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The Canadian Parvasi - Issue 30

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<strong>The</strong> International News Weekly india<br />

February 02, 2018 | Toronto<br />

11<br />

Arun Jaitley unveils Budget<br />

2018 aiming faster growth<br />

<strong>The</strong> Modi government said on Thursday that it expected economic growth to surge above 8 percent as it announced a 2018/19 budget<br />

that allocated billions of dollars for rural infrastructure and unveiled a health insurance programme for around 500 million poor.<br />

Budget Highlights<br />

• Education and health cess to be increased from 3 per cent to 4 per cent<br />

• Standard deduction of Rs 40,000 introduced in lieu of transport and medical reimbursements<br />

for salaried employees<br />

• All senior citizens can claim benefit of reduction Rs 50,000 year for any general health<br />

expenditure and health insurance premium<br />

• Exemption of interest income on bank deposits raised to Rs 50,000 for senior citizens<br />

• Long-term capital gains exceeding Rs 1 lakh to be taxed at 10 per cent<br />

• Electronic IT assessment will be rolled out across the country, leading to greater efficiency<br />

and transparency<br />

• No change in personal income tax rates for salaried class<br />

• Tax buoyancy more than expected, thanks to greater compliance<br />

• Demonetisation was received by honest tax-payers as 'Imaandari ka Utsav'<br />

• Measures on rationalising long-term capital gains<br />

• Companies with turnover of upto Rs 250 crore to be taxed at 25 per cent<br />

• Government has identified 372 specific business reform actions to improve ease of doing<br />

business; Evaluation of performance under this programme to be based on user<br />

feedback<br />

• Revised fiscal deficit estimate for 2017-18 is 3.5 per cent of GDP, fiscal deficit of 3.3 per<br />

cent expected for 2018-19<br />

• 12.6 per cent growth in direct taxes in 2017-18; 18.7 per cent growth in indirect taxes in<br />

2017-18<br />

• 100 per cent tax deduction for the first five years to companies registered as farmer<br />

producer companies with a turnover of Rs 100 crore and above<br />

• Revised emoluments for President - Rs 5 lakh, Vice President - Rs 4 lakh and Governors<br />

- Rs 3.5 lakh; Automatic revision of MPs' emoluments every five years, indexed to inflation<br />

• UDAN (Ude Desh ka Aam Naagrik) scheme will connect 56 unserved airports and 31<br />

unserved helipads<br />

• Rs 80,000 crore disinvestment target for 2018-19, target for 2017-18 has been exceeded and<br />

will reach Rs 1 lakh crore<br />

• Government insurance companies to be merged into a single entity, and subsequently<br />

listed in the stock exchange, as part of the disinvestment programme<br />

• National Logistics Portal as a single online window to link all stakeholders, to be developed<br />

by Department of Commerce<br />

• Foundation stone of the bullet train was laid in September 2017. An institute is coming<br />

up in Vadodara to train the manpower required for the high speed railway projects<br />

• 12,000 wagons, 5160 coaches and 700 locomotives being procured. <strong>The</strong>re is significant<br />

achievements of physical targets by railways<br />

• Road construction has scaled new heights, confident that 9000 km highway construction<br />

will be complete by 2017-18<br />

• National Committee chaired by PM, including CMs, Gandhians and representatives<br />

from various walks of life for year-long commemoration of 150th birth anniversary of<br />

Mahatma Gandhi<br />

• Rs 1,48,528 crore capital expenditure for Indian Railways for 2018-19<br />

• All trains to be progressively provided with Wi-Fi, CCTV and other state-of-the-art amenities<br />

• NITI Aayog will establish a National Programme to direct efforts in the area of Artificial<br />

Intelligence towards national development<br />

• Five lakh Wi-Fi hotspots to be set up in rural areas to provide easy internet access<br />

• Government to take all steps to eliminate use of cryptocurrencies which are being used<br />

to fund illegitimate transactions<br />

• Individual enterprises too to have unique ID<br />

• Government plans to construct two crore more toilets under Swachh Bharat Mission<br />

• Rs 7,148 crore outlay for textile sector in 2018-19<br />

• One government medical college to be ensured for every three parliamentary constituencies<br />

by upgrading 24 district-level colleges<br />

• Hard work of farmers resulted in a record production of more than 275 million tonnes<br />

of foodgrain and about <strong>30</strong>0 million tonnes of horticultural produce<br />

• Not only focussing on 'Ease of Doing Business' but also 'Ease of Living'<br />

• 70 lakh formal jobs have been created this year. Government will contribute 12 per cent<br />

of the wages as EPF in all sectors for the next three years<br />

• Mass formalisation of MSME sector is happening after demonetisation and GST<br />

• Have decided to take healthcare protection to a new aspirational level. Launching a<br />

flagship National Health Protection Scheme to cover 10 crore poor and vulnerable families,<br />

benefiting approximately 50 crore people<br />

• Providing Rs 5 lakh per family per year for medical reimbursement, under National<br />

Health Protection Scheme. This will be world's largest health protection scheme<br />

• Government is slowly but steadily progressing towards universal health coverage<br />

• Air pollution in Delhi NCR is a cause for concern; special scheme will be implemented<br />

to support Haryana, Punjab, UP and Delhi NCT to address this and subsidise machinery<br />

for management of crop residue<br />

• Scheme for revitalising school infrastructure, with an allocation of Rs 1 lakh crore over<br />

four years. Called RISE - Revitalizing Infrastructure in School Education<br />

• Eklavya schools to be started for Scheduled Tribe population<br />

• By 2022, every block with more than 50 per cent ST population and at least 20,000 tribal<br />

people will have 'Ekalavya' school at par with Navodaya Vidyalas<br />

• Integrated B.Ed programme to be initiated for teachers to improve quality of teachers<br />

• India is firmly on path to achieve 8 per cent plus growth<br />

• Propose to raise institutional credit for agriculture to Rs 11 lakh Crore for 2018-19<br />

• Rs 14.34 lakh crore to be spent for rural infrastructure<br />

• Eight crore free gas connections to women under UJJWALA and 4 crore electricity<br />

connections to the poor under Saubhagya Yojana<br />

• Fishery and Aquaculture Infrastructure Development Fund and Animal Husbandry<br />

Infrastructure Fund to be set up with corpus of Rs 10,000 crore<br />

• Restructured National Bamboo Mission to be launched with allocation of Rs 1,290 crore<br />

to promote sector in a holistic manner<br />

• Rs 500 crore for Operation Green<br />

• Agri-Market Development Fund with a corpus of 2000 crore to be set up for developing<br />

agricultural markets<br />

• 470 APMCs have been connected to #eNAM network, the rest to be connected by March<br />

2018<br />

• Minimum Support Price of all crops shall be increased to at least 1.5 times that of the<br />

production cost<br />

• From ease of doing business, government has moved to ease of living for the poor and<br />

middle class<br />

• Allocation in for Ministry of Food Processing is being doubled; specialised agro-processing<br />

and financial institutions to be promoted by the government<br />

• India now a $2.5 trillion economy and firmly on path to achieve 8% plus growth soon<br />

• Will focus on agriculture and rural economy, health, infra, senior citizens<br />

• Hope to grow at 7.2 per cent-7.5 per cent in the second half of 2017-18<br />

• Allocating natural resources in a more transparent manner, there is a premium on<br />

honesty now<br />

• Government led by PM Modi has implemented a series of fundamental structural reforms

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