Finance Minister Arun Jaitley, has today present the current NDA government’s fifth budget.

Key Highlights of the budget speech give by Finance Minister are:

1.India is the third largest economy in the world on the basis of purchasing power parity.

2. Indian economy is now 2.5 trillion dollar economy in the world, and expects to become 5th largest economy in the world.

3. IMF has projected India to grow at 7.4% next year.

4. Exports are expected to grow at 15% in 2017-18.

5. Free gas connections, low cost medicines, free dialysis, cheaper and convenient modes of transportation are being provided by the government . 4 crore houses are being electrified.

6. PM has given call to double farmer income by 2020.agriculture is considered as an enterprise.

7. MSP for Kharif corps will be 1.5x cost of production, If the MSP is lower government has to make sure that farmers will receive necessary MSP or appropriate price of the products.

8. Government for ensuring that farmers income is doubled, will set up GRAMS and 470 APMCs connected to eNAM.

9.Government together with NITI Aayog will work, for developing system of optimal price realization and develop existing 22,000 garmin agri centers GRAMS for helping farmers for direct sales.

10. Agricultural market fund with corpus of Rs.2,000 crore will be set up by the government.

11. Food processing sector is growing at average 8% per annum. Allocation to this sector has been doubled from 750 crore last year, to Rs.1400 crore in 2018-19.

12. Government proposes to launch Operation Green for which a sum of Rs.500 crore will be allocated.

13. For agri exports, the state of art facility will be set up in 42 food parks.

14. Fisheries, aquaculture and animal husbandry funds to be allocated Rs.10,000 crore.

15. Kisan credit card has been proposed to be extended to fisheries and animal husbandry farmers.

16. The Swachh Bharat Mission, has led to construction of 6 crore toilets across the country & additional 2 crore toilets will be set up in next 2 years.

17. Government has announced an unprecedented Rs.5 lakh medical insurance cover per year for 10 crore families across the country.

18. Nearly 70 lakh formal jobs has been created this year and government will contribute 12% EPF in wages of new employment in all sectors.

19. Railway capex for FY19 will be at Rs.1.48 lakh crore.

20. FM stated that 9000 km of national highways construction will be completed by the end of FY19.

21. The government will spend as much as Rs.11,000 crore to add tracks to the Mumbai local train network and Rs.17,000 crore for Bengaluru Metro Network.

22. Government also intends to multiply India’s 124 airports to 5 times that number.

23. FM also stated that cryptocurrencies are not considered as legal tender.

24. Divestment target of FY19 has been set at Rs.80,000 crore.

25. Corporate tax for 2018-19 has been cut to 25% for companies with revenue up to Rs.250 crore.

26. The government has decided to allow a standard deduction of Rs.40,000 for salaried taxpayers.

27. FM proposes to tax capital gains exceeding Rs.1 lakh at 10% without indexation benefit with certain caveats.

28. No change in tax structure for individuals this year.

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