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