Legend Magazine (February - 2018) Union Budget 2018 and Quiz, Current Affairs and Quiz, Computer, Aptitude, Banking Awareness Exclusively prepared for RACE students Issue : 9 | Page : 56 | Topic : Legend of February | Price : Not for Sale institutions, including health institutions, a major UNION BUDGET: ฀ Allocation of Ministry of Food Processing initiative named Revitalising Infrastructure UNION BUDGET 2018-19 HIGHLIGHTS has been doubled from Rs.715 crore in 2017-18 ‘‘ Union Budget for the financial year 2018-19, to Rs.1400 crore in 2018-19. and Systems in Education (RISE) by 2022’’ with a total investment of Rs.1,00,000 crore in presented by the Finance Minister Shri Arun ฀ Under Prime Minister Krishi Sinchai Jaitley in the Parliament , envisaged a total Yojna-Har Khet ko Pani, 96 deprived irrigation next four years. outlay of Rs. 24,42,213 crore. The budget is districts will be taken up with an allocation of Rs ฀ Allocation on National Social Assistance largely focused on uplift of agricultural sector, 2600 crore. Programme this year has been kept at Rs. along with major push to healthcare and 9975 crore. ฀ Allocation of National Rural Livelihood education sectors in the country. The Mission to Rs 5750 crore in 2018-19. ฀ World’s largest Health Protection government estimates 7.2-7.5% GDP growth in Scheme covering over 10 crore poor and ฀ Under Ujjwala Scheme distribution of free second half of the current FY18. vulnerable families launched with a family limit LPG connections will be given to 8 crore poor women instead of 5 crore women. upto 5 lakh rupees for secondary and tertiary AGRICULTURE & RURAL ECONOMY treatment. ฀ Under Saubahagya Yojana, 4 crore poor ฀ Allocation of Rs 1200 crore for the ฀ MSP for all unannounced kharif crops will be households are being provided with electricity National Health Policy, 2017. The Government one and half times of their production cost like connection with an outlay of Rs.16,000 crore. also decided to allocate additional Rs.600 majority of rabi crops: Institutional Farm Credit To fulfil target of Housing for All by 2022, ฀ crore to provide nutritional support to all TB raised to 11 lakh crore in 2018-19 from 8.5 more than one crore houses will be built by patients at the rate of Rs.500 per month for the lakh crore in 2014-15. 2019 in rural areas. duration of their treatment. ฀ 22,000 rural haats & 585APMCs ฀ A sum of Rs. 3794 crore has been ฀ The total budgetary provision for the (Agricultural Produce Market Committee) to provided for giving credit support, capital and WCD Ministry for the year 2018-19 is Rs.24,700 be developed and upgraded into Gramin interest subsidy and for innovations of Medium, crore. Agricultural Markets (GrAMs) to protect the Small and Micro Enterprises (MSMEs). It is ฀ On cleaning the Ganga, a total of 187 interests of 86% small and marginal farmers proposed to set a target of Rs.3 lakh crore for projects have been sanctioned under the with a corpus of Rs.2000 crore. So far 470 lending under MUDRA for 2018-19. APMCs have been connected to e-NAM network Namami Gange programme for infrastructure ฀ The Budget proposed an outlay of Rs.7148 and rest will be connected by March, 2018. development, river surface cleaning, rural crore for the textile sector in 2018-19 as sanitation and other interventions at a cost of ฀ On the lines of ‘‘Operation Flood’’ a new against Rs.6,000 Crore in 2016. Rs.16,713 crore. Out of this 47 projects have Scheme Operation Greens was announced “ ” Micro irrigation fund Rs. 5,000 crore. ฀ been completed. with an outlay of Rs 500 Crore to address price ฀ Dairy Processing and Infrastructure MEDIUM, SMALL AND MICRO ENTERPRISES fluctuations in potato, tomato and onion for Development Fund (DIDF) Rs. 10,881 crore. (MSMEs) AND EMPLOYMENT benefit of farmers and consumers. ฀ Customs duty is proposed to be reduced on ฀ A sum of Rs. 3794 crore has been Two New Funds of Rs.10,000 crore ฀ raw cashew from 5 percent to 2.5 percent, to provided for giving credit support, capital and announced for Fisheries and Animal Husbandary help the cashew processing industry. interest subsidy and for innovations. sectors; Re-structured National Bamboo ฀ It is proposed to impose a Social Welfare ฀ MUDRA Yojana launched in April, 2015 Mission gets Rs.1290 crore, as it is green gold. Surcharge at the rate of 10 percent of the has led to sanction of Rs.4.6 lakh crore in ฀ Institutional credit for Agri-sector aggregate duties of Customs, on imported credit from 10.38 crore MUDRA loans. It is increased to Rs.10 lakh crore in 2017-18. goods, to provide for social welfare schemes of proposed to set a target of Rs.3 lakh crore for ฀ Loans to Women Self Help Groups will the government. lending under MUDRA for 2018-19. increase to Rs.75,000 crore in 2019 from EDUCATION, HEALTH AND SOCIAL ฀ The Budget proposed an outlay of 42,500 crore last year. PROTECTION Rs.7148 crore for the textile sector in 2018- ฀ 100 percent deduction proposed to ฀ Outlay on health, education and social 19 as against Rs.6,000 Crore in 2016. companies registered as Farmer Producer protection for 2018-19 is Rs.1.38 lakh crore Infrastructure and Financial Sector Companies with an annual turnover upto Rs. against estimated expenditure of Rs.1.22 lakh Development: 100 crore on profit derived from such activities, crore in 2017-18. Increase of budgetary allocation on ฀ for five years from 2018-19. ฀ Tribal students to get Ekalavya Model infrastructure for 2018-19 to Rs.5.97 lakh ฀ Rs 200 crore for organized cultivation Residential School on par with Navodaya crore against estimated expenditure of Rs.4.94 of highly specialized medicinal and aromatic Vidyalayas to provide the best quality education lakh crore in 2017-18. plants and said that the organic farming by to the tribal children in their own environment ฀ Under the Bharatmala Pariyojana, by 2022. about 35000 kms road construction in Phase-I at Farmer Producer Organizations (FPOs) and Village Producers’ Organizations (VPOs) in ฀ To step up investments in research and an estimated cost of Rs.5,35,000 crore has large clusters. related infrastructure in premier educational been approved. Chennai | Bengaluru | Chandigarh | Trivandrum | Puducherry 7601808080 / 9043303030 www.RACEInstitute.in Madurai | Trichy | Salem | Coimbatore | Erode | Namakkal | Tanjore |Legend Magazine | February - 2018| 2 RAILWAYS The estimated revenue forgone ฀ ฀ Tax collection by states, local governments ฀ Railways Capital Expenditure for the during Financial Year 2018-19 will be Rs. 7,000 significantly lower than those in other federal year 2018-19 has been pegged at Rs.1,48,528 crore. countries. crore. RELIEF TO SENIOR ฀ Insolvency Code being actively used to ฀ The total expenditure planned on safety CITIZENS The proposals are resolve NPA woes. activities including Rashtriya Rail Sanraksha ▪ Exemption of interest income on deposits ฀ Retail inflation averaged 3.3% in 2017-18, Kosh (RRSK) is Rs. 68,725 cr in RE 2017-18 and lowest in last 6 fiscals. with banks and post offices to be increased from Rs. 73,065 cr in BE 2018-19. Rs. 10,000 to Rs. 50,000. ฀ Urban migration leading to feminisation of ฀ Mumbai’s local train network will ▪ farm sector. have 90 kilometers of double line tracks at a TDS not required to be deducted under section 194A. Benefit also available for ฀ Swachh Bharat initiative improved cost of over Rs.11,000 crore. interest from all fixed deposit schemes and sanitation coverage in rural areas from 39% in ฀ A sub-urban network of recurring deposit schemes. 2014 to 76% in January 2018. approximately 160 kilometers at an estimated ▪ cost of Rs.17,000 crore. Hike in deduction limit for health ฀ Suvey 2017-18 in Pink Colour to highlight insurance premium and/ or medical gender issues. AIR TRANSPORT expenditure from Rs. 30,000 to Rs. 50,000 ฀ The Budget proposes to expand the under section 80D. ฀ India needs $4.5 trillion by 2040 to develop Infrastructure Development. airport capacity more than five times to handle a ▪ Increase in deduction limit for medical billion trips a year under a new initiative - NABH ฀ The Gross Value Added (GVA) at constant expenditure for certain critical illness from Rs. Nirman. 60,000 (in case of senior citizens) and from Rs. basic prices is expected to grow at the rate of Digital Economy: 80,000 (in case of very senior citizens) to Rs. 1 6.1 per cent in 2017-18 as compared to 6.6 lakh for all senior citizens, under section 80DDB. ฀ The Budget doubled the allocation on per cent in 2016-17. Similarly, Agriculture, Digital India Programme to Rs 3073 crore in ▪ industry and services sectors are expected to Proposed to extend Pradhan Mantri grow at the rate of 2.1 per cent, 4.4 per cent, 2018-19. Vaya Vandana Yojana up to March, 2020. and 8.3 per cent respectively in 2017-18. ฀ The Finance Minister allocated Rs. Current investment limit proposed to be 10000 crore in 2018-19 for creation and increased to Rs. 15 lakh from the existing limit ฀ As on December 2017, there were 9.8 of Rs. 7.5 lakh per senior citizen. augmentation of Telecom infrastructure. million unique GST registrants slightly more DISINVESTMENT ▪ than the total Indirect Tax registrants under the In order to take care of the education old system (where many taxpayers were ฀ Disinvestment target of Rs.80,000 and health care needs of Below Poverty Line crore for 2018-19. (BPL) and rural families, the Budget proposes registered under several taxes). to increase the cess on personal income tax and ฀ Three Public Sector Insurance ฀ The profile of new filers is interesting of corporation tax to 4 percent from the present 3 companies - National Insurance Co.