said it was to be seen how the government would meet its given words.

    "I do not think I can blame the budget for being motivated by scoring points in elections, but what worries me is that the fiscal arithmetic is at fault," he told NDTV.

    When questioned if the budget was reform-oriented, our former PM said the word reform has been used and abused too many times.

    "I don’t want to comment on it," he said, asking whether the farm crisis is a thing of the past and if not then how to deal with it.

     

    (With agency inputs)

  • ‘One Nation One Tax’ regime to be cleared in Jammu and Kashmir by July 6

    One Nation One Tax

    Jammu and Kashmir is the only state which has not yet implemented the new tax regime which came into force in the country from July 1. It is likely to clear the legislation by July 6. State Finance Minister, Haseeb Drabu attended the midnight launch of GST in Central Hall of Parliament said that in view of differences among the political parties, the state government had set up an all-party consultative group to find a common opinion from one and all. After the second meeting of the consultative group yesterday, the government declared that the parties were in agreement on the extension of the new tax regime.