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The first post big reform, GST, and final before the 2019 Lok Sabha elections has given hearts to many for survival and left many in doom.
Matching many uplifted hopes and a mixed review from the budget, Finance Minister Arun Jaitley promised for the best healthcare insurance that has a new health related scheme which will provide health care insurance of up to Rs 5 lakh per year to every poor family.
The scheme aims at covering 10 crore families and 50 crore beneficiaries. The scheme would be applicable to all private hospitals as well. The budget also plan to set up 24 new government medical colleges and hospitals by upgrading existing district hospitals in the country.
Budget gave a relaxation to the salaried people since it dint touch the income tax slabs along with an announcement on reduction in women employees' contribution to EPF to 8 per cent for the 1st three years and extended the fixed-term employment facility to all sectors to give more jobs.
Government in it post GST and final before the parliament elections has stepped for ‘RISE’ (Revitalising of Infrastructure and Systems in Education) with a total investment of Rs 1 lakh crore in the next 4 years was mentioned. “We propose to increase the digital education and make a steady move from blackboard to digital board,” FM Arun Jaitley during his budget speech.
FM has also given a major relief to farmers, the government raised the minimum support price (MSP) to 1.5 times the cost of production for all upcoming Kharif crops. It also announced 100% tax deduction for farm producer firms with Rs 100 crore turnovers. Kisan credit card will be extended to fisheries and animal husbandry farmers. The government will spend Rs 14.34 lakh crore in rural areas in terms of providing jobs and infra.
The budget 2018 has also talked about providing housing facility by 2022, the budget has proposed to set up an affordable housing fund under the National Housing Bank (NHB). The government has set a target to construct a minimum of 2 crore toilets under Swachh Bharat Mission and 51 lakh affordable housing units in rural and 50 lakh in urban areas.
Finance Minister announced WI-Fi access in trains and in the railway stations also all the railways stations with more than 25,000 footfall will have escalators. This is the second union budget since the Centre merged the Railway budget with the general budget last year. The government announced a capital expenditure of Rs 1.48 lakh crore for the Indian Railways
The government in the budget has allocated Rs 3 lakh crore for lending under Micro-Units Development & Refinance Agency Ltd (MUDRA), around 20 per cent hike from the last year.
With turnover of up to Rs 250 crore to 25% from current 30%, budget lowered the corporate tax for small, micro and medium enterprises.
Government dint want to miss on fiscal consolidation roadmap, which could have been the trouble from the oppositions to stand against the government after the budget presentation. The fiscal deficit for current fiscal will widen to 3.5% of the GDP as against 3.2% previously targeted, and to 3.3% in FY'19 as opposed to 3 per cent previously targeted.