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By K.Manikandan

New Delhi:Union Budget 2018: New healthcare policy ‘Modicare’ to become a global model soon, says Arun Jaitley.

In his Budget speech, Jaitley said this year, the focus is on strengthening agriculture sector and besides ‘ease of doing business’, the government is also focusing on ‘ease of living’ now.

Finance Minister Arun Jaitley today presented the Union Budget 2018-19 – Modi government’s last full-fledged budget ahead of the 2019 Lok Sabha elections and the first after the implementation of the Goods and Services Tax (GST).

In his Budget speech, Jaitley said this year, the focus is on strengthening agriculture sector and besides ‘ease of doing business’, the government is also focusing on ‘ease of living’ now.

The Finance Minister expressed hope that economy will grow at 7.2 per cent to 7.5 per cent in the second half of the current fiscal, adding that India is on track to grow at 8 per cent.

Live Updates Union Budget 2018

# Economy enough resilient to bear crude price shocks: Arun Jaitley

# Rs 40k standard deduction reintroduced for salaries class to reduce burden. Have also reduced burden on senior citizens: Jaitley

# MSPs assistance to farmers a pillar for reforms: Arun Jaitley

3:15 pm: Arun Jaitley expresses hope that Air India disinvestment will be done soon

3:10 pm: Positive impact visible on tax collection after GST roll out, says Arun Jaitley

# I had in last budget slashed the income tax rate by 50 per cent… no scope this time. However, I have tried to reduce the burden on salaried class by restoring standard deduction of Rs 40,000: Jaitley

# Supports extended to bank credit lines helps create jobs: FM Jaitley

# Govt aims to reduce corporate tax. We are competing with global economies on corporate tax: Arun Jaitley.

3 pm: Finance Minister Jaitley speaks on new healthcare scheme. He says that extending health insurance net a priority, adds “Modicare to become a global model soon”

2:50 pm: Increased in MSP liked to production cost. Government’s priority is to double farmers’ income: FM Jaitley at DD News

# On decision to introduce long-term capital gains tax on equities, Jaitley says: “Had to bite the bullet. it is right time to re-introduce capital gains tax.

# Indian economy fundamentally stronger: FM Arun Jaitley speaks after presenting Union Budget

The following is a list of imported items that will become costlier: Cars and motorcycles, Mobile phones, Silver, Gold, Vegetable, fruit juices, including orange and cranberry, Sunglasses, Miscellaneous food preparations other than soya protein, Perfumes and toilet waters, Sunscreen, suntan, manicure, pedicure preparations, Preparations for oral dental hygiene, denture fixative, pastes and powders; dental floss, Pre-shave, shaving or after-shave preparations, Deodorants, bath preparations, depilatories, perfumery, Scent sprays and similar toilet sprays, Truck and Bus radial tyres, Silk Fabrics, Footwear, Coloured gemstones, Diamonds, Imitation jewellery, Smart watches/wearable devices, LCD/ LED TV panels, Furniture, Mattresses, Lamps, Wrist watches, pocket watches, clocks, Tricycles, scooters, pedal cars, wheeled toys, dolls’, carriages, dolls, toys, puzzles of all kinds, Video game consoles, Articles and equipment for sports or outdoor games, swimming pools and paddling pools, Cigarette and other lighters, candles, Kites, edible/vegetable oils such as olive oil, groundnut oil

The following is the list of imported items that will become cheaper: Raw cashew nuts, Solar tempered glass or solar tempered glass used for manufacture solar panels/modules, Raw materials, parts or accessories used in making cochlear implants, Select capital goods and electronics such as ball screws and linear motion guides.

Smriti Irani, Union Minister: I want congratulate Prime Minister Narendra Modi on announcing the world’s biggest national health protection scheme. This budget is for the development of the poor, for farmers and increasing their income, senior citizens and women.

# Piyush Goyal, Union Minister: It is a balanced budget which is for every section of society, especially the focus on farmers and health services of the poor. Economy will also get a boost. I congratulate PM Modi and FM Jaitley.

2:40 pm: P Chidambaram, Congress leader and former union minister: Finance Minister Arun Jaitley had failed the fiscal consolidation test in Budget 2018-19 and this would have serious consequences. The fiscal deficit limit of 3.2 per cent in 2017-18 had been breached and was estimated at 3.5 per cent.

2:20 pm: MJ Akbar, Union Minister: In the 1 hour 45 minute speech, 1 hour was for the poor, this is indeed historic. The opposition has become too pessimistic.

# Rajnath Singh, Union Home Minister: It is a grand budget, lot of announcements for the poor, farmers and tribals. This budget will also cement India as a global economic power.

# Maharashtra CM Devendra Fadnavis: With an aim to put more money in farmers’ pockets, the Centre has decided to increase the minimum support price (MSP) of all crops by at least 1.5 times of the production cost. The Mudra loan has been given to more than 10 crore people, of whom seven crore are women and five crore are from the scheduled castes and other backward classes. It is another history created by the Modi government. This is the world’s largest health care initiative. Under the new scheme, 50 crore people would get free health care benefits up to Rs 5 lakh per family for treatment.

Nitin Gadkari, Union Minister: Medical insurance of Rs 5 lakh for 10 crore families is a huge initiative. This is a historic budget.

HD Dewe Gowda, former PM: FM has tried to make improvements for farmers but the problems of farmers and rural people are enormous. Measures may not be sufficient.

Nitish Kumar, Bihar CM: Announcements regarding education, health and agriculture made. A national health protection scheme to benefit 10 crore poor families announced, it is a huge initiative. I would like to congratulate the government.

Manish Tewari, Congress leader: The govt has attempted to pay lip service to farmers and to other marginalised sections of society but it is a classical case of too less and completely at the inappropriate time.

Amit Shah, BJP president: This budget gives new wings to the aspirations of the poor, farmers and the middle class. The #NewIndiaBudget will truly empower all sections of the society to attain prosperity. The record allocation to the rural sector and agriculture will lead to unprecedented rural development and agricultural growth. Consistent focus on rural development and agriculture has been a hallmark of our Government.

 

# Customs duty on perfumes, dental hygiene, after-shave, deodorants, room deodorizers, preparations for use on hair doubled to 20 pc. Customs duty on imitation jewellery hiked from 15 pc to 20 pc; doubled on all watches to 20 pc. Customs duty on sunglasses, cigarette lighter, toys, bus and truck tyres, select furniture hiked.

# Import duty on fruit juice raised from 30 pc to 50 pc. Import duty on LCD/LED/OLED panels, parts of TVs hiked to 15 pc; duty on smart watches, wearable devices, footwear doubled to 20 pc.

Duties on petrol, diesel rejigged; basic excise duty lowered by Rs 2 per litre, Rs 6 additional excise duty abolished, but Rs 8 a litre road cess introduced.

2 pm: Rajya Sabha adjourned for the day after Finance Minister Arun Jaitley tables budget for 2018-19

PM Modi speaks on the Budget and its benefits for 125 cr Indians:

1:57 pm: PM Modi concludes his speech

Several decisions have been taken keeping in mind the concerns of senior citizens: PM

1:51 pm: Govt will soon announce concrete steps to address NPA and ‘stress account’ issues for micro, small and medium enterprises (MSME) sector

Setting up 24 new medical colleges across the country will provide healthcare to people and education opportunities to students

1:47 pm: PM speaks on new healthcare scheme. He also refers to Jaitley’s announcement of setting up 24 medical colleges and also target of setting up 1 medical college in each 3 parliamentary constituencies.

1:43 pm: PM hails FM Jaitley for increasing target of distributing free LPG connections to 8 crore under PMUY. “I am pleased that while expanding the Ujjwala Yojana, its target has now been increased from 5 crore families to 8 crore”

# Kisan credit card will help secure easy loans for farmers: Modi

# The move to develop a plan for storage, processing, marketing for agricultural products created in different districts in the country is highly commendable: Modi

# The farmers, dalits, tribal communities will gain from this Budget. The Budget will bring new opportunities for rural India: PM

# Our focus is on consolidating farmers’ income: Centre will consult with states on MSP, says PM Modi

1:35 pm: I congratulate the Finance Minister for the decision regarding MSP. I am sure it will help farmers tremendously: PM Modi

# The farmers, Dalits, tribal communities will gain from this Budget. The Budget will bring new opportunities for rural India: PM

# This Budget is farmer friendly, common citizen friendly, business environment friendly and development friendly. It will add to ‘Ease of Living’ : PM

1:30 pm: This budget has devoted attention to all sectors, ranging from agriculture to infrastructure: PM

Here are the highlights of Finance Minister Arun Jaitley’s Union Budget 2018-19 speech

1 pm: Lok Sabha adjourned for the day; to meet on Monday. House not to sit tomorrow in honour of departed member Chintaman Vanga

Sensex down by 438.79 points, trading at 35,526.23

12:52 am: Arun Jaitley concludes speech

# Defence budget sees a 11.3 % hike. Pegged at Rs 3.05 lakh crore this year. Up from Rs 2.74 lakh crore last year (excluding pensions).

# Central Board of Excise and Customs renamed as Central Board of Indirect Taxes and Customs

# Strong case for long term capital gains from equities; 10 pc tax on long term capital gains in excess of Rs 1 lakh

Customs duty on raw cashew cut form 5 pc to 2.5 pc

# Customs duty on mobile phones to be hiked to 20 per cent from 15 per cent

# 15% tax on shares held up to Rs 1 cr

# 4% cess on health and education. Education cess increased to 4 pc from 3 pc to collect additional Rs 11,000 cr: FM

# New scheme for providing electronic assessment to eliminate person-to-person contact

# Huge increase in tax returns filed; 85.51 lakh people filed returns in 2017-18, as against 66.26 lakh in 2016-17

# Rs 90,000 cr additional income tax collection in 2016-17 and 2017-18 due to measures against tax avoidance

# Loans to women self-help groups (SHGs), which grew by 37 per cent year-on-year, will increase to Rs 75,000 crore by March 2019.

12:45pm

# Government dashes middle-class hopes and salaried taxpayers as there have been no changes in personal Income Tax slabs.

# Standard deduction of Rs 40,000 with respect to transport reimbursements.

# For senior citizens, exemption of interest income annually earned from deposit in banks and post offices to increase from Rs 10,000 to Rs 50,000 under Sec 80D

# For senior citizens, there will be no tax on income earned through the interest on tax deposits.

12:42pm

* India now a $2.5 trillion economy and firmly on path to achieve 8% plus growth soon.

* Will focus on agriculture and rural economy, health, infra, senior citizens

* Hope to grow at 7.2 per cent-7.5 per cent in the second half of 2017-18

* Allocating natural resources in a more transparent manner, there is a premium on honesty now

* Government led by PM modi has implemented a series of fundamental structural reforms

* Agri-Market Development Fund with a corpus of 2000 crore to be set up for developing agricultural markets

* 470 APMCs have been connected to #eNAM network, the rest to be connected by March 2018

* Minimum Support Price of all crops shall be increased to at least 1.5 times that of the production cost

* From ease of doing business, government has moved to ease of living for the poor and middle class

* Allocation in for Ministry of Food Processing is being doubled; specialised agro-processing and financial institutions to be promoted by the government

* India now a $2.5 trillion economy and firmly on path to achieve 8% plus growth soon

* Will focus on agriculture and rural economy, health, infra, senior citizens

* Hope to grow at 7.2 per cent-7.5 per cent in the second half of 2017-18

* Allocating natural resources in a more transparent manner, there is a premium on honesty now

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

* Cluster-model approach to be adopted for agricultural production

* From Rs 10 lakh crore to Rs 11 lakh crore credit for agricultural activities

* Fishery and Aquaculture Infrastructure Development Fund and Animal Husbandry Infrastructure Fund to be set up with corpus of Rs 10,000 crore

* Restructured National Bamboo Mission to be launched with allocation of Rs 1,290 crore to promote sector in a holistic manner

* Rs 500 crore for Operation Green

* Agri-Market Development Fund with a corpus of 2000 crore to be set up for developing agricultural markets

* 470 APMCs have been connected to #eNAM network, the rest to be connected by March 2018

* Minimum Support Price of all crops shall be increased to at least 1.5 times that of the production cost

* From ease of doing business, government has moved to ease of living for the poor and middle class

* Allocation in for Ministry of Food Processing is being doubled; specialised agro-processing and financial institutions to be promoted by the government

* India now a $2.5 trillion economy and firmly on path to achieve 8% plus growth soon

* Will focus on agriculture and rural economy, health, infra, senior citizens

* Hope to grow at 7.2 per cent-7.5 per cent in the second half of 2017-18

* Allocating natural resources in a more transparent manner, there is a premium on honesty now

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

* Integrated B.Ed programme to be initiated for teachers to improve quality of teachers

* India is firmly on path to achieve 8 per cent plus growth

* Propose to raise institutional credit for agriculture to Rs 11 lakh Crore for 2018-19

* Rs 14.34 lakh crore to be spent for rural infrastructure

* Eight crore free gas connections to women under UJJWALA and 4 crore electricity connections to the poor under Saubhagya Yojana

* Fishery and Aquaculture Infrastructure Development Fund and Animal Husbandry Infrastructure Fund to be set up with corpus of Rs 10,000 crore

* Restructured National Bamboo Mission to be launched with allocation of Rs 1,290 crore to promote sector in a holistic manner

* Rs 500 crore for Operation Green

* Agri-Market Development Fund with a corpus of 2000 crore to be set up for developing agricultural markets

* 470 APMCs have been connected to #eNAM network, the rest to be connected by March 2018

* Minimum Support Price of all crops shall be increased to at least 1.5 times that of the production cost

* From ease of doing business, government has moved to ease of living for the poor and middle class

* Allocation in for Ministry of Food Processing is being doubled; specialised agro-processing and financial institutions to be promoted by the government

* India now a $2.5 trillion economy and firmly on path to achieve 8% plus growth soon

* Will focus on agriculture and rural economy, health, infra, senior citizens

* Hope to grow at 7.2 per cent-7.5 per cent in the second half of 2017-18

* Allocating natural resources in a more transparent manner, there is a premium on honesty now

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

* Have decided to take healthcare protection to a new aspirational level. Launching a flagship National Health Protection Scheme to cover 10 crore poor and vulnerable families, benefiting approximately 50 crore people

* Providing Rs 5 lakh per family per year for medical reimbursement, under National Health Protection Scheme. This will be world’s largest health protection scheme

* Government is slowly but steadily progressing towards universal health coverage

* Air pollution in Delhi NCR is a cause for concern; special scheme will be implemented to support Haryana, Punjab, UP and Delhi NCT to address this and subsidise machinery for management of crop residue

* Scheme for revitalising school infrastructure, with an allocation of Rs 1 lakh crore over four years. Called RISE – Revitalizing Infrastructure in School Education

* Eklavya schools to be started for Scheduled Tribe population

* By 2022, every block with more than 50 per cent ST population and at least 20,000 tribal people will have ‘Ekalavya’ school at par with Navodaya Vidyalas

* Integrated B.Ed programme to be initiated for teachers to improve quality of teachers

* India is firmly on path to achieve 8 per cent plus growth

* Propose to raise institutional credit for agriculture to Rs 11 lakh Crore for 2018-19

* Rs 14.34 lakh crore to be spent for rural infrastructure

* Eight crore free gas connections to women under UJJWALA and 4 crore electricity connections to the poor under Saubhagya Yojana

* Fishery and Aquaculture Infrastructure Development Fund and Animal Husbandry Infrastructure Fund to be set up with corpus of Rs 10,000 crore

* Restructured National Bamboo Mission to be launched with allocation of Rs 1,290 crore to promote sector in a holistic manner

* Rs 500 crore for Operation Green

* Agri-Market Development Fund with a corpus of 2000 crore to be set up for developing agricultural markets

* 470 APMCs have been connected to #eNAM network, the rest to be connected by March 2018

* Minimum Support Price of all crops shall be increased to at least 1.5 times that of the production cost.

* From ease of doing business, government has moved to ease of living for the poor and middle class.

* Allocation in for Ministry of Food Processing is being doubled; specialised agro-processing and financial institutions to be promoted by the government

* India now a $2.5 trillion economy and firmly on path to achieve 8% plus growth soon

* Will focus on agriculture and rural economy, health, infra, senior citizens

* Hope to grow at 7.2 per cent-7.5 per cent in the second half of 2017-18

* Allocating natural resources in a more transparent manner, there is a premium on honesty now

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

* Government plans to construct two crore more toilets under Swachh Bharat Mission

* Rs 7,148 crore outlay for textile sector in 2018-19

* One government medical college to be ensured for every three parliamentary constituencies by upgrading 24 district-level colleges

* Hard work of farmers resulted in a record production of more than 275 million tonnes of foodgrain and about 300 million tonnes of horticultural produce

* Not only focussing on ‘Ease of Doing Business’ but also ‘Ease of Living’

* 70 lakh formal jobs have been created this year. Government will contribute 12 per cent of the wages as EPF in all sectors for the next three years

* Mass formalisation of MSME sector is happening after demonetisation and GST

* Have decided to take healthcare protection to a new aspirational level. Launching a flagship National Health Protection Scheme to cover 10 crore poor and vulnerable families, benefiting approximately 50 crore people

* Providing Rs 5 lakh per family per year for medical reimbursement, under National Health Protection Scheme. This will be world’s largest health protection scheme

* Government is slowly but steadily progressing towards universal health coverage

* Air pollution in Delhi NCR is a cause for concern; special scheme will be implemented to support Haryana, Punjab, UP and Delhi NCT to address this and subsidise machinery for management of crop residue

* Scheme for revitalising school infrastructure, with an allocation of Rs 1 lakh crore over four years. Called RISE – Revitalizing Infrastructure in School Education

* Eklavya schools to be started for Scheduled Tribe population

* By 2022, every block with more than 50 per cent ST population and at least 20,000 tribal people will have ‘Ekalavya’ school at par with Navodaya Vidyalas

* Integrated B.Ed programme to be initiated for teachers to improve quality of teachers

* India is firmly on path to achieve 8 per cent plus growth

* Propose to raise institutional credit for agriculture to Rs 11 lakh Crore for 2018-19

* Rs 14.34 lakh crore to be spent for rural infrastructure

* Eight crore free gas connections to women under UJJWALA and 4 crore electricity connections to the poor under Saubhagya Yojana

* Fishery and Aquaculture Infrastructure Development Fund and Animal Husbandry Infrastructure Fund to be set up with corpus of Rs 10,000 crore

* Restructured National Bamboo Mission to be launched with allocation of Rs 1,290 crore to promote sector in a holistic manner

* Rs 500 crore for Operation Green

* Agri-Market Development Fund with a corpus of 2000 crore to be set up for developing agricultural markets

* 470 APMCs have been connected to #eNAM network, the rest to be connected by March 2018

* Minimum Support Price of all crops shall be increased to at least 1.5 times that of the production cost

* From ease of doing business, government has moved to ease of living for the poor and middle class

* Allocation in for Ministry of Food Processing is being doubled; specialised agro-processing and financial institutions to be promoted by the government

* India now a $2.5 trillion economy and firmly on path to achieve 8% plus growth soon

* Will focus on agriculture and rural economy, health, infra, senior citizens

* Hope to grow at 7.2 per cent-7.5 per cent in the second half of 2017-18

* Allocating natural resources in a more transparent manner, there is a premium on honesty now

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

* Rs 1,48,528 crore capital expenditure for Indian Railways for 2018-19

* All trains to be progressively provided with Wi-Fi, CCTV and other state-of-the-art amenities

* NITI Aayog will establish a National Programme to direct efforts in the area of Artificial Intelligence towards national development

* Five lakh Wi-Fi hotspots to be set up in rural areas to provide easy internet access

* Government to take all steps to eliminate use of cryptocurrencies which are being used to fund illegitimate transactions

* Individual enterprises too to have unique ID

* Government plans to construct two crore more toilets under Swachh Bharat Mission

* Rs 7,148 crore outlay for textile sector in 2018-19

* One government medical college to be ensured for every three parliamentary constituencies by upgrading 24 district-level colleges

* Hard work of farmers resulted in a record production of more than 275 million tonnes of foodgrain and about 300 million tonnes of horticultural produce

* Not only focussing on ‘Ease of Doing Business’ but also ‘Ease of Living’

* 70 lakh formal jobs have been created this year. Government will contribute 12 per cent of the wages as EPF in all sectors for the next three years

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